Credit rating agency, CARE has assigned ‘BBB-’ rating to Ponni Sugars’ long-term bank facilities worth Rs 73.53 crore and ‘A3’ rating to the company’s short-term bank facilities worth Rs 21.50 crore. The rating agency has also assigned ‘BBB-/ A3’ rating to the company’s Long-term/Short-term Bank Facilities worth Rs 10 crore.
The ratings assigned to bank facilities of Ponni Sugars (Erode) (PSEL) factor in over three decades of sugar industry experience of its promoters, its partially integrated operations, consistently healthy capital structure, lower level of cane arrears despite industry downturn and various supportive measures by the government including interest subvention loans.
Ponni Sugars (Erode) is an efficient and quality producer of sugar, catering to both domestic and international markets. The company is engaged in the manufacturing of sugar and it’s by products. It manufactures cane sugar, cane molasses and bagasse.
