Credit rating agency, CARE has assigned ‘BBB-’ rating to Coastal Corporation’s long-term bank facilities worth Rs 65 crore. The rating agency has also assigned ‘A3’ rating to the company’s short-term bank facilities worth Rs 20 crore.
The ratings assigned to the bank facilities of Coastal Corporation (CCL) derive strength from experienced promoter group, satisfactory track record in the aquaculture industry, accredited manufacturing facility from various regulatory authorities, growth in operating income over the three-year period ended FY16 (refers to the period April 1 to March 31), satisfactory debt coverage indicators and moderate operating cycle.
Coastal Corporation is engaged in the processing and export of frozen aqua and seafood products mainly shrimps. CCL exports mainly to United States of America (USA) and European Countries. Besides, the company also exports to countries such as Canada, United Arab Emirates (U.A.E.), Saudi Arabia, Australia, etc.
