Mumbai, July 09, 2016: Sutlej Textiles & Industries Limited (STIL,BSE: 532782 / NSE:SUTLEJTEX), a leading manufacturer and exporter of value added dyed yarns (synthetic & cotton mélange) with presence in Home Textiles, announced that its credit rating has been upgraded/reaffirmed by Credit Analysis & Research Ltd. (CARE) as under :-
1. CARE AA (Double A) for Long Term Bank Facilities (Term Loan) and for Long / Short Term Bank Facilities (Fund based) from CARE AA- (Double A minus) signifying high degree of safety regarding timely servicing of financial obligations. Such facilities carry very low credit risk.
2. CARE A1+ (A One Plus) for Short Term Bank Facilities (Non Fund based) and Commercial Paper
Reaffirmed signifying very strong degree of safety regarding timely payment of financial obligations. Such facilities carry lowest credit risk.
This upgradation in the long term bank facilities ( Term loan) and Long/ Short term bank facilities (Fund based) ratings reflects the Company’s consistent cash accruals generated in the business and its strengthened leading position in the niche value added dyed yarn segment (synthetic & cotton mélange) which has led to a healthy debt coverage metrics and liquidity position for the Company.
Corporate Comm India (CCI Newswire)
