Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Nagreeka Exports’ long term bank facilities worth Rs 56.27 crore and ‘A3’ rating to company’s short term bank facilities worth Rs 214.90 crore. The ratings assigned to the bank facilities of Nagreeka Exports (NEL) continue to derive strength from the experience of the promoters, geographically-diverse customer base and liquid investments held by the company.
The ratings are, however, constrained by NEL’s presence in the low-end of the textile value chain, commodity nature of its products in trading operations, moderate debt coverage indicators and working capital intensive operations. The rating further factors decline in sales during FY15 (refers to the period April 1 to March 31).
Incorporated in March 1989, Nagreeka Exports (NEL) is a part of Nagreeka group, which is engaged into trading and exporting activities for over four decades. NEL is involved in manufacturing and trading of textile products such as cotton yarn, knitted fabric, etc.
Company Name | CMP |
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Trident | 38.01 |
Filatex India | 57.05 |
Sutlej Textiles&Inds | 55.73 |
Nahar Spinning Mills | 280.90 |
Nitin Spinners | 339.60 |
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