Credit rating agency, ICRA has revised the long term rating assigned to Rs 314.00 crore term loan of Winsome Yarns (WYL) to D from LB. The rating agency has reassigned short term rating of D to Rs 166.00 crore fund based limits of the company.
The rating revision takes into account continued irregularity in repayment of debt obligations by the company due to tight liquidity. The ratings are also constrained by unfavourable business environment which is likely to impact the profitability for 2011-12, high working capital intensity requiring large funding, vulnerability to raw material price, highly competitive nature of business and weak performance of the knitwear division.
Winsome Yarn is one of the largest producers of Melange Yarn in India. It produces Melange Yarn for circular knitting, socks, weaving and knitwear. Its count range is NE 10s to NE 80s both carded and combed, single & folded. It also offers Gassed Mercerised Melange. The company is one of Leading and ISO 9002 certified manufacturer exporter of raw white, Compact, melange and dyed yarn made of 100% cotton & cotton/ blends with viscose, polyester, modal, linen, wool, silk etc.
| Company Name | CMP |
|---|---|
| Trident | 26.12 |
| Filatex India | 44.94 |
| Nitin Spinners | 419.70 |
| Nahar Spinning Mills | 249.20 |
| Sanathan Textiles | 427.00 |
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