Indo rama synthetics (India) Limited has received a positive credit rating development, with India Ratings and Research Private Limited revising the company's credit outlook to stable from negative. The rating agency has affirmed the existing ratings while providing a more optimistic assessment of the company's financial prospects.

Credit Rating Details

India Ratings and Research has maintained the IND A-/Stable/IND A2+ rating on the company's bank loan facilities while revising the outlook. The rating action covers a total facility size of INR 17,200 million across different categories.

Facility Breakdown

The company's bank facilities are distributed across multiple international and domestic banking partners. The fund and non-fund based working capital limits are spread across six major banks.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The rating communication dated January 27, 2026, was promptly shared with both the National Stock Exchange of India Limited and BSE Limited through their respective electronic platforms.

Company Information

Indo Rama Synthetics (India) Limited operates with its corporate office located in Gurugram, Haryana, and its registered office and manufacturing complex situated in Nagpur, Maharashtra. The company secretary Ashok Yadav signed the regulatory filing, ensuring compliance with stock exchange requirements.

Indo Rama Synthetics (India) Limited has received a demand order of ₹1.01 crores from the Maharashtra State Tax Department under the Goods and Service Tax framework. The company disclosed this development under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, continuing from an earlier disclosure made on June 24, 2025.

GST Demand Details

The demand order was issued by the Office of the Deputy Commissioner of State Tax, Nagpur, under Section 73 of MGST/CGST Act, 2017. The company received the order on December 29, 2025, at 20:04 hours.

Nature of Violation

The demand order has been raised due to discrepancies in Reverse Charge Mechanism (RCM) liability specifically related to freight and carriage expenses. This represents an unreconciled liability that the tax authorities have identified during their assessment of the company's GST compliance for the financial year 2021-22.

Financial and Operational Impact

The company has stated that the financial implication of this demand order remains subject to the outcome of the proceedings. This indicates that Indo Rama Synthetics may contest the demand or seek resolution through appropriate legal channels available under the GST framework.

Regulatory Compliance

The disclosure was made in accordance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring transparency with stakeholders regarding material developments that could impact the company's operations. Company Secretary and Compliance Officer Ashok Yadav signed the disclosure document on December 30, 2025.

The company has requested stakeholders to take note of this development as it navigates the GST proceedings with the Maharashtra tax authorities.