Rationale

 ICRA has withdrawn the rating assigned to the Non-Convertible Debentures (NCD) programme of Prism Johnson Limited at the request of the company as the rated instrument has been fully redeemed and in accordance with ICRA's policy on withdrawal of credit rating. Also, ICRA does not have information to suggest that the credit profile has changed since the time the rating was last reviewed. The Key Rating Drivers, Liquidity Position, Rating Sensitivities, have not been captured as the related instrument is being withdrawn.