Credit rating agency, CARE has assigned ‘D’ rating to Sterling Biotech’s long-term bank facilities worth Rs 3768 crore. The rating agency has also assigned ‘D’ rating to the company’s short-term bank facilities worth Rs 69.68 crore. The ratings reflect on-going delays in servicing of interest and default in repayment of debt obligation by the company on account of its weakened liquidity position.
Sterling Biotech is mainly engaged in the manufacturing of pharmaceutical grade gelatin, which has wide range of applications such as capsules, tablets, etc. It is one of the leading manufacturers of pharmaceutical grade gelatin in India with good presence in USA, which is the largest market for Pharmaceuticals.
