Press Release December 26, 2023 INDO ALLIED PROTEIN FOODS PRIVATE LIMITED Rating Downgraded and Issuer not co-operating

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

Rating Rationale

­Acuité has downgraded the long-term rating to ACUITE BB+ (read as ACUITE double B plus) from ‘ACUITE BBB’ (read as ACUITE triple B) on the Rs.50 crore bank facilities of Indo Allied Protein Foods Private Limited on account of information risk. This rating is flagged as issuer not cooperating and is based on best available information.

About the Company

Incorporated on December 31, 2003, Indo Allied Protein Foods Pvt. Ltd. (IAPFPL) is primarily engaged in supplying of food articles such as edible oil, pulses, bay kit, and some other food grains and non-food items such as shoes, safety kit, notebook, etc. to the Maharashtra State Government departments under various schemes. The Mumbai based, company also has its own manufacturing facility in Chakan, where it produces ready to cook food like Upama, noodles, etc. further, it also has central kitchen in Bhivandi to supply meals under the state government schemes­

Unsupported Rating

­Not Applicable

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 an 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

­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."

All Covenants

­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 22 (Provisional)	FY 21 (Actual)
Operating Income	Rs. Cr.	984.27	609.87
PAT	Rs. Cr.	233.48	103.68
PAT Margin	(%)	23.72	17.00
Total Debt/Tangible Net Worth	Times	0.18	0.24
PBDIT/Interest	Times	57.90	22.46

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.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 06 Oct 2022 Cash Credit Long Term 40.00 ACUITE BBB | Stable (Upgraded from ACUITE BB+) Proposed Bank Facility Long Term 10.00 ACUITE BBB | Stable (Upgraded from ACUITE BB+) 15 Jun 2022 Proposed Bank Facility Long Term 10.00 ACUITE BB+ (Downgraded and Issuer not co-operating*) Cash Credit Long Term 40.00 ACUITE BB+ (Downgraded and Issuer not co-operating*) 23 Mar 2021 Cash Credit Long Term 40.00 ACUITE BBB- | Stable (Assigned) Proposed Bank Facility Long Term 10.00 ACUITE BBB- | Stable (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 Janata Sahakari Bank Ltd (Pune) Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 40.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating* Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE BB+ | Downgraded | Issuer not co-operating*

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Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Anush Shetty Associate - Rating Operations Tel: 022-49294065 anush.shetty@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in 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. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.