Press Release

Press Release

October 19, 2026

MCMILLAN VENTURES PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	74.95	ACUITE BB \| Stable \| Assigned	-	RBI
Total Outstanding	0.00	74.95	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 assigned the long term rating of 'ACUITE BB'(read as ACUITE double B) on the Rs. 74.95 Cr. bank facilities of McMillan Ventures Private Limited. The outlook is 'Stable'.

Rationale for Rating

The rating is constrained by the company's below average financial risk profile, characterised by low net worth, high gearing levels and moderate debt protection metrics. The rating is further constrained by moderately intensive working capital operations arising from upfront payments to suppliers and credit extended to customers, along with its limited product portfolio. The rating factors in MVPL's strategic distribution partnership with UBL, which has supported a significant scale-up in operations since FY2026, strong revenue growth, expanding geographical presence across key districts in Maharashtra, healthy profitability supported by increasing sales volumes, and adequate liquidity position marked by positive net cash accruals and a satisfactory current ratio. Going forward, the company's ability to sustain growth in scale of operations while maintaining profitability, improving working capital efficiency and strengthening its financial risk profile through net worth accretion and moderation in leverage levels will remain key rating sensitivities.

About the Company

McMillan Ventures Private Limited (MVPL) was incorporated in 2008 and is headquartered in Mumbai, Maharashtra. The company is engaged in the distribution of alcoholic beverages across various districts in Maharashtra. It is promoted by Mr. Deepak Laxmichand Badlani and Mrs. Reshma Laxmichand Badlani, who are supported by an experienced management team. The promoters have been associated with the liquor distribution business for over six decades through their group entities. The company’s operations are spread across key markets in Maharashtra, including Solapur, Dharashiv, Latur, Dhule, Amravati, and Beed, and primarily involve the distribution and sale of alcoholic beverages.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has taken a standalone view of the business and financial risk profile of McMillan Ventures Private Limited (MVPL).

Key Rating Drivers

Strengths

Experienced promoters

McMillan Ventures Private Limited (MVPL) benefits from the extensive experience of its promoters, who have been associated with the liquor distribution industry for over six decades. The company has established a strong presence across key markets in Maharashtra, including Solapur, Dharashiv, Latur, Dhule, Amravati, and Beed, reflecting its established position in the regional alcoholic beverages distribution segment. Over the years, the company has developed a robust distribution network and maintained long-standing relationships with customers and suppliers, supporting the stability of its operations. Acuité believes that MVPL's sustained track record in alcoholic beverages distribution, supported by the promoters' extensive industry experience, established market presence, and strong business relationships, will continue to support its business growth and revenue visibility over the medium term.

Improved Scale of Operations and Healthy Profitability

McMillan Ventures Private Limited (MVPL) reported a revenue of Rs. 145.18 crore in FY2026. Further, the company achieved revenue of Rs. 138.42 crore during 5MFY27 (Prov.), reflecting strong business momentum. The growth in revenues was driven by the expansion of the company's distribution network, addition of new distribution hubs, and higher sales volumes across its operational geographies.
The company reported an operating profit margin of 5.94 percent and a PAT margin of 2.55 percent in FY2026. Acuité believes that the scale of operations of MVPL will increase and profitability levels will be maintained driven by its established market presence, and healthy business fundamentals.

Weaknesses

Below Average Financial Risk Profile

The financial risk profile of McMillan Ventures Private Limited (MVPL) is below average, characterized by a modest net worth base, elevated leverage levels, and moderate debt protection metrics. The company's tangible net worth improved to Rs. 20.77 crore as on March 31, 2026, from Rs. 0.32 crore as on March 31, 2025, driven by profit accretion to reserves and the treatment of unsecured loans aggregating Rs. 16.76 crore as quasi-equity.
Further, the gearing though high improved to 2.40 times as on March 31, 2026, from 5.02 times in the previous year. The TOL/TNW improved to 2.47 times from 4.92 times during the same period. The company's debt protection indicators stood healthy, with Interest Coverage Ratio (ICR) and Debt Service Coverage Ratio (DSCR) at 2.35 times and 2.01 times, respectively, in FY2026. The NCA/TD stood at 0.07 times in FY2026 from 0.01 times in FY2025. Acuité belives the financial risk profile of the company is expected to improve, in absence of any significant debt funded capex in the near term.

Intensive Working Capital Management

MVPL’s operations are characterised by intensive working capital cycle, as reflected in gross current asset (GCA) days of 146 days in as in 31^st March 2026. The debtor period stood at 127 days in 31^st March 2025. The company generally extends credit of around 45 days to its retail customers, ranging from approximately 30 days during the peak summer season to 60 days in the off-season. On the supplier side, purchases from its supplier are made strictly on an upfront cash-and-carry basis through a first-in, first-out allocation system, resulting in negligible trade payables. Accordingly, the creditor period stood nil in 31st March 2026. The inventory holding period stood at 20 days in 31^st March 2026. Operationally, inventory is generally maintained for 7–21 days, although stock levels may occasionally extend beyond one month because of brewery supply constraints or pre-season stocking. Acuité believes that the company’s working capital cycle is expected to improve over the medium term, supported by the stabilisation of operations, normalization of receivable levels, and improvement in revenue scale.

Rating Sensitivities

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

Improvement in leverage below 1.5x
Sharp revenue growth beyond Rs. 400 cr.
Improved working capital cycle

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

EBITDA margin below 3%
Higher leverage levels
Elongated working capital cycle
Weakening liquidity position

Liquidity Position

Adequate

The company has Adequate liquidity marked by net cash accruals of Rs. 3.73 Cr. in FY2026 as against nil debt obligations over the same period. The current ratio of the company stood at 1.38 times in FY2026. Additionally, the Company maintains an unencumbered cash and bank balance of Rs. 0.29 crore and has almost 79.92 % utilization of its sanctioned bank limits over the last six months ending September 2026. Acuité believes that the Company’s liquidity profile will expected to remain same over the medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	145.18	0.00
PAT	Rs. Cr.	3.70	0.02
PAT Margin	(%)	2.55	0.00
Total Debt/Tangible Net Worth	Times	2.40	5.02
PBDIT/Interest	Times	2.35	63.20

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

None

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 :

Not Applicable

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
Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	29 Sep 2025	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE BB \| Stable \| Assigned
BANK OF MAHARASHTRA	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	18 Aug 2026	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BB \| Stable \| Assigned
UCO BANK	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	31 Jan 2026	Not avl. / Not appl.	Not avl. / Not appl.	4.95	Simple	ACUITE BB \| Stable \| Assigned
Union Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	07 May 2026	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BB \| Stable \| Assigned

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 ⁶	RBI
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 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
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 ⁶	RBI
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) ⁷	+
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.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

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 ⁸	Not applicable

⁸ 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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