Associated Alcohols & Breweries Ltd — Capital/Financing Update 2025

Oct 31, 2025

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Associated Alcohols & Breweries Limited

31[st] October 2025

To,

The Department of Corporate Services BSE Limited PJ Tower, Dalal Street, Mumbai – 400 001 Scrip Code: 507526

To, The Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, G Block Bandra Kurla Complex, Mumbai – 400 051 NSE Symbol: ASALCBR

SUB: Review of Crisil Ratings on the bank facilities

Dear Sir/Madam,

Please find attached the rating update issued by Crisil.

You are requested to note that Rating is upgrade from A-Stable to A-Positive. 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.

Crisil Ratings on the ratings as on date.
Total Bank Loan Facilities Rated	Rs.160 Crore
Long Term Rating	Crisil A-/Positive (Outlook revised from 'Stable'; Rating Reaffirmed)
Short Term Rating	Crisil A2+(Reaffirmed)

You are requested to take the above on your record.

Thanking you.

Yours Faithfully,

For Associated Alcohols & Breweries Limited

ABHINA Digitally signed by ABHINAV V MATHUR Date: 2025.10.31 MATHUR 18:55:41 +05'30' Abhinav Mathur Company Secretary & Compliance Officer

Registered /Corporate Office: 4[th] Floor, BPK Star Tower, A.B. Road, Indore – 452008 (M.P.) India Contact No. + 91 731 4780400/490 | E-mail: info@aabl.in | CIN: L15520MP1989PLC049380

Plant: Khodigram, Tehsil Barwaha, Distt. Khargone – 451115 (M.P.)

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CONFIDENTIAL

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RL/ASALCHB/381693/BLR/1025/132535 October 31, 2025

Mr. Tushar Bhandari

Chief Financial Officer

Associated Alcohols and Breweries Limited

4th Floor, BPK Star Tower, A. B. Road, Indore - 452008 9826368880

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Dear Mr. Tushar Bhandari,

Re: Review of Crisil Ratings on the bank facilities of Associated Alcohols and Breweries 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.160Crore
Long Term Rating	Crisil A-/Positive(Outlook revised from 'Stable'; Rating Reaffirmed)
Short Term Rating	Crisil A2+(Reaffirmed)

(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.

This letter will remain valid till March 31, 2026. After this date, please insist for a new rating letter (dated later than March 31, 2026).

Should you require any clarification, please feel free to get in touch with us.

With warm regards,

Yours sincerely,

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Gaurav Arora

Associate Director - Crisil Ratings

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Nivedita Shibu Director - Crisil Ratings

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

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Annexure 1 - Bank-wise details of various facility classes (outstanding facilities)

S.No.	Bank Facility	Bank	Amount (Rs. inCrore)	Outstanding Rating
1	BankGuarantee	IDBI Bank Limited	13	Crisil A2+
2	BankGuarantee	Axis Bank Limited	20	Crisil A2+
3	BankGuarantee	HDFCBank Limited	5	Crisil A2+
4	BankGuarantee	Kotak Mahindra Bank Limited	22	Crisil A2+
5	CashCredit	IDBI Bank Limited	5	Crisil A-/Positive
6	CashCredit	Kotak Mahindra Bank Limited	20	Crisil A-/Positive
7	CashCredit	HDFCBank Limited	15	Crisil A-/Positive
8	CashCredit	Axis Bank Limited	10	Crisil A-/Positive
9	Term Loan	HDFCBank Limited	50	Crisil A-/Positive
	Total		160

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

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