Summary
BANKING AND CREDIT NEWS-March 4, 2011-ICRA maintains rating on NCD of Lupin at LAA+
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-Icra Maintains Rating On Ncd of Lupin at Laa+
4 March 2011 - ICRA reaffirmed yesterday the LAA+ rating on a non- convertible debenture (NCD) of Lupin Ltd (BOM:500257), giving it a "stable" outlook.
The agency issued the following press release:ICRA has reaffirmed the LAA+ (pronounced L double A plus) rating assigned to the Rs. 100.0 crore1 Non-Convertible Debenture (NCD) programme of Lupin Limited (Lupin)2. The long term rating has been assigned a stable outlook. ICRA has also reaffirmed the A1+ (pronounced A one plus) rating assigned to the Rs. 100.0 crore commercial paper/ short term debt programme of the company. ICRA has also reaffirmed the A1+ (pronounced A one plus) rating assigned to the Rs. 1,100.0 crore fund based and non-fund based Limits of Lupin. The rated amount, besides including Rs. 1,100.0 crore from the consortium banks, includes an additional Rs. 100.0 crore from banks outside the consortium. The total working capital borrowings from banks is however to be maintained within Rs. 1,100.0 crore.Key Financial Indicators (Consolidated)2007-08 2008-09 2009-10Net Sales 2,686.2 3,776.1 4,732.8Operating Income (OI) 2,866.3 3,852.9 4,835.2OPBDIT 670.2 765.9 993.9Profit After Tax (PAT) 408.4 507.7 699.7Net Cash Accruals 389.9 472.3 675.3...See the full content of this document
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