N S Mint Products Pvt. Ltd.

Brickwork Ratings assigns the long-term and short-term ratings at "BWR BBB-/Stable" and "BWR A3" for the Bank Loan Facilities of Rs. 79.00 Crs. of N S Mint Products Pvt. Ltd.

Particulars

Facilities**	Amount(Rs.Crs.)	Tenure	Rating#
Fund Based	15.00	Long Term	BWR BBB - /Stable Assignment
	60.00	Short Term	BWR A3 Assignment
Non Fund Based	4.00	Short Term	BWR A3 Assignment
Grand Total	79.00	(Rupees Seventy Nine Crores Only)

#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure RATING ACTION / OUTLOOK

Brickwork Ratings has assigned the long-term and short-term ratings at "BWR BBB-/Stable" and "BWR A3" for the bank loan facilities of Rs. 79.00 Crores of N S Mint Products Pvt. Ltd.

The ratings assigned for the bank facilities of N S Mint Products Pvt. Ltd. continue to drive strength from experienced management, achievable profitability, adequate liquidity and moderate financial risk profile of the company and BWR has relied upon the Audited FY 24, FY 25 and Provisionals of FY 26.

The rating outlook has been assigned as "Stable" as BWR believes that N S Mint Products Pvt. Ltd. business risk profile will be maintained over the medium term.

The 'Stable'' outlook indicates a low likelihood of rating change over the medium term.

The rating outlook may be revised to 'Positive' in case the revenue and profitability margins show sustained improvement.

The rating outlook may be revised to 'Negative' if the financial risk profile goes down.

KEY RATING DRIVERS

Credit Strengths:

• Moderate Financial Profile : :

  N S Mint Products Pvt. Ltd booked an operating income of Rs. 255.04 Crores in FY25, other profitability and solvency ratios are at healthy position. Current ratio has been consistently maintained above 1.33x levels over the period. The company reported comfortable credit profile over the years as it reported Interest Coverage Ratio of above 2.00x during FYs 22-25, while Total Debt/TNW and TOL/TNW also remained at comfortable levels at 0.29 times and 0.37 times in FY25 indicating that the company continues to have a low dependence on external borrowings to manage its working capital requirements.

• YOY increasing TNW and Improving Margins : :

  The TNW of the company has been significantly increasing on a Y-O-Y basis since FY22 and stood at Rs. 65.70 Crores in FY25. This growth reflects the company's strengthening net worth base. It signifies that the company is accumulating more physical assets (such as cash, inventory, and equipment) or reducing its liabilities, enhancing its ability to cover debt.

  The Operating Profit Margin of the company improved from 3.76% in FY25 to 4.38% in FY26, the growth in absolute figures and percentages indicates enhanced operational efficiency of the company and there was an improvement in the Net Profit Margin from 2.52% in FY25 to 5.27% in FY26 Provisionals.

• Extensive Experience of Promoters :

  Mr. Ashutosh Rastogi is the promoter and Managing Director, having over 28 years of experience and expertise in the industry. The company has also been recognized by the Uttar Pradesh state government for its exports for the last 4-5 years consecutively. The management is also planning to diversify its product portfolio with the addition of Mentha oil and other such products, which is expected to support the business profile over the medium term.

Credit Risks:

• Highly Competitive Industry : :

  Manufacturing natural essential oils and aroma chemicals is highly competitive, driven by surging demand for natural, sustainable, and eco-friendly products over synthetic alternatives. The market is growing, with essential oils expected to grow at a >9% CAGR (2019-2026) and aroma chemicals at a 5.7% CAGR (2025-2033). Key growth areas include personal care, cosmetics, and food, driven by wellness trends.

• Susceptibility to intense competition in the menthol industry : :

  The company operates in the menthol industry, which is not capital or technology intensive, resulting in low entry barriers. Consequently, the industry is highly fragmented. This results in intense industry competition. Also, there is limited differentiation in products of different players, because of which buyers have a high bargaining power. The company also faces competition with synthetic menthol manufacturers, although the uses for natural and synthetic menthol are largely different.

• The Total Operating Income of the company has decreased from Rs. 255.04 Crores in FY25 to Rs. 186.87 Crores in FY26 Provisionals. This top-line impact was driven by a 25% to 30% price variation, resulting from a lack of customer awareness and a market shift toward cheaper, adulterated synthetic alternatives. The reduction in menthol usage observed between FY25 and FY26 is primarily driven by global regulatory bans on menthol in tobacco products and shifts in consumer health preferences toward alternative synthetic cooling agents.

  However, the company is confident that they will achieve their projected revenue of Rs. 259.50 Crores for the year FY 27 by following the below strategies : By selling more to places that have strict rules against using fake ingredients, get quality certificates that prove their mint is pure, by educating the buyers, they will focus on making unique, high-quality mint products that are hard to copy, and also sign long-term deal with buyers to guarantee a steady flow of money .

ANALYTICAL APPROACH - Standalone

For arriving at its ratings, BWR has considered the standalone performance of N S Mint Products Pvt Ltd. BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale).

RATING SENSITIVITIES

Going forward, the ability of the company to ensure the timely completion of the ongoing projects without cost overrun, improve the operating margin, and prudently manage its debt and inventory would be the key rating sensitivities.

Positive:

• A rating upgrade could be driven by achieving sustained growth in revenues as per the projected revenue of Rs. 259.00 Crores or above along with consistent improvement in profitability margins.
• Steady revenue growth of 10%, leading to higher cash accruals.

Negative:

• A rating downgrade may be triggered by an inability to achieve the projected revenue and profit growth, with the operating margin dropping below 4%
• An increase in Total Debt/TNW above 1.0x would indicate higher leverage risk.

LIQUIDITY INDICATORS - Adequate

Adequate liquidity characterized by sufficient cushion in accruals vis-a-vis repayment obligations. No Capex is envisaged in the near future. Its bank limits are utilized to the extent of 0.45% and has sought enhancement in bank lines, supported by the above unity current ratio.

The company has net cash accruals of Rs. 5.89 Crores in FY25. The Net Cash Accruals are expected to increase to Rs. 9.05 Crores as per FY26 Provisionals. The cash and Bank balance of the company is at Rs. 0.15 Crores in FY 25. The Current Ratio of the company stood moderate at 3.28 times in FY25. Debt protection metrics remained comfortable — ISCR at 5.27 times and DSCR at 4.30 times in FY25. The company's EBITDA stood at Rs. 9.59 Crores in FY25 (audited financials) against interest and finance charges of Rs. 1.82 Crores. The EBITDA level remained more than adequate to service the interest obligations year on year. The tangible net worth of the company stood at Rs. 65.70 Crores in FY25.Hence, the liquidity position of the company is adequate.

ABOUT THE ENTITY

N S Mint Products Private Limited was established in 2013 as a private limited company and is located in Sambhal, Uttar Pradesh (The area which is known as the Valley of Natural Herbs). The company is engaged in the manufacturing of Natural Essential Oils and Aroma Chemicals. Mr. Ashutosh Rastogi is the promoter and Managing Director, having over 28 years of experience and expertise in the industry. They are also involved in the export of Menthol and its Allied Products. The export division was launched in 2016. The primary business involves the extraction of menthol oil and the production of menthol crystals. The crop is planted in February, and the harvesting period occurs in June. They utilize distillation columns to process peppermint oil and dementholized oil, serving major export markets including the United States, China, and Europe.The company has an installed capacity of 4,000 Metric Tonnes per annum. N S Mint Products Pvt Ltd has a state-of-the-art infrastructure with its factory spread over 1,25,000 sq ft. The company manufactures 5000 MT of Menthol Powder, 1200 MT of Menthol Crystals and 1200 MT of Distilled Products. (1MT=1000 kg)

ESG Profile

The company demonstrates a Adequate ESG profile based on its environmental, social, and governance practices.

Environmental: Environmental risks are driven by high water usage, waste generation, and reliance on energy-intensive processes, making disclosures on water consumption, waste-management practices, renewable energy share and emissions levels particularly important.

Social: Social factors hinge on adherence to labour laws, accident prevention frameworks, and human-capital development, with metrics such as workforce mix,safety performance and training initiatives offering insights into operational resilience.

Governance: Governance assessment focuses on board independence, committee effectiveness, and robustness of compliance systems, supported by readily available disclosures on board structure, audit mechanisms, and risk-management practices.

KEY FINANCIAL INDICATORS (Standalone)

Key Parameters	Units	FY 23 - 24 (Audited)	FY 24 - 25 (Audited)	FY 25 - 26 (Provisional)
Operating Revenue	Rs.Crs.	237.18	255.04	186.87
EBITDA	Rs.Crs.	8.10	9.59	8.32
PAT	Rs.Crs.	5.10	6.41	10.01
Tangible Net Worth	Rs.Crs.	59.28	65.70	75.72
Total Debt / Tangible Net Worth	Times	0.55	0.29	0.33
Current Ratio	Times	2.37	3.28	3.15

KEY COVENANTS OF THE FACILITY RATED

The terms of sanction include standard covenants normally stipulated for such facilities.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Creadit Rating Agency	Status and Reason for Non-Cooparation	Date of Press Release
CARE	In the absence of adequate information from the company	08Dec2025
CRISIL	In the absence of adequate information from the company	20May2026

ANY OTHER INFORMATION

No Other Information.

RATING HISTORY FOR LAST 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	15.00	BWR BBB-/Stable (Assignment)	NA	NA	NA	NA	NA	NA
Fund Based	ST	60.00	BWR A3 (Assignment)	NA	NA	NA	NA	NA	NA
Non Fund Based	ST	4.00	BWR A3 (Assignment)	NA	NA	NA	NA	NA	NA
Grand Total		79.00	(Rupees Seventy Nine Crores Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Short Term Debt
• Manufacturing Company

Analytical Contacts
R Sriranjani Rating Analyst sriranjani.r@brickworkratings.com	Nagaraj K Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com
Media Contact | media@brickworkratings.com	Client Support | clientsupport@brickworkratings.com

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	State Bank Of India (SBI)	Cash Credit - Sanctioned	3.00	_	3.00	Simple##
2	State Bank Of India (SBI)	Standby Line of Credit - Sanctioned	12.00	_	12.00	Simple##
3	State Bank Of India (SBI)	Credit Exposure Limit (CEL) - Sanctioned	_	4.00	4.00	Simple##
4	State Bank Of India (SBI)	EBD / FDBD - Sanctioned	_	30.00	30.00	Simple##
5	State Bank Of India (SBI)	EPC/PCFC/BD - Sanctioned	_	30.00	30.00	Simple##
Total			15.00	64.00	79.00
TOTAL (Rupees Seventy Nine Crores Only)

## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.