Rating Rationale
February 25, 2019 | Mumbai
Polymechplast Machines Limited
Issuer not cooperating, based on best-available information; Ratings migrated to 'CRISIL BB+/Stable/CRISIL A4+ Issuer not cooperating'
 
Rating Action
Total Bank Loan Facilities Rated Rs.6 Crore
Long Term Rating CRISIL BB+/Stable (ISSUER NOT COOPERATING; Rating Migrated)*
Short Term Rating CRISIL A4+ (ISSUER NOT COOPERATING; Rating Migrated)*
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 Polymechplast Machines Limited (PML) for obtaining information through letters and emails dated June 21, 2018 and January 31, 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 it is arrived at without any management interaction and is 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 PML. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on PML is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'.
 
Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of PML to 'CRISIL BB+/Stable/CRISIL A4+ Issuer not cooperating'.

About the Company

Incorporated in 1978 by Mr. K. R. Bhuva, PML is a company based out of Vadodara, Gujarat which is engaged in manufacturing of 'GOLD COIN' brand plastic processing machinery.

Key Financial Indicators
Particulars Unit 2018 2017
Revenue Rs crore 47.3 33.9
Profit After Tax (PAT) Rs crore 1.2 1.0
Profit margin % 2.6 2.9
Adjusted debt/adjusted networth Times 0.57 0.57
Interest coverage Times 7.29 4.94

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 Cash Credit NA NA NA 5 CRISIL BB+/Stable/Issuer Not Cooperating
NA Letter of Credit NA NA NA 1 CRISIL A4+/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  5.00  CRISIL BB+/Stable (Issuer Not Cooperating)*      11-01-18  CRISIL BB+/Stable    --    --  -- 
Non Fund-based Bank Facilities  LT/ST  1.00  CRISIL A4+ (Issuer Not Cooperating)*      11-01-18  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
Cash Credit 5 CRISIL BB+/Stable/Issuer Not Cooperating Cash Credit 5 CRISIL BB+/Stable
Letter of Credit 1 CRISIL A4+/Issuer Not Cooperating Letter of Credit 1 CRISIL A4+
Total 6 -- Total 6 --
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 Bank Loan Ratings

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