RATING RATIONALE
04Aug2023

Vimta Labs Ltd.

Brickwork Ratings downgrades and withdraws the ratings for the Bank Loan Facilities of Rs. 54.08 Crs. of Vimta Labs Ltd.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(30 Nov 2022)
Present
Fund Based 51.72 48.30 Long Term BWR A/Stable
Reaffirmation
BWR A - /Stable
Downgrade/Withdrawal
(15.00) (15.00)
(15.00) (15.00)
(10.00) (10.00)
Non Fund Based 5.78 5.78 Short Term BWR A1
Reaffirmation
BWR A2 +
Downgrade/Withdrawal
(2.00) (2.00)
(2.00) (2.00)
Grand Total 57.50 54.08 (Rupees Fifty Four Crores and Eight lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) has downgraded and simultaneously withdrawn the bank loan ratings based on the request of Vimta Labs Ltd. for rating withdrawal and No Objection Certificates from the lenders. Hence, in accordance with extant regulatory guidelines and BWR Rating Withdrawal Policy, the ratings for the bank loan facilities amounting to Rs. 54.08 Crs. of Vimta Labs Ltd. are downgraded and simultaneously withdrawn.

ABOUT THE ENTITY

Vimta Labs Ltd, incorporated in November 1990 in Hyderabad, is engaged in the business of testing and contract research in the areas of analytical testing of food and water, drugs, environment testing, clinical research and clinical reference testing (diagnostics), biopharmaceutical testing, pre-clinical studies and testing services for electronic and electrical products. The company is cGMP, GLP and GCP - compliant and is an established market leader in contract testing and analytical R&D services. Vimta Lab's laboratory built up area is of ~400,000 sq.ft. It has a network of 20 laboratories, including 03 environment branches, 09 clinical diagnostics branch / satellite lab, and 08 food branch labs in India. Emtac Laboratories Pvt. Ltd (Emtac), engaged in the electrical/electronic safety testing business, is the wholly owned subsidiary of Vimta Labs. The company's equity shares are listed on the NSE and BSE.

On a standalone basis in FY23, the company's revenue and PAT were at Rs. 315.12 Crs. and Rs. 47.30 Crs., respectively. In Q1FY24 (unaudited - standalone), the company's revenue and PAT were at Rs. 82.19 Crs. and Rs. 11.63 Crs., respectively.

The company is promoted by Dr. S. P. Vasireddi (Founder, Non-executive Chairman) and Mr. V. Harriman (Co-founder, Executive Director – Operations). Ms. Harita Vasireddi is the Managing Director.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Nil

ANY OTHER INFORMATION

Nil

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2023) 2022 2021 2020
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 48.30
BWR A-/Stable
(Downgrade/Withdrawal)
04Feb2022
BWR AStable
(Upgrade)
04Aug2021
BWR A- Negative to Stable
(Reaffirmation and change in Outlook)
25Jun2020
BWR A- Stable to Negative
(Reaffirmation and change in Outlook)
0.00
NA
30Nov2022
BWR AStable
(Reaffirmation)
NA
NA
06Nov2020
BWR A- Negative
(Reaffirmation)
FB SubLimit LT (15.00)
BWR A-/Stable
(Downgrade/Withdrawal)
04Feb2022
BWR AStable
(Upgrade)
NA
NA
NA
NA
(0.00)
NA
30Nov2022
BWR A Stable
(Reaffirmation)
NA
NA
NA
NA
(15.00)
BWR A-/Stable
(Downgrade/Withdrawal)
04Feb2022
BWR A Stable
(Upgrade)
NA
NA
NA
NA
(0.00)
NA
30Nov2022
BWR AStable
(Reaffirmation)
NA
NA
NA
NA
(10.00)
BWR A-/Stable
(Downgrade/Withdrawal)
4Feb2022
BWR A Stable (Upgrade)
NA
NA
NA
NA
(0.00)
NA
30Nov2022
BWR A (Reaffirmation)
NA
NA
NA
NA
Non Fund Based ST 5.78
BWR A2+
(Downgrade/Withdrawal)
04Feb2022
BWR A1
(Upgrade)
04Aug2021
BWR A2+
(Reaffirmation)
25Jun2020
BWR A2+
(Reaffirmation)
0.00
NA
30Nov2022
BWR A1
(Reaffirmation)
NA
NA
06Nov2020
BWR A2+
(Reaffirmation)
NFB SubLimit ST (2.00)
BWR A2+
(Downgrade/Withdrawal)
04Feb2022
BWR A1
(Upgrade)
04Aug2021
BWR A2+
(Reaffirmation)
25Jun2020
BWR A2+
(Reaffirmation)
(0.00)
NA
30Nov2022
BWR A1
(Reaffirmation)
NA
NA
06Nov2020
BWR A2+
(Reaffirmation)
(2.00)
BWR A2+
(Downgrade/Withdrawal)
04Feb2022
BWR A1
(Upgrade)
04Aug2021
BWR A2+
(Reaffirmation)
25Jun2020
BWR A2+
(Reaffirmation)
(0.00)
NA
30Nov2022
BWR A1
(Reaffirmation)
NA
NA
06Nov2020
BWR A2+
(Reaffirmation)
Grand Total 54.08 (Rupees Fifty Four Crores and Eight lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Swarn Saurabh

Assistant Manager - Ratings swarn.s@brickworkratings.com

Saakshi Kanwar

Associate Director - Ratings saakshi.k@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Vimta Labs Ltd.
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Axis Bank Ltd. Term LoanOut-standing 13.30 _ 13.30
2 Axis Bank Ltd. Cash CreditSanctioned 15.00 _ 15.00
Sub-Limit (EPC/RPC/PCFC/RPCFC/FBD/ EBRD) Sanctioned (15.00)
3 Axis Bank Ltd. Loan Equivalent RiskSanctioned _ 0.98 0.98
4 Axis Bank Ltd. BG/LC/ILCSanctioned _ 4.00 4.00
5 HDFC Bank Pre Settlement RiskSanctioned _ 0.80 0.80
6 HDFC Bank Cash CreditSanctioned 15.00 _ 15.00
Sub-Limit (BG) Sanctioned (2.00)
Sub-Limit (LC) Sanctioned (2.00)
Sub-Limit (PCFC/POST SHIPMENT CREDIT) Sanctioned (15.00)
Sub-Limit (WCDL) Sanctioned (10.00)
7 HDFC Bank Term LoanSanctioned 5.00 _ 5.00
Total 48.30 5.78 54.08
TOTAL (Rupees Fifty Four Crores and Eight lakhs Only)
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