Credit rating agency, CARE has reaffirmed the assigned ‘BB+’ rating to the long-term bank facilities of TT for an enhanced amount. The amount is been enhanced from Rs 154.90 crore to Rs 224.29 crore. The agency has also reaffirmed the assigned ‘A4+’ rating to the short-term bank facilities of the company amounting to Rs 186.00 crore.
Going forward, the company’s ability to improve its profitability margins in the competitive environment along with successful implementation of the ongoing project would be the key rating considerations.
TT (formerly named as Tirupati Texknit) was incorporated with facilities to manufacture knitted fabric. It gradually entered into manufacturing of raw cotton, combed cotton yarn, knitted fabric and undergarments cloth (Hosiery) at various locations in UP, Gujarat and Tamil Nadu.
