Credit rating agency, CARE has reaffirmed BB+ rating to Kandagiri Spinning Mills’ long term bank facilities worth Rs 79.58 crore, which was reduced from Rs 90.15 crore and A4+ rating to short term bank facilities worth Rs 9.70 crore, which was reduced from Rs 21.10 crore. The rating agency has also reaffirmed BB+/A4+ rating to the company’s long/ short-term bank facilities worth Rs 9.40 crore, which was Enhanced from Rs 5.00 crore.
The company has received the said rating on the back of its established track record along with the promoters’ vast experience in the industry, its diverse products which offer wide range of counts of yarn & value additions and the long-standing relationship with the customers and ginners.
Kandagiri Spinning Mills (KSL) is engaged in textile spinning with an aggregate capacity of 67,388 spindles (as on March 31, 2013) spread among the three units manufacturing cotton yarn of various counts. KSL also has wind turbine generators with a capacity of 10.12 mega watt (MW) in Tirunelveli and Coimbatore districts of Tamil Nadu to meet its power requirement.