ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*
-
RBI
Total Outstanding
0.00
0.00
-
-
-
Total Withdrawn
0.00
55.00
-
-
-
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 55.00 Cr. bank facilities of Formel Labs Private Limited (FLPL). The rating is being withdrawn on account of request received from the issuer and NOC (No Objection Certificate) received from the lender.
The rating withdrawal is in accordance with the Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Formel Labs Private Limited (FLPL) was incorporated in June 2020 and is promoted by Mrs. D. Anitha, Mr. T. Ravi Prasad and their family members. The company has been established to manufacture key intermediates for Active Pharmaceutical Ingredients (APIs), including intermediates for Gefitinib and Famciclovir. FLPL is currently setting up a greenfield manufacturing facility at the Kadechur and Badiyal Industrial Area, Yadgir district, Karnataka, with a proposed annual installed capacity of 82,000 KL.Upon commencement of operations, FLPL is expected to cater to the pharmaceutical industry through the manufacture of API intermediates.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower:
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.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB- | Stable)
21 Aug 2024
Term Loan
Long Term
55.00
ACUITE BB- | Stable
(Reaffirmed)
24 May 2023
Term Loan
Long Term
50.00
ACUITE BB- | Stable
(Reaffirmed)
Term Loan
Long Term
5.00
ACUITE BB- | Stable
(Assigned)
16 Feb 2023
Term Loan
Long Term
50.00
ACUITE BB- | Stable
(Assigned)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
15 Jul 2023
Not avl. / Not appl.
15 Nov 2030
55.00
Simple
ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
