By Venu Kumar Konda

India Ratings and Research (Ind-Ra) has migrated Srikar Laboratories Private Limited’s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as ‘IND D (ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating actions are given below:

Instrument Type

Date of Issuance

Coupon Rate (%)

Maturity Date

Size of Issue (million)

Rating

Rating Action

Fund-based working capital limits (Long-term)

-

-

-

INR37.5

IND D(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Term loans (Long-term)

-

-

March 2020

INR53.1

IND D(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 26 March 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on 23 February 2011, Srikar Laboratories Private Limited manufactures bulk drugs, and active pharmaceutical ingredients and its intermediates at its manufacturing plant located in JN Pharma City, Vizag, Andhra Pradesh. SLPL has an operating track record of about a decade and its promoters have more than two decades of experience in the pharmaceutical industry.


RATING HISTORY

Instrument Type

Current Rating/Outlook

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

26 March 2019

Issuer rating

Long-term

-

IND D(ISSUER NOT COOPERATING)

IND D

Fund-based working capital limits

Long-term

INR37.5

IND D(ISSUER NOT COOPERATING)

IND D

Term loans

Long-term

INR53.1

IND D(ISSUER NOT COOPERATING)

IND D


COMPLEXITY LEVEL OF INSTRUMENTS

For details on the complexity level of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

DISCLAIMER

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Applicable Criteria

Analyst Names

  • Primary Analyst

    Venu Kumar Konda

    Analyst
    India Ratings and Research Pvt Ltd 6-3-339, Ozone Complex, 1st Floor Punjagutta Main Road Hyderabad 500082

    Media Relation

    Ankur Dahiya

    Manager – Corporate Communication
    +91 22 40356121