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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 75.72 | ACUITE BB | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 75.72 | - | - |
| * The issuer did not co-operate; based on best available information. | |||
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Rating Rationale |
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Acuité has reaffirmed and withdrawn its long-term rating of 'ACUITE BB' (read as ACUITE double B) on the Rs.75.72 Cr. bank facilities of Jayachandran Alloys Private Limited (JAPL).
This rating is now flagged as Issuer not cooperating on account of information risk and is based on best available information. The rating withdrawal is in accordance with the Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company and No Objection Certificate (NOC) received from the banker. |
| About the Company |
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Tamil Nadu based Jayachandran Alloys Private Limited (JAPL) was incorporated in the year 2006 by Mr. Anbalagan and his four brothers. The company is engaged in manufacturing of lead alloys from lead battery scrap. The company has its facility located in Perundurai (Tamil Nadu) with installed capacity of 54000 tons per annum. The day to day operations of the company are managed by Mr. C Pradeep, Managing director.
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| Unsupported Rating |
| Not applicable |
| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is therefore being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
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| Limitation regarding information availability |
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The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité has endeavoured to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
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| Rating Sensitivities |
| No information provided by the issuer / available for Acuite to comment upon. |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook: Not applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 24 (Provisional) | FY 23 (Actual) |
| Operating Income | Rs. Cr. | 479.27 | 371.84 |
| PAT | Rs. Cr. | 3.55 | 2.61 |
| PAT Margin | (%) | 0.74 | 0.70 |
| Total Debt/Tangible Net Worth | Times | 2.55 | 2.62 |
| PBDIT/Interest | Times | 1.94 | 2.08 |
| Status of non-cooperation with previous CRA |
| Not applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on complexity levels of the rated instrument |
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| * The issuer did not co-operate; based on best available information. | |||||||||||||||||||||||||||||||||||||||||||||
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