Rating Rationale
September 30, 2021 | Mumbai
 
PC Jeweller Limited
Issuer not cooperating; Owing to non-payment of surveillance dues,; Ratings continues to be 'CRISIL D/CRISIL D Issuer not cooperating'
 
Rating Action
Total Bank Loan Facilities Rated Rs.3937 Crore
Long Term Rating CRISIL D (ISSUER NOT COOPERATING*)
Short Term Rating CRISIL D (ISSUER NOT COOPERATING*)
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 entity whose debt is being published via this press release did not make the payment towards surveillance fees due as per the agreement and is therefore classified as 'non cooperative'.

 

Non cooperation by Issuer

On account of inadequate information and lack of management cooperation, CRISIL Ratings had migrated the rating on bank facilities of PC Jeweller Limited to 'CRISIL D/CRISIL D Issuer not cooperating by means of press release dated July 29, 2021. In accordance with the terms of the rating agreement with PC Jeweller Limited  (PCJ; part of the PCJ group), CRISIL Ratings has sent repeated reminders for payment of fees towards the surveillance exercise through letters and emails dated July 5, 2021 and August 13, 2021 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'.

 

On account of lack of management cooperation towards non-payment of fees, CRISIL Ratings continues the rating on bank facilities of PCJ to 'CRISIL D/CRISIL D Issuer not cooperating'.

About the Group

Established in 2005, Delhi-based PCJ manufactures, retails, and exports jewellery. The product range includes gold, diamond, and other jewellery and silver articles. The company is promoter by Mr. Balram Garg and family. PCJ is listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

 

The company has four subsidiaries: PC Universal Pvt Ltd, Transforming Retail Pvt Ltd, Luxury Products Trendsetter Pvt Ltd, and PC Jeweller DMCC (incorporated in Dubai).

Key Financial Indicators

Particulars

Unit

2021

2020

Revenue

Rs crore

2826.3

5206.8

Profit after tax (PAT)

Rs crore

62.0

83.0

PAT margin

%

2.2

1.6

Adjusted debt/Adjusted networth

Times

0.57

0.57

Interest coverage

Times

1.1

1.4

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings' complexity levels are assigned to various types of financial instruments. The CRISIL Ratings' complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL Ratings' 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)

Complexity Levels

Rating Assigned with Outlook

NA

Foreign Exchange Forward

NA

NA

NA

37.94

NA

CRISIL D/Issuer Not Cooperating

NA

Fund-Based Facilities

NA

NA

NA

2012.62

NA

CRISIL D/Issuer Not Cooperating

NA

Long Term Loan

NA

NA

Not Available

12.3

NA

CRISIL D/Issuer Not Cooperating

NA

Non-Fund Based Limit

NA

NA

NA

970.17

NA

CRISIL D/Issuer Not Cooperating

NA

Proposed Working Capital Facility

NA

NA

NA

878.97

NA

CRISIL D/Issuer Not Cooperating

NA

Standby Line of Credit

NA

NA

NA

25

NA

CRISIL D/Issuer Not Cooperating

*Issuer did not cooperate; based on best-available information

Annexure - Rating History for last 3 Years
  Current 2021 (History) 2020  2019  2018  Start of 2018
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 2966.83 CRISIL D (Issuer Not Cooperating)* 29-07-21 CRISIL D (Issuer Not Cooperating)* 03-04-20 CRISIL D 06-12-19 CRISIL D 01-08-18 CRISIL BBB+/Negative / CRISIL A2 CRISIL A+/Stable / CRISIL A1
      --   --   -- 22-08-19 CRISIL A4+ / CRISIL BB+/Negative 29-06-18 CRISIL A/Negative / CRISIL A1 --
      --   --   -- 07-06-19 CRISIL A4+ / CRISIL BB+/Negative 03-05-18 CRISIL A+/Watch Negative / CRISIL A1/Watch Negative --
      --   --   -- 21-05-19 CRISIL BBB+/Negative / CRISIL A2   -- --
Non-Fund Based Facilities ST 970.17 CRISIL D (Issuer Not Cooperating)* 29-07-21 CRISIL D (Issuer Not Cooperating)* 03-04-20 CRISIL D 06-12-19 CRISIL D 01-08-18 CRISIL BBB+/Negative / CRISIL A2 CRISIL A1
      --   --   -- 22-08-19 CRISIL A4+ / CRISIL BB+/Negative 29-06-18 CRISIL A1 --
      --   --   -- 07-06-19 CRISIL A4+ / CRISIL BB+/Negative 03-05-18 CRISIL A1/Watch Negative --
      --   --   -- 21-05-19 CRISIL BBB+/Negative / CRISIL A2   -- --
All amounts are in Rs.Cr.
* - Issuer did not cooperate; based on best-available information
 
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Rating
Foreign Exchange Forward 37.94 CRISIL D (Issuer Not Cooperating)*
Fund-Based Facilities 2012.62 CRISIL D (Issuer Not Cooperating)*
Long Term Loan 12.3 CRISIL D (Issuer Not Cooperating)*
Non-Fund Based Limit 970.17 CRISIL D (Issuer Not Cooperating)*
Proposed Working Capital Facility 878.97 CRISIL D (Issuer Not Cooperating)*
Standby Line of Credit 25 CRISIL D (Issuer Not Cooperating)*
* - Issuer did not cooperate; based on best-available information
 
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Fast Moving Consumer Goods Industry
CRISILs Approach to Recognising Default
CRISILs Criteria for Consolidation

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