Credit rating agency, CARE has reaffirmed AA+ rating to Shree Cement’s long-term bank facilities worth Rs 1597.1 crore, which was enhanced from Rs 1,387.6 crore and Non convertible debentures (NCD) worth Rs 500 crore.
The rating agency has also reaffirmed A1+ rating to the company’s short term bank facilities worth Rs 400 crore, which was enhanced from Rs 200 crore and short term debt (including CP) worth Rs 50 crore, which was reduced from Rs 100 crore.
The company has received the said rating reaffirmation on the back of its rich experience of the promoters and qualified managerial team, strong brand image, operational efficiency due to backward integration (limestone & power), improved performance of the cement unit, strong financial risk profile marked by satisfactory profitability & low leverage, sizeable portfolio of surplus liquids funds and high energy efficient plants earning carbon credit.
Shree Cement is leading cement manufacturing in North India. The company markets its products under three Shree Ultra Jung Rodhak Cement, Bangur Cement and Tuff Cemento. The company’s manufacturing units are located at Beawar in district Ajmer, and Ras in district Pali, in Rajasthan. It also has grinding units at Khushkhera in Rajasthan.