Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Anik Industries’ long term bank facilities worth Rs 182.70 crore and ‘A3’ rating to company’s short term bank facilities worth Rs 543.65 crore. The ratings assigned to the bank facilities of Anik Industries (AIL) continue to take into account AIL’s established position in the dairy segment and its operational synergies with Ruchi group, a leading player in agro-commodities with well-established distribution network. The ratings also factors in continued increase in AIL’s scale of dairy business and its stable overall gearing.
Anik Industries is a part of the Indore based Ruchi group and is engaged in the processing of milk and milk products (78% of its total operating income in FY15) and commodity trading (22%). The company had an aggregate milk processing capacity of 2.91 lakh kilo litres per annum (LKLPA) as on March 31, 2015 from its plants at Dewas and Bhopal in Madhya Pradesh (MP) and Etah in Uttar Pradesh (UP).
