Credit rating agency, CARE has upgraded rating of Igarashi Motors India’s long term bank facilities worth Rs 56.16 crore to ‘A’ from ‘BBB+’. The rating agency has also upgraded rating of the company’s short term bank facilities worth Rs 30 crore to ‘A1’ from ‘A2+’.
The revision in the ratings assigned to the bank facilities of the company take into account the improvement in operational and financial performance of the company during FY14 & H1FY15 marked by improvement in operating margins, capital structure and debt coverage indicators.
Igarashi Motors is primarily engaged in the production and sale of permanent magnet DC motors and its accessories, mainly for automotive sector. The company generates majority of its sales from actuator motor, a variety of DC motor used in actuator application/systems.
