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CARE revises rating of Surana Industries’ bank facilities

20 Sep 2013 Evaluate

Credit rating agency, CARE has revised rating of Surana Industries’ long term bank facilities worth Rs 332.28 crore to ‘D’ from ‘BB-’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 103.17 crore to ‘D’ from ‘A4’. Meanwhile, the rating agency has also revised rating of company’s Long/Short-term bank facilities worth Rs 191.70 crore to ‘D/D’ from ‘BB-/A4’. The revision in the ratings takes into account the instances of delays in servicing the debt obligations on account of stretched liquidity position.

Surana Industries is one of the major TMT (thermo mechanically treated) bars manufacturer located in Chennai and sourced Eurotherm DEL India Limited to modernize their plant located at Gummidipoondi around 45KM from Chennai.

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