Credit rating agency, CARE has reaffirmed ‘BB-’ rating to Hind Industries’ long term bank facilities worth Rs 31.16 crore and ‘A4’ rating to company’s Short term Bank Facilities worth Rs 46.50 crore. The rating agency has also reaffirmed ‘BB-/ A4’ rating to company’s Long/Short term Bank Facilities worth Rs 2.25 crore.
The ratings for the bank facilities of Hind Industries (HIL) continue to be constrained by its moderate financial risk profile, working capital intensive nature of operations and high exposure to group companies leading to high overall gearing. Furthermore, the rating also takes into account regulatory risks and susceptibility of margins to the volatility in the foreign exchange rates. The ratings, however, draws comfort from the experienced promoters, long track record, diversified geographical operations and established brand name in the meat processing industry.
Hind Industries (HIL), a 100% export oriented company engaged in meat exports, was incorporated in 1973. HIL operates a meat processing plant for buffalo and sheep meat in Sahibabad, Ghaziabad (U.P.) with total installed capacity of 25,000 MTPA as on March 31, 2014.
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