Panache Digilife Limited has informed the Exchange about Credit Rating
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Awaiting price reaction for this filing.
Panache Digilife has informed the stock exchange that India Ratings & Research (Ind-Ra) has withdrawn the credit ratings on its bank facilities at the company's own request, with a no-objection certificate from its bankers. Before withdrawing, Ind-Ra migrated the ratings to the 'Issuer Not Cooperating' category because the company did not respond to repeated requests for information, including audited financials, business plans, and management certificates. The total bank facilities covered were about INR 399.29 million (INR 290M fund-based working capital, INR 90M non-fund-based, INR 19.29M term loan), previously rated IND BB+/Stable or IND A4+. The company has also not submitted its monthly no-default statement since June 2025. Ind-Ra flagged the non-cooperation as 'symptomatic of possible disruption/distress in the issuer's business' and a sign of weak governance around financial transparency.
Negative signal for shareholders — the outlook was revised from Positive to Stable before the rating was withdrawn, and the non-cooperation flag points to possible business or financial stress and a lack of transparency. Investors will no longer have an independent, updated credit view of the company, which is a red flag that warrants caution on the stock.