RATING RATIONALE
26Nov2021

Polycon International Ltd

BWR reaffirms and withdraws the ratings for the Bank Loan Facilities of Rs. 11.03 Crs. of Polycon International Ltd.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(11 Aug 2021)
Present
Fund Based 10.78 10.78 Long Term BWR B /Stable
Downgrade/ISSUER NOT COOPERATING*
BWR B /Stable
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn
Non Fund Based 0.25 0.25 Short Term BWR A4
Reaffirmation/ISSUER NOT COOPERATING*
BWR A4
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn
Grand Total 11.03 11.03 (Rupees Eleven Crores and Three lakhs 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

BWR Reaffirms and withdrawn the rating assigned as BWR B / Stable / A4 under "Issuer Not Cooperating".

The initial rating was done on 28 January, 2014 with the rating assigned as BWR BB/Stable/ A4+. On 11 May, 2015 the rating was reaffirmed as BWR BB/Stable/A4+. On 18 May,2016 the rating was reaffirmed as BWR   BB/Stable/A4+. On 14 June, 2017 the rating was reaffirmed as BWR BB/ Stable/A4+. On 20 November, 2018 the rating was downgraded to BWR BB-/Stable/A4. The rating was due for a review in November,2019. On 12 May, 2020 the long term rating was downgraded to BWR B+/Stable "Issuer Not Cooperating" and short term rating was reaffirmed as BWR A4 and to be placed under "Issuer Not Cooperating" category. Lastly On 11 August, 2021, the Long term rating was further downgraded to BWR B/Stable "Issuer Not Cooperating" and short term rating was reaffirmed as BWR A4 under "Issuer Not Cooperating" category.

The client has forwarded the request and NOC from State bank of India for the purpose of the withdrawal of the ratings from BWR via mail dated 10 November,2021.

In the view of the above, BWR withdraws the rating for the Bank Loan Facilities amounted Rs 11.03 Crs as per the BWR withdrawal policy.

ABOUT THE ENTITY

Polycon International Ltd., incorporated in 1991, is a public limited company. The Company, based out of Jaipur, is promoted and managed by Baid family. It is engaged in the manufacturing and trading of PET products like PET Bottles, PET jars, PET Preforms, Caps & Lids; Water Storage Tanks and PVC Profiles & Sections etc.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Status of Non - Cooperation with any other CRA : Not applicable

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2021) 2021 (History) 2020 2019 2018
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 10.78
BWR B/Stable
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
11Aug2021
BWR B Stable
(Downgrade/ISSUER NOT COOPERATING*)
12May2020
BWR B+ Stable
(Downgrade/ISSUER NOT COOPERATING*)
NA
NA
20Nov2018
BWR BB- Stable
(Downgrade)
Non Fund Based ST 0.25
BWR A4
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
11Aug2021
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
12May2020
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
20Nov2018
BWR A4
(Downgrade)
Grand Total 11.03 (Rupees Eleven Crores and Three lakhs 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.

Analytical Contacts

Upma Verma

Ratings Analyst upma.v@brickworkratings.com

V.K.Kukreja

Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Polycon International 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) Term LoanSanctioned 1.78 _ 1.78
2 State Bank Of India (SBI) Cash CreditSanctioned 9.00 _ 9.00
3 State Bank Of India (SBI) Bank GuaranteeSanctioned _ 0.25 0.25
Total 10.78 0.25 11.03
TOTAL (Rupees Eleven Crores and Three lakhs Only)
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