Credit rating agency, CARE has revised rating of Welspun Syntex’s long term bank facilities worth Rs 150.27 crore to ‘A’ from ‘BBB+’. The rating agency has also revised rating of the company’s short term bank facilities worth Rs 206 crore to ‘A1’ from ‘A3+’.
The revision in the rating factors in improvement in operating profitability during FY15 and Q1FY16 with the benefit of successful completion of the major capex project which was incurred to convert its polyester based facilities to nylon based facilities (around 60% of the current yarn capacities are now nylon based) and to set up Bulk Continuous Filament (BCF) yarn capacities.
Welspun Syntex (WSL) was established in 1983 and is the flagship company under the Welspun umbrella. Since its inception WSL has grown manifold and today is amongst the largest manufacturers and exporters of Polyester Texturised Filament Yarn, Nylon Filament Yarn from India.
