April 29, 2020

Jayashree Polymers Private Limited: Ratings withdrawn

Summary of rating action

Previous Rated Amount Current Rated Amount
Instrument* Rating Action
(Rs. crore) (Rs. crore)
[ICRA]BBB-(Stable);
Fund based – Term Loan 12.12 12.12
Withdrawn
[ICRA]BBB-(Stable);
Fund based – Cash Credit 27.50 27.50
Withdrawn
Fund based/Non-fund based –
[ICRA]BBB-(Stable)/[ICRA]A3;
Bill Discounting/Letter of 9.00 9.00
Withdrawn
Credit/Bank Guarantee
Total 48.62 48.62
*Instrument details are provided in Annexure-1

Rationale
The ratings are withdrawn in accordance with ICRA’s policy on withdrawal and suspension based on the no objection
certificate provided by its banker and as desired by the company. ICRA does not have requisite information to suggest
any change in the credit risk since the time the rating was last reviewed.

Key rating drivers and their description

Key rating drivers has not been captured as the rated instruments are being withdrawn.

Liquidity Position:
Liquidity position has not been captured as the rated instrument is being withdrawn.

Rating sensitivities
Rating sensitivities have not been captured as the rated instrument is being withdrawn.

Analytical approach:
Analytical Approach Comments
Corporate Credit Rating Methodology
Applicable Rating Methodologies
ICRA Policy on Withdrawal and Suspension of Credit Rating
Parent/Group Support Not applicable
Consolidation / Standalone The ratings are based on the standalone financial statements of the issuer.

About the company:

Incorporated in 1996, Jayashree Polymers Private Limited is engaged in manufacturing rubber moulding products, rubber
extrusion products, fuel tubes, metal to rubber bonded components for 2Ws and 4Ws. It has manufacturing facilities are
in Chinchwad and Chakan in Pune, Manesar (Haryana), Haridwar (Uttarakhand), Chennai and Hosur (Tamil Nadu).

Key Financial Indicators: Not applicable

1

EMISPDF in-iimcalcutta from 52.66.50.17 on 2020-05-03 14:14:44 BST. DownloadPDF.

Downloaded by in-iimcalcutta from 52.66.50.17 at 2020-05-03 14:14:44 BST. EMIS. Unauthorized Distribution Prohibited.
Status of non-cooperation with previous CRA: Not applicable

Any other information: None

Rating history for last three years:

Chronology of Rating History for the
Current Rating (FY2021)
past 3 years

Instrument Rating FY2019 FY2018 FY2017

Amount Amount
Type
Rated Outstanding
31-Oct- 21-Apr-
29-Apr-2020 -
2018 2017
[ICRA]BBB-
Long [ICRA]BBB- [ICRA]BBB-
1 Term Loan 12.12 - (Stable); -
Term (Stable) (Stable)
Withdrawn
[ICRA]BBB-
Long [ICRA]BBB- [ICRA]BBB-
2 Cash Credit 27.50 - (Stable); -
Term (Stable) (Stable)
Withdrawn
Long [ICRA]BBB-
Bill Discounting/ [ICRA]BBB-
Term/ (Stable)/
3 Letter of Credit/ 9.00 - (Stable)/ - -
Short [ICRA]A3;
Bank Guarantee [ICRA]A3
Term Withdrawn

Amount in Rs. Crore

Complexity level of the rated instrument:

ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The
classification of instruments according to their complexity levels is available on the website www.icra.in

EMISPDF in-iimcalcutta from 52.66.50.17 on 2020-05-03 14:14:44 BST. DownloadPDF.

Downloaded by in-iimcalcutta from 52.66.50.17 at 2020-05-03 14:14:44 BST. EMIS. Unauthorized Distribution Prohibited.
Annexure-1: Instrument Details
Date of Amount
Instrument Coupon Maturity
ISIN No Issuance/ Rated Current Rating and Outlook
Name Rate Date
Sanction (Rs. crore)
[ICRA]BBB-(Stable);
NA Term Loan - - - 12.12
Withdrawn
[ICRA]BBB-(Stable);
NA Cash Credit - - - 27.50
Withdrawn
Bill Discounting/
[ICRA]BBB-(Stable)/
NA Letter of Credit/ - - - 9.00
[ICRA]A3; Withdrawn
Bank Guarantee
Source: JPPL

EMISPDF in-iimcalcutta from 52.66.50.17 on 2020-05-03 14:14:44 BST. DownloadPDF.

Downloaded by in-iimcalcutta from 52.66.50.17 at 2020-05-03 14:14:44 BST. EMIS. Unauthorized Distribution Prohibited.
ANALYST CONTACTS
Mr. K. Ravichandran Mr. Suprio Banerjee
+91 44 4596 4301 +91 22 6114 3443
[email protected] [email protected]

Ms. Preeti Kumaran Ms. Aprajita Singh

+91 22 6169 3356 +91 22 6169 3364
[email protected] [email protected]

RELATIONSHIP CONTACT
Jayanta Chatterjee
+91 80 4332 6401
[email protected]

MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani
Tel: +91 124 4545 860
[email protected]

Helpline for business queries:

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)

[email protected]

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
companies as an independent and professional investment Information and Credit Rating Agency.

Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited
Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit
Rating Agency Moody’s Investors Service is ICRA’s largest shareholder.

For more information, visit www.icra.in

EMISPDF in-iimcalcutta from 52.66.50.17 on 2020-05-03 14:14:44 BST. DownloadPDF.

Downloaded by in-iimcalcutta from 52.66.50.17 at 2020-05-03 14:14:44 BST. EMIS. Unauthorized Distribution Prohibited.
ICRA Limited
Corporate Office
Building No. 8, 2nd Floor, Tower A; DLF Cyber City, Phase II; Gurgaon 122 002
Tel: +91 124 4545300
Email: [email protected]
Website: www.icra.in

Registered Office
1105, Kailash Building, 11th Floor; 26 Kasturba Gandhi Marg; New Delhi 110001
Tel: +91 11 23357940-50

Branches

Mumbai + (91 22) 24331046/53/62/74/86/87

Chennai + (91 44) 2434 0043/9659/8080, 2433 0724/ 3293/3294,
Kolkata + (91 33) 2287 8839 /2287 6617/ 2283 1411/ 2280 0008,
Bangalore + (91 80) 2559 7401/4049
Ahmedabad+ (91 79) 2658 4924/5049/2008
Hyderabad + (91 40) 2373 5061/7251
Pune + (91 20) 2556 0194/ 6606 9999

© Copyright, 2020 ICRA Limited. All Rights Reserved.

Contents may be used freely with due acknowledgement to ICRA.

ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of
surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer
concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA
office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to
be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it.
While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any
kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such
information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained
herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication
or its contents

EMISPDF in-iimcalcutta from 52.66.50.17 on 2020-05-03 14:14:44 BST. DownloadPDF.

Downloaded by in-iimcalcutta from 52.66.50.17 at 2020-05-03 14:14:44 BST. EMIS. Unauthorized Distribution Prohibited.