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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.00 | ACUITE BB- | Downgraded | Issuer not co-operating* | - |
| Total Outstanding | 15.00 | - | - |
| Total Withdrawn | 0.00 | - | - |
| * The issuer did not co-operate; based on best available information. | |||
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Rating Rationale |
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Acuité has downgraded the long-term rating to 'ACUITE BB-' (read as ACUITE double B minus) from ‘ACUITE BB’ (read as ACUITE double B) on the Rs. 15.00 crore bank facilities of Hi Tech Pharmaceuticals Private Limited (HPPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information. |
| About the Company |
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HPPL is a Hyderabad based company incorporated in August 1985. The company is promoted by Mrs. Penumatsa Sarala Devi who was the Managing director and Mr. Bollu Vamsi Krishna as the other director. After the resignation of both the directors, Mr. Suresh babu chava who is the present Managing director and is involved in the day-to-day operations of the company has taken over the ownership of the company as on February, 2021 along with other directors. The other directors include Mrs. Sravani priya chava and Mr. Santosh Kumar. The company is engaged in the manufacture of pharmaceutical products like, generic syrups, capsules, tablets, liquid oral formulations, antibiotics and other syrups and suspensions for human treatment. |
| Unsupported Rating |
| Not Applicable |
| Non-cooperation by the issuer/borrower: |
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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 |
| "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 |
| Not Applicable |
| Particulars | Unit | FY 20 (Actual) | FY 19 (Actual) |
| Operating Income | Rs. Cr. | 58.06 | 55.50 |
| PAT | Rs. Cr. | 0.81 | 0.78 |
| PAT Margin | (%) | 1.40 | 1.41 |
| Total Debt/Tangible Net Worth | Times | 1.68 | 2.67 |
| PBDIT/Interest | Times | 1.69 | 1.81 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Complexity Level Of Financial Instruments: https://www.acuite.in/view-rating-criteria-55.htm |
| Note on complexity levels of the rated instrument |
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| * The issuer did not co-operate; based on best available information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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