Credit rating agency, India Ratings & Research has upgraded Richa Industries’ long-term issuer rating to ‘B-’ from ‘D’. The outlook is stable.
The upgrade reflects the company’s improvement in liquidity in the three months ended November 2013 in terms of rectification in delays in term loan servicing. The company has submitted that it has available balances in its some of its cash credit limits to cover loan installments on due dates.
Founded in 1993, Richa operates in two segments, textiles and PEB. In textiles, it manufactures and processes finished fabric.