Emmellen Biotech Pharmaceuticals Ltd

• Commercial paper programme - Rs. 2 crore Rating : upgraded from P2 to P2+

The 'P2' rating assigned to the Rs. 2-crore commercial paper programme of Emmellen Biotech Pharmaceuticals Limited (EBPL) has been upgraded to 'P2+'.

The revision in rating is on account of the improved financial position of the company and EBPL's technical, commercial and market strengths in the ephedrine and pseudo ephedrine business. The rating assigned also reflects the company's dependence on the ephedrine and pseudoephedrine molecules, prospects of increased competition due to restructuring of the Malladi group of which EBPL was a part, and the small size of the company.