CARE assigns rating to Eskay Knit (India)’s bank facilities

Credit rating agency, CARE has assigned C rating to Rs 302.46 crore long-term bank facilities of Eskay Knit (India). The rating agency has also assigned A4 rating to 4.00 crore to company’s short-term bank facilities.

The company has received the said rating on the back of  its significant losses in FY12 and Q1FY13, resulting in stressed liquidity position and the company approaching bankers for restructuring of its debt obligations under Corporate Debt Restructuring (CDR).

Eskay Knit India (ESKAY), the flagship company of the Navin Kumar Tayal group, manufactures cotton yarn and knitted fabrics. The company was incorporated on 1987.