ACUITE A4+ | Reaffirmed | Issuer not co-operating*
RBI
Total Outstanding
0.00
19.10
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE BB’ (read as ACUITE double B) from 'ACUITE BB+' (read as ACUITE double B plus) and reaffirmed the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 19.10 Cr. bank facilities of Jaybee Industries (Nalagarh Unit) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Mr. Pradeep Agarwal, incorporated Jaybee Industries (Nalagarh Unit) in November 1981 in Punjab. Jaybee Industries is engaged in manufacturing and distribution of transformer. Its registered office is located in Bhatinda, Punjab, with one manufacturing facility in Bhatinda and another in Nalagarh. The Nalagarh unit operates under the proprietorship of Mr. Pradeep Agarwal.
About the Group
Mr. Pradeep Agarwal, incorporated Jaybee Industries (Bathinda Unit) in November 1981 in Punjab. Jaybee Industries is engaged in manufacturing and distribution of transformer. Its registered office is located in Bhatinda, Punjab, with one manufacturing facility in Bhatinda and another in Nalagarh. The Bhatinda unit operates under the proprietorship of Mr. Pankaj Agarwal.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower:
Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation 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.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE A4+
(Downgraded & Issuer not co-operating* from ACUITE A3+)
Cash Credit
Long Term
11.00
ACUITE BB+
(Downgraded & Issuer not co-operating* from ACUITE BBB | Stable)
26 Dec 2023
Bank Guarantee/Letter of Guarantee
Short Term
8.10
ACUITE A3+
(Reaffirmed)
Cash Credit
Long Term
11.00
ACUITE BBB | Stable
(Reaffirmed)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Canara Bank
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
8.10
Simple
ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Canara Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
11.00
Simple
ACUITE BB | Downgraded | Issuer not co-operating* ( from ACUITE BB+ )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
