Rationale

 The rating downgrade is because of lack of crucial information regarding ANG Lifesciences India Limited's (ANG) performance and hence the uncertainty around its credit risk.

As part of its process and in accordance with its rating agreement with ANG, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information.