Growel Processors Pvt. Ltd.

Brickwork Ratings downgrades the long-term ratings and downgrades the short-term ratings for the Bank Loan Facilities of Rs. 144.74 Crs. of Growel Processors Pvt. Ltd., under the Issuer Not Cooperating category, based on best available information, as the issuer did not cooperate.

Particulars

Facilities	Amount (Rs.Crs.)		Tenure	Rating		Regulator
Facilities	Previous	Present	Tenure	Previous (13 Aug 2025)	Present	Regulator
Fund Based	41.57	41.57	Long Term	BWR BBB+ /Stable Reaffirmation	BWR BBB /Stable ISSUER NOT COOPERATING* /Downgrade	RBI
	(30.00)	(30.00)	Long Term	BWR BBB+ /Stable Reaffirmation	BWR BBB /Stable ISSUER NOT COOPERATING* /Downgrade	RBI
	90.00	90.00	Short Term	BWR A2 Reaffirmation	BWR A3 + ISSUER NOT COOPERATING* /Downgrade	RBI
	(35.00)	(35.00)
	(35.00)	(35.00)
	(60.00)	(60.00)
	(30.00)	(30.00)
Non Fund Based	13.17	13.17	Short Term	BWR A2 Reaffirmation	BWR A3 + ISSUER NOT COOPERATING* /Downgrade	RBI
Grand Total	144.74	144.74	(Rupees One Hundred Forty Four Crores and Seventy Four 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

Brickwork Ratings has downgraded the long-term rating to BWR BBB/Stable and downgraded the short-term ratings to BWR A3+ of "Growel Processors Pvt. Ltd." for the bank loan facilities of Rs.144.74 crores while migrating the rating to the Issuer Not Cooperating category, based on best available information as the Issuer did not cooperate.

The rating was due for a review in Aug 2026. BWR took up with the issuer over emails and through telephone calls to provide the required information. Despite the best efforts of BWR to get at least the minimum required information for a review, the company has not provided the same. In the absence of adequate information from the company, BWR is unable to assess the company’s financial performance or its ability to service its debt and maintain a valid rating. Hence, based on best available information and the continued lack of management cooperation and non-submission of NDS, both the long-term and the short-term rating is downgraded, and the rating is migrated to the Issuer Not Cooperating* category, as the Issuer did not cooperate.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack 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	Food Products	Seafood

Growel Processors Private Limited (GPPL) is part of the Growel Group which was started by Late Dr. M.S. Ranga Chary in 1994. GPPL was incorporated on 26 Aug 2010 in Hyderabad. The processing facility is located in Krishna district of Andhra Pradesh. The primary business activity of GPPL is processing and sale of frozen shrimp. The frozen shrimp is exported principally under three major categories – head-on, head-less and value-added. Value added products include peeled and deveined (PD), peeled and undeveined (PUD), peeled deveined and tail on/off etc. Most of the product is exported to countries like China, Vietnam, Malaysia, USA, UAE, and Japan.

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	41.57	BWR BBB/Stable (ISSUER NOT COOPERATING* /Downgrade)	13Aug2025	BWR BBB+ Stable (Reaffirmation)	05Jul2024	BWR BBB+ Stable (Reaffirmation)	27Apr2023	BWR BBB+ Stable (Reaffirmation)
FB SubLimit	LT	(30.00)	BWR BBB/Stable (ISSUER NOT COOPERATING* /Downgrade)	13Aug2025	BWR BBB+ Stable (Reaffirmation)	05Jul2024	BWR BBB+ Stable (Reaffirmation)	NA	NA
Fund Based	ST	90.00	BWR A3+ (ISSUER NOT COOPERATING* /Downgrade)	13Aug2025	BWR A2 (Reaffirmation)	05Jul2024	BWR A2 (Reaffirmation)	27Apr2023	BWR ()
FB SubLimit	ST	(35.00)	BWR A3+ (ISSUER NOT COOPERATING* /Downgrade)	13Aug2025	BWR A2 (Reaffirmation)	05Jul2024	BWR A2 (Reaffirmation)	27Apr2023	BWR A2 (Reaffirmation)
FB SubLimit	ST	(35.00)	BWR A3+ (ISSUER NOT COOPERATING* /Downgrade)	NA	NA	NA	NA	NA	NA
FB SubLimit	ST	(60.00)	BWR A3+ (ISSUER NOT COOPERATING* /Downgrade)	NA	NA	NA	NA	NA	NA
FB SubLimit	ST	(30.00)	BWR A3+ (ISSUER NOT COOPERATING* /Downgrade)	NA	NA	NA	NA	NA	NA
Non Fund Based	ST	13.17	BWR A3+ (ISSUER NOT COOPERATING* /Downgrade)	13Aug2025	BWR A2 (Reaffirmation)	05Jul2024	BWR A2 (Reaffirmation)	NA	NA
Grand Total		144.74	(Rupees One Hundred Forty Four Crores and Seventy Four lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Chinmaya R Rating Analyst chinmaya.r@brickworkratings.com	Shyam Sunder Narang shyam.n@brickworkratings.com
Client Support \| clientsupport@brickworkratings.com

Growel Processors 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	HDFC Bank	Term Loan - Out-standing	6.57	_	6.57	Simple##
2	HDFC Bank	Cash Credit - Sanctioned	35.00	_	35.00	Simple##
	Sub-Limit (EPC) - Sanctioned		(35.00)
	Sub-Limit (Post shipment ) - Sanctioned		(35.00)
3	HDFC Bank	Export Packing Credit (EPC) - Sanctioned	_	90.00	90.00	Simple##
	Sub-Limit (Cash credit) - Sanctioned	(30.00)
	Sub-Limit (Post shipment) - Sanctioned		(60.00)
	Sub-Limit (Post shipment) - Sanctioned		(30.00)
4	HDFC Bank	BG/ILC - Sanctioned	_	3.17	3.17	Simple##
5	HDFC Bank	Pre Settlement Risk - Sanctioned	_	10.00	10.00	Simple##
Total			41.57	103.17	144.74
TOTAL (Rupees One Hundred Forty Four Crores and Seventy Four 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 (CQR) 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 @
24	Monitoring Agencies	SEBI
25	Research activities incidental to rating such as research for Economy, Industries and Companies *	NA

* 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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