Credit rating agency, CARE has assigned ratings to bank facilities of HMT. The credit rating agency has assigned ‘B-‘rating to the Fund-based-long-term cash credit amounting Rs 44.56 crore while the agency has assigned ‘A4’ rating to No-fund-based -short-term LC/BG amounting Rs 11.25 crore.
The ratings assigned to the company are constrained by plants running at lower capacity utilization levels, continuous decline in sales & operating losses over the years and weak liquidity position of the company.
HMT manufactures engineering goods like machine tools, watches, tractors, printing machines, die casting and plastic processing machinery, metal forming presses and bearings. It manufactures Mechanical and Quartz Analog watches.
