ICRA Suspends Rating for Oswal F M Hammerle Textiles Limited

Strategic Insights -

Oswal F M Hammerle Textiles Limited, a joint venture between Vardhman Polytex Limited and F.M Hammerle, Austria, has had its ICRA rating suspended due to the credit rating agency's inability to conduct a rating surveillance in the absence of required information from the company. The company, which commenced commercial production in July 2008 with 72 looms and expanded to 124 looms, has faced a suspension of the ICRA D rating assigned to its Rs. 162.00 crore bank facilities. The suspension highlights the importance of timely information sharing between companies and credit rating agencies to maintain accurate and reliable credit ratings.

Key Takeaways:

  • The ICRA rating of Oswal F M Hammerle Textiles Limited has been suspended due to the agency's inability to conduct a rating surveillance.
  • The company's failure to provide required information has resulted in the suspension of the ICRA D rating assigned to its Rs. 162.00 crore bank facilities.
  • The company's rating suspension has implications for its ability to access credit and finance in the future.
  • Vardhman Polytex Limited holds 82% of the total equity in Oswal F M Hammerle Textiles Limited, with the remaining 18% held by the joint venture partner F.M Hammerle.
  • The company commenced commercial production in July 2008 with 72 looms and expanded to 124 looms.

Statistics:

  • Rs. 162.00 crore: The amount of bank facilities of Oswal F M Hammerle Textiles Limited that had their ICRA rating suspended.
  • 72 looms: The number of looms that Oswal F M Hammerle Textiles Limited commenced commercial production with in July 2008.
  • 124 looms: The current number of looms operated by Oswal F M Hammerle Textiles Limited.
  • 82%: The proportion of total equity held by Vardhman Polytex Limited in Oswal F M Hammerle Textiles Limited.
  • 18%: The proportion of total equity held by the joint venture partner F.M Hammerle in Oswal F M Hammerle Textiles Limited.

Sources:

  • ICRA Limited. "ICRA Suspends Rating for Oswal F M Hammerle Textiles Limited." 2015.