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Acuite has withdrawn its long term and short-term ratings on the Rs 24.21 Cr. without assigning any rating of Universal Cartons Solutions Private Limited (UCSPL) following its amalgamation with Borkar Packaging Private Limited as per the National Company Law Tribunal (NCLT) order dated November 11, 2024. Further, Acuite is in receipt of the No Objection Certificate (NOC)'s from the respective bankers and reviewed the satisfaction of charges over Ministry of Corporate Affairs (MCA) website. The rating is being withdrawn on account of request received from the company. Further Acuite has withdrawn its long term bank facility of Rs 15.79 Cr. without assigning the rating as it is proposed facility of Universal Cartons Solutions Private Limited (UCSPL). The rating is being withdrawn on account of request received from the company.
The rating withdrawal is in accordance with Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility.
About the Company
Goa based Universal Cartons Solutions Private Limited (UCSPL) was incorporated on August 04, 1995 and was primarily engaged in manufacturing of printed cartons, labels, aluminium foils and others packaging materials and had its own manufacturing unit located at Nalagarh. Himachal Pradesh with a total installed capacity of manufacturing 600 lakh sheets per annum. Presently it is amalgmated with the BPPL w.e.f April 01,2024.
About the Group
Goa-based Borkar Packaging Private Limited (BPPL) was incorporated in 1994 and is engaged in providing printing and packaging solutions, primarily manufacturing and supplying corrugated cartons. The company caters to a diversified customer base across sectors such as FMCG, pharmaceuticals, consumer durables, liquor and many more. There board of directors consists of Mr. Amol Anil Borker, Mr. Nikhil Anil Borkar, Mr. Anoop Seth, Mr. Chaitanya Hari Singhania, Ms. Mamta Singhania, Mr. Harsh Pati Singhania, Mr. Amar Singh Mehta & Mr. Sushil Kumar Wali.BPPL entered into the composite scheme of amalgamation (Merger by Absorption) with Universal Cartons Solutions Private Limited and Suraksha Packers Private Limited (transferor companies) and Borkar Packaging Private Limited (the transferee company). The said scheme was approved by the Hon'ble National Company Law Tribunal (NCLT) Mumbai Bench vide order dated November 14, 2024 wherein the appointed date of merger was April 01, 2024.Further, in FY26, BPPL sold its entire operations to JK Paper Limited for a total consideration of Rs 260.00 Cr. In FY26, JK Paper acquired a 72% controlling stake in Borkar Packaging Private Limited marking its entry into the folding cartons segment and strengthening its position across secondary and tertiary packaging.
Unsupported Rating
Not applicable
Analytical Approach
Extent of Consolidation: Not applicable
Rationale for Consolidation or Parent / Group / Govt. Support
Not applicable
Key Rating Drivers
Strengths
Not applicable
Weaknesses
Not applicable
Rating Sensitivities
Potential triggers (individual or collective) for an upward rating action:
Not applicable
Potential triggers (individual or collective) for a downward rating action:
Not applicable
Liquidity Position
Not applicable
Outlook-Not applicable
Other Factors affecting Rating
None
Particulars
Unit
FY 24 (Actual)
FY 23 (Actual)
Operating Income
Rs. Cr.
360.21
405.27
PAT
Rs. Cr.
4.16
4.71
PAT Margin
(%)
1.16
1.16
Total Debt/Tangible Net Worth
Times
0.83
0.96
PBDIT/Interest
Times
1.47
1.48
Status of non-cooperation with previous CRA (if applicable)
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.
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
Sr No
Name of the entity
1
Borkar Packaging Private Limited
2
Universal Cartons Solutions Private Limited
Contacts
List of instruments and names of regulators of the instruments
