* 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 short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 62.00 crore bank facilities of Vivek Pharmachem India Limited (VPIL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Vivek Pharmachem India Limited (VPIL) was established in 1975 as a partnership firm under the name ‘Vivek Pharmaceuticals’. Later, the company was converted to Private Limited in 1990 and in 1993, reconstituted to closely held public limited company. VPIL is a Jaipur based company promoted by Mr. Kuldeep Gupta and family. It is engaged in manufacturing of pharmaceutical formulations such as capsules and tablets, liquid orals and ointments. The company sells its products in India. It is ISO 9001:2008 certified company. VPIL is also engaged in power generation. The company has 9 windmills and 1 solar plant having total installed capacity of 14.25 Mega Watt (MW).
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
15.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
30.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Term Loan
Long Term
11.64
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Proposed Long Term Bank Facility
Long Term
0.36
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
11 Dec 2023
Letter of Credit
Short Term
5.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR)
Short Term
15.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
30.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
11.64
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility
Long Term
0.36
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
Bank Of Baroda
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank Of Baroda
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
30.00
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Bank Of Baroda
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.36
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Bank Of Baroda
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
11.64
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* 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.
