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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Infomerics Valuation and Rating Ltd has reaffirmed Baroda Rayon Corporation's long-term bank loan facility rating at 'IVR BB-/Stable' (sub-investment grade). The rated facility amount has been enhanced from Rs. 175 crore to Rs. 189.10 crore. The rating continues to factor in satisfactory progress on the Surat Textile Bourse project (Phase-I), where 225 of 323 units have been sold, and the promoters' 35+ years of real estate experience. Key concerns flagged include geographical concentration in Surat, exposure to real estate cyclicality, increasing leverage from a proposed Rs. 50 crore additional term loan, and stretched liquidity. Promoters have settled all earlier MDRS/BIFR unsecured loans from their own funds in FY26.
The reaffirmation at the same speculative-grade rating with a stable outlook signals no immediate credit quality change, but the BB- rating implies the company remains a higher-risk credit. Shareholders should note that leverage is expected to rise with the proposed term loan tie-up, though project sales progress (70% units sold in Phase-I Part-A) provides near-term cash flow comfort.