* The issuer did not co-operate; based on best available information.
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
Acuité has downgraded its long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) on the Rs. 130.00 Cr. Non Convertible Debentures of Vishal Papertech India Limited.
Acuité has also reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs. 20.00 Cr. proposed Non Convertible Debentures of Vishal Papertech India Limited.
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
Rationale for Rating:
The rating downgrade factors in the default intimation received from the Debenture Trustee of Vishal Papertech India Limited regarding non-payment of interest due on the company's privately placed non-convertible debentures.
About the Company
Punjab based Vishal Papertech India Limited is incorporated in 1994. Company is engaged in the manufacturing of coated duplex paperboards, art cards and graphic papers. Mr. Harinder Kumar Goyal, Mr. Yash Paul Goyal, Mr. Ankit Gupta, Mr. Mahesh Kumar and Mr. Deepak Mittal are the present directors of the company.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower:
Acuité has been requesting for information and clarifications from the rated entity regarding the material event. However, the issuer/borrower failed to communicate and furnish such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuite to comment upon
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
All Covenants
The Company shall ensure that on each Testing Date until the Final Settlement Date, the Company has achieved the minimum parameters as set out below:
Particulars
H1FY27
H2FY27
FY27
H1FY28
H2FY28
FY28
H1FY29
H2FY29
FY29
Production (in metric
tonnes)
42000
42000
84000
42000
42000
84000
46150
46150
92299
Revenue (in INR Crores)
167
167
334
219
219
439
249
249
497
EBITDA (in INR Crores)
21
21
42
28
28
55
31
31
62
“EBITDA” means for any Relevant Period, the aggregated operating profit before deducting interest, taxes, and any amount attributable to the amortisation of intangible assets or the depreciation of tangible assets, plus other income calculated as per GAAP including the IndAS.
“Relevant Period” means the 6 (six) months period trailing any Testing Date.
“Testing Date” means September 30 and March 31 of each Financial Year.
The financial covenants shall be calculated in accordance with GAAP and tested by reference to the certificate/ report issued by the Monitoring Agency. The financial covenants will be tested on a semi-annual basis, beginning from September 30, 2026.
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Not Applicable
INE508P07019
Non-Convertible Debentures (NCD)
Listed
SEBI
27 Oct 2025
18.00
27 Apr 2029
130.00
Simple
ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE C )
Not Applicable
Not avl. / Not appl.
Proposed Non Convertible Debentures
Proposed to be Listed
SEBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
20.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
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.
