CARE reaffirms rating of Pioneer Embroideries’ bank facilities

20 May 2014

Credit rating agency, CARE has reaffirmed ‘D’ rating to Pioneer Embroideries’ Long Term Bank Facilities (Fund Based) worth Rs 39.70 crore with reduced from worth Rs 47.80 crore, Long Term Bank Facilities (Term Loan) worth Rs 82.18 crore with reduced from worth Rs 120.07 crore and Short Term Bank Facilities (Non Fund Based) worth Rs 5.86 crore. The rating is constrained by delay in debt servicing owing to strained liquidity position.

Pioneer Embroideries is one of the largest manufacturer-exporter of embroideries, Torchon/Bobbin laces, Raschel laces and other garment accessories. It is also the proud owners of the no.1 retail brand for embroidered clothing 'Hakoba'.

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