By Nitin Yadav

India Ratings and Research (Ind-Ra) has affirmed Jyoti Buildtech Private Limited’s (JBPL) Long-Term Issuer Rating at ‘IND D’ and has simultaneously migrated it to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. The rating will now appear as ‘IND D(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

Non-fund-based working capital limit (short-term)

-

-

-

INR1,550

IND D(ISSUER NOT COOPERATING)

Affirmed and migrated to non-cooperating category

Fund-based working capital limit (long-/short-term)

-

-

-

INR308.6

IND D(ISSUER NOT COOPERATING)

Affirmed and migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available information 

KEY RATING DRIVERS

The affirmation reflects JBPL’s continued delays in debt servicing owing to a stressed liquidity position, the details of which are not available.


RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action.


COMPANY PROFILE

JBPL undertakes various infrastructure projects, including installation and commissioning of electrical substations, water treatment plants, sewer treatment plants, canal works and lake development works. Its head office is in Noida, Uttar Pradesh. In addition, it has a registered office in New Delhi.


RATING HISTORY

Instrument Type

Current Rating

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

28 January 2019

16 July 2018

17 July 2017

13 April 2016

Issuer rating

Long-term

-

IND D(ISSUER NOT COOPERATING)

IND D

IND BBB-(ISSUER NOT COOPERATING)

IND BBB-(ISSUER NOT COOPERATING)

IND BBB-/Stable

Fund-based working capital limit

Long-/short-term

INR308.60

IND D(ISSUER NOT COOPERATING)

IND D

IND BBB-(ISSUER NOT COOPERATING)/IND A3(ISSUER NOT COOPERATING)

IND BBB-(ISSUER NOT COOPERATING)/IND A3(ISSUER NOT COOPERATING)

IND BBB-/Stable/IND A3

Non-fund-based working capital limit

Short-term

INR1,550.00

IND D(ISSUER NOT COOPERATING)

IND D

IND A3(ISSUER NOT COOPERATING)

IND A3(ISSUER NOT COOPERATING)

IND A3


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

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. 

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

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