Credit rating agency, CARE has upgraded rating of Suryajyoti Spinning Mills’ long term bank facilities worth Rs 271.38 crore to ‘B-’ from ‘C’. The rating agency has reaffirmed ‘A4’ rating to short term bank facilities of the company.
The revision in the long term rating takes into consideration improvement in the total operating income, increase in gross cash accruals and redemption of outstanding Foreign Currency Convertible Bonds.
The company manufactures medium to coarser counts of carded and combed cotton yarn and various blends of synthetic yarn such as polyester (100%), viscose (100%) and polyester- viscose/polyester-cotton blends.