CRISIL has upgraded rating for Ipca Laboratories’ long term bank facilities from 'AA-/Positive' to 'AA/Stable' and has also reaffirmed the ratings at 'P1+' for its short term facilities i.e. Rs 1.5 billion Short Term Debt and Rs 2.2 billion Letter of Credit.
The credit rating agency has also upgraded the rating for its Rs 500 million Non-Convertible Debentures, Rs 4.3 billion Cash Credit, Rs 180 million Long-Term Loan and Rs 1,000 million Proposed Long-Term Bank Loan Facility from AA-/Positive to AA/Stable.
Ipca Laboratories is engaged in manufacturing of active pharmaceutical ingredients and formulations. It operates in 110 countries and its export accounts for 50% of the company’s income. Worldwide the company is one of the largest suppliers of APIs and intermediates. The company holds leadership position in Anti-malarial and Rheumatoid Arthritis area.
