Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Upper Ganges Sugar Industries’ long term bank facilities worth Rs 338.87 crore to ‘BBB-‘ from ‘BB+’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 27.80 crore to ‘A3’ from ‘A4+’.
The revision in the ratings takes into consideration the expected improvement in profitability and cash flows of the company as a result of partial decontrol of the sugar industry in terms of abolition of the levy sugar sale obligation and sugar release mechanism coupled with the expected revision in the ethanol procurement prices by the Oil Marketing Companies (OMCs)
Upper Ganges Sugar Industries (UGSIL) incorporated in 1932 is engaged in the business of manufacturing sugar, industrial alcohol/ethanol and fertiliser. Being part of K.K. Birla Group of Companies, the company is managed under the chairmanship of Smt. Nandini Nopany.
| Company Name | CMP |
|---|---|
| Shree Renuka Sugar | 22.42 |
| Bajaj Hindusthan Sug | 18.15 |
| Triveni Engg. & Inds | 410.45 |
| Balrampur Chini Mill | 533.15 |
| Dalmia Bharat Sugar | 324.05 |
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