Credit rating agency, CARE has reaffirmed ‘D’ rating to Spentex Industries’ Long-term Bank Facilities worth Rs 484.01 crore and ‘D’ rating to Short-term Bank Facilities worth Rs 238.80 crore. The rating agency has also reaffirmed ‘D’ ratings to company’s Proposed Non-Convertible Debenture worth Rs 34.31 crore. The company has received the said rating on the back of its delays in servicing of the company’s debt obligations.
Spentex Industries (SIL) is engaged in the manufacturing of cotton and synthetic yarn and fabrics. The plants are located in Baramati, Solapur, Butibori (Maharashtra), Pithampur (Madhya Pradesh), Tashkent (Uzbekistan), Margilan City (Uzbekistan) and Litvinov (Czech Republic).