Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Upper Ganges Sugar & Industries’ long term bank facilities worth Rs 377.93 crore which was enhanced from Rs 338.87 and ‘A3’ rating to company’s Short term Bank Facilities worth Rs 27.80 crore.
The company has received the said rating on the back of its improvement in the financial performance during nine months ending March 31, 2013, the satisfactory track record of the company spanning over eight decades, experienced promoters & management team, continuous group support, partial decontrol of sugar industry, strategic location of the plants and forward integration initiatives into distillery and cogeneration of power.
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.
