RATING RATIONALE
10Jul2024

Jain Resource Recycling Pvt. Ltd. (erstwhile Jain Metal Rolling Mills)

Brickwork Ratings reaffirms the long-term and short-term ratings and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs. 175.00 Crs. of Jain Resource Recycling Pvt. Ltd. (erstwhile Jain Metal Rolling Mills)

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(25 Apr 2024)
Present
Fund Based 240.00 165.00 Long Term BWR BB /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR BB /Stable
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
Non Fund Based 10.00 10.00 Short Term BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
Grand Total 250.00 175.00 (Rupees One Hundred Seventy Five 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.
*** Working Capital - Proposed Limit of Rs. 75 Crores was not utilized by the company and the same has been withdrawn without assigning any rating.

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) has reaffirmed the long-term and short-term ratings at "BWR BB/Stable" and "BWR A4" respectively and continued the ratings in the "Issuer Not Cooperating" category and simultaneously withdrawn the ratings based on the request of "Jain Resource Recycling Pvt. Ltd. (erstwhile Jain Metal Rolling Mills)". For rating withdrawal along with No Objection Certificate from the lenders (HDFC and ICICI Bank) and based on the best available information. Hence, in accordance with extant regulatory guidelines and the BWR Rating Withdrawal Policy, ratings for the bank loan facilities of Rs. 175.00 Crores are reaffirmed and continued in the "Issuer Not Cooperating" category and simultaneously withdrawn with immediate effect.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Commodities Metals & Mining Ferrous Metals Ferro & Silica Manganese

Jain Resource Recyclying Pvt. Ltd. (erstwhile Jain Metal Rolling Mills, a partnership firm) is a family run business & was established in 1954 by Mr. Shantilal Jain at Chennai, Tamil Naidu. Jain Metal Rolling Mills, a partnership firm got converted into private limited company as "Jain Resource Recycling Private Limited" in February, 2022. It is currently being managed by his son Mr. Kamlesh Jain & grandson Mr. Shreyansh M Jain. It is engaged in the business of manufacturing of Refine Lead Antimony Alloys, Lead Ingots, Copper Billets & Copper Ingots. It has a manufacturing facility situated at Tiruvallur, Tamil Naidu with two units, the Unit I has an installed manufacturing capacity of 20,400 MTPA for Copper Billets & Ingots & Unit II has 57,000 MTPA for Refining Lead Alloys/Ingots. It is ISO 9001 certified firm.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

No Other Information.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2024 (History) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 165.00
BWR BB/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
25Apr2024
BWR BB Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
25Jan2023
BWR BB+ Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
28Jul2022
BWR BBB Stable
(Downgrade/ISSUER NOT COOPERATING*)
28Apr2021
BWR BBB+ Stable
(Upgrade)
Non Fund Based ST 10.00
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
25Apr2024
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
25Jan2023
BWR A4+
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
28Jul2022
BWR A3+
(Downgrade/ISSUER NOT COOPERATING*)
28Apr2021
BWR A2
(Upgrade)
Grand Total 175.00 (Rupees One Hundred Seventy Five Crores Only)
*** Working Capital - Proposed Limit of Rs. 75 Crores was not utilized by the company and the same has been withdrawn without assigning any rating. Hyperlink/Reference to applicable Criteria
Analytical Contacts

R Sriranjani

Rating Analyst sriranjani.r@brickworkratings.com

RamaKrishna

Director - Ratings ramakrishna@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Jain Resource Recycling Pvt. Ltd. (erstwhile Jain Metal Rolling Mills)
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.) Complexity of the Instrument
1 HDFC Bank Cash CreditSanctioned 45.00 _ 45.00 Simple**
2 HDFC Bank Letter of CreditSanctioned _ 10.00 10.00 Simple**
3 HDFC Bank EBD / FDBDSanctioned 60.00 _ 60.00 Simple**
4 HDFC Bank Receivables DiscountingSanctioned 10.00 _ 10.00 Simple**
5 ICICI Bank Cash CreditSanctioned 50.00 _ 50.00 Simple**
6 Others Working Capital (CC)Proposed _ _ 0.00 Simple**
Total 165.00 10.00 175.00
TOTAL (Rupees One Hundred Seventy Five Crores Only)
* Working Capital - Proposed Limit of Rs. 75 Crores was not utilized by the company and the same has been withdrawn without assigning any rating.

** 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.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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