Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to KG Petrochem’s long term bank facilities worth Rs 39.29crore which was enhanced from Rs 37.32 crore and ‘A3’ rating to company’s Short term Bank Facilities worth Rs 22.20 crore.
The company has received the said rating on the back of its established presence in the terry towel business and the vast experience of the promoters. The ratings also factor the marginal improvement in capacity utilization along with its stable profitability and moderate debt coverage indicators during FY13 (refers to the period April 1 to March 31).
Jaipur-based KG Petrochem (KGPL) is engaged in the manufacturing of a wide range of terry towels. KGPL is also a consignment stockist of GAIL (India) for polymers in Rajasthan. The terry towel segment is the major focus area of the company; it contributed almost 93% of the Total Operating Income in FY13.
Company Name | CMP |
---|---|
PDS | 435.75 |
Vardhman Textiles | 454.00 |
Arvind | 367.10 |
Welspun Living | 146.35 |
Alok Inds | 26.86 |
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