Press Release

Press Release

March 23, 2026

AFP MANUFACTURING CO. PRIVATE LIMITED
Rating Downgraded & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	2.64	ACUITE BB- \| Downgraded & Withdrawn \| Issuer not co-operating*	-
Bank Loan Ratings	61.89	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*	-
Total Outstanding	0.00	-	-
Total Withdrawn	64.53	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuité has downgraded and withdrawn its long-term rating to “ACUITE BB-” (read as ACUITE Double B minus) from “ACUITE BB” (read as ACUITE Double B) on the Rs. 2.64 Cr. bank facility of AFP Manufacturing Co. Private Limited. The rating has been withdrawn on account of the request received from the company and the NOC (No Objection Certificate) received from the banker. The rating downgrade is on account of information risk.

Further, Acuite has withdrawn its long-term rating of Rs.60.98 Cr. bank facilities of AFP Manufacturing Co. Private Limited without assigning any rating as the instrument is fully repaid. The rating has been withdrawn on account of the request received from the company and NO Due Certificate (NDC) received from the banker.

Acuité has also withdrawn its rating on the proposed long-term bank facilities of Rs.0.91 Cr. of AFP Manufacturing Co. Private Limited without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the company.

The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility.
The rating is continuous to be flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

AFP Manufacturing Co. Private Limited was Established in 1982 Delhi based partnership firm named Aggarwal Food Products. Later, in 1999 changed its constitution to private limited company. The entity manufactures salted snacks (namkeen) and other ready-to-eat snacks, potato chips, namkeens and bhujia among others. The company has three units in Hajipur (Bihar) with combined capacity of 36000 MT per month. The company has its own brand ‘Munchhonn’. The company also works as a contract manufacturer of PepsiCo for manufacturing and packaging of ‘Kurkure’. The Directors of the company are Mr. Anil Kumar Aggarwal and Mr. Puneet Aggarwal.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower:

Acuité has been requesting for latest information and latest No Default Statement 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 non co-operation 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 not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivity

Potential triggers (individual or collective) for an upward rating action:

Not Applicable.

Potential triggers (individual or collective) for a downward rating action:

Not Applicable.

Liquidity Position

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

Outlook

Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	257.02	245.86
PAT	Rs. Cr.	2.86	2.37
PAT Margin	(%)	1.11	0.97
Total Debt/Tangible Net Worth	Times	2.58	2.77
PBDIT/Interest	Times	2.30	2.49

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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
07 Mar 2025	Term Loan	Long Term	2.64	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
	Proposed Long Term Bank Facility	Long Term	0.91	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Cash Credit	Long Term	17.50	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Cash Credit	Long Term	17.00	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Term Loan	Long Term	23.46	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Working Capital Term Loan	Long Term	1.80	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
	Working Capital Term Loan	Long Term	1.22	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+ \| Stable)
31 Jan 2024	Proposed Long Term Bank Facility	Long Term	0.91	ACUITE BB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	17.00	ACUITE BB+ (Reaffirmed & Withdrawn)
	Term Loan	Long Term	2.64	ACUITE BB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	8.47	ACUITE BB+ (Reaffirmed & Withdrawn)
	Cash Credit	Long Term	17.50	ACUITE BB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	23.46	ACUITE BB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	17.00	ACUITE BB+ \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.80	ACUITE BB+ \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.22	ACUITE BB+ \| Stable (Reaffirmed)
06 Jul 2023	Term Loan	Long Term	17.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	17.50	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	17.00	ACUITE BB+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.91	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	34.95	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Stable)
	Proposed Long Term Loan	Long Term	2.64	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Stable)
* The issuer did not co-operate; based on best available information.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.50	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.00	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.91	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Union Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Mar 2029	2.64	Simple	ACUITE BB- \| Downgraded & Withdrawn \| Issuer not co-operating* ( from ACUITE BB )
State Bank of India	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	01 Jun 2028	23.46	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Working Capital Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	06 Nov 2025	1.80	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Working Capital Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	07 Sep 2024	1.22	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Ujjwal Srivastva
Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@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. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.