By Aravind B

India Ratings and Research (Ind-Ra) has maintained Kundan Industries Limited’s (KIL) Long-Term Issuer Rating of ‘IND BB+(ISSUER NOT COOPERATING)’ in the non-cooperating category and has simultaneously withdrawn it. 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 facilities *

-

-

-

INR487.2

WD

Maintained in non-cooperating category and withdrawn

Non-fund-based facilities #

-

-

-

INR150

WD

Maintained in non-cooperating category and withdrawn

 

* Maintained at IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING) before being withdrawn.

# Maintained at IND A4+(ISSUER NOT COOPERATING) before being withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category because the issuer did not participate in the rating exercise despite continuous requests and follow-ups by Ind-Ra.

 

The agency is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lenders. 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 or rating coverage for KIL.


COMPANY PROFILE

KIL is primarily engaged in the manufacturing of stainless-steel industrial fasteners.


RATING HISTORY

Instrument Type

Current Rating

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

4 May 2020

 6 May 2019

4 June 2018

Issuer rating

Long-term

-

WD

IND BB+(ISSUER NOT COOPERATING)

IND BB+(ISSUER NOT COOPERATING)

IND BB+(ISSUER NOT COOPERATING)

Fund-based facilities

Long-term/Short-term

INR487.2

WD

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

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

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

Non-fund-based facilities

Short-term

INR150

WD

IND A4+(ISSUER NOT COOPERATING)

IND A4+(ISSUER NOT COOPERATING)

IND A4+(ISSUER NOT COOPERATING)



COMPLEXITY LEVEL OF INSTRUMENTS

Instrument Type

Complexity Indicator

Fund-based facilities

Low

Non-fund-based facilities

Low

 

 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.

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