Credit rating agency, CARE has reaffirmed ‘BB-’ rating to Uniply Industries’ long term bank facilities worth Rs 21.65 crore. The rating agency has also reaffirmed ‘A4’ rating to the company’s short term bank facilities worth Rs 35 crore.
The ratings continue to factor in the high gearing levels of the company along with its relatively small size of operations, susceptibility of margins to the volatility in raw material prices, foreign exchange fluctuation and intense competition from the unorganized sector.
Uniply Industries is a Chennai-based plywood manufacturing and trading company promoted by Mr BL Bengani. The company initially started as a trading agent and later started trading plywood and its allied products under its own brand name.
