Credit rating agency, ICRA has assigned an A1+s rating on the short-term scale to the Rs 20 crore commercial paper (CP) programme of Surya Roshni. The aforementioned rating is based on two standby facilities to the extent of Rs 10 crore each from IDBI Bank to support the repayment obligation on the said CP programme.
The rating agency also has an A1+s rating outstanding for the company’s two CP programmes of Rs 10 crore each, based on standby facilities from Punjab National Bank and one CP programme of Rs 10 crore, based on standby facility from State Bank of India.
At present, Surya Roshni has three reportable segments, namely, steel, lighting and real-estate. Steel and lighting divisions, however, continue to drive revenues, with the company having no significant operations in the real-estate segment.
