Rating Rationale
April 30, 2019 | Mumbai
Lawreshwar Polymers Limited
Issuer not cooperating, based on best-available information; Ratings continues to be 'CRISIL BB+/Stable/CRISIL A4+ Issuer not cooperating'; Ratings withdrawn
 
Rating Action
Total Bank Loan Facilities Rated Rs.38.5 Crore
Long Term Rating CRISIL BB+/Stable (ISSUER NOT COOPERATING; Rating Withdrawn)*
Short Term Rating CRISIL A4+ (ISSUER NOT COOPERATING; Rating Withdrawn)*
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
*Issuer did not cooperate; based on best-available information
Please note that the rating(s) are based on best available information with the credit rating agency: the entity whose debt is being published via this press release did not provide the requisite information needed to conduct the rating exercise and is therefore classified as 'non cooperative'.
Non cooperation by Issuer

CRISIL has been consistently following up with Lawreshwar Polymers Limited (LPL) for obtaining information through letters and emails dated January 21, 2019, February 26, 2019, March 07, 2019 and March 12, 2019, among others, apart from telephonic communication. However, the issuer has remained non cooperative.
 
'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as they are arrived at without any management interaction and are based on best available or limited or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of LPL. This restricts CRISIL's ability to take a forward LPL is consistent with 'Scenario 4' outlined in the 'Framework for Assessing Consistency of Information. Based on the last available information, the rating on bank facilities of LPL continues to be 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of LPL on the request of the company and receipt of a no objection certificate from its bank. The rating action is in line with CRISIL's policy on withdrawal of its ratings on bank loans.

About the Company

LPL, set up in 1994 by the late Mr Mohan Lal Agarwal, is now managed by his sons Mr Ramesh Chand Agarwal (chairman), Mr Rajkumar Agarwal (managing director) and Mr Pramod Agarwal. Under its brand, Lehar, the company manufactures footwear including light weight fancy slippers, PVC and TPR footwear, canvas shoes, and synthetic leather chappals and Hawai chappals.

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)*
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size
(Rs Cr)
Rating Assigned
with Outlook
NA Buyer`s Credit NA NA NA 3 Withdrawn/Issuer Not Cooperating
NA Cash Credit NA NA NA 24 Withdrawn/Issuer Not Cooperating
NA Letter of Credit NA NA NA 2 Withdrawn/Issuer Not Cooperating
NA Long Term Loan NA NA Not Available 9.21 Withdrawn/Issuer Not Cooperating
NA Proposed Long Term Bank Loan Facility NA NA NA 0.29 Withdrawn/Issuer Not Cooperating
*Issuer did not cooperate; based on best-available information
Annexure - Rating History for last 3 Years
  Current 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund-based Bank Facilities  LT/ST  36.50  Withdrawn (Issuer Not Cooperating)*  30-03-19  CRISIL BB+/Stable (Issuer Not Cooperating)*  07-03-18  CRISIL BB+/Stable    --    --  -- 
Non Fund-based Bank Facilities  LT/ST  2.00  Withdrawn (Issuer Not Cooperating)*  30-03-19  CRISIL A4+ (Issuer Not Cooperating)*  07-03-18  CRISIL A4+    --    --  -- 
All amounts are in Rs.Cr.
*Issuer did not cooperate; based on best-available information
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Buyer`s Credit 3 Withdrawn/Issuer Not Cooperating Buyer`s Credit 3 CRISIL BB+/Stable/Issuer Not Cooperating
Cash Credit 24 Withdrawn/Issuer Not Cooperating Cash Credit 24 CRISIL BB+/Stable/Issuer Not Cooperating
Letter of Credit 2 Withdrawn/Issuer Not Cooperating Letter of Credit 2 CRISIL A4+/Issuer Not Cooperating
Long Term Loan 9.21 Withdrawn/Issuer Not Cooperating Long Term Loan 9.21 CRISIL BB+/Stable/Issuer Not Cooperating
Proposed Long Term Bank Loan Facility .29 Withdrawn/Issuer Not Cooperating Proposed Long Term Bank Loan Facility .29 CRISIL BB+/Stable/Issuer Not Cooperating
Total 38.5 -- Total 38.5 --
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Framework for Assessing Information Adequacy Risk
Rating criteria for manufaturing and service sector companies
CRISILs Criteria for rating short term debt

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