CARE reaffirms ratings of Suraj’s bank facilities

Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Suraj’s long term bank facilities worth Rs 26.77 crore which was reduced  from Rs 37.92 crore and ‘A3’ rating to company’s Short term Bank Facilities worth Rs 36.92 crore. The rating agency has also reaffirmed ‘BBB-/ A3’ rating to company’s Long/Short term Bank Facilities worth Rs 77.08 crore.

The ratings of the bank facilities of Suraj (SL) continue to take into account its established and integrated operations in the stainless steel (SS) seamless pipe and tube market, experienced management, above average profitability and moderate leverage as well as debt protection indicators.

Suraj Stainless, a Suraj Group company, was founded by Tarachand Balaji Shah in 1960. Suraj Group established has spearheaded the mini-revolution with the aim to be one of the market leaders in the country.