Acuité has reaffirmed the long-term rating of 'ACUITE BB+' (read as ACUITE double B plus) on the Rs.100.00 crore bank facilities of Swarnsarita Gems Limited (SGL). The outlook is 'Stable'.
SGL, the erstwhile Shyam Star Gems Ltd (SSGL) was incorporated in 1992. The company was taken over by Swarnsarita Jewellers Private Limited (SJPL}) in FY2010-11 and renamed Swarnsarita Gems Limited (SGL). SGL is engaged in the manufacturing and wholesaling of gold and diamond jewellery. The company is listed on BSE. It has branches in Kolkata, Anmedabad Bangalore and Delhi with manufacturing facilities at Ghatkopar, Mumbai. The company is led by Chairman, Mr. Mahendra Chordia.