PNN
Mumbai (Maharashtra) [India], October 10: Utssav CZ Gold Jewels Limited (Utssav, The Company), (NSE Code: UTSSAV) one of the leading manufacturers of 18K, 20K, and 22K CZ gold jewellery, plain casting jewellery in 22K, paper casting jewellery in 22K, natural diamond jewellery, and lab-grown diamond jewellery in 18K, has been assigned credit ratings by Care Edge Ratings for its bank facilities.
* Long Term Bank Facilities - CARE BBB; Stable (₹2 Cr)
* Short Term Bank Facilities - CARE A3+ (₹147 Cr)
The ratings reflect the company's strong fundamentals and highlight its financial discipline and business stability. Care Edge Ratings has factored in the promoter's extensive experience in the gold jewellery industry, the company's strong capital structure with healthy debt coverage indicators, its growing scale of operations with moderate profitability, and an adequate liquidity profile.
These ratings reaffirm The Company's potential for sustained growth and further strengthen stakeholder confidence in the company's market position.
Earlier, the company's credit ratings were assigned by Infomerics Ratings. These ratings have now been withdrawn after Utssav provided the required no-objection document, which was duly acknowledged by its bankers and submitted to Infomerics on time.
Commenting on the achievement, Mr. Pankajkumar Jagawat, Managing Director of Utssav CZ Gold Jewels Limited said, "We are pleased with the ratings assigned by Care Edge Ratings, which reflect our strong fundamentals and disciplined financial management. These ratings are an important endorsement of our efforts to consistently strengthen our financial stability, improve operational performance, and scale our business with efficiency.
At Utssav, we remain committed to creating value through sustainable growth and operational excellence. The recognition also enhances the confidence of our banking partners and investors, and further motivates us to deliver on our long-term vision."
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