ICRA suspends rating assigned to Mahalaxmi Rubtech’s cash credit facilities

09 Dec 2011

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.

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