CARE reaffirms rating of Shiva Cement’s bank facilities

Credit rating agency, CARE has reaffirmed ‘BBB’ rating to Shiva Cement’s long-term bank facilities worth Rs 46 crore. The rating agency has also reaffirmed ‘A3’ rating to the company’s short-term bank facilities worth Rs 2.00 crore.

The ratings continue to draw comfort from rich experience of the promoter with long & satisfactory track record, strategic location of the plant, backward integration in the form of captive limestone mine and satisfactory financial risk profile marked by moderate profitability and satisfactory leverage.

Shiva Cement is engaged in manufacturing of cement and allied products. Its plants are located at Kalunga and Sundargarh in Orissa. The company has a combined installed capacity of 177,000 tonnes per annum.