* 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 plus) from 'ACUITE BB' (read as ACUITE double B) and short term rating to ‘ACUITE A4’ (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.20.50 crore bank facilities of SVR Drugs Private Limited (SVRDPL) 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
SVR Drugs Private Limited (SVRDPL) is a Visakhapatnam based company incorporated in 2010 which is a part of SVR Group. The company is engaged in manufacturing of bulk drug intermediaries and Active Pharmaceutical ingredients (APIs), is promoted by Mr. Nageswara Rao, Mr. K.S Chowdary and Ms. Naga Durga.
About the Group
SVR Laboratories Private Limited (SVRLPL) is a Hyderabad based company incorporated in the year 2003. It is engaged manufacturing of bulk drug intermediaries. SVR Drugs Private Limited (SVRDPL) is a Visakhapatnam based company incorporated in the year 2010. It is engaged in the business of manufacturing of bulk drug intermediaries and Active Pharmaceutical ingredients (APIs). SVRLPL and SVRDPL together referred as SVR Group (SVRG), is promoted by Mr. Nageswara Rao, Mr. K.S Chowdary, Ms. Naga Durga who have more than three decades of experience in the Pharma industry.
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+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
15.00
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
Term Loan
Long Term
3.00
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
15 Feb 2024
Letter of Credit
Short Term
2.50
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
15.00
ACUITE BB+
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
3.00
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
Union Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.00
Simple
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Union Bank of India
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.50
Simple
ACUITE A4 | Downgraded | Issuer not co-operating* ( from ACUITE A4+ )
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
06 May 2021
Not avl. / Not appl.
30 Apr 2025
3.00
Simple
ACUITE B+ | Downgraded | Issuer not co-operating* ( from ACUITE BB )
* 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.
