• Non-convertible debentures - Rs. 9.35 crore Rating : AA (reaffirmed)
• Non-convertible debentures - Rs. 65.9 crore Rating : AA (reaffirmed)
• Commercial paper programme - Rs. 65.0 crore Rating : P1+(enhanced from Rs. 50 crore)

Crisil has reaffirmed its ratings of Nicholas Piramal India Limited’s Rs. 9.35-crore non-convertible debenture programme and Rs. 65.9-crore non-convertible debenture issues at "AA". It has assigned a "P1+" rating to Nicholas Piramal''s Rs. 65-crore commercial paper programme, which has been enhanced from Rs. 50 crore.

The rating factors in Nicholas Piramal''s favourable business position from being one of the large players in the domestic pharmaceutical industry that has ensured stability in cash flows, wide therapeutic coverage, the strengths that the company derives from its alliances with domestic and international players, and its above-average financial position.

The ratings also factor in the company''s lack of dominant position in many of its therapeutic segments of focus and continued support mainly to its subsidiary companies. For the half year ended 30 September 1999 the company had sales of Rs. 240 crore and net profit of Rs. 25.6 crore.