CARE assigns BBB rating to Shiva Cement

CARE assigns BBB rating to Shiva Cement
Published: 08 September 2011

Credit rating agency, CARE has assigned the following credit rating to Shiva Cement for it’s existing as well as proposed loan for expansion amounting to total INR201 crore. The agency has assigned ’BBB’ rating to long-term bank facilities of the company. The agency has also assigned ’A3’ rating to the short-term bank facilities of the company.

Recently, the company had received an approval from the project co-ordination committee authorised by the board for revision of project cost from INR163.50 crore to INR248 crore in view of revision in the expanded capacity up to 1Mta. The target for the commercial production of expanded capacity had been fixed as 4Q of FY-2013.Shiva Cement is engaged in manufacturing of cement and allied products. Its plants are located at Kalunga and Sundargarh in Orissa. The company has a combined installed capacity of 177,000 tonnes per annum