Credit rating agency, CARE has reaffirmed AA- rating assigned to Rs 1,815 crore (enhanced from Rs 1,411.90 crore) long term bank facilities of Amtek India. The rating agency has also reaffirmed PR1+ rating assigned to Rs 38 crore short term bank facilities. Further, the rating agency has also reaffirmed PR1+ rating assigned to Rs 200 crore commercial paper of the company.
The rating continues to derive strength from experienced and resourceful promoters, long-standing relationships with a large number of Original Equipment Manufacturers (OEMs) and relatively improved industry scenario resulting in increased sales & profitability.
Amtek Auto manufactures components such as connecting rod assemblies, flywheel ring gears and assembly, steering knuckles, suspension and steering srms, CV joints, crankshaft assemblies and torque links. It is backed by in-house design and development facilities engaged in developing new product and processes.
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