Sutlej Textiles and Industries, (STIL), a leading manufacturer of value added dyed yarns (synthetic & cotton melange) and home textiles, has issued additional Commercial Paper (CP) of Rs 35 crore. Post this offering, the Company has issued CP aggregating to Rs 60 crore.
The CP issue has been rated CARE A1+ by Credit Analysis & Research, (CARE). Instruments with the aforesaid rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
The rating derives strength from the experience of the promoters in the Textile industry (especially the dyed yarn segment) and business profile being amongst India’s leading player in the dyed spun yarn and value added / speciality yarn.
Sutlej Textiles and Industries has 260,872 spindles for spinning yarn, six million metres a year for apparel fabrics, 1.6 million trousers a year and 3 million metres a year for home textiles fabric. It has plants in Jammu and Kashmir, Rajasthan and Gujarat.