Credit rating agency, CARE has reaffirmed ‘C’ rating of Polygenta Technologies’ long-term bank facilities worth Rs 9.20 crore. The rating assigned to the bank facilities of Polygenta Technologies (PTL) continues to remain constrained on account of continuing operational losses, negative cash accruals, complete erosion of networth and deterioration of debt coverage indicators. Furthermore, the rating continues to factor in relatively new technology coupled with operations at suboptimal level.
Polygenta Technologies is engaged in the manufacture of Polyester Filament Yarn (PFY) using recycled PET content as a major feedstock. The company sells its polyester yarn products for various applications in the fields of apparel, denim, home furnishings, floor coverings, and industrial applications.
