Acuité has withdrawn its long-term rating on the Non-Convertible Debentures of Rs. 25.00 Cr. of Genlink Pharma Solutions Private Limited (GPSPL). The Non-Convertible Debentures are withdrawn without assigning any rating as the same has been redeemed.
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The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument. The rating is withdrawn on receipt of withdrawal request from the company and No Dues Certificate (NDC) received from the debenture trustee.
About Company
GPSPL is a Mumbai based company incorporated in 2016 by Mr. Anand Shah and Mr. Susheel Koul. The company is an associate company of Enaltec Labs Private Limited (ELPL) and has acquired 31.34 percent shareholding in ELPL by raising funds through issue of non-convertible debentures.
About the Group
Enaltec Labs Private Limited (ELPL) incorporated in 2006 by its directors Mr. Anand Shah and Mr. Susheel Koul, is research driven Active Pharmaceutical Ingredients (API) manufacturer & supplier set up with the specific objective of providing generic formulators across the world. ELPL has its own manufacturing facilities in Ambernath and Indore. The funds infused by GPSPL were used to acquire majority shareholding stake of 31.34 percent in ELPL by the directors.
Unsupported Rating
Not Applicable
Analytical Approach
Extent of Consolidation
•Full Consolidation
Rationale for Consolidation or Parent / Group / Govt. Support
Not Applicable
Key Rating Drivers
Strengths
Not Applicable
Weaknesses
Not Applicable
Rating Sensitivities
Not Applicable
Liquidity Position
Not Applicable
Outlook: Not Applicable
Other Factors affecting Rating
None
Particulars
Unit
FY 24 (Actual)
FY 23 (Actual)
Operating Income
Rs. Cr.
146.84
127.70
PAT
Rs. Cr.
(20.31)
(23.98)
PAT Margin
(%)
(13.83)
(18.78)
Total Debt/Tangible Net Worth
Times
11.74
4.89
PBDIT/Interest
Times
0.60
(0.57)
Status of non-cooperation with previous CRA (if applicable)
