Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Surat Textile Mills’ long-term bank facilities worth Rs 5 crore. The rating agency has also reaffirmed ‘A3’ rating to the company’s short-term bank facilities worth Rs 25 crore. The ratings assigned to the bank facilities of Surat Textile Mills (STML) continue to derive strength from the experienced management, partially integrated level of operations, comfortable capital structure, adequate debt coverage indicators and improvement in profit margins.
The ratings, however, continue to be constrained by relatively modest and declining scale of operation, susceptibility of the profit margins to the fluctuations in the raw material prices, elongated working capital cycle with the high inventory holding and receivables period and presence in fragmented and cyclical textile industry.
| Company Name | CMP |
|---|---|
| Redington | 234.90 |
| Adani Enterprises | 2218.35 |
| Amrapali Industries | 17.53 |
| Rashi Peripheral | 455.25 |
| PDS | 301.45 |
| View more.. | |
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