Credit rating agency, CARE has reaffirmed ‘A+’ rating to Sarda Energy & Minerals’ long term bank facilities worth Rs 399.96 crore which was enhanced from Rs 362.50 and ‘A1+’ rating to company’s Short term Bank Facilities worth Rs 296.00 crore which was reduced from Rs 300.00.
The rating agency has also reaffirmed ‘A+’ ratings to company’s Non Convertible debentures worth Rs 125.00 crore. The company has received the said rating on the back of its promoters experience in the steel industry, the availability of captive source of power for its operations and its moderate capital structure.
Sarda Energy & Minerals is one of the lowest cost producers of steel (sponge iron, billets, ingots, TMT bars) and one of the largest manufacturers and exporters of ferro alloys in India.
