Credit rating agency, CARE has revised rating of PBM Polytex’s long term bank facilities worth Rs 52.06 crore to ‘BBB+’ from ‘BBB’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 10.50 crore to ‘A2’ from ‘A3+’. The ratings continue to derive strength from the vast experience of the promoters and PPL’s established track record of operations in the cotton yarn business along with its moderate leverage.
PBM Polytex (PPL) was incorporated on November 24, 1919 under the name and style of 'The Petlad Bulakhidas Mills. The current management (i.e, the Patodia family) took over the company in 1978 and since then have gradually expanded and modernized its facilities for manufacturing cotton yarn. As on March 31, 2013, the company had an installed capacity of 57,600 spindles and 840 rotors (manufacturing yarn from count range Ne 6’s to Ne 80’s). Its manufacturing facilities are located at Petlad in the Anand district of Gujarat and Borgaon in Madhya Pradesh.