Press Release

Press Release

April 07, 2026

ORIC ORGANIC CHEMICALS PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	64.00	ACUITE D \| Reaffirmed	-
Total Outstanding	64.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has reaffirmed the long term rating of "ACUITE D" (read as ACUITE D) on Rs.64 crore bank facilities of Oric Organic Chemicals Private Limited (OOCPL).

Reason for Reaffirmation:
The rating has been reaffirmed on account of continued delays in interest and principal payment towards the term loan due to cash flow inadequacies.

About the Company

Mumbai based, Oric Organic Chemicals Private Limited was Incorporated in the year 2019. The company is engaged in the Manufacture of Chemicals and Chemical products (including antiknock preparations, anti-freeze preparations, liquids for hydraulic transmission, composite diagnostic or laboratory reagents, writing or drawing ink, chemical substance used in manufacturing of pesticides and other chemical products). The directors of the company are Mr. Shavak Keki Bhumgara, Mrs. Meher Shavak Bhumgara, Ms. Rhea Shavak Bhumgara and Mr. Rishad Bhumgara Shavak.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has taken the standalone view on the business and financial risk profile of Oric Organic Chemicals Private Limited.

Key Rating Drivers

Strengths

Experienced management and locational advantage

Oric Organic Chemicals Private Limited is a Mumbai based company established by Mr. Shavak Keki Bhumgara, Mrs. Meher Shavak Bhumgara, Ms. Rhea Shavak Bhumgara and Mr. Rishad Bhumgara Shavak. The company will be managed by the promoters of the company who have experience in the industry in the same region which would benefit the ongoing project execution. Their experience would help the company to flourish. Further, the company will also enjoy the locational advantage as proposed manufacturing unit is a part of the Delhi-Mumbai Industrial Corridor project (DMIC), which is planned for developing an industrial zone across six states between Delhi and Mumbai unit is 15 Km from Aurangabad Airport. Presently, the Company has been selling to its group entity Eskay Dyestuffs & Organic Chemicals Private Limited. It will give the company strength to access clients comfortably. Acuite believes that OOCPL will continue to benefit over medium term with experience of its promoters.

Plant has been operational:

The plant was commissioned in June 2024 and has been fully operational since Oct 2024. The facility has a total installed capacity of 200 tonnes per month, with current capacity utilization at approximately 70–80%. OOCPL has recorded total revenue of Rs. 8.21 crore in FY 25. As their plant is fully operational since oct -2024. The Company has achieved Rs.20.75 crore of total revenue as on Feb’2026 and expected to close this year by Rs.24 crore. The company is currently incurring losses due to the initial stabilization phase of the project. Acuite believes that operating performance of the company will improve supported by increase in capacity utilization in the medium term.

Weaknesses

Weak Financial risk profile:
The financial risk profile of the Company marked weak supported by negative net worth, high gearing and weak financial coverage indicators. Total net worth stood at Rs.(14.04) crore in FY 25 as compared to Rs.8.71 crore in FY 24. Total borrowing stood at Rs. 104.12 crore in FY 25 comprising of 6.5% secured NCD of Rs.15.83 crore, USL by promoters of Rs.26.64 crore, term loan of Rs. 55.49 crore, and CPLTD of Rs.6.15 crore. Repayment of term loan has started from July-25. The debt protection metrices remain below average with ICR and DSCR stood at (1.07) and (1.95) times in FY 25 as it in the initial stages of operations. The promoters are resourceful and will infuse any incremental funding requirement on need basis as it reflecting in the balance sheet as USL increased from Rs.11.76 crore in FY 24 to Rs. 26.64 crore in FY 25.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Timely service of Debt
Improvement in capital structure
Improvement in operating income and profitability

Potential triggers (individual or collective) for a downward rating action:

Not Applicable

Liquidity Position

Stretched

The liquidity marked stretched as NCA stood at Rs. (19.88) crore against the nil debt obligation in FY 2025. However, their repayment started from July-25, and their repayment will be in the range of Rs.6 to Rs.7 crore in the medium term. The shortfall in meeting the debt repayment is expected to be fulfilled by bringing in unsecured loans in the business. The current ratio stood at 0.68 times in FY 25. The Company has maintained cash and bank balance of Rs.0.07 crore in FY 25. The company has also received a sanction of cash credit limit of Rs. 3 Cr. by HDFC bank to fund its day-to-day operations. Fund base utilization stood at 100% for six months ended Feb’26. Acuite believes that the liquidity position of the company will remain stretched in the medium term due to stabilization risk associated with the project in initial years of operations.

Outlook:Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	8.21	0.00
PAT	Rs. Cr.	(22.76)	(0.41)
PAT Margin	(%)	(277.27)	0.00
Total Debt/Tangible Net Worth	Times	(7.41)	10.00
PBDIT/Interest	Times	(1.07)	(408.79)

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
09 Jan 2025	Term Loan	Long Term	18.45	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	42.55	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Cash Credit	Long Term	3.00	ACUITE D (Downgraded from ACUITE B+ \| Stable)
17 Oct 2023	Term Loan	Long Term	18.45	ACUITE B+ \| Stable (Assigned)
	Term Loan	Long Term	43.15	ACUITE B+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	2.40	ACUITE B+ \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.00	Simple	ACUITE D \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	28 Aug 2024	Not avl. / Not appl.	31 Aug 2032	18.45	Simple	ACUITE D \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	18 Sep 2024	Not avl. / Not appl.	30 Jun 2032	42.55	Simple	ACUITE D \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Shreya Banerjee
Analyst-Analytical Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

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