Credit rating agency – CARE has downgraded Shivam Autotech’s long term Bank facilities to ‘D’ from ‘BB’ and Short term Bank facilities rating downgraded to ‘D’ from A4. CARE has downgraded the ratings assigned to long term and short term bank facilities due to disruption in the operations owing to the outbreak of Covid-19 pandemic, liquidity profile of the company weakened resulting in delays in debt servicing and the liquidity position is delicately poised due to high working capital utilization and Working capital intensive nature of operations and cyclical nature of auto sector.
Shivam Autotech is engaged in the manufacture of several different kinds of gears Spline Shafts.
