Credit rating agency, CARE has assigned ‘BBB-’ rating to Neuland Laboratories’ long term bank facilities worth Rs 187.84 crore. The rating agency has also assigned ‘A3’ rating to the company’s short term bank facilities.
The ratings assigned to the bank facilities of the company derive strength from the extensive experience of the promoters in the pharmaceutical industry, revival in the financial performance of the company marked by significant improvement in profitability margins, overall gearing and debt coverage indicators, moderate product mix with rise in the share of high-margin products, timely receipt of funds and improvement in the liquidity position of the company and strategic corporate reorganisation to focus on its core business of manufacturing active pharmaceutical ingredients (API).
Neuland Laboratories is a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates and contract manufacturing services to customers located in 85 countries. Its manufacturing facilities are inspected and approved by the US FDA and other leading regulatory agencies.
| Company Name | CMP |
|---|---|
| Sun Pharma Inds. | 1801.30 |
| Dr. Reddys Lab | 1274.90 |
| Cipla | 1373.45 |
| Zydus Lifesciences | 1078.90 |
| Lupin | 2279.00 |
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