Brickwork Ratings reaffirms the ratings and simultaneously withdraw the rating for the Bank Loan Facilities of Rs. 47.50 Crs. of JTL Infra Limited
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (02 Nov 2020) |
Present | ||
Fund Based | 15.00 | 15.00 | Long Term |
BWR BBB+ /Stable
Reaffirmation |
BWR BBB +
/Stable Reaffirmation/Withdrawal |
15.00 | 15.00 | Short Term |
BWR A3+
Reaffirmation |
BWR A3 +
Reaffirmation/Withdrawal |
|
Non Fund Based | 17.50 | 17.50 | Short Term |
BWR A3+
Reaffirmation |
BWR A3 +
Reaffirmation/Withdrawal |
Grand Total | 47.50 | 47.50 | (Rupees Forty Seven Crores and Fifty lakhs Only) |
BWR has reaffirms the ratings of BWR BBB+ Stable and short term rating of BWR A3+ and simultaneously withdraw the rating.
Initially BWR had rated Bank Loan Facilities amounting of Rs 37.50 Crores (Fund Based & Non Fund Based) of JTL Infra Limited on 13 December 2018. The rating assigned was long term rating of BWR BBB Stable and short term rating of BWR A3. The rating was further upgraded to BWR BBB+ Stable and short term rating to BWR A3+ amounting of Rs 47.50 Crores (Fund Based & Non Fund Based) on 10 September 2019. The rating was further reaffirmed at BWR BBB+ Stable and short term rating of BWR A3+ on 02 November 2020. The rating was due for review in November 2021.
Going forward, the client has requested for withdrawal of rating from BWR website via email dated 20 November ’ 2021 and provided No Objection Certificate from the banker Punjab National Bank dated 20 November 2021. Thus, based on the above, rating of the Company is being withdrawn in line with the “Withdrawal Policy of BWR”. The above rating action may not reflect the present position of the Company’s financial risk profile as information availability risk is a key factor in the assessment of credit risk.
ABOUT THE ENTITYJTL Infra Ltd (JIL), incorporated on 29 July 1991, with its current registered office at SCF 18-19, Sector 28 C, Chandigarh, is engaged in the manufacturing and export of construction and industrial galvanized steel tubes and pipes through its two plants located in Derabassi (Punjab) and Raigad (Maharashtra). The company was initially incorporated as Jagan Tube Limited and later on changed its name to JTL Infra Limited on 4th April 2008. Madan Mohan Singla, Managing Director in the company, is the chief promoter. Mithan Lal Singla, Rakesh Garg, Bhupinder Nayyar, Sukhdev Raj Sharma and Preet Kamal Kaur Bhatia are the other directors in the company. The company is a registered star export house.
STATUS OF NON-COOPERATION WITH PREVIOUS CRAIndia Ratings BB Stable and short term ratings of BWR A4+ under Issuer Not Cooperating on 18.05.2018.
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2021) | 2020 | 2019 | 2018 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 15.00 |
BWR BBB+/Stable
(Reaffirmation/Withdrawal) |
02Nov2020 |
BWR BBB+ Stable
(Reaffirmation) |
10Sep2019 |
BWR BBB+ Stable
(Upgrade) |
13Dec2018 |
BWR BBBStable
(Assignment) |
Fund Based | ST | 15.00 |
BWR A3+
(Reaffirmation/Withdrawal) |
02Nov2020 |
BWR A3+
(Reaffirmation) |
10Sep2019 |
BWR A3+
(Upgrade) |
13Dec2018 |
BWR A3
(Assignment) |
Non Fund Based | ST | 17.50 |
BWR A3+
(Reaffirmation/Withdrawal) |
02Nov2020 |
BWR A3+
(Reaffirmation) |
10Sep2019 |
BWR A3+
(Upgrade) |
13Dec2018 |
BWR A3
(Assignment) |
Grand Total | 47.50 | (Rupees Forty Seven Crores and Fifty lakhs Only) |
BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.
Hyperlink/Reference to applicable CriteriaAnalytical Contacts | |
---|---|
Aman sharma Rating Analyst Board : +91 172 5032 295 / 6 aman.s@brickworkratings.com |
V.K.Kukreja Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@brickworkratings.com |
1-860-425-2742 | media@brickworkratings.com |
SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | |
---|---|---|---|---|---|---|
1 | Punjab National Bank | Cash CreditSanctioned | 15.00 | _ | 15.00 | |
2 | Punjab National Bank | Packing Credit (PC)Sanctioned | _ | 15.00 | 15.00 | |
3 | Punjab National Bank | Bank GuaranteeSanctioned | _ | 2.50 | 2.50 | |
4 | Punjab National Bank | Letter of CreditSanctioned | _ | 15.00 | 15.00 | |
Total | 15.00 | 32.50 | 47.50 | |||
TOTAL (Rupees Forty Seven Crores and Fifty lakhs Only) |
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About Brickwork RatingsBrickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,400 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.
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