By Tonoy Banerjee

India Ratings and Research (Ind-Ra) has withdrawn Cosyn Limited’s Long-Term Issuer Rating of ‘IND BB(ISSUER NOT COOPERATING)’. The instrument-wise rating actions are given below:

Instrument Type

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating

Rating Action

Fund-based working capital limit

-

-

-

INR20

WD

Withdrawn

 

Long-term loan

-

-

-

INR2.34

WD

Withdrawn

 

Non-fund-based working capital limit

-

-

-

INR42.5

WD

Withdrawn

 

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings as the bank loans have been repaid in full. This is consistent with the Securities and Exchange Board of India’s circular dated 31 March 2017 for credit rating agencies. Ind-Ra will no longer provide analytical and rating coverage for Cosyn. 


COMPANY PROFILE

Cosyn was incorporated in 1994 as Computer Synergetic Private Limited. Over the years, its name has been changed a number of times and was named Cosyn in 2015. The company provides information technology enabled services in the areas of utility revenue management, utility meter-to-cash operations, information and data governance. It also delivers cloud-based business productivity solutions for global small and medium enterprises. Cosyn has established a fully-owned subsidiary Cosyn LLC in the US. 


RATING HISTORY

Instrument Type

Current Ratings

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

11 April 2017

16 March 2016

Issuer rating

Long-term

-

WD

IND BB(ISSUER NOT COOPERATING)

 IND BB/Stable

Long-term loan

Long-term

INR2.34

WD

IND BB(ISSUER NOT COOPERATING)

 IND BB/Stable

Fund-based working capital limit

Long-term

INR20

WD

IND BB(ISSUER NOT COOPERATING)

 IND BB/Stable

Non-fund-based working capital limit

Short-term

INR42.5

WD

IND A4+(ISSUER NOT COOPERATING)

 IND A4+


COMPLEXITY LEVEL OF INSTRUMENTS

For details on the complexity level of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies, structured finance and project finance companies. 

Headquartered in Mumbai, Ind-Ra has six branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad and Kolkata. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

DISCLAIMER

ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.INDIARATINGS.CO.IN/RATING-DEFINITIONS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.

Applicable Criteria

Analyst Names

  • Primary Analyst

    Tonoy Banerjee

    Analyst
    India Ratings and Research Pvt Ltd Room No. 1201, 12th Floor Om Towers 32, Chowringhee Road Kolkata 700 071

    Media Relation

    Mihir Mukherjee

    Manager Corporate Communications and Investor Relations
    +91 22 40356121