Paul Merchants Subsidiary Credit Ratings Withdrawn

Paul Merchants Limited has announced the withdrawal of credit ratings for its wholly owned subsidiary, Paul Merchants Finance Private Limited (PMFPL), by rating agency Infomerics Valuations and Ratings Limited. The company informed BSE about this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Rating Withdrawal Details

The credit rating withdrawal was executed pursuant to a request made by Paul Merchants Finance Private Limited. Infomerics Valuations and Ratings Limited withdrew ratings across two categories of bank facilities for the subsidiary company.

Facility Type	Amount	Previous Rating	Action Taken
Fund Based - Long Term Bank Facilities	Withdrawn	IVRA-/RWPI (IVRA Minus, Rating watch with Positive implications)	Withdrawn
Fund Based - Short Term Bank Facilities	Withdrawn	IVRA1/RWPI (IVRA One, Rating watch with Positive implications)	Withdrawn

Regulatory Compliance

The intimation was made in compliance with multiple regulatory frameworks including Regulation 30(9) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and various SEBI circulars. The company has fulfilled its disclosure obligations by informing the stock exchange about this material development concerning its subsidiary.

Corporate Structure Impact

Paul Merchants Finance Private Limited operates as a wholly owned subsidiary of Paul Merchants Limited. The rating withdrawal affects the subsidiary's credit assessment for both long-term and short-term banking facilities. The company has not specified any reasons for the rating withdrawal in their disclosure.

Market Communication

The company's disclosure was signed by Hardam Singh, Company Secretary and Compliance Officer (FCS 5046), ensuring proper authorization and compliance with corporate governance requirements. Paul Merchants Limited has requested BSE to take note of this development in their records, maintaining transparency with stakeholders regarding subsidiary operations.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.21%	-1.60%	-5.84%	-21.92%	-35.83%	-55.80%

Paul Merchants Limited has informed the stock exchanges about the withdrawal of credit ratings assigned to its wholly owned subsidiary, Paul Merchants Finance Private Limited (PMFPL), following the complete repayment of bank loan facilities worth ₹900 crore.

Credit Rating Withdrawal Details

On December 10, 2025, at 6:51 PM, Acuite Ratings Research Limited withdrew the credit rating assigned to PMFPL upon the subsidiary's request. The withdrawal came after PMFPL received a No Dues Certificate from its bankers, confirming the full settlement of loan obligations.

Parameter:	Details
Rating Agency:	Acuite Ratings Research Limited
Previous Rating:	ACUITE A- (ACUITE A minus)
Facility Amount:	₹900 crore
Facility Type:	Bank Loan Ratings (BLR)
Current Status:	Withdrawn - Not Applicable
Reason:	Full repayment of instrument

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Paul Merchants Limited filed the intimation with BSE Limited on December 11, 2025, providing details of the rating withdrawal action.

Financial Implications

The successful repayment of the ₹900 crore bank loan facilities demonstrates PMFPL's financial capability and debt management efficiency. The withdrawal of the credit rating following full repayment indicates the subsidiary has met all its loan obligations and obtained clearance from the lending institutions.

Corporate Structure

Paul Merchants Finance Private Limited operates as a wholly owned subsidiary of Paul Merchants Limited, which trades on BSE with scrip code 539113. The parent company maintains its corporate office in Chandigarh and registered office in New Delhi, with Company Secretary and Compliance Officer Hardam Singh signing the regulatory filing.