Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Vaibhav Global’s long term bank facilities worth Rs 117.37 crore which was reduced from Rs 135.67 to ‘BB+’ from ‘BB’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 20.00 crore to ‘A4+’ from ‘A4’.
The revision in the ratings of the company takes into account the exit from the Corporate Debt Restructuring (CDR) mechanism by paying the recompense amount to banks. The revision also takes cognizance of the improvement in the operating performance of the company and its key subsidiaries during FY13 (refers to the period April 1 to March 31) and significant improvement in tangible net-worth on a consolidated basis.
Vaibhav Global is a 100% Export Oriented Unit (EOU) having manufacturing setup for gemstone-studded jewelry at Sitapura, Jaipur. Prior to FY13, VGL had seven direct subsidiaries and two step-down subsidiaries, of which one of the subsidiaries got liquidated in FY13.
| Company Name | CMP |
|---|---|
| Titan Co | 4521.20 |
| Kalyan Jewell.India | 418.20 |
| Rajesh Exports | 123.00 |
| Senco Gold | 324.00 |
| Thangamayil Jeweller | 4130.00 |
| View more.. | |
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