RATING RATIONALE
12Feb2024

Jayashree Jewellers

Brickwork Ratings downgrades the ratings of the long-term bank loan facilities and reaffirms the ratings of the short-term bank loan facilities of Jayashree Jewellers for Rs. 20.00 Crs, and continues the ratings in the ISSUER NOT COOPERATING category based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(16 Jan 2023)
Present
Fund Based 2.00 2.00 Long Term BWR B+ /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR B /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
18.00 18.00 Short Term BWR A4
Reaffirmation/ISSUER NOT COOPERATING*
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 20.00 20.00 (Rupees Twenty Crores 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
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

In view of the non-availability of the information, non-submission of no default statement and lack of cooperation from the firm, Brickwork Ratings has downgraded the long-term rating to "BWR B/Stable;From B+ stable Issuer Not Cooperating" and reaffirms the short-term rating "BWR A4; Issuer Not Cooperating" for the bank loan facilities amounting Rs. 20.00 Crores of Jayashree Jewellers.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived based on the best available information without any management/banker's interaction.

The rating was due for a review in Jan 2024. BWR took up with the firm to provide required information over emails and through telephone calls. Despite the best efforts of BWR to get at least the minimum required information for a review, the entity has not provided the same. In the absence of adequate information from the issuer, BWR is unable to assess the firm’s financial performance and its ability to service its debt and maintain a valid rating.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non cooperation by the rated entities to provide the required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit ratings should therefore take into account the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholding of information required for a review of the rating.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

Jayashree Jewellers (JJ) was established as a partnership firm in the year 2004. The firm is engaged in manufacturing and export of plain and studded gold Jewellery. Their manufacturing unit is located in NSEZ, Phase II, Noida. The firm is exporting its gold jewellery to countries like UAE, North America, Singapore and England. It is a three star export house recognized by the Government of India , Ministry of Commerce and Industries and is a 100% Export Oriented Unit operating from the Special Economic Zone in Noida. The head office is based out of New Delhi.

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

NO INC rating with other CRAs

ANY OTHER INFORMATION

Nil

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 2.00
BWR B/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
16Jan2023
BWR B+ Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
07Jan2022
BWR BB- Stable
(Downgrade/ISSUER NOT COOPERATING*)
NA
NA
Fund Based ST 18.00
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
16Jan2023
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
07Jan2022
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
Grand Total 20.00 (Rupees Twenty Crores Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

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

Nishant Anil Ashturkar

Ratings Analyst nishantanil.a@brickworkratings.com

Hari Kishan Yadav

Associate Director - Ratings hari.ky@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Jayashree Jewellers
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 Bank of Baroda Cash CreditProposed 2.00 _ 2.00
2 Bank of Baroda Gold CardSanctioned _ 3.00 3.00
3 Bank of Baroda FBD/FBPSanctioned _ 15.00 15.00
Total 2.00 18.00 20.00
TOTAL (Rupees Twenty Crores Only)
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About Brickwork Ratings

Brickwork 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 11,560 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.

Disclaimer

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