Arochem Industries Private Limited

Brickwork Ratings reaffirms the long-term ratings for the Bank Loan Facilities of Rs. 27.08 Crs. of Arochem Industries Private Limited based on best available information, as the issuer did not cooperate.

Particulars

Facilities	Amount (Rs.Crs.)		Tenure	Rating		Regulator
Facilities	Previous	Present	Tenure	Previous (12 Aug 2025)	Present	Regulator
Fund Based	27.08	27.08	Long Term	BWR C Continues to be in ISSUER NOT COOPERATING* category/Downgraded	BWR C Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	RBI
Grand Total	27.08	27.08	(Rupees Twenty Seven Crores and Eight lakhs Only)

Note:
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

BWR has reaffirmed the long-term rating at "BWR C" for the bank loan facilities of "Arochem Industries Private Limited" and continued under the 'Issuer Not Cooperating' category as the issuer did not cooperate.

The ratings are due for review in Aug 2026. Brickwork Ratings (BWR) has consistently taken up with the Company to provide financial and operational information for the periodic monitoring and surveillance of the ratings. Despite BWR's best efforts to get at least the minimum required information for a review, the company has not provided the same. The company is irregular in the submission of the monthly ‘No Default Statement’(NDS) in deviation from the extant regulatory guidelines. Due to the continued lack of management cooperation and in the absence of adequate information from the company, BWR is unable to assess its financial performance and its ability to service its debt and maintain a valid rating.

The lenders/investors may note to exercise due caution while using the above rating, which mentions "Issuer Not Cooperating" since the rating lacks any projections or forward-looking component, as it is arrived at based on the best available information without any management/banker's interaction.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Commodities	Chemicals	Chemicals & Petrochemicals	Dyes And Pigments

M/S Arochem Industries Private Limited (AIPL) started in 1962 as a partnership firm, converted to private limited company in 2014, is engaged in manufacturing of dye intermediates (Resist Salt, Metanilic Acid, 3'3' Dinitro Dphenyl Sufone) used primary in textile industry and to some extent in the aerospace industry. The directors of the company are Nilesh Gandhi, Milan Thakkar, and Manish Gandhi. AIPL is recognised as 'One Star Export House' by the Indian Government – Ministry of Commerce & Industry. AIPL is a member of Vapi Green Enviro Ltd (VGEL). VGEL has installed common effluent treatment plants etc at AIPL's factory location.

Note: As per the information available with BWR in Feb-2019

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Creadit Rating Agency Status and Reason for Non-Cooparation Date of Press Release
CRISIL CRISIL has rated at CRISIL B/Stable/A4 under the Issuer Not Cooperating category, published on May 12, 2026. 12May2026

Creadit Rating Agency	Status and Reason for Non-Cooparation	Date of Press Release
CRISIL	CRISIL has rated at CRISIL B/Stable/A4 under the Issuer Not Cooperating category, published on May 12, 2026.	12May2026

ANY OTHER INFORMATION

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	27.08	BWR C (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	12Aug2025	BWR C (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	14Aug2024	BWR B-Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	17Aug2023	BWR B Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
Grand Total		27.08	(Rupees Twenty Seven Crores and Eight lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Sowmya V Ratings Analyst sowmya.v@brickworkratings.com	Siva Kumar V S Senior Manager - Ratings sivakumar.vs@brickworkratings.com
Client Support \| clientsupport@brickworkratings.com

Arochem Industries Private Limited

ANNEXURE-I

Details of Bank Facilities rated by BWR

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	Bank of Baroda	Term Loan - Sanctioned	2.08	_	2.08	Simple##
2	Bank of Baroda	Term Loan - Proposed	3.00	_	3.00	Simple##
3	Bank of Baroda	Line of Credit to Vendors - Sanctioned	11.50	_	11.50	Simple##
4	Bank of Baroda	Line of Credit to Vendors - Proposed	10.50	_	10.50	Simple##
Total			27.08	0.00	27.08
TOTAL (Rupees Twenty Seven Crores and Eight lakhs Only)

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

List of Instruments and Regulators

Sr.No.	Instrument / Activity	Regulator
1	Listed/Proposed to be listed bonds/debentures/preference share (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)* $	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)*	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)*	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^	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs,HFCs, FIs	RBI
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 ~	-
15	Issuer Ratings #	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts $	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities))	SEBI
22	Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities))	MCA
23	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) *	Investor-side regulator such as IRDAI, PFRDA @

* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ The 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 PRs subsequent to issuance(s), Brickwork Ratings India Private Limited (BWR) shall separately capture the rated quantum details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# 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.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.

Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Grievance Management: For any grievances relating to rating of instruments regulated by SEBI, please contact sebigrievance@brickworkratings.com. Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available

For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.

DISCLOSURE ON CONFLICT OF INTEREST

BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.

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