Paul Merchants Ltd — Important, 20-02-2026: Company Update

Paul Merchants Limited's credit ratings from Infomerics have been downgraded and simultaneously withdrawn. The downgrade stems from a decline in forex revenue, slim trading margins, and exposure to risks in the U.S. and Canadian markets. Despite this, the company benefits from experienced promoters, a solid track record, and a comfortable capital structure. The ratings were withdrawn at PML's request, with lender approvals, and also for proposed bank facilities that the company decided not to pursue. Infomerics maintained a Stable outlook for the company, citing its strong promoter group and capital structure.