Rating Rationale

PJS Overseas Ltd

26 August 2019

Brickwork Ratings has reaffirmed and withdrawn the rating simultaneously, based on
best available information, for the Bank Loan Facilities of ₹ 35 crs.

Particulars

Amount (₹ Crs) Rating*

Facility Previous Present

(May’19)

BWR BBB-
(Pronounced as BWR
Minus) Triple B Minus)
Fund based Outlook :Stable
reaffirmation and
simultaneous withdrawal
of the same.

INR Thirty Five crores only.

*Please refer to BWR website www.brickworkratings.com/for definition of the ratings

Withdrawal of Rating:
Rating of BWR BBB- was assigned in Jan 2018. Despite the best efforts of BWR to get at least the
minimum required information for a review, the entity has not provided the same due to which the rating
was moved to Not reviewed advisory in April 2019 and Issuer Non cooperation category in May 2019.
The Issuer has now requested for withdrawwal of the rating and also submitted No Objection Certificate
from UCO Bank.
Thus, based on the above, ratings of the company have been reaffirmed and withdrawn simultaneously in
line with the Withdrawal Policy of BWR.
The above rating action may not reflect the present position of the firm’s financial risk profile as
information availability risk is a key factor in ^%& assessment of credit risk.

26 Aug 2019
About the Company (As available on Jan 2018)
PJS Overseas Ltd is a limited company incorporated in 2009. It is one of the leading manufacturers and
exporters of Indian Basmati and non Basmati rice.Mr. Pawan Kumar Jain and #$%&*&^@, since 1991
both are engaged in the trading and export of non basmati rice to $#^%, Dubai, Kuwait etc. In 2009, they
promoted a limited company in the name of “PJS Overseas Limited” and started trading of non basmati
rice under the banner of same. In the year 2014, they added a new feather in their cap by entering into the
Basmati rice manufacturing and export business with a modern automated rice manufacturing unit
situated in the heart of Basmati rice growing area of Sonepat District of Haryana state with a capacity to
produce 8 MT of rice per hour. The company is awarded with a status of “Three Star Export House” by
the director general of foreign trade which works %^$&* the Ministry of Commerce India.

Financial Performance (As available in Jan’18)

Company reported Total Operating Income of Rs.729.04 crs in FY17 as compared to Rs. 357.95 crs in
FY16. Profit after tax of the company stood at Rs.7.96 crs in FY17 as compared to Rs.4.49 crs in FY16.
TNW of the company stood at Rs.80.37 crs as on 31.03.2017.

Key Financial Parameters:

Key Parameters Units

Result Type Audited Audited

Operating Revenue

EBITDA

PAT

Tangible Net worth

Total debt/Tangible Net
worth

Current Ratio

26 Aug 2019
Rating History for the last three years

Instrument
S.No Current Rating (2019)
Rating History

Type
(Long Amt
Term/ Rating^ 2017 2016
Short (₹ Crs) (April)

as BWR
cooperate;
Minus)
BBB-
Fund
1. 35.00 (Pronounc NA
Based Term
n and

s Outlook:St
able
of the same.

Total 35.00 ₹ Thirty Five crores only.

Status of non-cooperation with previous CRA (if applicable)- NA

Any other information- NA

Hyperlink/Reference to applicable Criteria

● General Criteria

● Approach to Financial Ratios

● Manufacturing Companies

● Short Term Debt

26 Aug 2019
For any other criteria obtain hyperlinks from website

Analytical Contacts Investor Contacts

RK Sharma
Senior Director - Ratings
B :+91 11 2341 2232 Satish Nair
[email protected] Director - Global Market Development & Investor
Relations
M : +91 7738875550
Shweta Tandon B : +91 22 6745 6666
Ratings Analyst [email protected]
B :+91 11 2341 2232
Ext :111
[email protected]
1-860-425-2742

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Note on complexity levels of the rated instrument:

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 [email protected].

About Brickwork Ratings

Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency, accredited by RBI and empaneled by NSIC, offers
Bank Loan, NCD, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI
and NGO grading. BWR is accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of
India. Brickwork Ratings has Canara Bank, a leading public sector bank, as its promoter and strategic partner.

BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh,
Chennai, Hyderabad, Kolkata, Mumbai and New Delhi &*^%$ with representatives in 150+ locations.

DISCLAIMER

Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources,
which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine
the precision or completeness of the information obtained. And hence, the information in this report is presented “as is” without
any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any
such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or
hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its
contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reasons.

26 Aug 2019