Company Intelligence Profile
Rasik Products Private Limited
Mathura (UP)-based, family-owned manufacturer of speciality coating films, hot-stamping/holographic foils and flexible packaging materials, currently rated "Issuer Not Cooperating" by credit agencies and involved in unresolved IBC insolvency litigation.
CIN: U22211UP1998PTC024053ActiveRoC – Uttar PradeshConfidence: Medium-High — identity
Last updated 17 August 2026
AI OverviewGenerated from public records
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
See what AICA knows about Rasik Products
Deeper analysis, financial signals and peer comparisons.
Company Identity
Confirmed| Registered name | Rasik Products Private Limited |
|---|---|
| CIN | U22211UP1998PTC024053 |
| PAN | AACCR3348B — sourced from Tofler; corroborated indirectly as the PAN-prefix embedded in both discovered GSTINs (09AACCR3348B1ZM, 07AACCR3348B1ZQ). |
| Status |
|
| Listing | Unlisted (private limited company). |
| Incorporated | 09 December 1998 (28 years old). |
| ROC | RoC – Uttar Pradesh. |
| Sector (NIC) |
|
| Registered address | 141 KM Delhi-Agra Bye Pass, Near Alwar Railway Bridge, Krishna Nagar, Mathura, Uttar Pradesh, 281001. |
| Authorized capital | ₹4,50,00,000 (₹4.5 Cr). |
| Paid-up capital | ₹4,03,00,000 (₹4.03 Cr). |
Business Overview
Confirmed- Rasik Products Pvt. Ltd. is a speciality-coating-films manufacturer engaged in designing, manufacturing and marketing Graphic Grade Foils, chemically complex multi-layer transferable coatings, films, foils and laminates
- Product lines include Hot Stamping Foils, Holographic Films, Hologram Base Materials, Customized Holography, security base materials, Gift Wraps, Sequins, and Flexible Packaging Materials — used in premium branded packaging across Corrugation, Label, Security Printing, Pharmaceutical decorative and Graphic segments
- Positions itself as a technically advanced Indian player in speciality coated films
- EPFO-tracked headcount ~213 employees
Directors
Confirmed| Name | DIN | Role | Appointed |
|---|---|---|---|
| Girdhari Lal Khandelwal | 00277267 | Director | 9 Dec 1998 |
| Rasik Khandelwal | 01932885 | Director | 14 May 2004 |
| Gopal Khandelwal | 08720330 | Additional Director | 18 Feb 2022 |
GST Registrations
Confirmed| GSTIN | State | PAN | Status |
|---|---|---|---|
| 09AACCR3348B1ZM | Uttar Pradesh | AACCR3348B — sourced from Tofler; corroborated indirectly as the PAN-prefix embedded in both discovered GSTINs (09AACCR3348B1ZM, 07AACCR3348B1ZQ). | Active |
| 07AACCR3348B1ZQ | Delhi | AACCR3348B — sourced from Tofler; corroborated indirectly as the PAN-prefix embedded in both discovered GSTINs (09AACCR3348B1ZM, 07AACCR3348B1ZQ). | - |
Primary/home-state GSTIN: 09AACCR3348B1ZM (Uttar Pradesh — Aligarh Zone, Mathura Range/Sector-3), registered 01/07/2017, status Active/Regular, address matches registered office. Second registration: 07AACCR3348B1ZQ (Delhi — First Floor, B-96, Okhla Industrial Area Phase-1, South East Delhi 110020), registered 01/02/2023, status Active/Regular, owner/contact listed as Gopal Khandelwal. Total registrations found: 2 (home state UP + Delhi). Source: GSTIN detail pages on gst.jamku.app / knowyourgst-indexed snippets (individual GSTIN lookups, per the allowed-source list); both GSTINs share the confirmed company PAN (AACCR3348B). No source claims additional state registrations, so treat "2" as confirmed-so-far rather than exhaustive.
Financials
Partial / conflicting- Latest available: Revenue ≈ ₹123.74 Cr (+20.6% YoY)
- Tofler's financial snippet (same FY) corroborates the revenue band (₹100–150 Cr, +20.6%) and additionally shows YoY direction only (not absolute figures, paywalled) for: EBITDA +5.93%, PAT −24.21% (i.e., profit declined despite revenue growth), Net Worth +23.29%, Total Borrowings +10.89%, Total Assets +20.26%
- Exact EBITDA/PAT/Net Worth/Borrowings ₹ figures: not obtained
- Last AGM 30 Sep 2023; last balance-sheet date 31 Mar 2023 — no more recent audited financials were found in the free tier of any source, which itself may be a mild filing-currency flag given the FY2023 CIRP admission event in mid-2024
Charges / Loans
Confirmed- Two sources give slightly differing totals (flagging the conflict): TheCompanyCheck shows Open Charges ₹103.71 Cr and Satisfied Charges ₹52.84 Cr, with top lenders Canara Bank ₹63.19 Cr, HDFC Bank ₹12 Cr, Syndicate Bank ₹5.18 Cr, SIDBI ₹4.82 Cr, others ₹18.51 Cr. Tofler shows total current loans ≈₹109.5 Cr across 9 lenders, top lenders Canara Bank ₹63.2 Cr (7 loans), HDFC Bank ₹12.0 Cr, Siemens Financial Services ₹6.5 Cr (4 loans), Syndicate Bank ₹5.2 Cr (4 loans); most recent charge registered: Richcredit Finance Private Limited, ₹0.5 Cr, 05 Mar 2024
- Canara Bank is confirmed as by far the largest secured lender (~₹63 Cr) across both sources
Credit Ratings
Confirmed- Multiple agencies have rated the company's bank facilities over time, and the current status across agencies is materially weak: • Acuité Ratings — ₹50 Cr bank facilities: 27 Dec 2023 assigned ACUITE BB (long-term) / ACUITE A4+ (short-term)
- 07 May 2024 downgraded to ACUITE A4 (long+short term combined) with status "Issuer Not Cooperating"
- 04 Aug 2025 press release "Rating Reaffirmed and Issuer Not Cooperating" at ACUITE A4. • CRISIL — ₹18 Cr total bank loan facilities: CRISIL B+/Stable, status "ISSUER NOT COOPERATING (Rating Withdrawn)" (exact rationale date not captured from the search snippet). • ICRA — older wire-service (Reuters) mentions show historical ratings on Rasik Products' bank lines (figures seen: B+ on ~₹90–130 Cr facilities in different snippets, and a separate "Suspended" B+ rating on ₹130 Cr Bank Lines); these appear to date from an earlier period (wire archive formatting suggests circa the 2010s) and are not independently dated/confirmed — treat as partial/historical only
- Overall takeaway: the "Issuer Not Cooperating" flags from both Acuité and CRISIL (i.e., the company stopped submitting information to rating agencies) are consistent with, and post-date the run-up to, the 2024–2025 insolvency litigation described below
Legal / Litigation
Confirmed- Indian Kanoon (NCLAT, New Delhi / NCLT Prayagraj Bench) — case: Girdhari Lal Khandelwal (Suspended Director of Rasik Products Pvt Ltd) vs Chemical Suppliers India Pvt. Ltd. (Operational Creditor)
- Timeline: (1) 14 Jun 2024 — NCLT admitted a Section 9 IBC application by Chemical Suppliers India seeking recovery of ₹3.43 Cr
- CIRP commenced, Interim Resolution Professional appointed
- (2) ~02 Jul 2024 — parties signed an MoU (corporate debtor to pay ₹3.5 Cr)
- NCLAT closed the CIRP and set aside the 14 Jun 2024 admission order, awarding ₹2 lakh to the IRP for expenses
- (3) 25 Sep 2025 — restoration application: corporate debtor defaulted on the settlement (₹67 lakh still in arrears)
- NCLAT restored the appeal and vacated the stay, describing the debtor's conduct as a "dishonest action" in breaching the settlement
- (4) 28 Oct 2025 — both parties jointly sought withdrawal citing a fresh settlement
- NCLAT dismissed the appeal as withdrawn "without reserving any liberty to the Appellant," and explicitly stated it had not opined on the fate of the underlying CIRP still pending before the NCLT, which "would be taken to its logical end, strictly in accordance with law." Net effect: as of the latest available document, the company's insolvency exposure is not conclusively closed
- Exact case/appeal numbers were not extracted (only Indian Kanoon doc IDs 31908592, 56966913, 68920137 were identified)
Competitors
Partial / conflictingKurz India Pvt Ltd
Indian arm of Leonhard Kurz, global leader in hot-stamping foils
Holostik India Ltd
holographic films & security labels
Cosmo Films Ltd
BOPP/speciality films, listed, much larger revenue scale
Uflex Ltd
flexible packaging & films, listed, large-cap, multi-thousand-crore revenue
Positive Packaging Industries
flexible packaging, mid-large private player
Polyplex Corporation Ltd
listed polyester/BOPP films, large scale
Frequently Asked Questions
What does Rasik Products Private Limited do?
Mathura (UP)-based, family-owned manufacturer of speciality coating films, hot-stamping/holographic foils and flexible packaging materials, currently rated "Issuer Not Cooperating" by credit agencies and involved in unresolved IBC insolvency litigation.
What is the CIN of Rasik Products Private Limited?
The Corporate Identification Number (CIN) of Rasik Products Private Limited is U22211UP1998PTC024053.
Where is Rasik Products Private Limited registered?
Rasik Products Private Limited is registered with RoC – Uttar Pradesh (Falconebiz specifies "RoC-Uttar Pradesh II"). Registered address: 141 KM Delhi-Agra Bye Pass, Near Alwar Railway Bridge, Krishna Nagar, Mathura, Uttar Pradesh, 281001 — confirmed by Tofler, Falconebiz, TheCompanyCheck, and matches the address on the UP GSTIN record.
When was Rasik Products Private Limited incorporated?
Rasik Products Private Limited was incorporated on 09 December 1998 (28 years old) — confirmed by Tofler, Falconebiz, TheCompanyCheck.
Explore on Recur Club
Revenue-Based FinancingRepay as a share of monthly revenueWorking Capital LoansCollateral-light capital for operationsSecured Term LoansLarger, longer-tenure debtCheck Your EligibilityEstimate funding in minutesCompany SearchExplore more company profilesFinance CalculatorsFree tools for founders & finance teams
Bharat Ke Super Founders
Recur Club's show spotlighting the founders building India's next generation of companies. Watch their stories.
Looking for business funding?
Recur Club is India's largest AI-native debt platform - working capital, term loans and structured debt from 150+ lending partners, without diluting equity.