Credit rating agency, CARE has reaffirmed ‘BBB’ rating to Nitin Spinners’ long term bank facilities worth Rs 362.17 crore. The rating agency has also reaffirmed ‘A3+’ rating to the company’s short term bank facilities worth Rs 25 crore.
The ratings assigned to the bank facilities of the company continue to take into account the healthy cash accruals during FY14 and Q1FY15 on account of sustained demand for cotton yarn, efficient management of working capital requirements and realignment of interest rates post exit from Corporate Debt Restructuring (CDR) scheme.
Nitin Spinners is engaged in the manufacturing of cotton yarn and cotton knitted fabrics used in the hosiery segment.
