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JK Paper Ltd. Capital/Financing Update 2020
62239_rns_2020-10-09_f8f67a90-7605-4af8-be91-f53a71c01110.pdf
Capital/Financing Update
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JKP/SH/2020
9th October 2020
Electronic Filing
| Department of Corporate Services/Listing National Stock Exchange of India Ltd. | ||||
|---|---|---|---|---|
| BSE Limited | "Exchange Plaza" Bandra- Kurla | |||
| Phiroze Jeejeebhoy Towers | Complex, Bandra (E) | |||
| Dalal Street, Fort | Mumbai - 400 051 | |||
| Mumbai - 400 001 | Symbol: JKPAPER | |||
| Scrip Code No. 532162 | Series : EQ |
Dear Sir/Madam,
Re: Credit Rating
Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, we wish to intimateyou that CRISIL, vide its letters dt. 8th October 2020 (enclosed herewith), has reaffirmed its ratings of the Company as under:
| S.no | Particulars | Rating Action | |
|---|---|---|---|
| Long Term Rating (for Bank LoanFacilities of Rs. 2,649 Crore) | CRISIL AA-/Stable (Reaffirmed) | ||
| 2. | DebenturesNon-Convertibleaggregating to Rs. 335 crore | CRISIL AA-/Stable (Reaffirmed) | |
| 3. | Fixed Deposits of Rs.100 crore | FAA/Stable (Reaffirmed) | |
| 4. | Commercial Paper of Rs.150 crore CRISIL A1+ (Reaffirmed)(Enhanced from Rs.100 Crore) |
Submitted for your kind reference and records.
Thanking you
Yours faithfully For JK Paper Limited
Deepak Gupta Company Secretary
Encl: a/a
Admn. Office: Ph.: 91-11-33001132, 33001112, 23311112-5, Fax: 91-11-23712680, Website: www.jkpaper.com Regd. Office : P.O. Central Pulp Mills, Fort Songadh, Dist. Tapi (Guj.)-394660 Ph: 91-2624-220228 / 220278-80, Fax: 91-2624-220138, E-mail: [email protected] CIN L21010GJ1960PLC018099
CONFIDENTIAL
JKPLTD/254966/BLR/102000280 October 08, 2020
Mr. V. Kumaraswamy Chief Financial Officer JK Paper Limited 4th Floor, Nehru House, 4. Bahadur Shah Zafar Marg. Delhi - 110002 Tel:
Dear Mr. V. Kumaraswamy,
Re: Review of CRISIL Ratings on the bank facilities of JK Paper Limited
All ratings assigned by CRISIL are kept under continuous surveillance and review.
Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and the rating actions by CRISIL on the ratings as on date.
| Total Bank Loan Facilities Rated | Rs.2649 Crore | |
|---|---|---|
| Long-Term Rating | CRISIL AA-/Stable (Reaffirmed) | |
(Bank-wise details as per Annexure 1)
As per our Rating Agreement, CRISIL would disseminate the ratings, along with the outlook, through its publications and other media, and keep the ratings, along with the outlook, under surveillance over the life of the instrument/facility. CRISIL reserves the right to withdraw, or revise the ratings, along with the outlook, at any time, on the basis of new information, or unavailability of information, or other circumstances which CRISIL believes may have an impact on the ratings.
Should you require any clarifications, please feel free to get in touch with us.
With warm regards,
Yours sincerely,
Jakobury
Ankit Hakhu Director - CRISIL Ratings
Nivedita Shibu Associate Director - CRISIL Ratings
A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL or its associates may have other commercial transactions with the company/entity. Ratings are revised as and when circumstan for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Helpdesk at 1800-267-1301
| S.No. | Bank Facility | Bank | Amount (Rs.in Crore) | Outstanding Rating |
|---|---|---|---|---|
| External CommercialBorrowings | State Bank of India | 400.0 | CRISIL AA-/Stable | |
| 2 | Rupee Term Loan | NIIF Infrastructure FinanceLimited | 128.0 | CRISIL AA-/Stable |
| 3 | Rupee Term Loan | ICICI Bank Limited | 30.78 | CRISIL AA-/Stable |
| 4 | Rupee Term Loan | Bank of Baroda | 300.0 | CRISIL AA-/Stable |
| $\mathbf{S}$ | Rupee Term Loan | RBL Bank Limited | 8.4 | CRISIL AA-/Stable |
| 6 | Rupee Term Loan | Exim Bank | 204.0 | CRISIL AA-/Stable |
| Rupee Term Loan | State Bank of India | 506.07 | CRISIL AA-/Stable | |
| 8 | Rupee Term Loan | Axis Bank Limited | 226.35 | CRISIL AA-/Stable |
| 9 | Rupee Term Loan | Union Bank of India | 98.2 | CRISIL AA-/Stable |
| 10 | Rupee Term Loan | IndusInd Bank Limited | 27.2 | CRISIL AA-/Stable |
| 11 | Working Capital Facility | Bank of Bahrain and KuwaitB.S.C. | 35.0 | CRISIL AA-/Stable |
| 12 | Working Capital Facility | YES Bank Limited | 100.0 | CRISIL AA-/Stable |
| 13 | Working Capital Facility | IndusInd Bank Limited | 40.0 | CRISIL AA-/Stable |
| 14 | Working Capital Facility | IDBI Bank Limited | 115.0 | CRISIL AA-/Stable |
| 15 | Working Capital Facility | State Bank of India | 310.0 | CRISIL AA-/Stable |
| 16 | Working Capital Facility | Axis Bank Limited | 120.0 | CRISIL AA-/Stable |
| Total | 2649.0 |
Annexure 1 - Bank-wise details of various facility classes (outstanding facilities)
An S&P Global Company
A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRISIL CRISIL ratings are based on rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument, it does not comment on the marketprice or suitability for a particular investor. All CRISIL ratings are under surveillan price or suitability for a particular lives of the company/entity. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please con 1301
CONFIDENTIAL
JKPLTD/254966/NCD/102000276 October 08, 2020
Mr. V. Kumaraswamy Chief Financial Officer JK Paper Limited 4th Floor, Nehru House, 4. Bahadur Shah Zafar Marg. Delhi - 110002
Dear Mr. V. Kumaraswamy,
Re: Review of CRISIL Rating on the Non-Convertible Debentures Aggregating Rs.335 Crore of JK Paper Limited
All ratings assigned by CRISIL are kept under continuous surveillance and review.
CRISIL has, after due consideration, reaffirmed its "CRISIL AA-/Stable" (pronounced as CRISIL double A minus rating with Stable outlook) rating on the captioned debt instrument. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
In the event of your company not making the issue within a period of 180 days from the above date, or in the event of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISIL will be necessary.
As per our Rating Agreement, CRISIL would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook under surveillance for the life of the instrument. CRISIL reserves the right to withdraw or revise the ratings assigned to the captioned instrument at any time, on the basis of new information, or unavailability of information or other circumstances, which CRISIL believes, may have an impact on the rating.
As per the latest SEBI circular (reference number: CIR/IMD/DF/17/2013; dated October 22, 2013) on centralized database for corporate bonds/debentures, you are required to provide international securities identification number (ISIN; along with the reference number and the date of the rating letter) of all bond/debenture issuances made against this rating letter to us. The circular also requires you to share this information with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessary and relevant information at [email protected]. This will enable CRISIL to verify and confirm to the depositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feel free to contact us for any clarifications you may have at [email protected]
Should you require any clarifications, please feel free to get in touch with us.
With warm regards,
Yours sincerely.
fatdus
Ankit Hakhu Director - CRISIL Ratings
In S&P Global Company
Nivedita Shibu Associate Director - CRISIL Ratings
A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument, it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL or its associates may have other commercial transactions with the company/entity. Ratings are revised as and when circumstan for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Helpdesk at 1800-267-1301
CRISIL Limited Corporate Identity Number: L67120MH1987PLC042363
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076. Phone: +91 22 3342 3000 | Fax: +91 22 4040 5800 www.crisil.com
CONFIDENTIAL
JKPLTD/254966/FD/102000279 October 08, 2020
Mr. V. Kumaraswamv Chief Financial Officer JK Paper Limited 4th Floor, Nehru House, 4. Bahadur Shah Zafar Marg. Delhi - 110002 $Tel$
Dear Mr. V. Kumaraswamy,
Re: Review of CRISIL Rating on the Rs.100 Crore Fixed Deposits of JK Paper Limited
All ratings assigned by CRISIL are kept under continuous surveillance and review.
CRISIL has, after due consideration, reaffirmed its "FAA/Stable" (pronounced as F double A rating with Stable outlook) rating on the captioned debt instrument. This rating indicates that the degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' ratings.
As per our Rating Agreement, CRISIL would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook under surveillance for the life of the instrument. CRISIL reserves the right to withdraw or revise the ratings assigned to the captioned instrument at any time, on the basis of new information, or unavailability of information or other circumstances, which CRISIL believes, may have an impact on the rating.
Should you require any clarifications, please feel free to get in touch with us.
With warm regards,
Yours sincerely,
Joshur
Ankit Hakhu Director - CRISIL Ratings
An S&P Global Company
Nivedita Shibu Associate Director - CRISIL Ratings
A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument, it does not comment on the marketprice or suitability for a particular investor. All CRISIL ratings are under surveillan commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Helpdesk at 1800-267-1301
Ratings
CONFIDENTIAL
JKPLTD/254966/CP/102000278 October 08, 2020
Mr. V. Kumaraswamv Chief Financial Officer JK Paper Limited 4th Floor, Nehru House. 4. Bahadur Shah Zafar Marg. Delhi - 110002
Dear Mr. V. Kumaraswamy,
Re: Review of CRISIL Rating on the Rs.150 Crore Commercial Paper (Enhanced from Rs.100 Crore) of JK Paper Limited
All ratings assigned by CRISIL are kept under continuous surveillance and review.
CRISIL has, after due consideration, reaffirmed its "CRISIL A1+" (pronounced as CRISIL A one plus rating) rating on the captioned debt instrument. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
For the purpose of issuance of captioned commercial paper programme, this letter is valid for 30 calendar days from the date of the letter. In the event of your company not placing the above programme within this period, or in the event of any change in the size/structure of your proposed programme, the rating shall have to be reviewed and a letter of revalidation shall have to be issued to you. Once the instrument is issued, the above rating is valid throughout the life of the captioned commercial paper programme with a contracted maturity of one year.
As per our Rating Agreement, CRISIL would disseminate the rating through its publications and other media, and keep the rating under surveillance for the life of the instrument. CRISIL reserves the right to withdraw or revise the ratings assigned to the captioned instrument at any time, on the basis of new information, or unavailability of information or other circumstances, which CRISIL believes, may have an impact on the rating.
Should you require any clarifications, please feel free to get in touch with us.
With warm regards.
Yours sincerely,
fataline
Ankit Hakhu Director - CRISIL Ratings
An S&P Global Company
Nivedita Shibu Associate Director - CRISIL Ratings
A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtainedby CRISIL from sources it considers reliable. CRISIL does not guarantee the completenes rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the marketprice or suitability for a particular investor. All CRISIL ratings are under surveillan commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Helpdesk at 1800-267-1301