Credit Rating- Revision

maral PROUD TO BE INDIAN PRIVILEGED TO BE GLOBAL July 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Listing Department, 1st Floor, New Trading Ring, Exchange Plaza, C-1, Block -G, Rotunda Building, P.J. Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Mumbai- 400 001. Mumbai-400 051. Scrip Code: 521018 Scrip Code: MARALOVER Sub: Update on Credit Rating Dear Sir/ Madam, Pursuant to Regulation 30 read with Para A of Part A of Schedule III to the SEBI (Listing Obligations and Disclosure_ Requirements) Regulations, 2015, it is to inform that CARE Ratings Limited has reviewed ratings/ outlook of the Long Term and Short Term Bank Facilities of the Company, details of the same are given below: Amount Facilities Rating Rating Action No. (t crore) Long-Term Bank Reaffirmed; Outlook 1 155.04 CARE BB+; Positive Facilities revised from Stable Short-Term Bank 2 217.53 CAREA4+ Reaffirmed Facilities The rating letter vide reference no. CARE/NRO/RL/2026-27/ 1600 dated 1st July 2026 issued by CARE Ratings Limited is enclosed. This is for your information and record. Thanking you, RS.C::-:: For Maral Overseas Limit O~u~G ,r,b -::,Y V ,•~ 01:>/) Sandeep Singh ·- ,.,. Company Secretary & Compliance Officer M. No. FCS 9877 Encl.: as Above Corporate Office : Regd. Office & Works : Bhilwara Towers, A-12, Sector-1 Maral Sarovar, V. & P. 0. Khalbujurg Neida -201 301 (NCR-Delhi), India Tehsil Kasrawad, Distt. Khargone -451 660, (M.P.) Tel.: +91-120-4390300, 4390000 (EPABX) Phones: +91-7285-265401-265404, 265417 Website: www.maraloverseas.com Website: www.Lnjbhilwara.com GSTIN: 09AACCM0230B2Z7 GSTIN: 23AACCM0230B1ZI Corporate Identification No: L1 7124MP1989PLC008255 CareEdge RATINGS No. CARE/NRO/RL/2026-27/1600 Shri Manoj Gupta Chief Financial Officer Maral Overseas Limited Maral Sarovar, V & P.O. Khalbujurg, Tehsil Khasrawad, District : Khargone Khargone Madhya Pradesh 451660 July 01, 2026 Confidential Dear Sir, Credit rating for bank facilities On the basis of recent developments including operational and financial performance of your Company for FY26 (Audited), our Rating Committee has reviewed the following ratings: Amount Facilities Rating1 Rating Action (₹ crore) Long Term Bank Reaffirmed; Outlook 155.04 CARE BB+; Positive Facilities revised from Stable Short Term Bank 217.53 CARE A4+ Reaffirmed Facilities 2. Refer Annexure 1 for details of rated facilities. 3. The rating report for the rating will be communicated to you separately. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is enclosed for your perusal as Annexure 2. We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by July 03, 2026, we will proceed on the basis that you have no any comments to offer. 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Ltd.’s publications. CARE Ratings Limited Plot no. C-001 A/2 Sector 16B, Berger Tower, Gautam Corporate Office :4th Floor, Godrej Coliseum, Budh Nagar, Noida, (UP) - 201301 Somaiya Hospital Road, Off Eastern Express Phone: +91-120-4452000 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 1 of 5 4. CARE Ratings Ltd. reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year. 5. CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE Ratings Ltd. warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE Ratings Ltd. so as to enable it to carry out continuous monitoring of the rating of the bank facilities, CARE Ratings Ltd. shall carry out the review on the basis of best available information throughout the life time of such bank facilities. In such cases the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE Ratings Ltd. shall also be entitled to publicize/disseminate all the afore- mentioned rating actions in any manner considered appropriate by it, without reference to you. 6. Our ratings do not take into account the sovereign risk, if any, attached to the foreign currency loans, and the ratings are applicable only to the rupee equivalent of these loans. 7. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades. 8. Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating. 9. CARE Ratings Ltd. ratings are not recommendations to sanction, renew, disburse or recall the concerned bank facilities. If you need any clarification, you are welcome to approach us in this regard. Thanking you, Yours faithfully, Rohit Bhatia Sachin Mathur Lead Analyst Director rohit.bhatia@careedge.in sachin.mathur@careedge.in Encl.: As above CARE Ratings Limited Plot no. C-001 A/2 Sector 16B, Berger Tower, Gautam Corporate Office :4th Floor, Godrej Coliseum, Budh Nagar, Noida, (UP) - 201301 Somaiya Hospital Road, Off Eastern Express Phone: +91-120-4452000 Highway, Sion (E), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691 Page 2 of 5 Disclaimer This disclaimer pertains to the ratings issued and content published by CARE Ratings Limited (“CareEdge Ratings”). Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. Any opinions expressed herein are in good faith and are subject to change without notice. The rating reflects the opinions as on the date of the rating. A rating does not convey suitability or price for the investor. The rating agency does not conduct an audit on the rated entity or an independent verification of any information it receives and/or relies on for the rating exercise. CareEdge Ratings has based its ratings/outlook on the information obtained from reliable and credible sources. CareEdge Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use of such information. The users of the rating should rely on their own judgment and may take professional advice while using the rating in any way. CareEdge Ratings shall not be liable for any losses that user may incur or any financial liability whatsoever to the user of the rating. The use or access of the rating does not create a client relationship between CareEdge Ratings and the user. CAREEDGE RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON- INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. Most entities whose bank facilities/instruments are rated by CareEdge Ratings have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CareEdge Ratings or its subsidiaries/associates may also be involved with other commercial transactions with the entity. CareE [Showing first 8,000 characters — download PDF for full document]