Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Ganesha Ecosphere’s long term bank facilities worth Rs 174.15 crore to ‘BBB’ from ‘BBB-’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 6.30 crore to ‘A3+’ from ‘A3’.
The revision in the ratings takes into account the successful completion of the projects leading to consolidation of its leadership position in the regenerated Polyester Stable Fibre (rPSF) industry and its consistent financial performance. Furthermore, the ratings continue to derive strength from the relevant experience of the promoters and the management team, increasing focus towards value-added products and robust raw material procurement and product distribution network.
Ganesha Ecosphere (GEL) is engaged in the recycling of PET (Poly Ethylene Terephthalate) bottle waste into regenerated Polyester Staple Fibre (rPSF) and production of dyed yarn from rPSF. GEL has two manufacturing facilities at Kanpur, Uttar Pradesh and Rudrapur, Uttrakhand.