Credit rating agency, CARE has reaffirmed ‘A-’ rating to PBM Polytex’s long-term bank facilities worth Rs 44.47 crore. The rating agency has also reaffirmed ‘A2+’ rating to the company’s short-term bank facilities worth Rs 10.50 crore. The ratings continue to derive strength from the long-standing track record of operations of PBM Polytex (PBM) and vast experience of its promoters in the cyclical cotton yarn industry along with its established marketing network and clientele.
The ratings also factor its comfortable leverage and debt coverage indicators along with improvement in its liquidity on the back of efficient working capital management during FY15 (refers to the period April 1 to March 31).
