Home / Knowledge / News / Textiles / CRISIL 'A-' & 'P2+' for Gloster Jute Mills' bank facilities
CRISIL 'A-' & 'P2+' for Gloster Jute Mills' bank facilities
31
Mar '09
CRISIL has assigned ratings of 'A-/Stable/P2+' to the various bank facilities of Gloster Jute Mills Ltd (Gloster). The ratings are supported by Gloster's diversified product profile and average financial risk profile. These rating strengths are, however, partly mitigated by Gloster's substantial presence in the overseas market which may put pressure on operating margins coupled with its exposure to risks relating to the regulated nature of the jute industry.

Rs.161.5 mn Term Loans -- A-/Stable (Assigned)
Rs.210 mn Cash Credit* -- A-/Stable (Assigned)
Rs.70 mn Foreign Bill Discounting -- P2+ (Assigned)
Rs.90 mn Letter of Credit -- P2+ (Assigned)
Rs.41.5 mn Bank Guarantee -- P2+ (Assigned
* Rs.100 million interchangeable with EPC.

Outlook: Stable
CRISIL believes that Gloster will maintain a stable business risk profile over the medium term, despite significant presence in the overseas market, on account of focus on value-added products. The financial profile is expected to remain steady, driven by healthy accruals and comfortable gearing and debt protection ratios. The outlook may be revised to 'Positive' if sustained improvement in profitability and accruals leads to a significant improvement in financial profile for Gloster. Conversely, a significant increase in debt owing to capital expenditure and acquisitions or decline in profitability on account of slower demand and pricing power, particularly in the global markets, may drive a revision in outlook to 'Negative'.

Incorporated in 1992, Gloster manufactures jute and jute products. Its factory is at Howrah (West Bengal).The company produces jute bags, geo-textiles, jute carpets, jute yarn, non-woven jute felts, hydrocarbon-free jute bags, and other value-added products.

CRISIL


Must ReadView All

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

India to be largest cotton producer in 2018-19: USDA

Textiles | On 22nd Jun 2018

India to be largest cotton producer in 2018-19: USDA

For the fourth consecutive season, India is expected to be the...

Organic Basics gets Polygiene help for advanced underwear

Apparel/Garments | On 22nd Jun 2018

Organic Basics gets Polygiene help for advanced underwear

Danish firm Organic Basics is working with Swedish company Polygiene, ...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search