Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Sita Shree Food Products’ long term bank facilities worth Rs 115.63 crore to ‘BBB-’ from ‘BB+’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 10.41 crore to ‘A3’ from ‘A4+’.
The revision in the ratings of the bank facilities of Sita Shree Food Products takes into account the benefits derived from the diversification project in soya processing leading to significant improvement in the scale of operation and profitability along with an improvement in the capital structure. Further, the ratings continue to derive strength from the vast experience of Sitashree’s promoters in the food grain industry, its long standing track record of operations and favorable demand scenario for the agro processing industry.
Sita Shree Food Products is engaged in the business of wheat processing and pulse processing. Products are sold in its own brands that are ‘Sita Shree Regular’ and ‘Sita Shree Gold’ or sold to other brands. It is a supplier to major retail players such as Reliance Retail, Pantaloon Retail and Satnam Overseas.
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