Press Release

Press Release

December 24, 2025

NIINE PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	27.00	ACUITE BB \| Stable \| Reaffirmed	-
Total Outstanding	27.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed its long-term rating of 'ACUITE BB' (read as ACUITE double B) on the Rs. 27.00 Cr. bank facilities of Niine Private Limited (NPL). The outlook is 'Stable'.

Rationale for rating
The reaffirmed rating reflects the stagnancy in revenue at Rs. 217.08 Crores in FY25 against Rs. 212.96 Crores in FY24 with the reduction in EBITDA losses; margins at -8.32% in FY25 from -16.28% in FY24, primarily due to cost-cutting measures such as reducing discounts on e-commerce platforms, lowering advertisement expenses, reducing employee costs, and optimizing raw material costs. The company has achieved gross revenue of Rs. 199.33 Crores in 8MFY26. The rating is constrained by below average financial risk profile and susceptibility of profitability to fluctuations in input prices and operational expenses.

About the Company

Niine Private Limited (NPL; erstwhile M/s Shudh Plus Hygiene Products incorporated in 2016), incorporated on Aug 11, 2021, based in Gorakhpur (UP). The company is promoted by Mr. Amar Tulsiyan. The company is engaged into manufacturing of feminine hygiene (Sanitary Napkins) and baby care (Baby Diapers) products. The manufacturing facility at Gorakhpur consists of 4 assembly lines of which 3 lines are dedicated towards feminine hygiene products.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone financial and business risk profile of Niine Private Limited to arrive at this rating.

Key Rating Drivers

Strengths

Experienced management
NPL has an established operational track record of more than 6 years. It is promoted by Mr. Amar Tulsiyan. The promoters are being supported by their team of experienced professionals in managing day to day operations of NPL. The extensive experience of the promoters has enabled NPL to establish a healthy relationship with its customers and suppliers.

Improvement in Profitability
The company has reported revenue of Rs. 217.08 Crores in FY25 against Rs. 212.96 Crores in FY24. There is a slight improvement in revenue, which is mainly due to an increase in volume sales. The EBITDA losses of the company stood at -8.32% in FY25 against -16.28% in FY24, primarily due to cost-cutting measures such as reducing discounts on e-commerce platforms, lowering advertisement expenses, reducing employee costs, and optimizing raw material costs. The PAT Margins of the company stood at -13.59% in FY25 against -22.47% in FY24. The company has achieved gross revenue of Rs. 199.33 Crores in 8MFY26. Acuité believes that going forward the company’s ability to ramp up operations, along with movement in profitability will remain a key monitorable.

Moderate Working capital operations
The working capital operations of the company is moderate marked by GCA days of 81 days in FY25 against 136 days in FY24. There is an improvement in the GCA days due to reduction in other current assets. Inventory days of the company stood at 30 days in FY25 against 25 days in FY24, debtor days of the company stood at 22 days in FY25 against 38 days in FY24. The company has reviewed the performance of several channel partners to eliminate the nonperforming distributors. The new distributors onboarded were majorly on an advance basis (50% advance), offering upfront cash and the balance on credit. However, creditor days stood at 52 days in FY25 against 39 days in FY24. Acuite believes that the operation of the company will remain moderately intensive over the medium term.

Weaknesses

Below average financial risk profile
The financial risk profile of the company is below average marked by net-worth of Rs. 45.79 Crores in FY25 against Rs. 70.23 Crores in FY24. There is a decline in net-worth because of losses in FY25; however, there is an infusion of equity in FY25. Further, the debt-equity ratio of the company stood at 1.36 times in FY25 against 0.86 times in FY24. The interest coverage ratio of the company stood at -2.59 times in FY25 against -4.43 times in FY24. The DSCR of the company stood at -1.55 times in FY25 against -1.89 times in FY24 and TOL/TNW ratio stood at 2.48 times in FY25 against 1.67 times in FY24. Acuité believes that going forward the financial risk profile of the company is a key monitorable.

Susceptible to profitability to changes in input prices
The raw material procured by the company is pulp of cotton and polyethylene for manufacturing of sanitary pads and baby diaper, the prices of which are fluctuating in nature on account of seasonality and low availability creates an imbalance in supply and demands. Thus, the company's margins are exposed to the high volatility in prices.

Rating Sensitivities

Movement in working capital operations
Movement of the scale of operations and margins
Movement in debt protection metrices

Liquidity Position

Poor

The liquidity profile of the company is poor. The net cash accruals of company stood at Rs. -23.22 Cr. in FY 25 against the debt obligation of Rs. 4.32 Cr. for the same period. The repayments were met out of cash reserves of the company. The company has cash & bank position of Rs. 7.54 Cr. and current ratio stood at 0.49 times for FY25. Company has made Rs. 2.82 Cr investment in fixed deposits which is entirely unencumbered. The average fund based bank limit utilization is at 76.00% for the 9 months’ period ending October 2025. Acuite believes that the liquidity of the company will remain key monitorable over the medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	217.08	212.96
PAT	Rs. Cr.	(29.51)	(47.86)
PAT Margin	(%)	(13.59)	(22.47)
Total Debt/Tangible Net Worth	Times	1.36	0.86
PBDIT/Interest	Times	(2.59)	(4.43)

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
25 Sep 2024	Cash Credit	Long Term	10.00	ACUITE BB \| Stable (Reaffirmed)
	Term Loan	Long Term	12.00	ACUITE BB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE BB \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	46.00	ACUITE Not Applicable (Withdrawn)
01 Aug 2024	Cash Credit	Long Term	10.00	ACUITE BB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE BB \| Stable (Reaffirmed)
	Term Loan	Long Term	12.00	ACUITE BB \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	46.00	ACUITE BB \| Stable (Reaffirmed)
30 May 2023	Cash Credit	Long Term	33.00	ACUITE BB \| Stable (Assigned)
	Term Loan	Long Term	21.20	ACUITE BB \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	18.80	ACUITE BB \| 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.	10.00	Simple	ACUITE BB \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.54	Simple	ACUITE BB \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2031	3.90	Simple	ACUITE BB \| Stable \| Reaffirmed
Tata Capital Limited	Not avl. / Not appl.	Term Loan	15 Jun 2025	Not avl. / Not appl.	15 May 2035	2.91	Simple	ACUITE BB \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Sep 2026	5.65	Simple	ACUITE BB \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Siddharth Garg
Associate Analyst - Rating 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.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.