December 19, 2014
Suven Life Sciences Limited
Ratings Suspended
Total Bank Loan Facilities Rated Rs.1272.7 Million
Long Term Rating Suspended
Short Term Rating Suspended
(Refer to Annexure 1 for Facility-wise details)

CRISIL has suspended its ratings on the bank facilities of Suven Life Sciences Ltd (Suven). The suspension of ratings is on account of non-cooperation by Suven with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Suven is yet to provide adequate information to enable CRISIL to assess Suven'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

Incorporated in 1989, Suven is primarily engaged in the pharmaceutical CRAMS business, which accounts for around 85 per cent of the company's revenues. Suven also provides research support services to innovator pharmaceutical companies, and is engaged in discovering and developing NCEs; most of Suven's NCE research focuses on the central nervous system (CNS) segment.

Annexure 1 - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Million) Rating Facility Amount (Rs.Million) Rating
Bank Guarantee 25 Suspended Bank Guarantee 25 CRISIL A4+
Cash Credit* 280 Suspended Cash Credit* 280 CRISIL BB+/Stable
Letter of Credit 120 Suspended Letter of Credit 120 CRISIL A4+
Proposed Long Term Bank Loan Facility 103 Suspended Proposed Long Term Bank Loan Facility 103 CRISIL BB+/Stable
Term Loan 744.7 Suspended Term Loan 744.7 CRISIL BB+/Stable
Total 1272.7 -- Total 1272.7 --
*Fully interchangeable with Post Shipment Credit & Pre-Shipment Credit   
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December 19, 2014