Credit rating agency, CARE has revised rating of Sujana Metal Products’ long term bank facilities worth Rs 1,701.84 crore to ‘D’ from ‘B+’. The rating agency has revised rating of company’s short term bank facilities worth Rs 269.13 crore to ‘D’ from ‘A4’. The revision in the ratings assigned to the bank facilities of Sujana Metal Products (SMPL) factors delays in the debt-servicing on account of stretched liquidity position of the company.
Sujana Metal Products is engaged in trading of steel products and manufacturing of TMT bars & structural steel products at its facilities located at Hyderabad, Chennai and Visakhapatnam with total capacity of 1.07 million tons of different steel products.
