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CARE reaffirms ratings of Hind Industries’ bank facilities

07 Jan 2014 Evaluate

Credit rating agency, CARE has reaffirmed ‘BB-’ rating to Hind Industries’ long term bank facilities worth Rs 36.04 crore and ‘A4’ rating to company’s Short term Bank Facilities worth Rs 46.50 crore. The rating agency has also reaffirmed BB-/A4 rating to the company’s Long-term/Short-term bank facilities worth Rs 2.25 crore

The company has received the said rating on the back of its moderate financial profile marked by a leveraged capital structure and stretched coverage indicators, working capital intensive nature of operations due to long operating cycle and high exposure to group companies. Furthermore, the rating also takes into account the regulatory risks and susceptibility of margins to the volatility in the foreign exchange rates.

Hind Industries (HIL), a 100% export oriented company engaged in meat exports, was incorporated in 1973. HIL operates a meat processing plant for buffalo and sheep meat in Sahibabad, Ghaziabad (UP) with a total installed capacity of 25,000 MTPA as on March 31, 2013. HIL manufactures and export fresh, chilled and frozen meat and meat products.

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