Credit rating agency, CARE has revised rating of Rs 331.32 crore long term bank facilities of Nitin Spinners to ‘BB+’ from ‘BB’. The rating agency has also revised rating of Rs 14 crore short term bank facilities of the company to ‘A4+’ from ‘A4’.
The rating revision takes into account the improvement in profitability and liquidity indicators during FY11. The ratings continue to be constrained by the company’s relatively stressed financial risk profile as reflected in its high overall gearing, high repayment obligations in the medium-term, presence in highly competitive cotton textile industry, susceptibility of its margins to adverse fluctuations in cotton prices and foreign currency.
Bhilwara-based Nitin Spinners, incorporated in 1992, is mainly engaged in the manufacturing of cotton yarn and cotton knitted fabrics.
| Company Name | CMP |
|---|---|
| Trident | 24.35 |
| Filatex India | 48.36 |
| Nitin Spinners | 539.65 |
| Nahar Spinning Mills | 276.65 |
| Sanathan Textiles | 395.45 |
| View more.. | |
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