Credit rating agency, CARE has reaffirmed ‘BB+’ rating to Shree Hari Chemicals Exports’ long term bank facilities worth Rs 2 crore and ‘A4+’ rating to company’s Short term Bank Facilities worth Rs 7.35 crore.
The ratings assigned to the bank facilities of Shree Hari Chemicals Exports (SHCEL) continue to be constrained by modest scale of operation, susceptibility of profitability to fluctuation in raw material price and exchange rates and operations in the highly competitive and fragmented industry.
The reaffirmation of the ratings factors in the significant fluctuation in the total income and profit margin in FY15 (refers to the period April 01 to March 31) and 9MFY16 along with marginal decline in the working capital cycle.
Shree Hari Chemicals offer qualitative range of dye intermediates, drug intermediates, with the ever-growing demand of dyes and pharmaceutical industries.
