Automotive Axles gets A1 plus

ICRA has assigned A1 plus rating to the Rs. 5 crore commercial paper programme of Automotive Axles (AAL), indicating highest safety.

The rating has been assigned on the basis of standby facility to the extent of Rs. 5 crores provided by ICICI to support the repayment obligation on the CP programme. The rating agency had earlier assigned A1 to the Rs. 10 crore commercial paper programme of the company.

The rating takes into account the strong parentage, healthy growth in sales, good order book position and improved margins and profitability. Automotive Axles, located at Mysore (Karnataka), manufactures complete rear axle assemblies for both heavy and light commercial vehicles.

The company has been promoted by ArvinMeritor Inc. of the U.S. headquartered in Troy, Michigan, and the Kalyani group of India.

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Section  : Business
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