RATING RATIONALE
30Jun2026
Findoc Ventures Pvt. Ltd.
Brickwork Ratings assigns the long-term rating of BWR BBB/Stable and short-term ratings of BWR A3+ for the Bank Loan Facilities of Rs. 127.62 Crs. of Findoc Ventures Pvt. Ltd.
Particulars| Facilities** | Amount(Rs.Crs.) | Tenure | Rating# | |
|---|---|---|---|---|
| Fund Based | 105.62 | Long Term |
BWR BBB
/Stable Assignment |
|
| (30.00) | ||||
| (30.00) | ||||
| 10.00 | Short Term |
BWR A3 +
Assignment |
||
| (30.00) | ||||
| (30.00) | ||||
| (3.50) | ||||
| Non Fund Based | 12.00 | Short Term |
BWR A3 +
Assignment |
|
| (10.00) | ||||
| (10.00) | ||||
| Grand Total | 127.62 | (Rupees One Hundred Twenty Seven Crores and Sixty Two lakhs Only) | ||
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure RATING ACTION / OUTLOOK
Brickwork Ratings (BWR) assigns the ratings of BWR BBB/Stable for the long-term and BWR A3+ for the short-term bank loan facilities of Findoc Ventures Private Limited amounting to Rs.127.62 crores. The ratings factor in the company’s track record, management expertise, strong supplier and client base. The assessment also considers the company’s improved and healthy financial profile, including revenue improvement with a Y-o-Y growth rate of 400% over FY25, a CAGR of 40% for the last three years an EBITDA margin of 3.34%, and a Net Margin of 2.17% in FY26 Provisionals, comfortable capital structure with improved Y-o-Y TNW of Rs.32.24 Crores as of FY26 Provisionals along with adequate liquidity supported by sufficient cash accruals to cover the interest expenses of upcoming debt obligations and satisfactory debt protection metrics backed by satisfactory bankers feedback and integral group support from Findoc Group with adequate group net worth—each of which contributes to the overall credit strength. However, the ratings are constrained by several factors such as risks associated with the working capital–intensive nature of operations due to a diversified trading portfolio, thin profitability margins, susceptibility to extreme commodity price volatility, foreign exchange risk, the highly competitive nature & cyclicality of the industry and exposure to evolving export and import government policies.
The stable outlook indicates a moderate likelihood of a rating change over the medium term, supported by the promoters' and directors' extensive industry experience, FVPL's track record and the company's strong relationship with its clientele, which is backed by an improved financial risk profile. BWR expects the company to enhance its scale of operations, improve profitability margins and strengthen its liquidity position by maintaining adequate cash accruals and improving current and gearing ratios. The company should also need to show stabilization of long-term operations by mitigating business risks while improving the capital structure, all of which could lead to a positive outlook. However, any significant underperformance in revenue, deterioration in profitability, gearing indicators or the capital structure or debt protection metrics due to fresh debt-financed capital expenditure or liquidity challenges due to an extended working capital cycle could result in a revision to a negative outlook.
KEY RATING DRIVERSCredit Strengths:
-
Extensive industry experience of the promoters, an established track record along with the Integral group support :
The Findoc Ventures Pvt. Ltd. (FVPL) benefits significantly from the deep-rooted industry expertise with a track record of more than 8 years and the active involvement of its core promoters, Mr. Hemant Sood and Mr. Chander Shekar who each hold an equal 45% stake in FVPL. Their shared governance, which includes common directorships in other related entities, aids strong decision-making and supports the business's going concern ability supported by directors, who possess an established operational track record in the diversified Trading Business. The strategic vision and day-to-day operations are steered by Mr. Ankur Garg, who brings more than a decade of extensive industrial experience, alongside Mr. Akhil Mittal who contributes over two decades of specialized expertise in the yarn business. Both key promoters hold graduation degrees, anchoring the management framework with a strong blend of formal academic qualifications and technical acumen. This multi-decadal operational experience gives management a profound understanding of diversified trading and FVPL leverages Integral Group Support from its sister concerns under the broader Findoc group umbrella with adequate group net worth of around Rs.700 Crores.
-
Improving financial risk profile driven by strong scale up, adequate liquidity and comfortable debt protection metrics
:
The company has demonstrated an exceptional trajectory of operational scale-up, maintaining its revenue above Rs.650 crore in FY26 Provisional with a growth rate of 415% Y-o-Y and a CAGR of 40% for the last three years. This growth is driven by increased export sales of mobile & other accessories and domestic sales of precious metals, medical equipment, and advertisement services. Starting from a moderate revenue of Rs.126 crore in FY25 the company expected the revenue to reach around 950+ crores in FY26-27 fiscal year with an operating margin of 3.5 to 3.7%. This is supported by adequate liquidity, sufficient cash accruals, and adequate bank balances, along with satisfactory debt protection metrics. The Interest Service Coverage Ratio (ISCR) strengthened to 7.12 times in FY26 Provisionals from 3.96 times in FY25 and the Debt Service Coverage Ratio (DSCR) is 6.04 times in FY26 Provisional, strengthening from 5.90 times in FY25 due to NIL long-term borrowings. This represents strong debt servicing ability, strengthening credit risk profile of the company which is projected to remain at satisfactory level over a period of time.
-
Moderate capital structure and thin profitability margins and persistent exposure to foreign exchange risk
:
The FVPL's capital structure strengthened, with Tangible Net Worth (TNW) increasing from Rs.18.06 crore in FY25 to Rs.32.24 crore in FY26 Provisionals. Continuous retention of operating profits has steadily augmented the company's equity base, fostering a resilient capital structure. This structure remains moderate with a gearing of 1.68 times relative to the company's turnover of around Rs.650 crore. The profitability margins are thin due to the diversified trading portfolio of price sensitive goods. OPM improved to 3.34% in FY26 provisionals from 1.97% in FY25. The Net Margin stood at 2.17% in FY26 Provisionals compared to 2.48% in FY25, primarily due to increased interest expenses related to working capital limits based on operational business growth. Margins are expected to remain at a similar level in fiscal year FY27 and are expected to improve in the near future in line with the revenue growth. Foreign exchange volatility is hedged by natural hedging through the export of mobile accessories and the import of precious metals using USD and supported by CEL facilities from lenders which mitigates the foreign currency volatility risk.
-
Profitability is highly susceptible to extreme commodity price volatility, while the diversified trading portfolio drives high working capital intensity :
FVPL operates within an inherently volatile, split-velocity trading environment characterized by massive sector divergence, making its overall profitability highly susceptible to extreme commodity price volatility and driving high working capital intensity. This multi-sector architecture introduces a critical risk of cross-industry liquidity contagion: a localized liquidity freeze, sudden market shock, or regulatory penalty in the high-volatility precious metals or electronics wings could cross-contaminate and starve the cash-intensive medical or advertising segments of the vital funds required to back performance bank guarantees, triggering a cascading asset-liability mismatch across the entire organization.
However, FVPL’s actual credit risk is heavily mitigated by tight asset-liability control and with adequate banking lines that directly address this working capital asymmetry. The company maintains an accelerated collection engine that keeps its consolidated receivables cycle below 60 days to ensure steady cash velocity. Other end its high-value import of precious metals from Bangkok, Thailand, is strategically backed by a Standby Letter of Credit (SBLC) facility to ensure smooth regulatory customs clearance and strong counterparty risk mitigation.
Furthermore, the capital locks traditionally imposed by rigid CDSCO and GeM portal frameworks are minimized because the company's public tenders are backed by lender-provided Performance Bank Guarantees (PBGs) rather than hard cash deposits. By efficiently deploying these fund and non-fund-based facilities, FVPL effectively insulates its liquid capital, defuses systemic contagion risks and protects the operational cash flow needed to safely sustain its diversified trade channels. Additionally, the company benefits from the integral group support of its specialized financial services sister concerns under the broader Findoc Group umbrella.
-
The company operates in a highly fragmented, intensely competitive, and cyclical industry. This exposes it to severe cross-industry contagion risks as well as constantly evolving government import and export policies :
FVPL operates within a highly fragmented, intensely competitive, and deeply cyclical trading landscape, exposing the company to severe cross-industry liquidity contagion risks. Because the company’s portfolio spans completely mismatched sectors—ranging from high-velocity consumer electronics and premium platinum imports to long-gestation medical equipment and advertising contracts—any localized disruption can easily ripple across the entire organization.
This systemic vulnerability is heavily magnified by shifting trade policies and tightening compliance frameworks in its primary geographic corridors. For instance, FVPL's exports to the UAE—which strictly comprise mobile phones, accessories, and consumer electronics—are subject to heightened regulatory scrutiny driven by the aggressive enforcement of digital B2B e-invoicing mandates and shifting consumer tech trade barriers. Concurrently, imports from Thailand—consisting entirely of premium platinum jewelry—face intense margin compression and operational bottlenecks due to the abolition of regional de minimis duty loopholes, enhanced customs audit scrutiny under the bilateral Free Trade Agreement (FTA), and strict regulatory licensing requirements aimed at controlling precious metal import valuations.
Consequently, a sudden down-cycle, overnight tariff revision, or regulatory bottleneck in these volatile corridors can instantly trap capital, while bureaucratic payment delays in its government-facing divisions freeze vital funds. Without absolute accounting segregation, a financial shock or compliance failure in one specific business line risks directly starving the others—potentially triggering a cascading cash crunch that threatens the operational stability of FVPL's entire international trade pipeline.
For arriving at its ratings, BWR has applied its rating methodology as detailed in the Rating Criteria detailed below (hyperlinks provided at the end of this rationale). BWR has principally relied upon the standalone audited financials up to FY25 and FY26 Provisional financials and clarification/information provided by the company.
RATING SENSITIVITIES
The company’s ability to increase its scale of operations, improve profitability and margins, efficiently manage its working capital requirements with adequate liquidity by improved current ratio, debt protection metrics and strengthen overall credit profile would be the key rating sensitivities.
Positive Rating Factors:
- The rating may be upgraded if the revenue performance improved with Y-o-Y revenue growth, supported by enhanced profitability with EBITDA margins exceeding 4%.
- Total Debt / TNW to be at levels of below 1.70 times, TOL/TNW below 2.5 times, and maintaining debt protection metrics DSCR above 2 times, ISCR above 4 times and liquidity with an improved current ratio to better the current levels which strengthens working capital efficiency.
Negative Rating Factors:
- The ratings may be downgraded if revenue declines by more than 15% Y-o-Y due to weaker demand, or if profitability weakens, with EBITDA margins dropping under 2%.
- A rising debt burden, accompanied by a decline in key ratios such as Total Debt to Tangible Net Worth (TOD/TNW) above 3 times and TOL/TNW above 4 times, Current Ratio (CR) below 1.10 times, Interest Coverage Ratio (ISCR), and Debt Service Coverage Ratio (DSCR) falling below 1.5 times.
FVPL’s liquidity position is adequate with cash and cash equivalents of Rs.6.51 Crores in FY26 provisionals which as improved from Rs.2.60 Crores in FY25. EBITDA was Rs.21.78 crores in FY26 provisionals, improved from Rs.2.49 Crores in FY25, and gross cash accruals were Rs.15.51 crores in FY26 provisionals, improved from Rs.3.19 crores. This was adequate to cover interest and finance charges of Rs.3.06 crores in FY26 provisionals. The current portion of long-term debt is NIL as per FY26 provisionals and projections up to FY28.The average utilization of working capital facilities stands at around 85% to 90%, reflecting efficient use of the sanctioned limits. Further liquidity is supported by adequate current and quick ratios of 1.19 times as of FY26 provisionals. Receivables of Rs.78 crores in FY26 are less than 180 days. BWR's estimated projected cash accruals of Rs.19.45 crores against interest and finance charges of Rs.7 crores and NIL CPLTD in FY26-27 fiscal year shows an adequate current and liquid assets. Based on these factors, FVPL's liquidity is assessed as "Adequate”.
ABOUT THE ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Services | Services | Commercial Services & Supplies | Trading & Distributors |
Findoc Ventures Private Limited (FVPL) was incorporated on December 24, 2018, with Corporate Identification Number (CIN) U21000PB2018PTC048822. Its registered office is located on the 3rd Floor, Findoc One Building, Ludhiana Kty, Ludhiana, Punjab 141001, India. Originally incorporated as Leafberry Mobiworld Private Limited, the company changed its name to Fortbell Gadgets Private Limited effective April 18, 2019, and then to Findoc Ventures Private Limited on 20th June 2025. Its diversified trading business activities include exporting mobile phones and accessories, electronic gadgets and the domestic distribution and sale of medical equipment and precious metals such as platinum alloy bars, jewels and advertising services.
Mr. Hemant Sood and Mr. Chander Shekare are the promoters who share their networking governance, which includes common directorships in other Findoc group entities, aiding strong decision-making and the business's going concern ability supported by directors Mr. Ankur Garg and Mr. Akhil Mittal and key management.
ESG ProfileFindoc Ventures Private Limited (FVPL) maintains an adequate ESG profile, reflecting a commitment to sustainable and ethical operational standards as per Trading Sector..
Environmental (E):
As a trading entity specializing in export of mobile & accessories, gadgets, LEDs, and display boards advertising and trading medical equipment, health care sectors and PSUs for corporate social responsibility (CSR) initiatives. FVPL maintains a naturally low environmental footprint. Physical inventory risk is minimized as the company holds no physical stock in its own facilities; instead, all warehousing, transportation, and logistics are outsourced to third-party providers mainly from Excel R Logistics based out of Delhi, who coordinate closely with clearing house agents for imports and exports. Consequently, the company generates zero hazardous electronic waste (e-waste) at its primary premises. Environmental impacts are confined to standard corporate office activities, where resource usage is limited to low water consumption and electricity for standard office functions and included in rent paid. FVPL operates in strict compliance with local environmental regulations, having secured all necessary No Objection Certificates (NOCs) from relevant municipal corporations for advertising. Key environmental disclosures include monitored energy usage, waste handling, and recycling practices, with no history of environmental violations or penalties.
Social (S):
FVPL manages its social impact by focusing on core labor practices, workforce welfare, and basic training for its team, which consists of 16 permanent male employees alongside temporary workers engaged on a requirement basis. The company ensures strict adherence to Indian Labor Law Codes, providing necessary workplace safety measures and training programs to support employee growth and operational safety. While the current workforce composition reflects a lack of gender diversity, the company emphasizes social equity, fair labor standards, and workforce welfare initiatives to foster a stable and supportive working environment.
Governance (G):
FVPL Registered under the Ministry of Corporate Affairs (CIN: U21000PB2018PTC048822) in Ludhiana, Punjab, FVPL benefits from a robust governance framework driven by the deep industry expertise of its active promoters and experienced directors. The leadership maintains an unblemished record with no history of fraud, benami transactions, or directorship cancellations. To mitigate trading and operational risks, FVPL implements strong ethical conduct policies, anti-corruption measures, and rigorous compliance frameworks. Data security and financial integrity are maintained through integrated ERP accounting software. For its international trading operations, the company strictly complies with regulations enforced by the Central Board of Indirect Taxes and Customs (CBIC) and Indian Customs authorities, successfully utilizing electronic Certificates of Origin (eCoO) to seamlessly navigate CAROTAR customs inspections. Financial and regulatory accountability is enforced through transparent stakeholder engagement and rigorous external statutory audits conducted by independent entities, specifically Purusotam & Associates, Chartered Accountants (UDIN: 25505058BMGEVH5906).
KEY FINANCIAL INDICATORS (Standalone)
| Key Parameters | Units |
FY 23 - 24 (Audited) |
FY 24 - 25 (Audited) |
FY 25 - 26 (Provisional) |
|---|---|---|---|---|
| Operating Revenue | Rs.Crs. | 238.30 | 126.21 | 651.99 |
| EBITDA | Rs.Crs. | 2.89 | 2.49 | 21.78 |
| PAT | Rs.Crs. | 2.05 | 3.14 | 14.17 |
| Tangible Net Worth | Rs.Crs. | 14.91 | 18.06 | 32.24 |
| Total Debt / Tangible Net Worth | Times | 0.97 | 1.21 | 1.68 |
| Current Ratio | Times | 1.88 | 1.40 | 1.19 |
As per the sanction terms, the company must maintain standard financial covenants including current ratio not below 1.10 times and Total Outside Liabilities / Adjusted Tangible Net Worth should not exceed 4 times as per FY27 CMA or audited financials. Any non-compliance will result in penal charges.
STATUS OF NON-COOPERATION WITH PREVIOUS CRA
Not Applicable
ANY OTHER INFORMATIONNot Applicable.
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 | 105.62 |
BWR BBB/Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| FB SubLimit | LT | (30.00) |
BWR BBB/Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| (30.00) |
BWR BBB/Stable
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| Fund Based | ST | 10.00 |
BWR A3+
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| FB SubLimit | ST | (30.00) |
BWR A3+
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| (30.00) |
BWR A3+
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (3.50) |
BWR A3+
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| Non Fund Based | ST | 12.00 |
BWR A3+
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| NFB SubLimit | ST | (10.00) |
BWR A3+
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| (10.00) |
BWR A3+
(Assignment) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| Grand Total | 127.62 | (Rupees One Hundred Twenty Seven Crores and Sixty Two lakhs Only) | |||||||
| Analytical Contacts | |
|---|---|
|
Likith M S Rating Analyst likith.ms@brickworkratings.com |
Suryanarayan N Director suryanarayan.n@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 | Axis Bank Ltd. | Export Packing Credit (EPC)Sanctioned | 30.00 | _ | 30.00 | Simple## |
| Sub-Limit (Cash Credit) Sanctioned | (30.00) | |||||
| Sub-Limit (FBD/DFB/AACB/EBRD) Sanctioned | (30.00) | |||||
| 2 | Axis Bank Ltd. | BG/ILCSanctioned | _ | 12.00 | 12.00 | Simple## |
| 3 | Bank of India | Cash CreditSanctioned | 30.00 | _ | 30.00 | Simple## |
| Sub-Limit (Bank Guarantee) Sanctioned | (10.00) | |||||
| Sub-Limit (Credit Exposure Limit (CEL)) Sanctioned | (3.50) | |||||
| Sub-Limit (EPC/PCFC) Sanctioned | (30.00) | |||||
| Sub-Limit (FBP/FBD) Sanctioned | (30.00) | |||||
| 4 | State Bank Of India (SBI) | Cash Credit - EPCProposed | 45.62 | _ | 45.62 | Simple## |
| 5 | Yes Bank | Over DraftSanctioned | _ | 10.00 | 10.00 | Simple## |
| Sub-Limit (SBLC/BG for Buyers Credit) Sanctioned | (10.00) | |||||
| Total | 105.62 | 22.00 | 127.62 | |||
| TOTAL (Rupees One Hundred Twenty Seven Crores and Sixty Two lakhs 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.
| Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
| Instrument / Activity | Regulator |
|---|---|
| Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| SEBI | |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| SEBI | |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| RBI | |
| Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs 2| RBI | |
| External Commercial Borrowings and other similar borrowings | RBI |
| Certificates of Deposit | RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis | MCA |
| Inter Corporate Deposits/Loans extended by Corporates | MCA |
Borrowing programme 3| - | |
Issuer Ratings 4| - | |
| Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| Listed Security Receipts | SEBI |
| Unlisted Security Receipts | RBI |
| Independent Credit Evaluation (ICE) | RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| Investor-side Regulator | such as IRDAI, PFRDA 5 |
| Monitoring Agency | SEBI |
| Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | NA |
- Includes securitisation transactions involving assignee payout, acquirer's payout.
- Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
- 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), BWR shall separately capture the rated quantum details along with names of respective regulators.
- There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
- These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
- Permitted by SEBI vide SEBI Master Circular for CRAs
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI]. BWR is the 5th agency to get a credit rating registration in India in 2009 and its corporate office in Bengaluru. It has a country-wide presence with representatives in 150+ locations. Canara Bank is Brickwork’s strategic partner and promoter.
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