Deft Organics Ltd.

Brickwork Ratings reaffirms the long-term and short-term ratings for the Bank Loan Facilities of Rs. 57.99 Crs. of Deft Organics Ltd. based on best available information, as the issuer did not cooperate.

Particulars

Facilities	Amount (Rs.Crs.)		Tenure	Rating		Regulator
	Previous	Present		Previous (04 Jul 2025)	Present
Fund Based	45.31	45.31	Long Term	BWR BB+ /Stable Assignment	BWR BB + /Stable ISSUER NOT COOPERATING* /Reaffirmation	RBI
	(3.00)	(3.00)
	(6.50)	(6.50)
Non Fund Based	12.68	12.68	Short Term	BWR A4+ Assignment	BWR A4 + ISSUER NOT COOPERATING* /Reaffirmation	RBI
	(6.00)	(6.00)
Grand Total	57.99	57.99	(Rupees Fifty Seven Crores and Ninety Nine lakhs Only)

Note:
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

In view of the non-availability of information and lack of cooperation from “Deft Organics Ltd” Brickwork Ratings has reaffirmed the long-term and short-term ratings at “BWR BB+/Stable” and "BWR A4+" and migrated the ratings to the Issuer Not Cooperating category, based on best available information as the Issuer did not cooperate.

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

The ratings were due for review in October 2026. BWR took up with the company recently over emails and through telephone calls to obtain the required information. Despite the best efforts of BWR to get at least the minimum required information for a review, the entity has not provided the same.

Thus, due to lack of management cooperation to furnish adequate information about the company's performance despite follow up, BWR is unable to assess its financial performance or its ability to service its debt and maintain a valid rating. Accordingly, the ratings have been reaffirmed and migrated to the Issuer Not Cooperating category. The rating reaffirmation is based on the lack of up-to-date information on the company’s performance.

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

Deft Organics Ltd. was incorporated in the year 04Jun1997, located in District Bhind, Gwalior (Central India) fully equipped and compliant with the highest industry standards of safety and governance. The name of the company has been changed from HELIOS LIFESCIENCES LIMITED to DEFT ORGANICS LIMITED with effect from the date 09 July 2021. Mr. Sunil Gandhi, Ms. Reeta Gandhi, and Mr. Dhruv Gandhi are the directors of the company. The company is a manufacturer of organic intermediates, Active Pharmaceutical Ingredients (APIs) and finished dosages (Pre-Filled Syringes). The Company offer a wide range of bulk intermediates, APIs, and Parental Preparations especially Pre-Filled Syringes to customers across the globe. Deft offers one of the largest portfolios for APIs and finished dosages, best-in-class products for pharmaceutical development and manufacturing, and a fully integrated service organization to support even Contract Manufacturing also. Harnessing deep expertise and research in Chemistry, Deft Organics serve a variety of industry segments with Intermediates for API, Agrochemicals, Nutraceuticals and more.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

Nil

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)

Facilities	Current Rating  (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	45.31	BWR BB+/Stable (ISSUER NOT COOPERATING* /Reaffirmation)	04Jul2025	BWR BB+ Stable (Assignment)	NA	NA	NA	NA
FB SubLimit	LT	(3.00)	BWR BB+/Stable (ISSUER NOT COOPERATING* /Reaffirmation)	04Jul2025	BWR BB+ Stable (Assignment)	NA	NA	NA	NA
		(6.50)	BWR BB+/Stable (ISSUER NOT COOPERATING* /Reaffirmation)	NA	NA	NA	NA	NA	NA
Non Fund Based	ST	12.68	BWR A4+ (ISSUER NOT COOPERATING* /Reaffirmation)	04Jul2025	BWR A4+ (Assignment)	NA	NA	NA	NA
NFB SubLimit	ST	(6.00)	BWR A4+ (ISSUER NOT COOPERATING* /Reaffirmation)	04Jul2025	BWR A4+ (Assignment)	NA	NA	NA	NA
Grand Total		57.99	(Rupees Fifty Seven Crores and Ninety Nine lakhs Only)

Hyperlink/Reference to applicable Criteria

• General Criteria
• Approach to Financial Ratios
• Policy On Issuer Non -Cooperation
• Short Term Debt
• Manufacturing Company

Analytical Contacts
R Sriranjani Rating Analyst sriranjani.r@brickworkratings.com	Nagaraj K Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@brickworkratings.com
Client Support | clientsupport@brickworkratings.com

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	HDFC Bank	Letter of Credit - Sanctioned	_	2.50	2.50	Simple##
2	HDFC Bank	Letter of Credit - Sanctioned	_	3.00	3.00	Simple##
3	HDFC Bank	Letter of Credit - Sanctioned	_	6.50	6.50	Simple##
4	HDFC Bank	Adhoc Facilities FB (CC/TL/OD) - Sanctioned	_	0.68	0.68	Simple##
5	HDFC Bank	Working Capital Demand Loan - Sanctioned	2.00	_	2.00	Simple##
6	HDFC Bank	GECL - Sanctioned	1.10	_	1.10	Simple##
	Sub-Limit (Working Capital Term Loan) - Sanctioned	(3.00)
	Sub-Limit (Working Capital Term Loan) - Sanctioned	(6.50)
7	HDFC Bank	GECL - Out-standing	0.86	_	0.86	Simple##
8	HDFC Bank	Working Capital Term Loan - Out-standing	0.46	_	0.46	Simple##
9	HDFC Bank	Cash Credit - Sanctioned	7.00	_	7.00	Simple##
	Sub-Limit (Letter Of Credit) - Sanctioned		(6.00)
10	ICICI Bank	Dropline OD - Out-standing	3.89	_	3.89	Simple##
11	State Bank Of India (SBI)	Term Loan - Sanctioned	30.00	_	30.00	Simple##
Total			45.31	12.68	57.99
TOTAL (Rupees Fifty Seven Crores and Ninety Nine lakhs Only)

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