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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 300.00 | Not Applicable | Withdrawn | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 300.00 | - | - |
| Rating Rationale |
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Acuité has withdrawn the long term rating on the issue of non-convertible debentures of Rs.300.00 Cr. of Aditya Medisales Limited (AML). The rating has been withdrawn on account of the request received from the company along with redemption certificate as per Acuité policy on withdrawal of ratings. |
| About the Company |
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Mumbai based - Aditya Medisales Limited (AML) was Incorporated in 1990 and was initially engaged as a distributor of Sun Pharmaceutical Industries Limited & its subsidiary Sun Pharma Laboratories Limited for domestic formulations products in India. Later in June 2019, AML has discontinued the distribution business for SPIL and is now engaged in investing activity and trading of construction materials. AML has been catergorised as a promoter entity as per the disclosures on the stock exchanges. Sun Pharmaceutical Industries Limited (SPIL) is promoted by Mr. Dilip Shanghvi, the company is one of the leading Pharmaceutical companies in India which was incorporated in 1993. It has a product portfolio of over 2000 products with presence over 100 countries. The company is listed on BSE and NSE with a market capitalization of more than Rs. 2.4 Lakh Cr. as on February 08, 2023. The promoter, Mr. Dilip Shanghvi along with his family and investment companies (“Promoter Group”) hold ~54.48 per cent stake in SPIL as on 31 December 2022.
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| Analytical Approach |
| Not Applicable |
Key Rating Drivers
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| Rating Sensitivities |
| Not Applicable |
| Material covenants |
| Not Applicable |
| Liquidity Position: |
| Not Applicable |
| Outlook: |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 289.56 | 213.86 |
| PAT | Rs. Cr. | 29.32 | 3.92 |
| PAT Margin | (%) | 10.12 | 1.83 |
| Total Debt/Tangible Net Worth | Times | 0.35 | 0.62 |
| PBDIT/Interest | Times | 1.27 | 1.12 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuité's categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
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