Credit rating agency, CARE has revised ‘A+‘ ratings of J K Cement’s long-term bank facilities worth Rs 1,023.1 crore which was enhanced from Rs 1,008.9 crore to ‘AA-’. The rating agency has also reaffirmed A1+ rating to the company’s short-term bank facilities worth Rs 200.00 crore.
The company has received the said rating on the back of its strong brand image in the North Indian market, increasing presence in Karnataka & Maharashtra markets, self-sufficiency in power requirement, and comfortable liquidity and solvency position. The long-term rating is constrained by the company’s large sized debt-funded expansion plans and cyclicality associated with the cement industry.
J K Cement is one of the largest cement manufacturers in north India. It is also second largest producer of white cement in India. The company exports white cement to countries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania, UAE and Nepal.
