Credit rating agency, CARE has revised ratings of Loyal Textile Mills’ long term bank facilities worth Rs 433.09 crore to ‘BBB’ from ‘BBB-’. The rating agency has revised rating of company’s short term bank facilities worth Rs 208 crore to ‘A3+’ from ‘A3’. Besides, the rating agency has also revised rating of company’s Long/Short-term bank facilities worth Rs 25 crore to ‘BBB/A3+’ from ‘BBB-/A3’.
The revision in the ratings assigned to the bank facilities of Loyal Textile Mills (LTM) factors in the consistent improvement in the operational performance marked by significant growth in operating income and cash accruals over the past three years ended March 2014.
Loyal Textiles Mills (LTM) is one of the oldest and leading integrated textile mills in south India with facilities for production of cotton yarn, knitted & woven fabrics and garments. LTM’s manufacturing facilities are spread over five locations with an aggregate capacity of 151,168 ring spindles, 4,848 rotors, 194 knitting machines, 427 automatic looms, 892 sewing machines and 14.4 million meters of processing capacity as on March 31, 2014.
| Company Name | CMP |
|---|---|
| Welspun Living | 126.75 |
| Vardhman Textiles | 549.50 |
| Arvind | 385.05 |
| K.P.R. Mill | 919.20 |
| Page Industries | 38400.65 |
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