CARE Rating Agency has assigned CARE B+ (single B Plus) rating to long term bank facilities for the amount of Rs 12 crore and CARE A4 (A Four) rating to short term bank facilities for the amount of Rs 20.53 crore of Goyal Knitwears Private Ltd. The ratings assigned to the bank facilities of Goyal Knitwears Private Ltd (GKPL) are constrained by the weak financial risk profile marked by low profitability margins, weak overall solvency position and working capital intensive nature of operations. The ratings are further constrained by the presence of the company in a highly competitive industry along with susceptibility of profitability margins to volatility in the prices of the key raw material and adverse foreign exchange movements. The ratings, however, derive strength from the healthy scale-up of operations, established track record of operations, diversified product profile, established distribution channels & brand name and favorable location of operations.
Going forward, the ability of the company to profitability scale-up its operations while improving its solvency position and managing the working capital requirements efficiently will be the key rating sensitivities.
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