Credit rating agency, CARE has revised rating to Greenply Industries’ long-term bank facilities worth Rs 600.45 crore which was enhanced from Rs 478.4 crore from A- to A.
The rating agency has also reaffirmed ‘A1’ rating to the company’s short-term bank facilities worth Rs 565 crore which was enhanced from Rs 490 crore and Short-term Debt (including Commercial Paper) worth Rs 45 crore.
The company has received the said rating on the back of its experienced promoters, long track record of GIL, leadership position in the interior infrastructure sector and improving capacity utilization across the three divisions – plywood, laminates and MDF.
Greenply Industries is engaged in manufacturing of plywood, laminates, decorative veneers, particle boards and prelam particle boards/MDF. The company has 28 branches across India with a strong dealer/distributor/sub-dealer/retailer network of over 9600 and a presence in over 300 cities.