Equity analysts cut forecast earnings for OMCs
18 Mar 2026
Paul merchants has announced the successful completion of equity share transfer from its promoter group entity Paul Excursions Private Limited to Paul Excursions LLP. The company informed BSE Limited about this development through a regulatory filing dated March 18, 2026.
Share Transfer Details
The transfer involves significant shareholding in the company, as detailed below:
Parameter: Details Shares Transferred: 3,07,065 equity shares Percentage of Total Equity: 9.96% Transfer Date: March 18, 2026 Time of Completion: 05:17 P.M.
Background of the Conversion
This share transfer follows the conversion of Paul Excursions Private Limited into a Limited Liability Partnership (LLP) under the name Paul Excursions LLP. The conversion was carried out in accordance with the provisions of the Limited Liability Partnership Act, 2008, and related rules. The company had initially disclosed this conversion process on February 2, 2026, through letter number PML/CS/BSE/2026/242.
Regulatory Compliance
The disclosure has been made under Regulation 30(12) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The company provided requisite disclosures as required under:
Para C of Part A of Schedule III of the LODR Regulations
Para C of Part A of Annexure 18 of SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
Industry Standards on Regulation 30 of the LODR Regulations
Demat Account Transfer
Paul Merchants Limited confirmed that it received intimation from Paul Excursions LLP confirming the completion of the equity share transfer. The shares have been successfully transferred from the demat account of Paul Excursions Private Limited to the demat account of Paul Excursions LLP and are now reflected in the new entity's account.
The filing was signed by Hardam Singh, Company Secretary and Compliance Officer (FCS 5046), ensuring proper authorization and compliance with regulatory requirements.
Paul Merchants Limited has informed BSE about the downgrade and withdrawal of its credit ratings by Infomerics Valuation and Rating Limited on February 20, 2026. The company provided detailed reasons for the rating action following an earlier communication that lacked specific justification for the downgrade.
Rating Downgrade Details
Infomerics Valuation and Rating Limited downgraded Paul Merchants' credit rating before simultaneously withdrawing it with immediate effect. The rating agency provided comprehensive reasoning for the downgrade through a press release dated February 20, 2026.
Parameter: Details Event Date: February 20, 2026 Time of Occurrence: 1.08 PM Rating Agency: Infomerics Valuation and Rating Limited Action Taken: Downgrade and Withdrawal BSE Scrip Code: 539113
Reasons for Rating Downgrade
The credit rating agency identified several key factors that led to the downgrade:
Declining forex revenue affecting overall financial performance
Thin profitability margins inherent to the company's trading nature of operations
Market exposure risks specifically related to U.S. and Canadian markets
Despite these concerns, Infomerics acknowledged certain positive aspects that continued to support the rating before withdrawal.
Supporting Factors and Outlook
The rating agency recognized several strengths that provided partial support to the credit assessment:
Positive Factors: Description Management Experience: Promoters' extensive experience in the business Track Record: Established operational track record Capital Structure: Comfortable capital structure Outlook: Stable outlook assigned
Rating Withdrawal Process
The withdrawal of ratings occurred following a formal request from Paul Merchants Limited. The company obtained necessary clearances from its lenders to facilitate the withdrawal process.
Withdrawal Requirements Met:
No objection certificate received from respective lenders
No dues certificate obtained for sanctioned facilities
Confirmation that proposed bank facilities would not be pursued
The rating withdrawal was conducted in accordance with Infomerics Ratings policy on withdrawal of ratings. Additionally, ratings assigned to proposed bank facilities were also withdrawn based on the company's confirmation that it would not proceed with raising the envisaged loans.
Regulatory Compliance
Paul Merchants Limited filed this intimation under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The communication was signed by Company Secretary and Compliance Officer Hardam Singh (FCS 5046) and submitted to BSE Limited with reference number PML/CS/BSE/2026/254.
This disclosure follows the company's earlier letter PML/CS/BSE/2026/253 dated February 20, 2026, which initially informed about the rating withdrawal but lacked specific reasons for the downgrade.
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