Care downgrades rating of Parenteral Drugs’ bank facilities

05 Jul 2011 Evaluate

Credit rating agency, CARE has downgraded Rs 263.57 crore long term bank facilities of Parenteral Drugs (India) to ‘BBB-’ from ‘BBB+’. The rating agency has also downgraded Rs 45 crore short term bank facilities of the company to ‘A3’ from ‘A2’.

The revision in the ratings takes into account the recent investigations related to supply of contaminated IV fluids manufactured by the company which had an adverse impact on the company’s operations and financial profile.

Parenteral Drugs is one of the largest manufacturers of Intravenous (IV) Fluids in India. Its two wholly-owned subsidiaries, Punjab Formulations (Rated: CARE BBB-; PR3) and Goa Formulations (GFL; Rated CARE BBB-(SO); PR3 (SO) are also into manufacturing of IV Fluids. The group has a combined IV Fluid capacity of 3,300 lakh units/year and its facilities are located in Indore, Jalandhar and Goa.

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