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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 25.50 | ACUITE B- | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 25.50 | - | - |
| Rating Rationale |
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Acuité has reaffirmed and withdrawn the long-term rating of 'ACUITE B-' (read as ACUITE B minus) on the Rs.25.50 crore bank facilities of Premium Serums and Vaccines Private Limited (PSVPL). The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating.
The rating has been withdrawn on account of the request received from the company and NOC received from the banker. The rating is now indicative rating and based on the best available information. |
| About the Company |
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Premium Serums & Vaccines Private Limited (PSVP), based out at Mumbai is established in 2009 by Dr. Shyam Dhawan and Dr. Girish Kolwankar. The company is engaged in manufacturing intermediaries such as anti-snake venom serum, plasma and anti-rabies serum at Narayangaon (Maharashtra). The company has set up a manufacturing unit for vials (forward integration) resulting in the production capacity of 10 lakh vials per annum. Its process is WHO-GMP certified.
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| 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 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 |
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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.
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| Rating Sensitivities |
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No information provided by the issuer/ available for Acuité to comment upon.
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| Material Covenants |
| None |
| Liquidity Position |
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No information provided by the issuer/ available for Acuité to comment upon.
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| Outlook |
| Not applicable |
| Key Financials: |
| The entity has not shared the latest financial statement for Acuite to comment. |
| Status of non-cooperation with previous CRA |
| Not applicable |
| 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 |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on Complexity Levels of the Rated Instrument |
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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.
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