Goa based Borkar Packaging Private Limited (BPPL) incorporated in 1994 is the flagship company of the Borkar Group and manufacturers printed cartons for FMCG, Food& Beverage, Pharmaceuticals and Liquor industries. The company has four state of the art manufacturing plants at Goa, Nalagarh (HP), Daman and Kolkata providing access to PAN India customers. Mr. Amol Borker currently spearheads the company and Mr. Nikhil Borker is guided under the leadership of Mr. Vinay Borker and Mr. Deepak Boker and has more than 3 decades of strong relationship with large MNCs like HUL, Nestle, P & G, Mondelez, Colgate Palmolive, Diageo, Pernod Recard, Abbott, etc. The company also has a wholly owned subsidiary Universal Cartons Solutions Pvt. Ltd. which has one manufacturing plant at Nalagarh (HP). 

­Borkar Group was established in the year 1910 with retail stores and over decades has evolved as a business conglomerate with business interest in various sectors such as Packaging, Retail, Real Estate and Financial Consultancy. The group ventured into printing & packaging business in 1984 under the company (Borkar Industries) and later it was amalgamated into Borkar Packaging Private Limited. Borkar group acquired

Universal Carton Solutions Private Limited (UCSPL) in March 2015.   Universal Carton Solutions Private Limited (UCSPL) was incorporated on August 04, 1995 and is involved in the same line of business as BPPL such as printing of cartons, labels, aluminum foils and others packaging materials by way of art printing and color printing. The company has its own manufacturing unit located at Nalagarh, Himachal Pradesh.

­Acuité has consolidated the business and financial risk profiles of Borkar Packaging Private Limited (BPPL) and its wholly own subsidiary Universal Carton Solutions Private Limited (UCSPL) together referred to as the ‘Borkar Group’ (BG). The consolidation is in view of the common management, same line of business and financial synergies between these entities.
Extent of Consolidation: Full.

Acuité has revised the outlook on BG to ‘Negative’ due to stagnating operating income, low net profit margins and moderate financial risk profile marked by weakening coverage indicators. Further, the outlook takes into account the stretched liquidity, high bank limit utilization, and substantial investments in-group companies. The rating may be further downgraded in case of further reduction in coverage indicators, margins and deterioration in liquidity. Conversely, the outlook may be revised to 'Stable' if the company is able to improve revenue and profitability as a result improving the coverage indicators, improved working capital thereby reducing dependence on external short term funding and cash flow management by moderating intercompany transactions.

CRISIL vide its press release dated October 21, 2022, has classified BPPL as 'Issuer Not Cooperating' and rated 'CRISIL B/Stable/A4'.

­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.