Maruthi outlook stable: India Ratings

Hyderabad, Apr 2 : India Ratings and Research (Ind-Ra) has assigned Maruthi Distributor (Maruthi), a pharmaceutical distribution company, a Long-Term Issuer rating of 'IND BB-'. The Outlook is Stable.

Ind-Ra has also assigned Maruthi's INR60m fund-based working capital limit Long-Term 'IND BB-' and Short-Term 'IND A4+' ratings.

The ratings reflect Maruthi's working capital intensive business model and its highly competitive business of trading of pharmaceuticals. This is reflected in its moderate credit profile with EBITDA margin of 3.1pc , low interest coverage of 2.9x and high net financial leverage of 3.3x in FY12 (year end March).

However, the ratings are supported by Maruthi's established relationship with its customers and over 35 years of its experience of founders in the stable pharmaceutical industry.

The ratings also take into account the company's comfortable liquidity position as indicated by its average cash credit utilisation of 78pc for the 12 months ended 28 February 2013.

--IBNS (Posted on 02-04-2013)

business-india-news headlines

Russian JV venture promises to end India's butyl rubber import

Bharti Infratel's fourth quarter net up 64 percent

DLF leases 3 million sq ft office space in 2013-14

Cairn India posts 18 percent rise in Q4 profit

Paris Motor Show woes Indian visitors

Toonz forays into artificial intelligence toys, films

Sensex, Nifty at new highs; capital goods sector gains

Sensex hits record high for third straight day

Reebok India launches 'live with fire' campaign

KBC winner Sunmeet Kaur to launch boutique in the capital

'Goa sells maximum beer in India'

RIL raises $550 mn from Japanese banks

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014


Your e-mail:

Your Full Name:

Type verification image:
verification image, type it in the box


Back to Top