* 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 downgraded the long-term rating to ‘ACUITE B’ (read as ACUITE B) from 'ACUITE B+' (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 13.50 crore bank facilities of Quadragen Vet Health Private Limited (QVHPL) 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
Quadragen Vet Health Private Limited (QVHPL), a Karnataka-based company established in 2010 is engaged in the manufacturing of animal health and nutrition products such as feed ingredients, feed additives, vitamins, mineral premixes among others. QVPL caters to three segments: poultry and swine, pets and dairy. The company markets to 22 countries across the globe. Recently, it acquired a 100-per-cent stake in Karnataka Nutraceutical India Ltd, which is into a similar line of business. Karnataka Nutraceuticals India Limited (KNIL), established in 2005 is engaged in the manufacturing of pharmaceutical and animal healthcare specialty products. The company mainly manufactures Halquinol B.P-80 and its range of products. The Directors of both companies, Mr. C. Gopalaswamy, Mr. Lakshmikanth Yadav & Dr. Rajeevalochan Dinamani have more than two decades of experience in the said line of business. The Quadragen Group (QG) consists of two companies, Quadragen Vet Health Private Limited (QVPL) and Karnataka Nutraceuticals India Limited (KNIL).
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 A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Bank Guarantee (BLR)
Short Term
1.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Letter of Credit
Short Term
3.50
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
4.50
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
10 Jan 2024
PC/PCFC
Short Term
4.50
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR)
Short Term
1.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Letter of Credit
Short Term
3.50
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
4.50
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
* 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.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.50
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
State Bank of India
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
3.50
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.50
Simple
ACUITE A4 | Reaffirmed | 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.
