Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Parenteral Drugs’ long term bank facilities worth Rs 416.91 crore to ‘D’ from ‘B+’. The rating agency has also revised rating of company’s Long/Short-term bank facilities worth Rs 35 crore to ‘D/D’ from ‘B+/A4’.
The revision in the ratings of bank facilities of Parenteral Drugs (India) (PDIL) takes into account the ongoing delays in debt servicing of its rated bank facilities on account of its weak liquidity arising out of lower capacity utilization and high debt levels resulting into cash losses.
PDIL is a manufacturer of Intravenous Fluid (IVF), one of the basic pharmaceutical compounds. The manufacturing facilities of PDIL are located at Indore in Madhya Pradesh and Baddi in Himachal Pradesh.
