Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 2.68 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 2.86 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 5.54 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B Plus) and the short-term rating of ‘ACUITE A4’ (read as ACUITE A Four) on the Rs. 5.54 Cr bank facilities of iLife Medical Devices Private Limited (IMPL).The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company
IMPL, incorporated in 2007, is a New Delhi based commenced commercial production of Intravenous (IV) cannula and threeway stop cock from August 2009. IMPL is engaged in manufacturing of medical disposables like intravenous (IV) cannula and three way stop cock under the brand name “one plus” and “one flon” The company is headed by Mr. Tushar Anand, Mr. Pradeep Anand and Mr. Kartik Palta. The Directors are ably supported by a team of professionals.
 
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 noncooperation 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 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.
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest financial statements despite repeated requests.
 
Rating Sensitivity
­"No information provided by the issuer / available for Acuite to comment upon."
 
Material Covenants
­None.
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable.
 
Status of non-cooperation with previous CRA
­None
 
Any other information
­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
Applicable Criteria
• 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
Note on Complexity Levels of the Rated Instrument
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 Jul 2021 Term Loan Long Term 0.72 ACUITE B+ (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.29 ACUITE B+ (Downgraded and Issuer not co-operating*)
Packing Credit Short Term 1.68 ACUITE A4 (Downgraded and Issuer not co-operating*)
Bills Discounting Short Term 1.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 0.55 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 0.30 ACUITE B+ (Downgraded and Issuer not co-operating*)
29 Apr 2020 Term Loan Long Term 0.72 ACUITE BB- (Issuer not co-operating*)
Packing Credit Short Term 1.68 ACUITE A4+ (Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.29 ACUITE BB- (Issuer not co-operating*)
Term Loan Long Term 0.30 ACUITE BB- (Issuer not co-operating*)
Bills Discounting Short Term 1.00 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 0.55 ACUITE BB- (Issuer not co-operating*)
08 Mar 2019 Term Loan Long Term 0.30 ACUITE BB- (Issuer not co-operating*)
Cash Credit Long Term 0.55 ACUITE BB- (Issuer not co-operating*)
Packing Credit Short Term 1.68 ACUITE A4+ (Issuer not co-operating*)
Term Loan Long Term 0.72 ACUITE BB- (Issuer not co-operating*)
Bills Discounting Short Term 1.00 ACUITE A4+ (Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.29 ACUITE BB- (Issuer not co-operating*)
02 Jan 2018 Term Loan Long Term 0.72 ACUITE BB- (Issuer not co-operating*)
Term Loan Long Term 0.30 ACUITE BB- (Issuer not co-operating*)
Cash Credit Long Term 0.55 ACUITE BB- (Issuer not co-operating*)
Bills Discounting Short Term 1.00 ACUITE A4+ (Issuer not co-operating*)
Packing Credit Short Term 1.68 ACUITE A4+ (Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.29 ACUITE BB- (Issuer not co-operating*)
12 Dec 2016 Term Loan Long Term 0.72 ACUITE BB- | Stable (Reaffirmed)
Term Loan Long Term 0.30 ACUITE BB- | Stable (Reaffirmed)
Cash Credit Long Term 0.55 ACUITE BB- | Stable (Reaffirmed)
Proposed Long Term Loan Long Term 1.29 ACUITE BB- | Stable (Reaffirmed)
Bills Discounting Short Term 1.00 ACUITE A4+ (Reaffirmed)
Packing Credit Short Term 1.68 ACUITE A4+ (Reaffirmed)
10 Sep 2015 Term Loan Long Term 0.98 ACUITE BB- | Stable (Assigned)
Term Loan Long Term 0.45 ACUITE BB- | Stable (Assigned)
Post Shipment Credit Short Term 1.00 ACUITE A4+ (Assigned)
Packing Credit Short Term 1.38 ACUITE A4+ (Assigned)
Cash Credit Long Term 0.55 ACUITE BB- | Stable (Assigned)
Proposed Long Term Loan Long Term 1.18 ACUITE BB- | Stable (Assigned)
06 Jul 2015 Term Loan Long Term 1.77 ACUITE B+ | Stable (Suspended)
Term Loan Long Term 0.84 ACUITE B+ | Stable (Suspended)
Cash Credit Long Term 0.55 ACUITE B+ | Stable (Suspended)
Post Shipment Credit Short Term 1.00 ACUITE A4 (Suspended)
Packing Credit Short Term 1.38 ACUITE A4 (Suspended)
01 Apr 2014 Term Loan Long Term 1.77 ACUITE B+ | Stable (Assigned)
Term Loan Long Term 0.84 ACUITE B+ | Stable (Assigned)
Cash Credit Long Term 0.55 ACUITE B+ | Stable (Assigned)
Packing Credit Short Term 1.38 ACUITE A4 (Assigned)
Post Shipment Credit Short Term 1.00 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Union Bank of India Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 1.00 ACUITE A4 | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 0.55 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 1.68 ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 1.29 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 0.72 ACUITE B+ | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 0.30 ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research
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