Credit rating agency, CARE has reaffirmed ‘BBB’ rating to Harita Seating Systems’ long term bank facilities worth Rs 32.73 crore which was reduced from Rs 35.66 and ‘A3’ rating to company’s Short term Bank Facilities worth Rs 5 crore. The rating agency has also reaffirmed ‘BBB/ A3’ rating to company’s Long-term/Short-term bank facilities worth Rs 8.50 crore which was reduced from Rs 9.50 crore.
The ratings continue to factor in the strong parentage of the TVS group and its long established presence in the automotive business, strong track record of Harita Seating Systems (HSSL) in the seating system space and its long association with major Original Equipment Manufacturers (OEMs)/ Tier-I suppliers.
Harita Seating Systems (HSSL) is part of Chennai based TVS Group and is engaged in the manufacture of seating systems for commercial vehicles, buses, tractors and off-road vehicles. HSSL’s manufacturing facilities are located in Tamil Nadu, Maharashtra, Jharkhand and Himachal Pradesh with an overall capacity to manufacture about 1.7 million seats p.a.
