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CRISIL has downgraded its ratings on the bank facilities of Aanjaneya Biotech Pvt Ltd (Aanjaneya) to ‘D’ from ‘B+/Stable’. The downgrade reflects delays by Aanjaneya in repayment of its term loan obligations because of strained liquidity caused by increase in debtor and inventory levels.
About the Company
Aanjaneya was set up in 2006 by Mr. K V Vishwanathan and his son Mr. Kannan Vishwanath for manufacturing anti-malarial active pharmaceutical ingredients (APIs) from natural extracts. The company commenced commercial production at its facility at Mahad (Maharashtra) in October 2008. Aanjaneya extracts anti-malarial APIs such as quinine sulphate and quinine hydrochloride from the bark of cinchona ledgeriana trees. The promoters had earlier set up Benzochem LifeSciences Pvt Ltd in 1978 for manufacturing basic chemicals and bulk drugs, which they sold to Arch Pharmalabs Ltd in 2008. Aanjaneya reported a profit after tax (PAT) of Rs. 52 million on net sales of Rs.901 million in 2008-09 (refers to financial year, April 1 to March 31) as against a PAT of Rs.23 million on net sales of Rs.219 million in the previous year.
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CRISIL Rating Desk
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Mitu Samar
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Tanuja Abhinandan
Market Development & Communications
CRISIL Limited
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Pawan Agrawal
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Email: pagrawal@crisil.com
Sudip Sural
Head - CRISIL Ratings
Tel: +91-11-4250 5100
Email: ssural@crisil.com
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