Credit rating agency, CARE has revised the assigned rating to the long-term bank facilities of KSL & Industries for Rs 665.24 crore. The agency has revised the rating from ‘CARE BBB’ to ‘CARE BB+’. The agency has also revised the assigned rating to the short-term bank facilities of the company for Rs 25.00 crore. The agency has revised the rating from ‘PR3+’ to ‘PR4+’.
The rating continues to derive strength from the experience of the promoters in the textile business, vertically integrated operations along with economies of scale. Ability of KSL to generate healthy returns, improve overall financial risk profile and manage liquidity are the key rating sensitivities.
KSL & Industries Limited (KSL) is part of the Tayal group, which has interest in cotton textiles, real estate and power. It is engaged in the business of spinning, knitting and processing fabric.
