CARE Rating Agency has assigned CARE BBB- (Triple B Minus) rating to long term bank facilities for the amount of Rs 50.43 crore, CARE BBB- / CARE A3 (Triple B Minus/A Three) rating to long term / short term bank facilities for the amount of Rs 6 crore and CARE A3 (A Three) rating to short term bank facilities for the amount of Rs 17.50 crore of Mayur Wovens Pvt. Ltd.
The ratings assigned to the bank facilities of Mayur Wovens Private Limited (MWPL) take into account the vast experience of its promoters in the poly-woven bags manufacturing business, its established track record with geographically diversified revenue profile and its growing scale of operations along with moderate debt protection indicators as well as liquidity. The ratings are, however, constrained by the moderate scale of operations of MWPL and susceptibility of its operating margins to volatile raw material prices as well as foreign exchange rate fluctuation. The ratings are also constrained by its working capital intensive operations along with presence in a highly competitive and fragmented poly-woven bags business.
The ability of MWPL to increase its scale of operations and improve its profitability by focusing on value - added products while maintaining its comfortable liquidity along with an improvement in its capital structure are the key rating sensitives.
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