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CARE rating reaffirmed for Abhishek Industries Ltd

30
Mar '07
CARE has reaffirmed rating of Abhishek Industries Ltd (AIL) according a 'CARE A+' rating to Non Convertible Debenture Programme Long Term Debt for an amount Rs20cr.

Company's record in terms of growth, terry towels export market share, diversified product range, established clientele and encouraging prospects for textile sector in medium term are factors for according these ratings.

Expansion projects in the pipeline, declining slide in terry towel's earnings, export sales concentrated with few customers and cyclicality related to raw materials prices, has actually restrained the rating.

Expansion cum modernization project in textile division is also to be taken up at a cost of Rs213cr by AIL. This would be funded from term loans of Rs175cr under TUFS.

The project would involve adding 60 looms in Terry Towel Division (TTD) leading to capacity expansion of 38,000 MTPA.

Company has registered an annualized growth of 32 percent for year ended March 31, 2006 helped by an increase in exports of terry towels.

ABHISHEK INDUSTRIES LTD

Abhishek Industries Ltd (AIL) was set up in 1990 as a joint venture with Punjab State Industrial Development Corporation (PSIDC) to manufacture cotton yarn. It is the flagship company of the 'Trident Group'. Presently the company operates in four main business segments viz. Yarns, Terry Towels, Paper and Chemicals. The company is one of the largest manufacturers and exporters of terry towel in India. The company, currently, has a total installed capacity of 1,25,952 spindles for manufacture of different counts of yarns, 268 looms for manufacture of terry towels, 40,500 TPA for manufacture of various types of paper and 100,000 TPA for manufacture of sulphuric acid.


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