ICRA has suspended the ‘BBB’ rating assigned to Mahalaxmi Rubtech’s Rs 12.31 crore term loans and Rs 6.39 crore cash credit facilities. The credit rating agency has also suspended ‘A3+’ rating assigned to company’s Rs 1.05 crore short term fund based and non fund based facilities. The suspension follows ICRA’s inability to carry out a rating surveillance in the absence of the requisite information from the company.
Mahalaxmi Rubtech, the flagship company of the Ahmedabad based Mahalaxmi Group, started operations as a technical textiles unit and later set up a weaving unit to manufacture grey fabrics. Mahalaxmi Fabric Mills (MFM), the processing unit of group, was amalgamated with MRT in November 2008. The company has set up a wind-mill with 1.25 MW capacity at Sanodar village in 2009. The manufacturing facilities of the company are located at Narol and Sanand near Ahmedabad.