Credit rating agency, ICRA has revised rating of Jamna Auto Industries’ lines of credit and short term bank facilities to D from BBB without providing the company adequate rationale for the same.
However, considering that it has some of the best liquidity and credit ratios in the business, the company has not accepted the revised ratings and is in discussions with ICRA on the matter.
Jamna Auto is the largest manufacturer of tapered leaf springs and parabolic springs for commercial vehicles in India and is the number one supplier to Tata Motors (TML) and Ashok Leyland (ALL), the two major commercial vehicle manufacturers in Indian market for over 54 years. The company is also the largest spring manufacturer in the world.
