ICRA upgrades rating of Indo Rama Synthetics; scrip gains over 1%
04/07/2014 11:15
Indo Rama Synthetics, engaged in manufacturing of yarn and fibers, on Friday announced that rating agency ICRA has upgraded the ratings assigned to the Rs 790 crore bank facilities to [ICRA]BB (pronounced ICRA double B minus) and [ICRA]A4 (pronounced ICRA A four) from [ICRA]D (pronounced ICRA D) both on long-term and short-term scale. “The ratings assigned to the Rs 790 crore bank facilities of Indo Rama Synthetics (India) Limited (IRSL) have been upgraded to [ICRA]BB- (pronounced ICRA double B minus) and [ICRA]A4 (pronounced ICRA A four) from [ICRA]D (pronounced ICRA D) both on long-term and short-term scale. The outlook on the long-term rating is Stable,” Indo Rama Synthetics said in a filing to Bombay Stock Exchange. The revision in the ratings improved liquidity position of IRSL due to initiatives taken by the company, which include increase in capacity utilisation levels due to improved raw material (especially PTA) supplies, renegotiation of PTA prices with one of the leading supplier and correction in mismatch of long-term and short-term finances, the company said. The upgrade also takes into account expansion of raw materials supplier base and marketing initiatives of the management to push up the sales volumes, it added. Meanwhile, shares of company were trading at Rs 26.30 apiece, up 1.15 per cent, from
04/07/2014 11:15
Indo Rama Synthetics, engaged in manufacturing of yarn and fibers, on Friday announced that rating agency ICRA has upgraded the ratings assigned to the Rs 790 crore bank facilities to [ICRA]BB (pronounced ICRA double B minus) and [ICRA]A4 (pronounced ICRA A four) from [ICRA]D (pronounced ICRA D) both on long-term and short-term scale. “The ratings assigned to the Rs 790 crore bank facilities of Indo Rama Synthetics (India) Limited (IRSL) have been upgraded to [ICRA]BB- (pronounced ICRA double B minus) and [ICRA]A4 (pronounced ICRA A four) from [ICRA]D (pronounced ICRA D) both on long-term and short-term scale. The outlook on the long-term rating is Stable,” Indo Rama Synthetics said in a filing to Bombay Stock Exchange. The revision in the ratings improved liquidity position of IRSL due to initiatives taken by the company, which include increase in capacity utilisation levels due to improved raw material (especially PTA) supplies, renegotiation of PTA prices with one of the leading supplier and correction in mismatch of long-term and short-term finances, the company said. The upgrade also takes into account expansion of raw materials supplier base and marketing initiatives of the management to push up the sales volumes, it added. Meanwhile, shares of company were trading at Rs 26.30 apiece, up 1.15 per cent, from
