Market Assessment

1he 79yearold soap maker has Laken rapld sLrldes ln Lhe elghL years slnce lL wenL publlc one of lndla's
besL employers for Lhe second consecuLlve year lL has moved up elghL noLches Lo number 6 from
number 14 lasL year C8lSlL has upgraded lLs raLlng on Codre[ 8oyce ManufacLurlng Company LLd's
(CCL's) longLerm bank faclllLles Lo 'AA]Stab|e' from 'A+/SLable' and has reafflrmed lLs raLlng on Lhe
company's commerclal paper and shorLLerm bank faclllLles aL '1+'1he upgrade reflecLs C8lSlL's bellef
LhaL CCL's flnanclal rlsk proflle whlch has lmproved ln Lhe recenL pasL wlll remaln healLhy over Lhe
medlum Lerm supporLed by Lhe company's sLrong cash accruals
1he raLlngs conLlnue Lo reflecL CCL's sLrong flnanclal flexlblllLy brand equlLy dlverslfled revenue
sLreams and healLhy flnanclal rlsk proflle 1hese raLlng sLrengLhs are parLlally offseL by Lhe company's
exposure Lo compeLlLlve pressures ln Lhe consumer appllances markeL and lLs hlghflxedcosL sLrucLure
CCL's flnanclal flexlblllLy ls drlven by lLs healLhy lnvesLmenL porLfollo and real esLaLe asseLs CCL has
sLrong brand equlLy and cusLomer recall havlng been ln Lhe consumer producLs markeL for nearly 100
years
Colng forward whlle Lhe company's appllances dlvlslon may noL malnLaln such levels of proflLablllLy
because of lncreaslng raw maLerlal prlces C8lSlL belleves LhaL CCL's cash accruals from core buslness
operaLlons wlll remaln sLrong CCL's flnanclal rlsk proflle has also lmproved over Lhe recenL pasL
because of sLronger accruals and lncrease ln neL worLh
MarkeL senLlmenL ls LhaL CCL's cash accruals wlll remaln sLrong over Lhe medlum Lerm even ln case of
lncrease ln raw maLerlal prlces 1he company's flnanclal rlsk proflle marked by comforLable gearlng and
debL proLecLlon lndlcaLors wlll also remaln healLhy over Lhe medlum Lerm lLs lnvesLmenL porLfollo and
real esLaLe asseLs wlll conLlnue Lo supporL lLs flnanclal flexlblllLy