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CARE reaffirms credit rating of Surya Roshni Ltd

Posted On: 2019-10-02 11:35:56

CARE Ratings vide its letter dated 30th September, 2019 has reaffirmed Credit Rating of Surya Roshni Limited as mentioned hereunder. In respect of the Company, Care Rating has Reaffirmed Long/ Short Term Bank Facilities - NFB rating to Care A1 on the enhanced amount of Rs. 1290.32 Crore (enhanced from Rs. 1103.32 crore) and its Long Term Bank Facilities rating to Care A+ on the enhanced amount of Rs. 1428.36 crore (enhanced from Rs. 1242.54 crore). The ratings are reaffirmed on account of consistent track record of profitable operations and diversified product profile characterized by established brand name with an extensive nation-wide marketing network, integrated operations in the lighting businesses and healthy growth in scale of operations of the Company.

CARE Ratings has also reaffirmed Credit Rating to CARE Al+(CE) for Rs. 100 crore (reduced from Rs. 250 crore on Company's request) Commercial Paper Program of Surya Roshni Limited on the credit enhancement in the form of stand by letter of Credit (SBLC) issued by its bankers. The aforesaid ratings are based on the audited financials for the year ended 31st March, 2019 and unaudited financials for the first Quarter of the financial year 2019-20 and also taking cognizance of the commencement of production of 3LPE coating plant at Anjar, Gujarat and benefits of overall synergy, experienced management and greater integration.

Shares of SURYA ROSHNI LTD. was last trading in BSE at Rs.176.9 as compared to the previous close of Rs. 178.75. The total number of shares traded during the day was 5767 in over 372 trades.

The stock hit an intraday high of Rs. 182.3 and intraday low of 175.45. The net turnover during the day was Rs. 1020485.

Source: Equity Bulls

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