Credit rating agency, CARE has reaffirmed ‘A’ rating to Pennar Industries’ long term bank facilities worth Rs 135.87 crore and ‘A1’ rating to company’s Short term Bank Facilities worth Rs 95 crore. The ratings of Pennar Industries (PIL) continue to draw strength from the established track record of the company, experienced management team, wide product range with presence across diversified business segments, reputed clientele base, satisfactory cash accruals and comfortable financial position & debt coverage indicators.
The ratings also factor in satisfactory financial parameters despite decline in the revenue and profitability during FY14 (refers to the period April 01 to March 31) and improvement in the financial performance during H1FY15.
Pennar Industries is engaged in the manufacturing of Cold Rolled Steel Strips (CRSS) and value-added products under Cold Rolled Formed Sections (CRFS) like precision tubes, engineered components, road safety systems, parts of railway coaches and Electro Static Precipitators (ESP).
