Credit rating agency ICRA has downgraded rating of Skyline Millars’ long term-funds based limits to ‘D’ from ‘BB+’. The rating agency has downgraded the rating due to delays in debt servicing by the company on account of cash flow mismatches arising due to delays in project commissioning and muted off-take for the RCC (reinforced cement concrete) products being manufactured by the company.
The main activities of the company are manufacturing of construction equipment and EOT cranes.