Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Elder Pharmaceuticals’ long term bank facilities (Term Loans) worth Rs 166.05 crore to BBB- from BBB+, short-term bank facilities (Term Loan) worth Rs 93 crore to A3 from A2+, long-term / short-term bank facilities (Fund-based WC limits) worth Rs 261 crore to BBB-/A3 from BBB+/A2+, short-term bank facilities (Non-fund Based WC Limits) worth Rs 91 crore to A3 from A2+ and short-term non-fund based - SBLC worth Rs 94 crore to A3 from A2+
The revision in the ratings assigned to the facilities of (EPL) takes into account its stretched liquidity position and increased propensity towards borrowed funds for working capital requirements.
Elder Pharmaceuticals (EPL) has around six manufacturing units in India, all as per international standards. Post increasing its stake in Elder Biomeda AD and Neutrahealth PLC, EPL also has access to the manufacturing units of these companies in Bulgaria and Birmingham, UK respectively coupled with distribution network and brands of the same.
