Credit rating agency, CARE has assigned BB+ rating to Rs 65 crore long term fund based bank facilities of Raj Rayon Industries. The rating agency has also assigned A4+ rating to Rs 39 crore Short term Fund based bank facilities of the company.
The rating is constrained by volatility in raw material prices, moderate gearing level, stretched liquidity profile marked by low current ratio and high utilization of working capital limits. Further, significant capex undertaken/planned by the company resulting in strained debt coverage indictors and fragmented nature of the industry also act as constraining factors.
Raj Rayon Industries is engaged in the manufacturing of Partially Oriented Yarn (POY), Polyester Texturised Yarn (PTY), Fully Drawn Yarn (FDY) and Draw Texturised Yarn (DTY). As of March 31, 2010 the company has a capacity to manufacture 46891 MT of POY, 30772 MT of PTY; 17999 MT of FDY and 6470 MT of PDFY.
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