Rationale

 ICRA has downgraded and moved the rating for the bank facilities of Kay Jay Forgings Pvt.Ltd. to the ‘Issuer Not Cooperating’ category. The rating is denoted as “[ICRA]BB+(Stable)/[ICRA]A4+; ISSUER NOT COOPERATING” As part of its process and in accordance with its rating agreement with Kay Jay Forgings Pvt.Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity’s management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information.