October 01, 2013

Mumbai

Nutraplus Products (India) Limited

Rating Suspended

Total Bank Loan Facilities Rated	Rs.220 Million
Long -Term Rating	Suspended

(Refer to Annexure 1 for details on facilities)

CRISIL has suspended its rating on the bank facilities of Nutraplus Products (India) Limited (Nutraplus). The suspension of ratings is on account of non-cooperation by Nutraplus with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Nutraplus is yet to provide adequate information to enable CRISIL to assess Nutraplus’s ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria ‘Information Availability Risk in Credit Ratings’

About the company

Nutraplus is engaged in manufacturing of bulk drug intermediates that has application in manufacturing of formulation of analgesic (painkiller) and anti-rheumatic drugs. In addition, it also undertakes contract manufacturing for two pharmaceutical companies. The company was incorporated as private limited company in 1990 and started its operations in 1994. The company came up with public issue and was converted to a public limited company in 1995. The present product portfolio of the company includes Meta Bromo Anisole (MBA), Nimesulide (NS) and N bromosuccinimide. Nutraplus has plans to increase the installed capacity for NS from 100 tonnes per annum (tpa) to 480 tpa, for MBA from 600 tpa to 900 tpa and forward integrate by establishing facilities for tramadol production (uses MBA as raw material). The project is expected to be started from September and is likely to be completed by March 2012.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Cash Credit	45	Suspended	Cash Credit	45	CRISIL BB+/Stable
Proposed Long-Term Bank Loan Facility	123	Suspended	Proposed Long-Term Bank Loan Facility	123	CRISIL BB+/Stable
Term Loan	52	Suspended	Term Loan	52	CRISIL BB+/Stable
Total	220	--	Total	220	--

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Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818 Mobile: +91- 98192 48980 Email:tanuja.abhinandan@crisil.com Jyoti Parmar Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1835 E-mail: jyoti.parmar@crisil.com	Vasudevan R Director - CRISIL Ratings Tel: +91-44-6656 3100 Email:vasudevan.r@crisil.com	Timings: 10.00 am to 7.00 pm Toll free number: 1800 267 1301 Email:CRISILratingdesk@crisil.com

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Last updated: May, 2013

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October 01, 2013	http://www.crisil.com