RATING RATIONALE
03Mar2022

PG Electroplast Limited

Brickwork Ratings reaffirms and withdraws the ratings for the Bank Loan Facilities of Rs. 313.35 Crs. of PG Electroplast Limited

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(18 Aug 2021)
Present
Fund Based 180.35 180.35 Long Term BWR BBB+/Positive
Reaffirmation
BWR BBB + /Stable
Reaffirmation/Withdrawal
55.00 55.00 Short Term BWR A2
Reaffirmation
BWR A2
Reaffirmation/Withdrawal
Non Fund Based 78.00 78.00 Short Term BWR A2
Reaffirmation
BWR A2
Reaffirmation/Withdrawal
Grand Total 313.35 313.35 (Rupees Three Hundred Thirteen Crores and Thirty Five 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

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) has reaffirmed the ratings to BWR BBB+ /A2 with a Stable outlook and simultaneously withdrawn the ratings for the long-term and Short-term bank loan facilities of PG Electroplast Ltd. The withdrawal of the rating is as per company’s withdrawal request along with No Objection Letter from all the lenders and is in line with the BWR policy on withdrawal of ratings.

As per available information, the company registered revenue of Rs 703.21 Crs in FY21 (against Rs 639.42 Crs in FY20) with EBITDA and PAT of Rs 49.82 Crs and Rs. 11.62 Crs in FY21 respectively (against EBITDA of Rs.39.92 Crs and PAT of Rs 2.61 Crs in FY20).

ABOUT THE ENTITY

Background:Originally incorporated on March 17, 2003 as PG Electroplast Private Limited and subsequently, pursuant to a special resolution passed at the meeting of the shareholders of the Company at an Extraordinary General Meeting held on July 15 2010, it became a public limited company. PGEL is a diversified Electronic Manufacturing Services and Plastic Injection Molding company catering to leading OEMs in Consumer Electronics and Automotive Industry. PGEL has been an Electronic Manufacturing
Services (EMS) provider for Original Equipment Manufacturers (OEMs) and Plastic Injection Moulding Parts Manufacturer of consumer electronic products in India.

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 180.35
BWR BBB+/Stable
(Reaffirmation/Withdrawal)
18Aug2021
BWR BBB+Positive
(Reaffirmation)
28Jul2020
BWR BBB+Stable
(Reaffirmation)
05Jul2019
BWR BBB+Stable
(Upgrade)
Fund Based ST 55.00
BWR A2
(Reaffirmation/Withdrawal)
18Aug2021
BWR A2
(Reaffirmation)
28Jul2020
BWR A2
(Reaffirmation)
05Jul2019
BWR A2
(Upgrade)
Non Fund Based ST 78.00
BWR A2
(Reaffirmation/Withdrawal)
18Aug2021
BWR A2
(Reaffirmation)
28Jul2020
BWR A2
(Reaffirmation)
05Jul2019
BWR A2
(Upgrade)
Grand Total 313.35 (Rupees Three Hundred Thirteen Crores and Thirty Five lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

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

Neha Wahi

Ratings Analyst Board : +91 11 2341 2232 nehawahi@brickworkratings.com

Tanu Sharma

Director - Ratings tanusharma@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
PG Electroplast Limited
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 HDFC Bank Term LoanSanctioned 32.71 _ 32.71
2 HDFC Bank Cash CreditSanctioned 35.00 _ 35.00
3 HDFC Bank Bill Discounted (BD)Sanctioned _ 50.00 50.00
4 HDFC Bank Emergency Credit Line Guarantee Scheme (ECLGS)Sanctioned 20.00 _ 20.00
5 HDFC Bank GECLSanctioned 5.00 _ 5.00
6 HDFC Bank ILC/FLC/BGSanctioned _ 25.00 25.00
7 ICICI Bank Working Capital Demand LoanSanctioned 15.00 _ 15.00
8 State Bank Of India (SBI) GECLSanctioned 8.64 _ 8.64
9 State Bank Of India (SBI) Bill Discounted (BD)Sanctioned _ 5.00 5.00
10 State Bank Of India (SBI) Cash CreditSanctioned 35.00 _ 35.00
11 State Bank Of India (SBI) Term LoanSanctioned 29.00 _ 29.00
12 State Bank Of India (SBI) ILC/FLC/BGSanctioned _ 53.00 53.00
Total 180.35 133.00 313.35
TOTAL (Rupees Three Hundred Thirteen Crores and Thirty Five lakhs Only)
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