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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.
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