• Non convertible debenture - Rs. 4.87 crore Rating : AA to AA+ (upgraded)
• Fixed deposit programme Rating : FAA+ to FAA (upgraded)
• Commercial paper programme - Rs. 20 crore Rating : P1+ (reaffirmed)

The rating assigned to the Rs. 48.7 million non convertible debenture issue of German Remedies Limited (GRL) has been upgraded from ‘AA’ (pronounced double A) to ‘AA+’(pronounced double A plus). The rating assigned to the fixed deposit programme of GRL has been upgraded from ‘FAA+’ (pronounced F double A plus) to ‘FAAA’ (pronounced F triple A). A ‘P1+’ (pronounced P one plus) rating assigned to the Rs. 200 mn commercial paper programme of GRL has been reaffirmed.

The revision in the ratings factors in the improvement in GRL’s financial position, strong market position in the segments of its focus, efficient operational capabilities and support from its collaborators for new products. These factors offset the company’s size of operations and limited therapeutic coverage in the domestic pharmaceutical market.

GRL registered a net profit of Rs 198.9 mn on a sales/income from operations of Rs 1559.8 mn in the first nine months of 1999-2000.