Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Corporate
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Fixed Deposits Money & Banking - Credit Rating MA rating for Jagsonpal FD programme Our Bureau
New Delhi , Dec. 29 ICRA has reaffirmed the `MA' rating assigned to the fixed deposit (FD) programme of Jagsonpal Pharmaceuticals Ltd (JPL). The reaffirmation, indicating adequate safety, factors in the steady profitability of the company during the first nine months of 2003. Although JPL's branded formulations business remains exposed to a highly competitive market mainly due to low-entry barriers, the retention of rating in the adequate safety category takes into account the strengths of its existing brands, according to an ICRA statement. ICRA expected JPL's sales growth to remain modest while its profitability indicators would continue to remain under pressure from competition. However, its coverage indicators were expected to remain adequate because of moderate gearing, the rating agency said. IDBI Home Finance: ICRA has reaffirmed the `A1+' (A one plus) rating assigned to the Rs 100-crore short-term debt programme of IDBI Home Finance Ltd. The erstwhile Tata Home Finance Ltd has been renamed as IDBI Home Finance Ltd.
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