CARE Rating Agency has assigned CARE BB [Double B] rating to long term bank facilities for the amount of Rs 57.98 crore and CARE BB / CARE A4 [Double B / A Four] rating to long term / short term bank facilities for the amount of Rs 10 crore of Madhav Tex Spin Private Limited.
The ratings assigned to the bank facilities of Madhav Tex Spin Private Limited (MTPL) are constrained by inherent project execution and post implementation risk associated with on - going green field project, susceptibility of the profitability to volatility in cotton prices and inherent cyclicality associated with the textile industry. Nevertheless, ratings draws strength from satisfactory project progress while upfront infusion of sizeable promoter's contribution, moderate project leverage, tie up of sanctioned fund based working capital limits and various fiscal benefits available to the project from central and state governments.
Completion of the ongoing project within envisaged timeframe while generating envisaged returns thereof is the key rating sensitivity. MTPL's ability to pass on the volatility associated with cotton prices to customers and efficient management of working capital requirements is also crucial.
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