By Aditi Sharma

India Ratings and Research (Ind-Ra) has migrated Amritvarsha Industries Limited’s Long-Term Issuer Rating to the non-cooperating category. 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 now 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 working capital limit

-

-

-

INR185

IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Non-fund-based working capital limit

-

-

-

INR45

IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

 

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 6 August 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Amritvarsha Industries manufactures small-sized iron garters, channels and angels, which are used in construction activities. The company has a 40,000 tonnes per annum plant in Dadri, Uttar Pradesh.


RATING HISTORY

Instrument Type

Current Rating

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

6 August 2019

10 September 2018

31 August 2017

Issuer rating

Long-term

 

IND BB(ISSUER NOT COOPERATING)

IND BB/Stable

IND BB+/Stable

IND BB+/Stable

Fund-based working capital limit

Long-term/Short-term

INR185

IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)

IND BB/Stable/IND A4+

IND BB+/Stable/IND A4+

IND BB+/Stable/IND A4+

Non-fund-based working capital limit

Long-term/Short-term

INR45

IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)

IND BB/Stable/IND A4+

IND BB+/Stable/IND A4+

IND BB+/Stable/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

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.

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

    Aditi Sharma

    Analyst
    India Ratings and Research Pvt Ltd DLF Epitome, Level 16, Building No. 5, Tower B DLF Cyber City, Gurugram Haryana - 122002
    0124 6687280

    Media Relation

    Ankur Dahiya

    Manager – Corporate Communication
    +91 22 40356121