Credit rating agency, ICRA after due consideration of the latest developments, has re-affirmed A2+ rating to short term bank facilities of Omax Autos. The rating agency has also re-affirmed BBB+ rating to long term bank facilities of the company.
The assigned ratings factor in the company’s healthy business growth on the back of improved business volumes with HMCL and ramp up of business with TML and IKEA, continued improvement in its customer and segment diversification, as well as long standing business relationships with key customers.
Omax Autos manufactures sheet metal components, precision machined components, tubular metal components and sprockets for supply to domestic automotive OEMs and tier-1 auto component manufacturers in Europe and the United States.
