Credit rating agency, CARE has reaffirmed BBB- rating to Panchmahal Steel’s Long-term Bank Facilities worth Rs 60 crore and A3 rating to Short-term Bank Facilities worth Rs 92 crore. The company has received the said ratings on the back of its established operations in the manufacturing of wide range of stainless steel long products with backward integration and stable overall gearing.
Panchmahal Steel is one of the few players in India manufacturing stainless steel long products for wire rods and bright bars with backward integration facilities for the stainless steel melting and hot rolling. These products are mainly used in the capital goods, automobile, railways, and pharmaceutical industry.
