Credit rating agency, CARE has assigned ‘B+’ rating to Integrated Rubian Exports’ Long-term bank facilities worth Rs 4.78 crore. The rating agency has also assigned ‘A4’ rating to the company’s Short-term bank facilities worth Rs 6.00 crore.
The company has received the said ratings on the back of its working capital intensive nature of business, implementation risk associated with ongoing debt-funded capex, competitive nature of the industry, coupled with regulatory risks and seasonality associated with the seafood industry.
Integrated Rubian Exports is engaged in the processing of shrimps, fish and other marine products in cooked, semi-cooked and ready-toeat form in consumer packs. IREL’s processing unit is located at Aroor, Kerala, and the company sells its products under the brand name of “Royal Malabar” and “Malabar Queen”.
