SMS Pharmaceuticals gets rating revision from CARE for bank facilities

SMS Pharmaceuticals has received revised rating from credit rating agency, CARE. The rating agency has revised BBB+ rating from A- earlier for Rs 171 crore long term bank facilities of the company. The rating agency has also revised the company’s short term bank facilities worth Rs 47.56 crore to A3 from A2.

The company has received the said rating due to deterioration in sales and profitability margins during FY12 coupled with stoppage in receipt of regulatory approvals for its new units.

SMS Pharmaceuticals is engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs) and its intermediates. The company has six manufacturing facilities and two R&D facilities located in Andhra Pradesh.