ICRA Assigns [ICRA]A-(Stable) Rating to Tribhovandas Bhimji Zaveri Limited's (TBZ) Long-Term Debt

MUMBAI, India, Sept. 1, 2023 /PRNewswire/ -- Following its recent announcement of awarding Tribhovandas Bhimji Zaveri Limited (TBZ) a consolidated "Issuer Rating" of [ICRA]A-(Stable), ICRA, a premier credit rating agency, has now rated TBZ's long-term fund-based cash credit at [ICRA]A-(Stable), reinforcing its trust in the Company's robust financial stance.

Key Highlights:

• ICRA has rated TBZ's Long-Term - Fund based Cash Credit at Rs. 625.0 crore [ICRA]A-(Stable); Assigned.
  
  
• The rating emphasizes TBZ's creditworthiness and reflects its ability to service its long-term borrowings reliably.
  
  
• TBZ's conservative capital approach and reduced external borrowing further substantiate its creditworthiness.

Shrikant Zaveri, Chairman & Managing Director, TBZ, commented on the announcement, "This latest rating from ICRA, dedicated to our debt, further strengthens our financial narrative. It stands testament to our commitment to financial stability and our efforts to be prudent in managing our capital structure. As we navigate the years ahead, these endorsements from ICRA provide assurance to our stakeholders and a firm footing as we strategize our next steps in the industry."

The debt rating mirrors TBZ's robust financial position, marked by an absence of long-term debts and a dependency mainly on working capital borrowings. With the previous announcement highlighting a 30% YoY revenue growth and a twofold increase in its PAT in FY2023, this debt rating further underscores the Company's strategic moves and its commitment to financial prudence.

For a comprehensive understanding of the debt rating, stakeholders and interested parties can access the detailed rating report on ICRA's official website at https://www.icraresearch.in

About Tribhovandas Bhimji Zaveri Limited (TBZ): 

Tribhovandas Bhimji Zaveri Limited is India's renowned and trusted jewellery retailer with more than 158 years of legacy. The company began its journey in 1864, opening its flagship store in Zaveri Bazar, Mumbai. Over the years, the company has established itself as a preferred choice for customers in the wedding jewellery segment, recognized for exquisite gold and diamond jewellery designs. It has led from the front in an otherwise largely unorganized Indian jewellery industry, displaying high quality and transparency standards over the last 158 years, being the first jeweller to offer a buyback guarantee on jewellery and introduce 100% per-hallmarked jewellery in India. The company has transformed itself from a one-store family-owned business in 1864 to a professional organization spearheaded by the 5th generation, expanding its presence and reach across India with 32 stores in 25 cities.