Utssav CZ Gold Jewels Receives Promising Credit Ratings

In a significant development for Utssav CZ Gold Jewels Limited, Care Edge Ratings has assigned new credit ratings to the company, bolstering its market position and instilling further stakeholder confidence. The ratings include a long-term bank facility rating of CARE BBB; Stable for ₹2 crore and a short-term bank facility rating of CARE A3+ for ₹147 crore.

Care Edge Ratings highlighted Utssav's strong fundamentals, noting the company's sturdy capital structure and healthy debt coverage indicators. The growing scale of operations coupled with moderate profitability contributes to a robust financial and business outlook. Promoter experience in the gold jewellery sector was also a key factor in the favorable assessment.

The recent ratings supersede those previously assigned by Infomerics Ratings, which were officially withdrawn upon Utssav's submission of a no-objection document acknowledged by the company's bankers. Pankajkumar Jagawat, Managing Director of Utssav CZ Gold Jewels, expressed satisfaction with the Care Edge Ratings, emphasizing their endorsement of the company's financial discipline and commitment to sustainable growth.

(With inputs from agencies.)