Credit rating agency, CARE has reaffirmed ‘BB’ rating to Stone India’s long-term bank facilities worth Rs 34.48 crore. The rating agency has also reaffirmed ‘A4’ rating to the company’s short-term bank facilities worth Rs 19.30 crore. The ratings assigned to Stone India (SIL) continues to be constrained by high customer concentration risk, tender-based business limited ability to pass on hike in raw material prices, working capital intensive nature of operations and moderate financial risk profile. However, the ratings derive strength from the long track record of the company, strong R&D capability, significant market presence in various product lines and satisfactory order book position.
Stone India, a multi-product engineering company located in Kolkata, has been serving the Indian rail road industry for over seven decades.
