­Andhra Pradesh based Milesh Marine Exports Private Limited (MMEPL) was established as a partnership firm in 2011 and was later re-constituted as a private limited company in December, 2012. MMEPL, a closed-family owned business, is promoted by Mr. Baalaje Rao Pattapu Mrs. Narmmada Pattapu and Mr Milesh Kumar Pattapu. Mr. Baalaje (Managing Director); MD has more than 2 decades of experience in the field of aquaculture. MMEPL is engaged in the business of trading, processing and exporting of shrimps procured from the domestic farmers. MMEPL exports shrimps to countries like USA, Europe and China. MMEPL is a 100 percent export-oriented unit.

A­cuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. Acuité has also 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 not cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

­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 has endeavoured 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.

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

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

­Acuite is not in receipt of latest No Default Statement (NDS). Last NDS was received on December 2022.

­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.