Credit rating agency, CARE has reaffirmed ‘BB’ rating to Bajaj Hindusthan Sugar’s long-term bank facilities worth Rs 8,780.58 crore. The rating agency has also reaffirmed ‘A4’ rating to the company’s short-term bank facilities worth Rs 329.04 crore.
The ratings of the bank facilities of the company take into account the weak financial performance of the company during 18-month period ended March 2014 and FY15, which has led to the restructuring of the bank facilities. The ratings also factor in the company’s substantial investment in project-stage group companies and its large debt repayment obligations in the short to medium term.
Bajaj Hindusthan, a part of the 'Bajaj Group’, is one the largest sugar manufacturing companies in Asia and also the largest industrial alcohol manufacturers in India. It is engaged in sugar manufacturing, distillery operations and bagasse-based power generation.
