Financial Daily from THE HINDU group of publications
Wednesday, Dec 31, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 31, 2003 |
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Corporate
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Credit Rating Crisil's `high safety' for Biocon debt Our Bureau
Bangalore , Dec. 30 CRISIL has maintained its P1+ or `high safety' rating for Biocon India's Rs 20-crore short-term debt programme. According to Crisil, "The rating continues to reflect Biocon's strong presence in the statins business and its leading position in industrial enzymes. Its R&D skills in fermentation technologies and its US FDA-approved facility for manufacturing Lovastatin also support the rating." It also based the rating on Biocon's favourable financial profile, which is characterised by robust sales growth (CAGR of 50 per cent since financial year 1998-99), healthy profit margins (24.9 per cent at the operating level and 14 per cent at the profit-after-tax in fiscal 2002-03), comfortable gearing (0.56 times as on March 31, 2003) and healthy debt-servicing ratios. "The rating strengths are, however, tempered to some extent by the large ongoing capital expenditure programme, the market-related risks on some of its new product launches in the biologicals segment and the flattening growth in the industrial enzymes sector."
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