APINDIA BIOTECH PRIVATE LIMITED
About
CRISIL Ratings has been consistently following up with Apindia Biotech Limited(ABPL; part of the MB group) for obtaining information through letters and emails dated December 24, 2022 and February 17, 2023 among others, apart from telephonic communication. However, the issuer has remained non cooperative. CRISIL Ratings believes that rating action on ABPL is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of ABPL continues to be ‘CRISIL C Issuer Not Cooperating’. For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of APBPL and Madhya Bharat Phospate Pvt Ltd (MBPPL). This is because the two companies together referred to as the MB group, have strong business linkages as they are engaged in the same line of businesses; APBPL has been supplying raw material (rock phosphate) to MBPPL since July 2012. Furthermore, MBPPL has a shareholding of 99.99 per cent in APBPL and has provided loans and advances of Rs.52 million to the company to support its working capital requirements.
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