Press Release MARIS AGRO PRODUCTS PRIVATE LIMITED October 07, 2022 Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	2.00	-	ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings	2.50	ACUITE BB+ | Reaffirmed | Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	4.50	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of 'ACUITE BB+' (read as ACUITE double B plus) and short term ratig of 'ACUITE A4+' (read as ACUITE A four plus) on the Rs.4.50 crore bank facilities of Maris Agro Products Private Limited . This rating is now an indicative rating and is based on the best available information.

About the Company

­Maris Agro Products Private Limited (MAPPL) was established in 1990. The company is engaged in manufacturing of Orthodox green tea. The Present Directors of the company are Mr. Thangavelu Jayaraman, Mr. Thangavelu Raghuraman, Mr. Jayaraman Karthik Narayan and Mr. Raghuraman Ajaykumar. The registered office of the company is in Tamil Nadu

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."

Material Covenants

­None

Liquidity Position

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

Outlook

Not Applicable­

Key Financials:

­The issuer hasnt provided with the latest financial data to comment upon

Status of non-cooperation with previous CRA

­None

Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups

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

­https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 15 Jul 2021 Term Loan Long Term 0.25 ACUITE BB+ (Withdrawn) Cash Credit Long Term 1.00 ACUITE BB+ | Stable (Upgraded from ACUITE BB | Stable) Term Loan Long Term 0.15 ACUITE BB+ (Withdrawn) Packing Credit Short Term 2.00 ACUITE A4+ (Reaffirmed) Proposed Bank Facility Long Term 1.50 ACUITE BB+ | Stable (Upgraded from ACUITE BB | Stable) 27 Mar 2020 Packing Credit Short Term 2.00 ACUITE A4+ (Reaffirmed) Term Loan Long Term 0.25 ACUITE BB | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE BB | Stable (Reaffirmed) Proposed Bank Facility Long Term 1.09 ACUITE BB | Stable (Reaffirmed) Term Loan Long Term 0.16 ACUITE BB | Stable (Reaffirmed) 09 Jan 2019 Proposed Long Term Loan Long Term 0.34 ACUITE BB | Stable (Assigned) Cash Credit Long Term 1.00 ACUITE BB | Stable (Assigned) Term Loan Long Term 1.16 ACUITE BB | Stable (Assigned) Packing Credit Short Term 2.00 ACUITE A4+ (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.) Rating Central Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.00 ACUITE BB+ | Reaffirmed | Issuer not co-operating* Central Bank of India Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 2.00 ACUITE A4+ | Reaffirmed | Issuer not co-operating* Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 1.50 ACUITE BB+ | Reaffirmed | 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.