Credit rating agency, Credit Analysis & Research (CARE) has revised rating assigned to Orchid Pharma's long term bank facilities worth Rs 2687.49 crore to 'D' from 'B-'. The rating agency has also revised rating assigned to company's short term bank facilities worth Rs 498.50 crore to 'D' from 'A4'. The revision in ratings assigned to the bank facilities of Orchid Pharma takes into account instances of delays in debt servicing.
Orchid Pharma is a pharmaceutical company engaged in development and manufacture of active pharmaceutical ingredients (APIs) and finished dosage forms. It is also engaged in research of new drugs.