By Ankit Bhembre

India Ratings and Research (Ind-Ra) has withdrawn rating of Torrent Pharmaceuticals Limited’s short-term debt programme as follows:

Instrument Type

Date of Issuance

Coupon Rate (%)

Maturity Date

Size of Issue (million)

Rating

Rating Action

Commercial paper/Short-term non-convertible debentures (NCDs)

-

-

-

INR5,000

WD

Withdrawn

Details in Annexure

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain rating for the short-term debt programme as it has been repaid in full.


COMPANY PROFILE

Incorporated in 1959, Torrent Pharmaceuticals manufactures branded and generic formulations. The dosage forms include tablets, capsule and extended release formulations. India, the US, Germany and Brazil are the company’s major markets.


RATING HISTORY

Instrument Type

Current Rating/Outlook

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

5 April 2018

29 November 2017

Issuer rating

Long-term

-

IND AA/Stable

INDAA/Stable

-

NCDs*

Long-term

INR10,000

IND AA/Stable

IND AA/Stable

-

Term loans

Long-term

INR16,000

IND AA/Stable

IND AA/Stable

-

Commercial paper/Short-term NCDs

Short-term

INR5,000

WD

IND A1+

IND A1+

*Details in Annexure

ANNEXURE

Instrument Type

ISIN

Date of Issue

Coupon Rate (%)

Maturity Date

Size of Issue (million)

Rating/Outlook

NCDs

INE685A07082

13 December 2017

7.98*

12 December 2025

INR10,000.0

IND AA/Stable

 

* 7.98% is initial interest rate, thereafter on every reset date 182 days T-bill rate + 1.72% p.a.

 

Instrument Type

ISIN

Date of Issue

Coupon Rate (%)

Maturity Date

Size of Issue (million)

Rating

Commercial paper/Short-term NCDs

INE685A08015

4 December 2017

7.0

29 November 2018

INR5,000.0

WD



COMPLEXITY LEVEL OF INSTRUMENTS

For details on the complexity level of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

DISCLAIMER

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Applicable Criteria

Analyst Names

  • Primary Analyst

    Ankit Bhembre

    Senior Analyst
    India Ratings and Research Pvt Ltd Wockhardt Towers, 4th floor, West Wing Plot C-2, G Block. Bandra Kurla Complex Bandra (East), Mumbai 400051
    +91 22 40356197

    Media Relation

    Namita Sharma

    Manager – Corporate Communication
    +91 22 40356121