Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Shirpur Gold Refinery’s long term bank facilities worth Rs 37.50 crore to ‘BBB+’ from ‘BBB-’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 333 crore to ‘A2’ from ‘A3’.
The rating revision of Shirpur Gold Refinery (SGRL) takes into account stabilization of business operations for the past two years, growth in export sales, moderate debt protection matrix and strong promoter group, Essel, flagship company being Zee Entertainment Enterprise. In addition, the rating also factors comfortable capital structure, experienced management and vital quality certification obtained by the company to place their product better in the highly competitive market.
Shirpur Gold Refinery is part of the Essel group since December 2008, post takeover of assets from ARCIL auction. The company is engaged in gold refining with an installed capacity to refine 217 MT per annum of gold. Its refinery is located at Shirpur, Dhule district, Maharashtra.
