RATING RATIONALE
10Jul2024

Apple Lifecare (I) Pvt Ltd

Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 5.00 Crs. of Apple Lifecare (I) Pvt Ltd based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(07 Jul 2023)
Present
Fund Based 5.00 5.00 Long Term BWR C
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Grand Total 5.00 5.00 (Rupees Five Crores 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
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

BWR has reaffirmed the long-term rating at BWR C of Apple Lifecare (I) Pvt Ltd. and placed under the 'Issuer Not Cooperate' category based on the best available information as the Issuer did not Cooperate.

BWR had initially assigned a rating of BWR B+ (Stable) for the bank loan facilities as on 16-May-2017. On 04-Jun-2018 the long-term rating was reaffirmed at BWR B+ (Stable). On 03-Mar-2020, the long-term rating was downgraded to BWR C+ and migrated to Issuer not cooperating category. Further on 25-Jun-2021, BWR downgraded the long-term rating to BWR C and continued in Issuer not cooperating category. On 27-Jun-2022 and 07-Jul-2023, BWR reaffirmed the long-term rating at BWR C in continuation under Issuer not cooperating category.

Going forward, BWR tried to consistently contact the issuer to provide the required information over emails but no response has been received from the client. We were unable to reach the banker through mails, the banker feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the Company has not provided the same. In the  absence of adequate information from the Company, BWR is unable to assess the Company's financial performance and its ability to service its debt and maintain a valid rating.

The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lacks any projections or forward-looking component as it is arrived at based on the best available information without any management/banker's interaction.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

Mumbai based Apple Life care Pvt Ltd, incorporated in 2003 ,engaged in doing indenting (brokerage /commission based) business in pharmaceutical business. The company is associated with Anti Aids manufacturer in China, Shanghai Desano Ltd and caters to the Indian formulation companies like Cipla, Ranbaxy, Macleods etc.

(Note: As per information available during Jun 2018)

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2024) 2023 2022 2021
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 5.00
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
07Jul2023
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
27Jun2022
BWR C
(Reaffirmation/ISSUER NOT COOPERATING*)
25Jun2021
BWR C
(Downgrade/ISSUER NOT COOPERATING*)
Grand Total 5.00 (Rupees Five Crores Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Priyanka S

Ratings Analyst priyanka.s@brickworkratings.com

V.K.Kukreja

Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Apple Lifecare (I) Pvt 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.) Complexity of the Instrument
1 Bank of Baroda Term LoanOut-standing 5.00 _ 5.00 Simple**
Total 5.00 0.00 5.00
TOTAL (Rupees Five Crores Only)

**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.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.

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