Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 - Withdrawal of Credit Ratings
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Awaiting price reaction for this filing.
Paul Merchants Ltd's credit rating has been downgraded and simultaneously withdrawn by Infomerics Valuation and Rating Limited. The action affects Fund Based Long Term Bank Facilities of Rs. 8 crore (previously rated IVR Triple B Negative with Stable Outlook) and Non Fund Based Short Term Bank Facilities of Rs. 2 crore (previously IVR A3). The rating agency did not assign any specific reason for the downgrade. The withdrawal was carried out at the company's own request, with No Objection Certificates (NOCs) obtained from the concerned banks. Two additional facilities (Rs. 0 crore each) were also withdrawn without any rating change. Total rated facilities being withdrawn are relatively small at around Rs. 10 crore.
While the downgrade itself is a negative signal, the company voluntarily initiated the withdrawal and secured NOCs from its bankers, suggesting this is a housekeeping or refinancing move rather than distress. Investors should watch for any new credit facilities or changes in the company's borrowing pattern in upcoming disclosures.