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CARE reaffirms rating of Divis Laboratories' bank facilities

Credit rating agency, CARE has reaffirmed 'AA+' rating to Divis Laboratories' (DLL) long-term bank facilities worth Rs 25 crore. The rating agency has also reaffirmed 'AA+/A1+' rating to the company's long- term/ short-term bank facilities worth Rs 243 crore.

The ratings assigned to the bank facilities of DLL continue to factor in well-experienced promoters having long track record of operations in the pharmaceutical industry, proven research and development capabilities with a large number of Drug Master Files (DMF) filings, well-equipped manufacturing facilities with the United States Food & Drug Administration (USFDA) and current Good Manufacturing practices (cGMP) certified production units, healthy growth in the revenue coupled with strong profitability margins in FY16 (refers to the period April 1 to March 31), very low debt levels marked by comfortable leverage position and debt risk coverage, healthy liquidity profile and positive industry outlook.

Divis Laboratories is engaged in the manufacturing of generic APIs, Custom Synthesis (CS) of active ingredients for innovator companies and other speciality chemicals like peptides and nutraceuticals. The company four manufacturing units and three R&D centers spread across the states of Telangana and Andhra Pradesh.

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