Credit rating agency, CARE has reaffirmed ‘A’ rating to Pennar Industries’ Long term bank facilities worth Rs 141.25 crore, which is enhanced from 114.06 crore and ‘A1’ rating to short term bank facilities worth Rs 85.00 crore, which is enhanced from 80.00 crore.
The ratings continue to draw strength from the established track record of the company, experienced management team, wide product range with presence across diversified business segments, reputed clientele base, strong cash accruals and comfortable financial position & debt coverage indicators.
Pennar Industries is engaged in the manufacturing of Cold Rolled Steel Strips (CRSS) and value-added products under Cold Rolled Formed Sections (CRFS) like precision tubes, engineered components, road safety systems, parts of railway coaches and Electro Static Precipitators (ESP).
