Press Release AELEA COMMODITIES PRIVATE LIMITED February 28, 2023 Rating Downgraded & Withdrawn,Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	31.40	ACUITE BB- | Downgraded & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	18.60	-	ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	50.00	-	-

Rating Rationale

­Acuité has downgraded & withdrawn the long term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from  ‘ACUITE BB’ (read as ACUITE double B) and reaffirmed and withdrawn the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.50 crore bank facilities of Aelea Commodities Private Limited (ACPL). The rating is being withdrawn on account of request received from the company and NOC received from the banker on Acuite's policy of withdrawal of ratings. The rating is now an indicative rating  which is based on the best available information and downgraded on account of information risk.

About the Company

­Aelea Commodities Private Limited (ACPL) was incorporated in November 2018. The Company is largely involved in trading of sugar, pulses, soyabean, baggase and raw cashew nuts. The Company also processes raw cashew nuts into cashew kernels. The Company is promoted by Mr. Ashok Purshottam Patel, Mr. Firoz Gulamhusein Hathiyari, Mr. Hozefa Shabbir Jawadwala and Mr. Satyanarayan Patro. All the four promoters are involved in day to day business activities of the Company. The Company’s head office is located in Mumbai.

Non-cooperation by the issuer/borrower

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.This rating is therefore being flagged as “Issuer notcooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

­The rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower). Acuité endeavored to gather information about the entity / industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

­No information provided by the issuer / available for Acuite to comment upon

Material Covenants

­None

Liquidity Position

­No information provided by the issuer / available for Acuite to comment upon

Outlook: ­

­Not Applicable

Other Factors affecting Rating

None

Key Financials:

­­The issuer has not provided the latest financials for Acuite to comment upon

Status of non-cooperation with previous CRA

­None

Any other information

­Acuite is yet to receive No default statement (NDS) from the rated entity

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm

Note on Complexity Levels of the Rated Instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 02 Aug 2022 Proposed Short Term Loan Short Term 17.00 ACUITE A4+ (Reaffirmed) Bank Guarantee Short Term 1.60 ACUITE A4+ (Reaffirmed) Cash Credit Long Term 13.40 ACUITE BB | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE BB | Stable (Reaffirmed) 18 Jul 2022 Cash Credit Long Term 11.00 ACUITE BB | Stable (Downgraded from ACUITE BBB- | Stable) Proposed Short Term Loan Short Term 39.00 ACUITE A4+ (Downgraded from ACUITE A3) 25 Mar 2021 Cash Credit Long Term 11.00 ACUITE BBB- | Stable (Assigned) Proposed Short Term Loan Short Term 39.00 ACUITE A3 (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Bank of Maharashtra Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 1.60 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 13.40 Simple ACUITE BB- | Downgraded & Withdrawn | Issuer not co-operating* Not Applicable Not Applicable Proposed Short Term Loan Not Applicable Not Applicable Not Applicable 17.00 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* National Bank for Agriculture and Rural Development (NABARD) Not Applicable Term Loan Not available Not available Not available 18.00 Simple ACUITE BB- | Downgraded & Withdrawn | Issuer not co-operating*

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Radhika Kolwankar Analyst-Rating Operations Tel: 022-49294065 radhika.kolwankar@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.