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ICRA reaffirms long term rating of The Indian Card Clothing Company Limited

Posted On: 2019-10-18 12:30:00

ICRA Limited, the Credit Rating Agency has reaffirmed the long-term rating at [ICRA]BB+ (pronounced ICRA double B plus) and short-term rating at [ICRA]A4+ (pronounced ICRA A four plus) assigned to the line of credit of The Indian Card Clothing Company Limited. The outlook on the long-term rating is 'Stable'.

The rating reaffirmation favourably factors in The Indian Card Clothing Company Limited's (ICC's) long track record in the card clothing business, along with its established and diversified customer base. The ratings also positively factor in the company's healthy net worth base and access to a stable monthly, unsecuritised rental income. However, the ratings continue to remain constrained by ICC's weak financial profile characterised by continued operating and net losses due to the weak performance of the card clothing division, rise in working capital requirements due to the increased inventory levels, and reduced liquidity buffer due to the sizeable decline in ICC's cash and investment position in the last two fiscals. The ratings also remain constrained by the company's exposure to sector-specific concentration risks with the cotton textile industry accounting for over 90% of its revenues, and the susceptibility of its profitability to foreign exchange fluctuation risks owing to its unhedged export receivables.

The Stable outlook on the [ICRA]BB+ rating reflects ICRA's opinion that ICC will continue to benefit from its established and long track record of over six decades in supplying card clothing and card room accessories to the textile spinning industry. The completion of shift of its operations from Pune to Himachal Pradesh is expected to help ICC post some improvement in its revenues and profitability, though a meaningful recovery in the card clothing division is yet to be seen and will be a key rating sensitivity. The unsecuritised monthly rental income is expected to continue and provide some support to the profitability of the company.

Shares of INDIAN CARD CLOTHING CO.LTD. was last trading in BSE at Rs.107.7 as compared to the previous close of Rs. 112.6. The total number of shares traded during the day was 1431 in over 16 trades.

The stock hit an intraday high of Rs. 112 and intraday low of 107.7. The net turnover during the day was Rs. 158701.

Source: Equity Bulls

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