Infomerics revises 'IVR BB+' on Scan Steels' credit ratings with stable outlook

The revision in the ratings is driven by the improvement in the company’s financials in the 9MFY21 financials along with an improved financial risk profile supplemented by experienced promoters and management team.

Apr 13, 2021 10:04 IST India Infoline News Service

steel sheet
Scan Steels Limited has informed that the rating of the Company has been upgraded to lVR BB+ with Stable Outlook. 

Short term facilites fund based has been revised to IVR A4+.

The rating has been assigned by Infomerics Valuation and Rating Private Limited.

The revision in the ratings is driven by the improvement in the company’s financials in the 9MFY21 financials along with an improved financial risk profile supplemented by experienced promoters and management team.

The aforesaid rating revision to the bank facilities of the entity derives comfort from the company’s moderate financial performance in FY20 which has been improving in 9MFY21, improved financial risk profile, experienced promoters and management team with long track record in the steel industry and a diversified product portfolio.

Scan Steels Ltd (SSL) was incorporated on 11th December 1990 as a private limited company by Shri Sawarmal Gadodia in a small town called Rajgangpur near Rourkela in the state of Odisha.

Scan Steels was trading at Rs26.60 per piece up by Rs1.15 or 4.52% from its previous closing of Rs25.45 per piece on Sensex, at around 10:40 AM.

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