Hyderabad based ­Crescent Formulations, a proprietorship concern, was promoted by Mr. Shaik Jainimiya in 1997. Later, the same was converted into a private limited company in 2010. Mr. Jainimiya started his career as a medical representative in 1986 before becoming an entrepreneur. Crescent follows the loan-licensing model for manufacturing of its products. Currently, Crescent is outsourcing from two units - Crescent Therapeutics Limited based out of Solan (Himachal Pradesh) and Suraksha Pharma Private Limited based at Hyderabad. It has nine carryings and forwarding (C&F) agents for marketing and distribution of their products through stockists across Andhra Pradesh, Telangana, Tamil Nadu, Kerala, Karnataka, Maharashtra, and Orissa. All the products are generic drugs only. Presently, Crescent has a product base of about 70 formulations and is waiting for approvals on about 30 products. All the products are prescriptive in nature. They have presence in about 10 therapeutic segments like Neurology, Psychiatry, Ortho, Arthritis, Nutraceutical, Gastro, and General, among others. The drugs are sold under the brand name ‘Crescent’. Its major focus is on Neuro, Psychiatry and Ortho drugs.

­­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
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.

­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 endeavored 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.

­No information provided by the issuer / available for Acuite to comment upon.

­Not Applicable

­No information provided by the issuer / available for Acuite to comment upon.

­Not Applicable

­Not Applicable

­Not Applicable

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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.