Aakriti Super Snacks Pvt. Ltd.

Brickwork Ratings downgrades the long-term rating and reaffirms the short-term rating for the Bank Loan Facilities of Rs. 22.28 Crs. of Aakriti Super Snacks Pvt. Ltd. based on best available information, as the issuer did not cooperate.

Particulars

Facilities	Amount (Rs.Crs.)		Tenure	Rating		Regulator
Facilities	Previous	Present	Tenure	Previous (02 Sep 2025)	Present	Regulator
Fund Based	21.93	21.93	Long Term	BWR B+ /Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded	BWR B /Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded	RBI
Non Fund Based	0.35	0.35	Short Term	BWR A4 Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	BWR A4 Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed	RBI
Grand Total	22.28	22.28	(Rupees Twenty Two Crores and Twenty Eight lakhs Only)

Note:
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

BWR has downgraded the long-term rating to "BWR B/Stable" and reaffirmed the short-term rating at "BWR A4" for the bank loan facilities of Rs. 22.28 Crs of “ Aakriti Super Snacks Pvt. Ltd. ” and continues the ratings under the 'Issuer Not Cooperating' category as the issuer did not cooperate.

Going forward, BWR has consistently reached out to the issuer to provide the required information over email, apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker; the banker's feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the absence of adequate information from the entity, BWR is unable to assess the entity's financial performance and its ability to service its debt and maintain a valid rating.

The lenders/investors may note to exercise due caution while using the above rating, which mentions "Issuer Not Cooperating," since the rating lacks any projections or forward-looking component, as it is arrived at based on the best available information without any management/banker's interaction.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating

ABOUT THE ENTITY

Macro Economic Indicator	Sector	Industry	Basic Industry
Fast Moving Consumer Goods	Fast Moving Consumer Goods	Diversified FMCG	Diversified FMCG

M/S Aakriti Super Snacks Pvt. Ltd (ASSPL) was incorporated on 4th October 2012 at Raipur, Chhattisgarh. The company has started commercial operations from August 2017.Aashish Agarwal is the Managing Director of the company. Abhishek Agarwal is the other director of the company. It is engaged in bakery products. The Company produces and markets Biscuit, Bread and Rusk. The company sells its products through the brand name of Amal. The company has set up a plant having an annual capacity of 30000 M.T per annum.

The Group was established in year 1990, having presence in central, Eastern and Northern India. From many decades company has legacy of manufacturing fine & delicious biscuits and successful in creating “Close to your heart” our relentless focus on quality and freshness has own us prestigious accolades. Aakriti is a flagship brand of Aakriti Super Snacks Pvt. Ltd. and has fully automated, state-of-the-art food processing unit at Raipur, Chattisgarh, India. Aakriti has wide range of biscuits starting from Butter, Cream, Salty, Sweet and Salt, Marie, Top, Cookies, Cake, Rusk etc. Aakriti Super Snacks honors quality in every aspect of our profession and business. Manufacturing is done in environmental friendly premises and most hygienic conditions.

(Note: As per the Information provided to BWR during the year 2022)

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

NIL

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	21.93	BWR B/Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	02Sep2025	BWR B+ Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	17Sep2024	BWR BB-Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	21Sep2023	BWR BB Stable (ISSUER NOT COOPERATING* /Downgrade)
Non Fund Based	ST	0.35	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	02Sep2025	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	17Sep2024	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)	21Sep2023	BWR A4 (ISSUER NOT COOPERATING* /Reaffirmation)
Grand Total		22.28	(Rupees Twenty Two Crores and Twenty Eight lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Akash E Ratings Analyst akash.e@brickworkratings.com	Siva Kumar V S Senior Manager - Ratings sivakumar.vs@brickworkratings.com
Client Support \| clientsupport@brickworkratings.com

Aakriti Super Snacks Pvt. Ltd.

ANNEXURE-I

Details of Bank Facilities rated by BWR

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	State Bank Of India (SBI)	Term Loan - Sanctioned	3.43	_	3.43	Simple##
2	State Bank Of India (SBI)	Term Loan - Proposed	17.00	_	17.00	Simple##
3	State Bank Of India (SBI)	Cash Credit - Sanctioned	1.50	_	1.50	Simple##
4	State Bank Of India (SBI)	Bank Guarantee - Sanctioned	_	0.35	0.35	Simple##
Total			21.93	0.35	22.28
TOTAL (Rupees Twenty Two Crores and Twenty Eight lakhs Only)

ANNEXURE-II

INSTRUMENT DETAILS

Instrument	Issue Date	Amount (Rs.Crs)	Coupon Rate (%)	Maturity Date	ISIN Particulars	Complexity of the Instrument
Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

List of Instruments and Regulators

Sr.No.	Instrument / Activity	Regulator
1	Listed/Proposed to be listed bonds/debentures/preference share (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)*	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)*	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs^	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs,HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ~	-
15	Issuer Ratings #	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts $	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities))	SEBI
22	Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities))	MCA
23	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) *	Investor-side regulator such as IRDAI, PFRDA @

* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Brickwork Ratings India Private Limited (BWR) shall separately capture the rated quantum details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.

Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Grievance Management: For any grievances relating to rating of instruments regulated by SEBI, please contact sebigrievance@brickworkratings.com. Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available

For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.

DISCLOSURE ON CONFLICT OF INTEREST

BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.

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