ICRA reaffirms ratings to Tasty Bite Eatables’ fund based facilities

09 Oct 2013 Evaluate

ICRA has reaffirmed the BBB rating assigned to Tasty Bite Eatables’ (TBEL)  Rs, 11.5 crore cash credit facilities (enhanced from Rs. 8.5 crore) and Rs. 7.5 crore proposed fund based facilities (reduced from Rs. 10.2 crore). The outlook on the long-term rating is Stable. ICRA has also reaffirmed the A2 rating assigned to the Rs. 7.5 crore proposed fund based limits (interchangeable with long term fund based facilities) and Rs. 3.5 crore non-fund based facilities. ICRA has also assigned a rating of A2 to the Rs. 2.5 crore fund based facilities of TBEL.

ICRA has withdrawn the BBB rating assigned to the Rs. 2.8 crore term loan facilities of TBEL. The facilities have been repaid and there is no amount outstanding with respect to the same.

The reaffirmation of rating takes into consideration the strong growth in domestic revenues with positive demand outlook for the Frozen Formed Product (FFP) and sauces segment given the exponential growth of the domestic Quick Service Restaurants (QSR) industry, support from parent in the form of low interest bearing loans and favourable repayment terms and moderate financial profile.

Tasty Bite Eatables, established in 1985, is in the business of manufacturing and marketing ready-to-serve food and frozen vegetables

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