RATING RATIONALE
10Jun2024

Pratik Art Interiors Pvt Limited

Brickwork Ratings downgrades the long-term rating and reaffirms the short-term rating with continuation in the ISSUER NOT COOPERATING* category and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs. 21.60 Crs. of Pratik Art Interiors Pvt Limited.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(20 Nov 2023)
Present
Fund Based 11.60 11.60 Long Term BWR B/Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR B - /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded and withdrawn
Non Fund Based 10.00 10.00 Short Term BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
Grand Total 21.60 21.60 (Rupees Twenty One Crores and Sixty 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.
*** Above mentioned bank facilities are as per the rating rationale dated 20-May-2021.

RATING ACTION / OUTLOOK

In the absence of adequate information from the issuer and continued lack of management cooperation, Brickwork Ratings is unable to assess the issuer's financial performance and its ability to service its debt and maintain valid ratings. The company has not been submitting NDS to BWR. The Banker has not provided feedback on the conduct of the account of the company. Hence on account of inadequate information and lack of management cooperation, Brickwork Ratings has downgraded the long-term rating to 'BWR B-/Stable' from 'BWR B/Stable' and reaffirmed the short-term rating at 'BWR A4' and continued the ratings in the Issuer Not Cooperating* category and simultaneously withdrawn with immediate effect.

The lenders/investors may note to exercise due caution while using the rating which mentions "Issuer Not Cooperating" since the rating lacks any projections or forward-looking component as it is arrived at based on the best available information without any management/banker's interaction.

Brickwork Ratings (BWR) has withdrawn the ratings based on the withdrawal request from "Pratik Art Interiors Pvt Limited", along with no objection Certificate from the lender and based on the best available information. Hence, in accordance with extant regulatory guidelines and the BWR Rating Withdrawal Policy, ratings for the bank loan facilities of Rs. 21.60 Crores are reaffirmed and simultaneously withdrawn with immediate effect.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Services Services Commercial Services & Supplies Diversified Commercial Services

Pratik Art Interiors Pvt. Limited (PAIPL) was incorporated in Dec 1999 and the registered office is based in Frazer Town, Bangalore. The company is engaged in the business of undertaking tender-based contracts from various corporate clients for interior designing works and offers services like flooring, ceiling, woodworks, interior decoration, electrical fittings, etc. The company has branches in Telangana, Tamil Nadu, Kerala, Chennai, Andhra Pradesh, Maharashtra, and Haryana. PAIPL was founded by Mr. Arvind B. Sondagar and Mr. Rajesh B. Sondagar.

Note: As per info available on May-2021.

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

The company does not carry outstanding ratings with other credit rating agencies.

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 11.60
BWR B-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded and withdrawn)
20Nov2023
BWR BStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
22Aug2022
BWR B+Stable
(Downgrade/ISSUER NOT COOPERATING*)
20May2021
BWR BB-Stable
(Reaffirmation)
Non Fund Based ST 10.00
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
20Nov2023
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
22Aug2022
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
20May2021
BWR A4
(Reaffirmation)
Grand Total 21.60 (Rupees Twenty One Crores and Sixty lakhs Only)
*** Above mentioned bank facilities are as per the rating rationale dated 20-May-2021. 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

Kuradapu Sarath Chandra Kumar

Rating Analyst sarathchandra.k@brickworkratings.com

Nagaraj K

Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Pratik Art Interiors Pvt 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 Canara Bank Overdraft against Book Debts (ODBD)Sanctioned 10.00 _ 10.00
2 Canara Bank Bank GuaranteeSanctioned _ 10.00 10.00
3 Canara Bank Covid -19 Emergency Line CreditSanctioned 1.60 _ 1.60
Total 11.60 10.00 21.60
TOTAL (Rupees Twenty One Crores and Sixty lakhs Only)
* Above mentioned bank facilities are as per the rating rationale dated 20-May-2021.

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Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.

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