CARE reaffirms ratings of Ginni Filaments’ bank facilities

08 Apr 2014

Credit rating agency, CARE has reaffirmed ‘BB-’ rating to Ginni Filaments’ long term bank facilities worth Rs 228.94 crore and ‘A4+’ rating to company’s Short term Bank Facilities worth Rs 10 crore. The ratings of the company continue to be constrained by the weak financial risk profile as on March 31, 2013 reflected by the relatively low net-worth on account of the accumulated losses in the past, adverse gearing ratio and working capital intensive operations.

Ginni Filaments (GFL) was commissioned with 26208 spindles to produce ultrafine combed cotton The product range includes 100% combed cotton yarns from Ne16 to Ne50, both in single and double ply construction.  The company also manufactures TFO doubled, compact spun, elitwist and gassed yarns.

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