Deepak Spinners gets BB+ rating for bank facilities from CARE

Credit rating agency, CARE has assigned BB+ rating to Rs 74.75 crore long term bank facilities of Deepak Spinners. The rating agency has also assigned A4+ rating to Rs 12 crore short term bank facilities of the company.

The ratings take into consideration the short track record of profitability after continuous losses over the past few years and high price volatility of the raw material. The ratings also take into account the highly working capital intensive nature of the operations and sensitivity of the textile sector with respect to the government regulations.

Deepak Spinners is engaged in the manufacturing of variety of Polyester, Viscose and Acryclic Spun yarn, Grey and dyed in 100% as well as blended form.