Pursuant to Regulation 30 of SEBI (LODR) Regulation, 2015, we hereby submit credit rating received from CRISIL.
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CRISIL has downgraded Zeal Aqua's long-term rating from 'Crisil BBB/Positive' to 'Crisil BB+/Stable (Issuer Not Cooperating)'. The downgrade is on Rs. 80.5 crore of bank loan facilities, reduced from Rs. 141.47 crore after some facilities were withdrawn. CRISIL cited that the company did not cooperate with information requests, preventing a forward-looking assessment of credit quality. Zeal Aqua has decided to discontinue CRISIL as its rating agency, claiming it has obtained no-objection certificates from its consortium of banks. The company, an aquaculture and shrimp processing business, reported FY2025 revenue of Rs. 505.69 crore and PAT of Rs. 10.10 crore.
Negative signal for shareholders — the rating has dropped into non-investment grade (junk) territory, and the 'Issuer Not Cooperating' tag raises transparency concerns. Disengaging from the rating agency altogether may further erode lender and investor confidence, potentially affecting future borrowing costs.