Press Release S A EXPORTS September 23, 2022 Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	2.00	ACUITE BB+ | Downgraded | Issuer not co-operating*	-
Bank Loan Ratings	98.00	-	ACUITE A4+ | Downgraded | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr)	100.00	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

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 minus) and short term rating to 'ACUITE A4 +' (read as ACUITE A four plus) from 'ACUITE A3' (read as ACUITE A three) on the Rs. 100.00 crore bank facilities of S A Exports. The rating is now flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.

About the Company

­S. A. Exports is a Kolkata based firm established in the year 1995 by Mr. Nashir Ahmed Khan. The firm is engaged in processing and export of sea foods such as shrimps, prawn mainly vannemai and black tiger prawn with an installed capacity of 60 MTPD. The firm sells product under its own brand named BEEU White, King Khan, BEEU Gold, Naniwa Gold, BEEU Pearl and BEEU Silver.

Non-cooperation by the issuer/borrower

­Acuité has been requesting for data, information and undertakings from the rated entity forconducting surveillance & review of the rating. However, the issuer/borrower failed to submitsuch informationbeforethe duedate. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with un willingness toprovide information could be a sign of potential deterioration in its overall credit quality. This rating continues to be 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 ratingis 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

­Not Applicable

Key Financials:

The rated entity has not shared the latest financial statement for Acuite to comment

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 01 Jul 2021 Packing Credit Short Term 35.00 ACUITE A3 (Reaffirmed) Bank Guarantee Short Term 1.00 ACUITE A3 (Reaffirmed) Bills Discounting Short Term 60.00 ACUITE A3 (Reaffirmed) Term Loan Long Term 2.00 ACUITE BBB- | Stable (Reaffirmed) Bank Guarantee Short Term 2.00 ACUITE A3 (Reaffirmed) 03 Apr 2020 Term Loan Long Term 2.00 ACUITE BBB- | Negative (Reaffirmed) Packing Credit Short Term 35.00 ACUITE A3 (Reaffirmed) Bills Discounting Short Term 60.00 ACUITE A3 (Reaffirmed) Bank Guarantee Short Term 2.00 ACUITE A3 (Reaffirmed) Bank Guarantee Short Term 1.00 ACUITE A3 (Reaffirmed) 14 Jan 2019 Bank Guarantee Short Term 1.00 ACUITE A3 (Reaffirmed) Packing Credit Short Term 30.00 ACUITE A3 (Reaffirmed) Bank Guarantee Short Term 1.63 ACUITE A3 (Assigned) Term Loan Long Term 4.50 ACUITE BBB- | Stable (Reaffirmed) Proposed Short Term Loan Short Term 0.12 ACUITE A3 (Assigned) Bills Discounting Short Term 50.00 ACUITE A3 (Reaffirmed) 03 Oct 2017 Packing Credit Short Term 20.00 ACUITE A3 (Upgraded from ACUITE A4+) Bills Discounting Short Term 35.00 ACUITE A3 (Upgraded from ACUITE A4+) Term Loan Long Term 4.50 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Stable) Bank Guarantee Short Term 0.50 ACUITE A3 (Upgraded from ACUITE A4+) 10 May 2017 Packing Credit Short Term 20.00 ACUITE A4+ (Reaffirmed) Bills Discounting Short Term 35.00 ACUITE A4+ (Reaffirmed) Term Loan Long Term 4.50 ACUITE BB+ | Stable (Reaffirmed) Bank Guarantee Short Term 0.50 ACUITE A4+ (Reaffirmed) 25 Jan 2016 Packing Credit Short Term 20.00 ACUITE A4+ (Assigned) Post Shipment Credit Short Term 35.00 ACUITE A4+ (Assigned) Term Loan Long Term 4.50 ACUITE BB+ | Stable (Assigned) Bank Guarantee Short Term 0.50 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 Federal Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 1.00 ACUITE A4+ | Downgraded | Issuer not co-operating* Federal Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 2.00 ACUITE A4+ | Downgraded | Issuer not co-operating* Federal Bank Not Applicable FBN/FBP/FBD/PSFC/FBE Not Applicable Not Applicable Not Applicable 60.00 ACUITE A4+ | Downgraded | Issuer not co-operating* Federal Bank Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 35.00 ACUITE A4+ | Downgraded | Issuer not co-operating* Federal Bank Not Applicable Term Loan 30-06-2017 Not available 30-06-2024 2.00 ACUITE BB+ | Downgraded | Issuer not co-operating*

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Contacts

Analytical	Rating Desk
Pooja Ghosh Vice President-Rating Operations Tel: 022-49294041 pooja.ghosh@acuite.in Abhishek Dey Senior Analyst-Rating Operations Tel: 022-49294065 abhishek.dey@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.