Credit rating agency, CARE has revised rating of Nitin Spinners’ Long-term Bank Facilities worth Rs 198.78 crore from BB+ to BBB- and Short-term Bank Facilities worth Rs 14.00 crore from A4+ to A3.
The rating agency has also revised rating of company’s Long-term/Short-term Bank Facilities worth Rs 100 crore from BB+/ A4+ to BBB-/ A3
The company has received the said ratings on the back of its continued growth in scale of operations along with the improvement in profitability, leverage and liquidity indicators.
Nitin Spinners is engaged in manufacturing 100% Cotton Yarn and knitted fabrics. The company is having an installed capacity of 77,616 Spindles, 2,936 Rotors and 31 Knitting Machines.