By Nidhi Sukhani

India Ratings and Research (Ind-Ra) has migrated Vaishnodevi Refoils & Solvex’s ‘IND BB+’ Long-Term Issuer Rating to the non-cooperating category. The Outlook was Stable. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will know appear as ‘IND BB+(ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating actions are as follows:

Instrument Type

Date of Issuance

Coupon Rate (%)

Maturity Date

Size of Issue (million)

Rating

Rating Action

Fund-based limits

-

-

-

INR300

IND BB+(ISSUER NOT COOPERTAING)

Migrated to Non-Cooperating Category

Term loan 1

-

-

June 2019

INR3.70

IND BB+(ISSUER NOT COOPERTAING)

Migrated to Non-Cooperating Category

Term loan 2

-

-

December 2020

INR5.10

IND BB+(ISSUER NOT COOPERTAING)

Migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 4 April 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2008, Vaishnodevi Refoils is a partnership firm engaged in the extraction of mustard oil and de-oiled cake and the refining of crude oil into soya bean oil, rapeseed oil and others. 


RATING HISTORY

Instrument Type

Current Rating

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

4 April 2018

Issuer rating

Long-term

-

IND BB+(ISSUER NOT COOPERATING)

IND BB+/Stable

Fund-based limits

Long-term

INR300

IND BB+(ISSUER NOT COOPERATING)

IND BB+/Stable

Term loan

Long-term

INR8.8

IND BB+(ISSUER NOT COOPERATING)

IND BB+/Stable


COMPLEXITY LEVEL OF INSTRUMENTS

For details on the complexity level of the instrument, 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

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 and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. 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.

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