Credit rating agency, CARE has revised rating of JBF Industries’ long term bank facilities worth Rs 427.53 crore to ‘A-’ from ‘BBB+’. The rating agency has also revised rating of the company’s short term bank facilities worth Rs 1611.50 crore to ‘A1’ from ‘A2+’.
The revision in the ratings of the company factors in improvement in profitability margins in H1FY15 and part mitigation of project risk with commissioning of Polyester film facility at Bahrain and Polyethylene Terephthalate (PET) chips facility at Geel, Belgium.
JBF Industries is engaged in the manufacturing of polyester chips, partially oriented yarn and polyester processed yarn/specialty yarn at its plants at Silvasa in the Union Territory of Dadra and Nagar Haveli and at Valsad (Gujarat). The company is one of the leading names in Polyester business in India.