Credit rating agency, Credit Analysis & Research (CARE) has reaffirmed the ratings assigned to Bank Loan facilities of Associated Stone Industries Kotah. The rating agency has reaffirmed ‘BBB’ rating assigned to Long-term Bank Facilities amounting to Rs 53.22 crore. Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.
Besides, it has also has reaffirmed ‘A3+’ rating assigned to Short-term Bank Facilities of the company amounting to Rs 30 crore. Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligations. Such instruments carry higher credit risk as compared to instruments rated in the two higher categories.
Associated Stone Industries (Kotah) (ASI) was started in 1945. Today ASI holds quarries 10 square Kms at Ramganjmandi in Rajasthan and which are largest in the world with more than 5,000 workers working to produce the best product.