Press Release

Press Release

July 22, 2026

G A RANDERIAN PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	25.00	-	ACUITE A4 \| Reaffirmed	RBI
Total Outstanding	0.00	25.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has reaffirmed the short term rating of 'ACUITE A4' (read as ACUITE A four) on Rs.25 Cr. bank facilities of G A Randerian Private Limited.
 Rationale for Rating
The rating reflects the company's established presence in the tea export business and its long-standing relationships with overseas customers, which have supported a stable customer base and sustained market position over the years. Operations witnessed moderation during FY2026 (Estimated), with revenue of Rs. 46.78 crore, owing to geopolitical tensions in the Middle East that impacted export logistics and dispatches. The operating margin moderated to 3.07% in FY2025 from 3.43% in FY2024 owing to higher raw material costs; nevertheless, profitability is expected to improve in FY2026, albeit on a moderate scale, supported by better realizations from tea exports and favourable foreign exchange movements despite the moderation in revenue. The rating remains constrained by the company's working capital-intensive operations, as reflected in high GCA days of 452 days in FY2025 as against 470 days in FY2024. Albeit improving from the previous year, the operating cycle continues to remains intensive, primarily on account of high inventory holding levels. The financial risk profile remains below average, marked by moderate net worth, modest gearing levels and moderate debt protection metrics, while liquidity remained stretched due to tightly matched cash accruals against debt repayment obligations and high utilisation of working capital limits. The credit profile is further susceptible to volatility in tea prices, foreign exchange fluctuations and geopolitical developments in key export markets.

About the Company

Incorporated in 1942, G A Randerian Private Limited (GARPL) is based in Kolkata and is engaged in the blending and branding of tea. The company is managed by Mr. Shakir Randerian and Ms. Afroze Randerian. GARPL has its processing unit in Kidderpore, West Bengal. The company exports tea to UAE, Saudi Arabia, USA and Canada.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of GARPL to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management with long standing operations
GARPL has established a long presence in the tea industry. The promoters, Mr. Shakir Randerian and Ms. Afroze Randerian has aided in the growth of the company with their two decades’ extensive experience. The company specializes in orthodox tea and also sells blended varieties (like CTC and Darjeeling tea) under the brand name "Gulabi Tea." About 90% of sales comes from orthodox blend tea, with the Gulabi Barooti emerging as the best-selling product. The company sources tea from 20 different tea gardens from Assam and then blends according to their formula requirements. The company procures tea both through auctions and private purchases. All suppliers have been business partners for 20 to 30 years. The majority of sales are generated from Gulf and Middle Eastern countries. Acuite draws comfort from the company’s experienced management and strong relationship with consumers and suppliers.

Modest Scale of Operations, Albeit Healthy Profitability
The company reported revenue of Rs. 55.36 crore in FY2025 as against Rs. 52.32 crore in FY2024. Revenue is estimated at around Rs. 46.78 crore in FY2026, with the decline primarily attributable to geopolitical tensions in the Middle East that disrupted export logistics and impacted sales. Nevertheless, the company's revenue visibility remains supported by an unexecuted order book of approximately Rs. 32.10 crore as of May 2026, which is expected to be executed over the near term. Further, the operating margin witnessed a moderation to 3.07% in FY2025 from 3.43% in FY2024, mainly on account of higher raw material and freight costs. Profitability margin is, however, expected to improve in FY2026, supported by better realizations from tea exports and favourable foreign exchange movements. Acuité believes that the company's scale of operations and profitability profile are likely to witness gradual improvement over the medium term, aided by the execution of the existing order book and the expected normalization of geopolitical conditions in key export markets.

Weaknesses

Intensive working capital cycle
The working capital cycle is intensive in nature marked by high Gross Current Assets (GCA) of 452 days for FY2025 as against 470 days for FY2024. The GCA days are mainly on account of high inventory days and receivables days. The inventory days of the company stood at 294 days in FY2025 as against 300 days in FY2024. The company maintains a stock buffer of second-flush tea equivalent to 9-10 months of requirements, thereby mitigating risks arising from supply-side disruptions. The inventory risk remains low, as tea can be stored for over three years under suitable conditions without significant quality deterioration. Additionally, the relatively short procurement and processing cycle of around two months, including transportation to Kolkata, supports efficient inventory management and helps ensure adequate stock availability. Further, the debtor days of the company stood at 137 days for FY2025 as against 137 days for FY2024. The credit terms are on average is ~2 to 3 months. Against this, the company has substantial dependence on its suppliers to support the working capital; creditors stood at 253 days for FY2025 as against 251 days for FY2024. Acuite believes that the working capital operations of the company will remain at the similar levels over the medium term.

Below average Financial Risk Profile
The financial risk profile of the company is below average marked by moderate net worth, modest gearing and comfortable debt protection metrics. The tangible net worth of the company stood at Rs.15.35 Cr as on March 31, 2025 as against Rs.15.10 Cr as on March 31, 2024, due to accretion to reserves. Furthermore, the gearing of the company stood modest at 1.64 times as on March 31, 2025, as against 1.71 times as on 31 March, 2024. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 3.82 times as on Mach 31, 2025 as against 3.81 times as on March 31, 2024. The debt protection matrices of the company remain comfortable marked by Interest coverage ratio (ICR) of 1.60 times and debt service coverage ratio (DSCR) of 1.02 times for FY2025. The net cash accruals to total debt (NCA/TD) stood healthy at 0.02 times in FY2025. Going forward, Acuite believes that going forward the financial risk profile will remain average over the medium term, supported by steady accruals and moderate capital structure.

Volatile tea prices and agro climatic conditions
The prices of tea are linked to the auctioned prices and further to prices of tea in the international market. Significant price movements in the international market may affect the company’s profitability margins. Further, tea prices fluctuate widely with demand-supply imbalances in the domestic and international market. Tea is a perishable product and demand for it is relatively perfectly inelastic as it caters to all segments of society. While demand has a strong growth rate, supply can vary depending on climatic conditions in the major tea growing countries. Unlike other commodities, tea price cycles have no linkage with the general economic cycles, but with agro-climatic conditions.

Rating Sensitivities

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

Revenue above Rs. 60 crore while maintaining healthy profitability.
Diversified customer profile with reduced concentration risk.
Improvement in working capital cycle and liquidity.

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

Elongation in working capital cycle and increased reliance on external borrowings.
Deterioration in liquidity position and debt protection metrics.
Adverse industry developments or execution challenges impacting business performance.

Liquidity Position

Stretched

The company has stretched liquidity marked by tightly matched cash accruals of Rs0.57 Cr. as on March 31, 2025, as against Rs. 0.53 Cr long term debt obligations over the same period. Over the next 2 years, company will generate sufficient accruals of Rs 0.70 to Rs 0.95 cr to repay debt obligations. The cash and bank balance stood at Rs. 0.17 Cr for FY 2025. Further, the current ratio of the company stood comfortable at 1.23 times in FY2025. The bank limit utilization of the company has been ~82 percent utilized for the last twelve months ended March 2026. Moreover, the working capital cycle of the company is intensive marked by Gross Current Assets (GCA) of 452 days for FY2025 as against 470 days for FY2024. Acuite believes that the liquidity of the company will remain stretched over the medium term on account of small cash accruals against long term debt repayments, intensive working capital requirements albeit absence of capex plans over the medium term.

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	55.36	52.32
PAT	Rs. Cr.	0.34	0.66
PAT Margin	(%)	0.62	1.27
Total Debt/Tangible Net Worth	Times	1.64	1.71
PBDIT/Interest	Times	1.60	1.57

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
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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
28 Apr 2025	PC/PCFC	Short Term	12.00	ACUITE A4 (Reaffirmed)
	Post Shipment Credit	Short Term	12.00	ACUITE A4 (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	1.00	ACUITE A4 (Reaffirmed)
22 Feb 2024	PC/PCFC	Short Term	10.00	ACUITE A4 (Reaffirmed)
	Post Shipment Credit	Short Term	10.00	ACUITE A4 (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	5.00	ACUITE A4 (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Bank Of Baroda	Not avl. / Not appl.	PC/PCFC	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.00	Simple	ACUITE A4 \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Post Shipment Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.00	Simple	ACUITE A4 \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE A4 \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Prashant Dey
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

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

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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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