Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Raymond’s long term bank facilities worth Rs 1,585 crore to AA- from AA. The rating agency has reaffirmed A1+ rating to the company’s short term bank facilities worth Rs 370.95 crore.
The rating agency has also assigned rating to the long term bank facilities and Instruments of the company’s two subsidiaries viz. Celebrations Apparel and Everblue Apparel.
Raymond is largest manufacturer of steel files in the world accounting 30% of market share. The company’s textile plants are located in Thane, Vapi and Chhindwara. These plants have received various certifications such as ISO 9001 for quality management systems and ISO 14001 Environment Control Systems.