Credit rating agency, ICRA has upgraded the long term rating from BB to BB+ for Rs 283.62 crore term loan, Rs 58.99 crore fund based limits and unallocated limits of Rs 0.32 crore of Winsome Textile Industries (WTIL). Meanwhile, the rating agency has reaffirmed the short term rating at A4+ for Rs 89.03 crore short term fund based limits and Rs 81.04 crore non fund-based bank limits of the company. The outlook on long term rating is stable.
The ratings action reflect continued improvement in the operating profitability of the company in FY2014 marked by strong growth in revenues, healthy margins and higher than expected accruals on the back of improved demand for cotton yarn in the export markets and depreciation of rupee.
Winsome Textile Industries’ principal activity is to manufacture yarn. It manufactures cotton yarn containing 85% or more cotton, containing less than 85% cotton, synthetic staple fibre yarn containing 85% or more of acrylic.
| Company Name | CMP |
|---|---|
| Welspun Living | 166.00 |
| Vardhman Textiles | 643.40 |
| Arvind | 544.00 |
| K.P.R. Mill | 1152.10 |
| Raymond Lifestyle | 731.65 |
| View more.. | |
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