MUMBAI: The Credit Rating Information Services of India Ltd (CRISIL) has downgraded the non-convertible debenture (NCD) programmes of both Lupin Laboratories Ltd and Lupin Chemicals Ltd to the default category. The Rs 34.2 crore NCD issue of Lupin Chemicals and the Rs 101.4 crore NCD issue of Lupin Laboratories has been downgraded from `BB+' to `D', the default grade, the rating agency said in a statement here today. Crisil has reaffirmed the rating of Rs 34.1 crore non-convertible debenture issue of Thirumalai Chemical. "The rating reflects the company's diversified product mix, established position in the domestic phthalic anhydride industry, adequate operational efficiencies and stable outlook for its maleic anhydride business," it said.

Smithkline Beecham net profit up

MUMBAI: SmithKline Beecham Consumer Healthcare has registered a 31 per cent increase in its net profit for the year ended December 31, 1998, to Rs 81.35 crore, against Rs 32.68 crore postedin the previous year. Sales grew by 15 per cent to touch Rs 645.62 crore, from Rs 562.30 crore in the previous year. The provision for taxation stood at Rs 35.16 crore.

Whirlpool finally makes profit

MUMBAI: Whirlpool of India has reported a small operating profit of Rs 6.71 crore on sales income of Rs 635.35 crore for the nine-month accounting year ended December 1998. This is the first time the company has posted a positive operating result after three consecutive accounting years of operating losses.Whirlpool, however, has huge accumulated losses, which has soared to Rs 371.44 crore as on December 1998. The total losses at the end of the nine-month period ended December 1998 were Rs 68.67 crore, while the losses carried forward from previous years were Rs 302.77 crore. The accumulated losses had nearly wiped out the entire net worth of Whirlpool of India as at March 1998.

Tax collection up

NEW DELHI: Gross tax collections continued to be sluggish growing at a mere seven per cent inthe first 10 months of the current fiscal against the targetted growth of over 20 per cent. Total central tax collections during April-January stood at Rs 1,04,700 crore, up by seven per cent over the same period last year, an official release said here today. Though direct taxes growing at 17 per cent continued tobe buoyant, indirect tax collections continued its sluggish growth at three per cent during the period. The direct tax collection in January at Rs 1,600 crore recorded a 64 per cent increase over the same period last year, while excise and customs duty collections were up by 17 per cent.