CARE reaffirms ratings of Deep Industries’ bank facilities

Credit rating agency, CARE has reaffirmed ‘A-’ rating to Deep Industries’ long term bank facilities worth Rs 283.35 crore and ‘A2+’ rating to company’s Short term Bank Facilities worth Rs 2.89 crore. The rating agency has also reaffirmed ‘A-/ A2+’ rating to company’s long- term/short-term bank facilities worth Rs 70 crore.

The ratings of the bank facilities of Deep Industries (DIL) continue to take into account its established position in the domestic gas compression services business, healthy profitability, low overall gearing and confirmed orders providing stability to cash flows. The ratings also factor substantial increase in its order book which includes recent orders for gas dehydration services and drilling rig services from Oil and Natural Gas Corporation (ONGC).

Deep Industries is primarily caters to ever increasing demand for Oil and Gas Field Services requirements. The company is well diversified Oil & Gas Company with business interest in Air and Gas compression, Drilling, Work over and Oil & Gas Exploration and Production.