Credit rating agency, CARE has revised rating of Autoline Industries’ long term bank facilities worth Rs 150.06 crore to ‘B-’ from ‘D’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 20 crore to ‘A4’ from ‘D’.
The revision in the ratings assigned to the bank facilities of Autoline Industries (AIL) factors in the regularization of the debt servicing track record since December 2015 on the back of restructuring of the debt facilities of the company resulting in the extension of the repayment obligations along with infusion of funds by the promoters along with liquidation of investment to relieve the stressed liquidity position.
AIL, incorporated in December 1996, is engaged in the manufacturing of auto components especially sheet metal components, sub-assemblies and assemblies. The company currently has a total of 12 manufacturing facilities. Its products (more than 1,000 variants) are used in the manufacturing of Commercial Vehicles (CV), Passenger Cars (PC), Sports Utility Vehicles (SUV), two wheelers, tractors, etc.
