Credit rating agency, CARE has revised rating of Indo Count Industries’ long term bank facilities worth Rs 111.23 crore to ‘BBB-’ from ‘B’. The rating agency has also revised rating of the company’s short term bank facilities worth Rs 374.00 crore to ‘A3’ from ‘A4’. Further, CARE has revised rating off the company’s Non-Convertible Debentures (NCDs) worth Rs 14.77 crore to ‘BBB-’ from ‘B’.
The revision in the ratings assigned to the bank facilities and non convertible debentures of the company takes into consideration improvement in the operational and financial performance in FY14 i.e. total operating income, profitability margins along with a moderate capital structure and debt coverage matrices. The ratings continue to be strengthened by experience of the promoters in home textiles and integrated business operations.
Indo Count Industries is engaged in the manufacturing of 100% grey combed cotton yarn and knitted fabric. Its product range includes Cotton yarn, Knitted fabrics and Dyed yarn and core-spun yarn.