Credit rating agency CRISIL has reaffirmed ‘B+’ rating to Alchemist’s long term bank facilities. The rating agency has also reaffirmed ‘A4’ rating to the company’s short term bank facilities.
The ratings continue to reflect the continuous decline in the Alchemist group’s operating profitability, its large working capital requirements, and its high gearing. These rating weaknesses are partially offset by the group’s long track record in the food-processing and pharmaceutical industries with an established clientele, and its healthy debt protection metrics.
Alchemist has grown into a diversified corporation with operations in chemical trading, pharmaceuticals, food-processing, floriculture, and steel.
