RATING RATIONALE
22Sep2022

Pelicans Automotive & Promotional Products Pvt Ltd

Brickwork Ratings downgrades the long term ratings to BWR B+/Stable and reaffirms the short term rating to BWR A4 for the Bank Loan Facilities of Rs. 30.00 Crs. of Pelicans Automotive & Promotional Products Pvt Ltd based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(27 Jul 2021)
Present
Fund Based 1.00 1.00 Long Term BWR BB- /Stable
ISSUER NOT COOPERATING* /Downgrade
BWR B + /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
(1.00) (1.00) Short Term BWR A4
ISSUER NOT COOPERATING* /Reaffirmation
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Non Fund Based 29.00 29.00 Short Term BWR A4
ISSUER NOT COOPERATING* /Reaffirmation
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 30.00 30.00 (Rupees Thirty Crores Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Brickwork Ratings downgrades the long term ratings to BWR B+ stable and reaffirms the short term ratings to BWR  A4 ;  Issuer not Cooperating for the Bank Loan Facilities of Pelicans Automotive & Promotional Products Pvt Ltd amounting to Rs 30.00 Crores, based on the best available information as the firm has not provided any information since FY19 onwards. The rating was due for surveillance and withdrawal. client did not fulfil the formalties of withdrawal till date. The company was being regularly followed up for the surveillance, vide emails dated 08-07-2022, 11-07-2022, 18-07-2022, 25-07-2022, 29-07-2022, 08-08-2022 and 29-08-2022 for obtaining the relevant and latest information for the review of the firm. The company did not cooperate in undertaking the rating process in spite of following up several times. In the absence of adequate information from the entity, BWR is unable to assess the entity’s financials

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit ratings should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating

ABOUT THE ENTITY

Incorporated in 2006, Pelicans Automotive & Promotional Products Private Limited. It is engaged in the manufacturing and export of customised PVC (polyvinyl chloride) and PU (polyurethane) fabricated products.The Company is a 100% Export Oriented Unit

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

29.0022Nov2021BB+ (Stable)IVRActive

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2022) 2021 2020 2019
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 1.00
BWR B+/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
27Jul2021
BWR BB- Stable
(ISSUER NOT COOPERATING* /Downgrade)
29Jun2020
BWR BB Stable
(Downgrade/ISSUER NOT COOPERATING*)
18Jun2019
BWR BB+ Stable
(Reaffirmation)
FB SubLimit ST (1.00)
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
27Jul2021
BWR A4
(ISSUER NOT COOPERATING* /Reaffirmation)
29Jun2020
BWR A4
(Downgrade/ISSUER NOT COOPERATING*)
18Jun2019
BWR A4+
(Reaffirmation)
Non Fund Based ST 29.00
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
27Jul2021
BWR A4
(ISSUER NOT COOPERATING* /Reaffirmation)
29Jun2020
BWR A4
(Downgrade/ISSUER NOT COOPERATING*)
18Jun2019
BWR A4+
(Reaffirmation)
Grand Total 30.00 (Rupees Thirty Crores Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - NA

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Akansha R. Mudgil

Ratings Analyst akansha.rm@brickworkratings.com

Sushil Kumar Chitkara

Director - Ratings Board : +91 22 2831 1426, +91 22 2831 1439 sushilkumar.c@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Pelicans Automotive & Promotional Products Pvt Ltd
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 State Bank Of India (SBI) Cash CreditSanctioned 1.00 _ 1.00
Sub-Limit (EPC) Sanctioned (1.00)
2 State Bank Of India (SBI) Forward ContractSanctioned _ 29.00 29.00
Total 1.00 29.00 30.00
TOTAL (Rupees Thirty Crores Only)
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