RATING RATIONALE
18Jul2022

JET Freight Logistics Ltd.

Brickwork Ratings has reaffirmed and simultaneously withdrawn the long-term & short-term ratings for the Bank Loan Facilities of Rs. 35.07 Crs. of JET Freight Logistics Ltd.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(01 Jun 2021)
Present
Fund Based 32.04 32.04 Long Term BWR BB-
Downgrade/ISSUER NOT COOPERATING*
BWR BB - /Stable
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn
Non Fund Based 3.03 3.03 Short Term BWR A4
Reaffirmation/ISSUER NOT COOPERATING*
BWR A4
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn
Grand Total 35.07 35.07 (Rupees Thirty Five Crores and Seven lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
Note: *Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK

BWR has reaffirmed & simultaneously withdrawn the long-term & short term ratings of the bank loan facilities of JET Freight Logistics Ltd.

BWR has initially rated JET Freight Logistics Ltd. bank loan facilities amounting to Rs 35.07 Crs in Feb 2019. The rating assigned was BWR BBB-/ Stable & BWR A3. In March 2020, rating was moved to Issuer Not Cooperating category on account of non submission of required information/documents by the entity. In June 2021, the rating was continued under Issuer Not Cooperating category.

The client has requested for withdrawal of the rating assigned to JET Freight Logistics Ltd. vide email dated 1st June 2022. The client has submitted the No Objection Certificate dated 15th June 2022 & 27th June 2022 issued by the banks (SBI & Kotak). The same has been confirmed by both the bankers vide email dated 28th June 2022 & 29th June 2022.

Hence based on the present performance, withdrawal request & No Objection Certificate from the bankers, BWR has reaffirmed & simultaneously withdrawn the long-term & short-term ratings assigned for bank loan facilities of JET Freight Logistics Ltd. amounting to Rs. 35.07 Crs.

 

ABOUT THE ENTITY

Jet Freight Logistics Limited (‘JFLL’ or ‘the company’), incorporated on 13 April 2006 based out of Mumbai, Maharashtra is public limited company. The company is listed with National Stock Exchange. 

Mr. Richard Teknath, Mr. Dax Teknath, Mrs. Agnes Teknath, Mr. Nikhil Sunil Arya, Mr. Cypriano Savio Fernandes and Mr. Pankaj Gupta Kumar are the directors of the company. The promoters have more than two decades of experience in the transportation/logistics industry resulting in established relationships with clients. 

The company is engaged in the business of providing logistic services such as custom clearance and freight forwarding of shipment of perishable cargo, time sensitive cargo, hazardous cargo, ODC consignments, pharmaceutical cargo, temperature controlled and general cargo across the world by airways.

The company is registered with International air transport association (IATA) and member of International Federation of Freight Forwarding Association (FIATA) and World Cargo Alliance (WCA). JFLL has secured a trade license in Dubai Free Zone Area by establishing 100% subsidiary in Dubai. The Company incorporated wholly owned subsidiary named as Jet Freight Logistics FZCO in Dubai Airport Freezone (DAFZA) to undertake the activity of Air Cargo Services. 

 

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2022) 2021 2020 2019
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 32.04
BWR BB-/Stable
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
01Jun2021
BWR BB-
(Downgrade/ISSUER NOT COOPERATING*)
16Mar2020
BWR BB
(Downgrade/ISSUER NOT COOPERATING*)
08May2019
BWR BBB-
(Assigned)
Non Fund Based ST 3.03
BWR A4
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
01Jun2021
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
16Mar2020
BWR A4
(Downgrade/ISSUER NOT COOPERATING*)
08May2019
BWR A3
(Assigned)
Grand Total 35.07 (Rupees Thirty Five Crores and Seven lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - NA

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 Criteria
Analytical Contacts

Gaurav Vivek Sattegeri

Ratings Analyst gaurav.vs@brickworkratings.com

Sushil Kumar Chitkara

Director - Ratings Board : +91 22 2831 1426, +91 22 2831 1439 sushilkumar.c@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
JET Freight Logistics Ltd.
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Kotak Mahindra Bank Cash CreditSanctioned 15.25 _ 15.25
2 Kotak Mahindra Bank Cash CreditProposed 1.00 _ 1.00
3 Kotak Mahindra Bank Bank GuaranteeSanctioned _ 3.03 3.03
4 Kotak Mahindra Bank Working Capital Demand LoanSanctioned 2.00 _ 2.00
5 Kotak Mahindra Bank Term LoanSanctioned 3.89 _ 3.89
6 State Bank Of India (SBI) Cash CreditSanctioned 9.90 _ 9.90
Total 32.04 3.03 35.07
TOTAL (Rupees Thirty Five Crores and Seven lakhs Only)
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