Rationale

 ICRA has withdrawn the ratings assigned to the bank facilities of SNJ BIO PRODUCTS PRIVATE LIMITED at the request of the company and based on the No Objection Certificate received from its banker in accordance with ICRA’s policy on withdrawal. ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities and Key financial indicators have not been captured as the rated instruments are being withdrawn