Paul Merchants Ltd — Important, 22-08-2025: Company Update

Paul Merchants Limited has seen its long-term credit ratings for bank facilities, totaling 31.75 Cr, downgraded to IVR BBB/Negative from IVR BBB+/Negative by Infomerics. This change stems from a sustained deterioration in the company's earnings and forex income over the last four quarters. The rating agency cites reduced student and worker migration to key regions like Canada, USA, and Europe due to geopolitical tensions and policy changes as core reasons. Despite promoter experience and a comfortable capital structure, the outlook remains negative due to operational uncertainty. The company is appealing this rating revision.