ICRA Limited has rated Jayant Agro-Organics Limited credit facilities. The long-term rating assigned is ICRA A- (Stable) and short-term rating at ICRA A2+. For Ihsedu Agrochem Private Limited, long-term rating at ICRA A-(Stable) and short-term rating at ICRA A2+.
Jayant Agro-Organics Limited had appointed ICRA for rating its instruments and accordingly had intimated the stock exchanges vide letter dated April 29, 2021 and May 7, 2021, company said in a filing on Monday.
At around 12.10 pm, Jayant Agro Organics Ltd was trading at Rs224.40 per piece up by Rs0.05 or 0.02% from its previous closing of Rs224.35 per piece on the BSE.
Prior to ICRA, the Company was rated by CRISIL Ltd. Upon appointment of ICRA as the Credit Rating Agency, the Company was furnishing the required assessment / re-assessment information with ICRA Ltd, therefore the assignment / contact for Annual Surveillance was not continued with CRISIL Ltd.
Based on the discussions with CRISIL LTD, the Company had initiated relevant procedures for obtaining necessary documents / NOC from its Bankers as required by them. Pending these NOC’s and procedure for withdrawal of rating, CRISIL Ltd has released its rating on the basis of no information being shared with them.
The Company wishes to put on record that the ratings as issued by CRISIL Ltd. are not to be considered and are not comparable as the Company, since 2021 has appointed ICRA and has been rated by ICRA Ltd,” it added.
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