Indian agrochemical major Best Agrolife Ltd (BAL) on Friday informed that CARE Ratings Limited has assigned a ‘CARE A-’ rating to the long-term bank facilities of the company with a stable outlook.
CARE assigned the rating to BAL’s bank facilities on the basis of the company’s long track record of operations, integrated operations of the group with a diversified product portfolio, and wide distribution network. The ratings further derived strength from the consistent growth in scale of operations at the compounded annual growth rate of ~23% over the past four fiscals ending FY22. It is noteworthy that CARE Ratings had allotted a credit rating of A- to Best Crop Science India Pvt Ltd (BCSPL), a wholly owned subsidiary of Best Agrolife Ltd, in July 2022.
Commenting on the upgrade, Mr Vimal Alawadhi, MD, BAL, said, “This upgrade is an important milestone in our journey and reaffirms the strength of the organization and its leadership along with the financial and operational excellence. The upgraded rating reflects our perennial focus on executing our strategy and building a solid foundation for strong and reliable long-term leadership in the agrochemical industry.”
Listed among the top 15 agrochemical companies in India, BAL is engaged in the manufacturing of agrochemical products. The company offers more than 70 formulations of insecticides, herbicides, fungicides, and PGRs and retains one of the country’s most comprehensive portfolios with 360+ formulations and more than 80 technical manufacturing licenses.
It has a 30,000+ MTPA manufacturing formulation capacity and a 7000+ MTPA integrated state-of-the-art technical plant. The company has a wide distribution network with more than 3600 distributors, 18 depots, and 1500+ retail points across the country. The company has been increasing its distribution network across various regions of the country and has added additional depots in UP, West Bengal, Telangana, and Andhra Pradesh. Other than experiencing tremendous success with its newly launched products – Ronfen, AxeMan, Warden, Tombo, and Reveal and receiving the registration for the indigenous manufacturing of the crucial herbicide Pyroxasulfone BAL was in news recently for introducing CTPR-based formulation CITIGEN. With this BAL became the first Indian agrochemical company to manufacture CTPR technical indigenously.