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-CARE reaffirms ratings of Soma Textiles and Industries at D/PR5.

M2 EQUITYBITES-May 23, 2011--CARE reaffirms ratings of Soma Textiles and Industries at D/PR5(C)2011 M2 COMMUNICATIONS

23 May 2011 - Rating agency CARE on Friday reaffirmed the ratings assigned to the long and short-term bank facilities of Indian textile company Soma Textiles and Industries Ltd (BOM:521034) at D and PR5, respectively.

The ratings continue to reflect the delays of the company in servicing its debts, the agency explained.

The ratings also mirror the firm's weakened financial risk profile, significant reduction in net worth, high gearing and weak debt coverage, CARE added.

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Publication:M2 EquityBites (EQB)
Date:May 23, 2011
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