Suashish Diamonds gets ‘A-’ rating for its bank facilities from CARE

Credit rating agency, CARE has assigned ‘A-’ rating to Rs 525 crore long term bank facilities of Suashish Diamonds.

The rating derives strength from the long and established track record of the company. The rating is further strengthened by the low working capital cycle and strong liquidity considering negative adjusted net debt position.

The business of SDL can be grouped under two segments - Studded Jewellery (11% of revenues in FY10) and Diamonds (89% of revenues in FY10). Exports form majority of the company’s revenues (about 84% in FY10) which are mainly to Hong Kong, UAE, Belgium and USA.