|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 10.00 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding | 10.00 | - | - |
|
Rating Rationale |
|
Acuite has reaffirmed the long-term rating of ‘ACUITE B +’ (read as ACUITE B plus) on the Rs.10 crore bank facilities of Aeon Formulations Private Limited (AFPL). This rating is now an indicative rating and is based on best available information.
|
| About the Company |
|
Aeon Formulations Private Limited (AFPL), Tamil Nadu-based company was incorporated in the year 2008 by Mr. A P Vaitheeswaran and Mr. H D Vora. AFPL is engaged in manufacturing of pharmaceutical formulations such as tablets, capsules and dry powder sachets. AFPL has facility located in Puducherry with installed capacity to manufacture 35 Cr. tablets, 20 Cr. capsules and 27 Cr. of dry powder sachets per year.
|
| Unsupported Rating |
| Not Applicable |
| Non-cooperation by the issuer/borrower |
|
The team had sent repeated reminders to the Company for latest information; however, despite multiple requests; the Company’s management has not sent the required documents and are yet to submit the final latest documents for assigning the rating. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is therefore being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
|
| Limitation regarding information availability |
|
The rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower). Acuité endeavoured to gather information about the entity / industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
|
| Rating Sensitivities |
|
No information provided by the issuer / available for Acuite to comment upon.
|
| Liquidity Position |
|
No information provided by the issuer / available for Acuite to comment upon
|
| Outlook |
|
Not Applicable
|
| Other Factors affecting Rating |
|
None
|
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 36.95 | 34.77 |
| PAT | Rs. Cr. | 0.61 | 0.66 |
| PAT Margin | (%) | 1.66 | 1.90 |
| Total Debt/Tangible Net Worth | Times | 3.90 | 5.97 |
| PBDIT/Interest | Times | 2.55 | 3.23 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
|
None
|
| Applicable Criteria |
|
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on Complexity Levels of the Rated Instrument |
|
In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ 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
|
|
| |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Contacts |
|
|
|
About Acuité Ratings & Research |
