Credit rating agency, CARE has assigned ‘BBB-’ rating to Surat Textile Mills’ long term bank facilities worth Rs 5 crore. The rating agency has assigned ‘A3’ rating to company’s Short-term Bank Facilities worth Rs 25 crore. The company has received the said rating on back of promoter’s experience in the textile business, partially integrated level of operations, low overall gearing, comfortable debt coverage indicators and low operating cycle.
Surat Textile Mills is engaged in the manufacturing of polyester grade chips, POY/PFY (Partially Oriented Yarn/Polyester Filament Yarn) and Spun Yarn with installed capacity of 25,000 tonness p.a., 7,500 tonnes p.a. and 13,580 spindles, respectively, as on March 31, 2013.
