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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 7.00 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 2.00 | - | Not Applicable | Withdrawn |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 9.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn its long-term and short-term rating on the bank facilities of Rs. 9.00 Cr. of Jaysynth Dyestuff India Limited without assigning any rating. The rating has been withdrawn as per Acuité's policy on withdrawal of ratings as applicable to the respective facility / instrument wherein we have received request from the company for rating withdrawal, along with NCLT order for amalgamation of the company and MCA status showing amalgamated. The company now stands amalgamated with JD Orgochem Limited .
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| About the Company |
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Maharashtra Based Jaysynth Dyestuff India Limited (JDIL) was incorporated in the year 1985 by Kothari family. JDIL is engaged in manufacturing and trading of dyes, pigments, and digital inks. The product portfolio has application in paint, textile and chemical industry. The manufacturing facility is located at Taloja and Patalganga (Maharashtra) with a total installed capacity of 49.80 lakh kg. Mr. Prakash Mahadeo Kale, Mr. Nikhil Sharadchandra Kothari, Mr. Rajendra Maganlal Desai, Mr. Kulinkant Nathubhai Manek, Mr. Jyoti Nirav Kothari, Mr. Parag Sharadchandra Kothari and Mr. Bhavesh Virsen Panjuani are the director of the Company.
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| About the Group |
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Established in 1985, Jaysynth group is involved in manufacturing of dyes, pigments and inks. The group including Jaysynth Dyestuff (India) Limited is promoted by Mr. Parag Sharad Chandra Kothari, engaged in manufacturing dyes, pigments, and inks. Its subsidiary,Jaysynth (Europe) Limited is engaged in distribution of dyes, pigments and inks which are majorly imported from Jaysynth Dyestuff (India)Limited.
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| Unsupported Rating |
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Not Applicable
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| Analytical Approach |
| Extent of Consolidation-Not Applicable |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Not Applicable
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| Key Rating Drivers |
| Strengths |
| Not Applicable
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| Weaknesses |
| Not Applicable
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| Rating Sensitivities |
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Not Applicable
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| Liquidity Position |
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Not Applicable
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| Outlook: |
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Not Applicable
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 140.04 | 162.31 |
| PAT | Rs. Cr. | 4.87 | 7.15 |
| PAT Margin | (%) | 3.48 | 4.40 |
| Total Debt/Tangible Net Worth | Times | 0.01 | 0.04 |
| PBDIT/Interest | Times | 32.16 | 39.41 |
| Status of non-cooperation with previous CRA (if applicable) |
| 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 • Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm |
| Note on Complexity Levels of the Rated Instrument |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
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| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||
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