Credit rating agency, CARE has revised rating assigned to Rs 429.45 crore long term bank facilities of Sangam (India) to ‘BBB’ from ‘BBB-’. The rating agency has also revised rating assigned to Rs 60 crore short term bank facilities of the company to ‘A3+’ from ‘A3’.
The revision in the ratings takes into account the improvement in the financial risk profile of the company during FY11 marked by the increase in the scale of operation, improvement in profitability and debt protection measures.
Sangam (India) is one of the leading manufacturers of synthetic and blended dyed/grey spun yarn and fabrics in the country. The company also has its presence in the cotton yarn spinning and knitting, fabric processing and flock fabrics manufacturing segments apart from a denim manufacturing plant with processing facilities.
