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    Balaji Steroids and Hormones 20mar2020

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    ncsoni51473
    Brickwork Ratings downgraded Balaji Steroids And Hormones Pvt. Ltd.'s ratings due to lack of cooperation from the issuer. The issuer did not provide required information for the rating review despite multiple requests. In absence of information, Brickwork is unable to assess the issuer's financial performance and debt servicing ability. The company's bank has also reported irregularities in its loan accounts and confirmed the account is classified as NPA.

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    Balaji Steroids and Hormones 20mar2020

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    ncsoni51473
    8 views4 pages
    Brickwork Ratings downgraded Balaji Steroids And Hormones Pvt. Ltd.'s ratings due to lack of cooperation from the issuer. The issuer did not provide required information for the rating review despite multiple requests. In absence of information, Brickwork is unable to assess the issuer's financial performance and debt servicing ability. The company's bank has also reported irregularities in its loan accounts and confirmed the account is classified as NPA.

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    Balaji-Steroids-And-Hormones-20Mar2020

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    Brickwork Ratings downgraded Balaji Steroids And Hormones Pvt. Ltd.'s ratings due to lack of cooperation from the issuer. The issuer did not provide required information for the rating review despite multiple requests. In absence of information, Brickwork is unable to assess the issuer's financial performance and debt servicing ability. The company's bank has also reported irregularities in its loan accounts and confirmed the account is classified as NPA.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    8 views4 pages

    Balaji Steroids and Hormones 20mar2020

    Uploaded by

    ncsoni51473
    Brickwork Ratings downgraded Balaji Steroids And Hormones Pvt. Ltd.'s ratings due to lack of cooperation from the issuer. The issuer did not provide required information for the rating review despite multiple requests. In absence of information, Brickwork is unable to assess the issuer's financial performance and debt servicing ability. The company's bank has also reported irregularities in its loan accounts and confirmed the account is classified as NPA.

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    © All Rights Reserved
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    Rating Rationale

    Balaji Steroids And Hormones Pvt. Ltd. 20 Mar 2020

    Brickwork Ratings downgrades ​the ratings of Rs. 20.00 Crores Balaji Steroids And
    Hormones Pvt. Ltd. based on best available information, as the issuer did not cooperate.
    Accordingly the rating for the said instrument is as under

    Particulars
    Amount (₹ Cr) Rating*

    Facility Tenure Previous**


    Previous Present Present
    (Feb 2019)

    BWR BB- BWR D


    Fund based Stable [Downgraded]
    Cash Credit 6.65 6.65 Long Term Issuer Not Cooperating*
    Term Loan 13.35 13.35

    Total 20.00 20.00 ₹ Twenty Crores Only


    *Please refer to BWR website ​www.brickworkratings.com/​ for definition of the ratings
    **The rating was migrated to rating not reviewed category in Feb 2020.
    Issuer did not cooperate; based on best available information
    Details of Bank facilities provided in Annexure-I

    RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

    The rating was due for a review in Feb., 2020. BWR took up with the issuer to provide required
    information over emails dated 02.03.2020 and 16.03.2020. Despite the best efforts of BWR to
    get at least the minimum required information for a review, the entity has not provided the same.
    In the absence of adequate information from the issuer/Company, BWR is unable to assess the
    issuer’s/Company’s financial performance and its ability to service its debt and maintain a valid
    rating. The company’s lender has reported irregularities in the conduct of bank loan accounts and
    has confirmed over the call that the said account is classified as NPA.

    Limitations of the rating:

    Information availability risk is a key factor in the assessment of credit risk as generally,
    noncooperation by the rated entities to provide required information for a review of the assigned
    rating may also be accompanied by financial stress.

    1
    COMPANY PROFILE ( As available with BWR in Feb 2019)

    M/s Balaji Steroids & Hormones Pvt Ltd was incorporated on 15th April 2010 at Pithampur,
    Madhya Pradesh. It was formerly known as M/s Maikal Kanya Drugs Pvt Ltd . which was
    formed on 15 th April, 2010. In 2013-14, the name of the company was changed to M/s Maikal
    Kanya Nutrients Pvt Ltd.The company has started its trial production (Sampling) in April 2018
    & will start its commercial activities from Mid of February 2019. The company was promoted by
    Shri Pankaj Lulla & Shri Ashok Kumar Yadav. Later, there were changes in the management &
    on 04th Nov, 2015 the new promoters of the company were Shri Sidharth P Aildasani, Shri
    Akshay P Aildasani.The company will be specializing in the manufacturing and marketing of
    corticosteroids, for the local and foreign market.

    NON-COOPERATION WITH PREVIOUS RATING AGENCY IF ANY:​ NIL

    Rating History

    Instrume Current Rating 2020 Rating History


    nt/ Facili
    ties

    10 Feb 2020 8 Feb 2019 2018 2017


    Bank Rating Not Reviewed
    Loan
    Current Rating

    NA NA
    FB 20.00 BWR D FB 20.0 BWR BB-
    (Downgraded) 0 Stable
    Issuer Not Cooperating* (Assigned)

    *​Issuer did not cooperate; based on best available information

    COMPLEXITY LEVELS OF THE INSTRUMENTS

    For more information, visit ​www.brickworkratings.com/download/ComplexityLevels.pdf

    Hyperlink/Reference to applicable Criteria

    ● General Criteria

    ● Approach to Financial Ratios

    ● What Constitutes Non-Cooperation

    2
    Analytical Contacts Investor and Media Relations

    Ushadevi V Dogra
    Rating Analyst
    +91 22 2831 1439 Ext: 650
    [email protected] Liena Thakur
    Assistant Vice President - Corporate Communications
    Sushil Kumar Chitkara +91 84339 94686
    Associate Director - Ratings [email protected]
    B :+91 22 28 31 1416, + 91 22 2831 1439
    [email protected]

    ANNEXURE I
    Balaji Steroids And Hormones Pvt. Ltd.
    Details of Bank Facilities rated by BWR
    Sl.No. Name of the Type of Facilities Long Short Total
    Bank Term Term [₹ Cr]
    [₹ Cr] [₹ Cr]

    1. Madhya Fund based


    Pradesh Cash Credit 6.65 - 20.00
    Financial Term Loan 13.35
    Corporation,
    Zone II

    TOTAL 20.00

    INR Twenty Crores Only

    For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination
    through your print, digital or electronic media. While it may be used by you acknowledging credit to
    BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from
    what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its
    rationales for consideration or otherwise through any print or electronic or digital media.
    About Brickwork Ratings ​:Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency,
    accredited by RBI and empaneled by NSIC, offers Bank Loan, NCD, Commercial Paper, MSME ratings
    and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. BWR is accredited
    by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. Brickwork
    Ratings has Canara Bank, a leading public sector bank, as its promoter and strategic partner. BWR has its

    3
    corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh,
    Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.
    DISCLAIMER Brickwork Ratings (BWR) has assigned the rating based on the information obtained
    from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable
    steps to avoid any data distortion; however, it does not examine the precision or completeness of the
    information obtained. And hence, the information in this report is presented “as is” without any express or
    implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy
    of any such information. The rating assigned by BWR should be treated as an opinion rather than a
    recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses
    incurred by users from any use of this report or its contents. BWR has the right to change, suspend or
    withdraw the ratings at any time for any reasons

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