Credit Rating

National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 Subject: - Intimation of credit rating under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”) Dear Sir / Madam, Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (‘Listing Regulations’), we wish to inform that the credit rating assigned to our company by CRISIL Ratings Limited, on dated July 09, 2026, in respect of bank facilities of the Company are as under: - Instrument Description Rating Assigned Long Term Rating CRISIL A+/Watch Developing (Continues on “Rating Watch with Developing Implications”) Short Term Rating CRISIL A1 /Watch Developing (Continues on “Rating Watch with Developing Implications”) We request you to take the above on record and the same be treated as compliance under the provisions of the SEBI Listing Regulations and any other provisions as applicable in this regard. Yours faithfully, For Madhya Bharat Agro Products Ltd (Pallavi Sukhwal) Company Secretary Date: 09.07.2026 Place Bhilwara Registered Off. - Wing A/1, 1st Floor, Ostwal Heights, Urban Forest, Atun, Bhilwara 311802 Ph.: 01482-294582 Works: Village Rajoua, Dist. Sagar 470002 (M.P.) Mob. 09329846672 CONFIDENTIAL RL/MDBAPL/399644/BLR/0726/152523 July 09, 2026 Mr. Sourabh Gupta Group Chief Finance Officer Madhya Bharat Agro Products Limited 5-O-21, Basement, R.C. Vyas Colony, Bhilwara Rajasthan Bhilwara - 311001 7665437112 Dear Mr. Sourabh Gupta, Re: Review of Crisil Ratings on the bank facilities of Madhya Bharat Agro Products Limited All ratings assigned by Crisil Ratings are kept under continuous surveillance and review. Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and the rating actions by Crisil Ratings on the ratings as on date. Total Bank Loan Facilities Rated Rs.2006.6 Crore (Enhanced from Rs.885 Crore) Crisil A+/Watch Developing (Continues on ‘Rating Watch with Long Term Rating Developing Implications') Crisil A1/Watch Developing (Continues on ‘Rating Watch with Short Term Rating Developing Implications') (Bank-wise details as per Annexure 1) As per our Rating Agreement, Crisil Ratings would disseminate the ratings, along with the outlook, through its publications and other media, and keep the ratings, along with the outlook, under surveillance over the life of the instrument/facility. Crisil Ratings reserves the right to withdraw, or revise the ratings, along with the outlook, at any time, on the basis of new information, or unavailability of information, or other circumstances which Crisil Ratings believes may have an impact on the ratings. Please visit www.crisilratings.com and search with the name of the rated entity to access the latest rating/s. In the event of the company not availing the proposed facilities within a period of 180 days from the date of this letter, a fresh letter of revalidation from Crisil Ratings will be necessary. Crisil Ratings products / activities or ratings of instruments other than securities that are listed or proposed to be listed may fall under the purview of financial sector regulators (FSRs) other than SEBI. In respect of such products / activities or ratings (under the purview of other FSRs such as Reserve Bank of India (RBI), Ministry of Corporate Affairs (MCA), Insurance Regulatory and Development Authority of India (IRDAI), among others), the grievance / dispute redressal and investor protection mechanisms available under SEBI regulations shall not be applicable. A list of products/activities or ratings of instruments falling under the purview of various FSRs along with the names of respective FSRs has been duly disclosed by Crisil Ratings on its website. A link to the same has been provided below for ready reference: https://www.crisilratings.com/en/home/our-business/ratings/regulatory-disclosures/list-of-activities-instruments-and- names-of-regulators.html Should you require any clarification, please feel free to get in touch with us. With warm regards, Yours sincerely, Disclaimer: A rating by Crisil Ratings reflects Crisil Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by Crisil Ratings. Our ratings are based on information provided by the issuer or obtained by Crisil Ratings from sources it considers reliable. Crisil Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by Crisil Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. Crisil Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. Crisil Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. Crisil Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com. Crisil Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by Crisil Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at Crisilratingdesk@crisil.com or at 1800-267-3850 Nitin Bansal Nivedita Shibu Associate Director - Crisil Ratings Director - Crisil Ratings Annexure 1 - Bank-wise details of various facility classes (outstanding facilities) Amount (Rs. S.No. Bank Facility Bank Outstanding Rating in Crore) 1 Cash Credit State Bank of India 10 Crisil A+/Watch Developing 2 Cash Credit HDFC Bank Limited 63 Crisil A+/Watch Developing 3 Cash Credit The Federal Bank Limited 39 Crisil A+/Watch Developing 4 Cash Credit YES Bank Limited 60 Crisil A+/Watch Developing 5 Cash Credit Axis Bank Limited 85 Crisil A+/Watch Developing 6 Letter of Credit State Bank of India 50 Crisil A1/Watch Developing 7 Letter of Credit Axis Bank Limited 37 Crisil A1/Watch Developing 8 Letter of Credit YES Bank Limited 130 Crisil A1/Watch Developing 9 Loan Equivalent Risk Limits State Bank of India 4.25 Crisil A+/Watch Developing 10 Loan Equivalent Risk Limits Axis Bank Limited 5 Crisil A+/Watch Developing 11 Loan Equivalent Risk Limits HDFC Bank Limited 5.37 Crisil A+/Watch Developing 12 Loan Equivalent Risk Limits YES Bank Limited 12 Crisil A+/Watch Developing Proposed Fund-Based Bank 13 -- 572.34 Crisil A+/Watch Developing Limits Proposed Non Fund based 14 -- 350 Crisil A+/Watch Developing limits 15 Term Loan State Bank of India 21.25 Crisil A+/Watch Developing 16 Term Loan Shinhan Bank 35 Crisil A+/Watch Developing 17 Term Loan CSB Bank Limited 50 Crisil A+/Watch Developing 18 Term Loan The Federal Bank Limited 74 Crisil A+/Watch Developing 19 Term Loan HDFC Bank Limited 19.01 Crisil A+/Watch Developing 20 Term Loan The Federal Bank Limited 100 Crisil A+/Watch Developing 21 Term Loan Axis Bank Limited 74 Crisil A+/Watch Developing 22 Term Loan State Bank of India 78.75 Crisil A+/Watch Developing 23 Term Loan HDFC Bank Limited 131.63 Crisil A+/Watch Developing Total 2006.6 Disclaimer: A rating by Crisil Ratings reflects Crisil Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by Crisil Ratings. Our ratings are based on information provided by the issuer or obtained by Crisil Ratings from sources it considers reliable. Crisil Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by Crisil Ratings is not a recommendation to buy / sell or hold th [Showing first 8,000 characters — download PDF for full document]