ICRA rates Jayant Agro-Organics credit facilities

22 Mar 2022 , 12:07 PM

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.

• Jayant Agro-Organics Limited Long Term Rating CRISIL BB+/Stable (Issuer Not Cooperating)
• Short Term Rating CRISIL A4+ (Issuer Not Cooperating)
• Ihsedu Agrochem Private Limited Long Term Rating CRISIL BB+/Stable (Issuer Not Cooperating)
• Short Term Rating CRISIL A4+ (Issuer Not Cooperating)

“The Company has already obtained NOC from the Lead Bank and other Banks and has shared it with CRISIL Ltd. The formalities for CRISIL’s rating withdrawal are underway. The Company is also in discussion with CRISIL Ltd & has taken up the matter for necessary action.

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.