CARE revises rating of Shrenuj & Company’s bank facilities

Credit rating agency, CARE has revised rating of Shrenuj & Company’s Rs 767.54 crore long term bank facilities to BBB+ from A-. The rating agency has revised the company’s Rs 235 crore short term bank facilities to A3 from A2.

The revision in the ratings of the company takes into account the persistent strain on the company’s liquidity position, full utilization of working capital limits along with growing support to group companies in the form of corporate guarantee.

Shrenuj & Company is engaged in manufacturing of diamond and jewelries. The company has created a diamond pipeline, integrated diamond polishing branding and retailing with focus on synergy innovation and value creation.