 |
 |
| |
| Rating Rationale |
| May 06, 2021 | Mumbai |
| |
| |
| |
Detailed Rationale
CRISIL Ratings has reaffirmed its ratings on the bank facilities and non-convertible debentures (NCDs) of Jindal Steel and Power Ltd (JSPL) at ‘CRISIL A-/Stable/CRISIL A2+’.
The ratings factor in the recent announcement of the board approval to divest the entire stake (96.4%) in the subsidiary, Jindal Power Ltd (JPL) to a promoter group entity, Worldone Pvt Ltd (Worldone), for cash consideration of Rs 3,015 crore. The proposed divestment is driven by the company’s focus on the steel business and deleveraging its balance sheet. However, even with the proposed divestment, JPL would continue to have strong financial linkages with JSPL (existing capital advances and loans of Rs 4,386 crore from JPL to JSPL will be converted into unsecured loans to JSPL, and also JSPL will continue to hold non-convertible preference shares of around Rs 6,800 crore issued by JPL recently). CRISIL Ratings is in the process of re-evaluating the strengths of linkages between the two companies. Moreover, the deal would need requisite approvals, including from shareholders and lenders. Hence, further developments on the proposed divestment and the contours of financing the transaction by the promoter entity will remain key monitorables.
The ratings continue to reflect continued improvement in operating performance on the back of healthy realisations and robust increase in steel volumes, which shall support deleveraging of the balance sheet in line with expectation. In addition to organic deleveraging, divestment of the Oman operations (Jindal Shadeed Iron and Steel Co LLC [JSIS Oman]) has also helped to lower the consolidated debt for JSPL.
CRISIL Ratings estimates the company’s financial leverage (ratio of consolidated net debt to earnings before interest, taxes, depreciation, and amortisation [Ebitda]) to be below 2.3 times as on March 31, 2021, in line with earlier expectation. Any capital expenditure (capex) is expected to be funded only through internal cash accrual. As a result, sustained healthy operating performance may lead to financial leverage improving to below 2 times in fiscal 2022.
India is currently experiencing an intense second wave of the Covid-19 pandemic. As the company’s steel production is classified as essential services, CRISIL Ratings does not expect any material impact on the company’s production. However, this, along with any impact on the supply chain, shall remain a key monitorable.
Operating cash accrual is expected to be adequate to service scheduled debt repayment (including of overseas subsidiaries in Mauritius and Australia) for fiscal 2022. Furthermore, adequate liquidity (more than Rs 5,000 crore as on April 30, 2021) in the form of cash and equivalents along with the unutilised bank limit provides a cushion against any downside risk to steel demand and prices. The company had obtained necessary regulatory approvals for past remittances to overseas subsidiaries in a timely manner. However, the requisite approval for remittances towards March 2021 repayment was delayed, leading to invocation of JSPL’s guarantee on outstanding debt in its overseas subsidiaries. While the required funds were remitted in full and within the stipulated timelines post invocation of the guarantee, the company’s ability to obtain the regulatory approvals in a timely manner for future remittances shall remain a key monitorable.
The ratings continue to reflect JSPL’s healthy business risk profile, as reflected in a large-scale and cost-efficient operations; healthy product mix with significant proportion of value-added products especially in infrastructure long-steel products; and moderate raw material integration supported by proximity to raw material sources. While the ratings also factor in an improving financial risk profile (especially liquidity), they are constrained by large scheduled debt repayment in overseas subsidiaries till March 2022.
Additionally, CRISIL has withdrawn its rating on the Rs 225 crore NCDs of JSPL on receipt of confirmation of their redemption by the trustee. The rating is withdrawn in line with CRISIL’s rating withdrawal policy.
| |
| |
Analytical Approach
For arriving at its ratings, CRISIL Ratings has combined the business and financial risk profiles of JSPL and its subsidiaries, associates and joint ventures. That’s because all these entities, together referred to herein as JSPL, are under a common management and have strong business and financial linkages.
CRISIL Ratings has used moderate consolidation for JSIS Oman.
Please Refe - Annexure - List of entities consolidated, which highlights entities considered and their analytical treatment of consolidation.
| |
| |
Key Rating Drivers & Detailed Description
Strengths
* Superior market position: The large scale of operations and value-added product profile are relatively less vulnerable to demand slowdown. Furthermore, the company is largely into long-steel infrastructure products and is one of the preferred supplier for speciality rail products to the Indian Railways and various metro projects in the country. Hence, despite a fragmented market, it commands a premium because of its superior product profile and strong brand. This is reflected in healthy realisations at over Rs 40,000 per tonne during the third quarter of fiscal 2021. With continued improvement in production efficiency and increasing focus on value-added products, the strong market position is likely to be maintained over the medium term.
* Improving operational efficiency in domestic steel: Demand for steel in the domestic market has witnessed strong recovery since August 2020. During fiscal 2021, the company had strong volume growth of about 19% (year-on-year), supported by a healthy operating rate of above 85%. This, along with reduced input cost on account of access to duty-paid iron ore fines and a sharp rise in domestic steel realisations, had resulted in a healthy per tonne Ebitda of more than Rs 15,000 (Rs 9,500 in fiscal 2020) in the first nine months of fiscal 2021.
As the company largely exhausted its duty-paid iron-ore stocks in fiscal 2021, per tonne Ebitda is likely to dip in fiscal 2022, though it may remain over Rs 10,000. This will be supported by increase in capacity utilisation and strong operating efficiency due to proximity of the plants to coal and iron ore mines, captive power units, railway sidings and nearness to the Paradip port in Odisha.
* Low-cost power generation business: The company also benefits from its low-cost 3,400 megawatt (MW) independent power plants (IPPs) in Chhattisgarh, operated by Jindal Power Ltd (JPL). Though only about 25% of the IPPs’ capacities are tied up with power purchase agreements (PPAs), these capacities benefit from their low capital cost and proximity to coal mines. The consequent low cost of generation allows it to sell power in merchant markets and also bid competitively in power tenders. JPL has been declared L-1 bidder for additional 420 MW capacity under the PFC Pilot Scheme-II, which, if converted to a PPA, would increase its tied capacity to 38% and enhance its cash flows from the power business.
* Improving financial risk profile: Consolidated gross debt had reduced to Rs 28,159 crore as on December 31, 2020, from Rs 36,825 crore as on March 31, 2020. This was because of debt repayment of about Rs 3,300 crore (net of loan addition) in domestic as well overseas operations, along with divestment of JSIS Oman. Consequently, JSPL’s financial leverage (ratio of net debt to Ebitda) is estimated to have improved to below 2.3 times and interest coverage ratio to more than 3.3 times in fiscal 2021 from 4.6 times and 1.9 times, respectively, in fiscal 2020.
On the back of a better domestic operating performance and lower capex, the financial leverage is expected to improve to below 2.0 times and interest coverage ratio to be more than 3.3 times by fiscal 2022. However, sustenance of these metrics will remain a key monitorable.
Weaknesses
* Large debt repayment and weak cash flows in overseas subsidiaries: The company made significant debt-funded investment in acquiring coking coal and thermal coal mines in Africa and Australia. However, on account of limited operating cash flows from these assets, the overseas subsidiaries in Mauritius (outstanding debt of about USD 357 million as on April 30, 2021) and Australia (about USD 219 million) rely on refinancing of the debt or financial support from JSPL’s India operations. Hence, despite continued improvement in the cash accrual of JSPL’s domestic operations along with capital infusion by the promoter and a qualified institutional placement, high overseas scheduled debt repayment (was about Rs 3,300 crore in fiscal 2021 and expected at around Rs 3,600 crore in fiscal 2022) continues to stretch the overall net cash accrual to debt repayment ratio, which is expected at about 1.05 times in fiscal 2022 (estimated at more than 1.3 times in fiscal 2021 and was 1.00 time in fiscal 2020). Large overseas debt repayment reduces the company’s own financial flexibility in case of any adverse cyclical movement in its steel business.
*Moderate raw material linkages for domestic business along with offtake risk for power: The company’s current captive iron ore mines meet only one-fifth of its total iron ore requirement. Also, it relies on imports for meeting coking coal requirement while thermal coal requirement is met partially through linkage coal and the rest through e-auctions and imports. Furthermore, absence of any long-term PPAs for around 75% of the power capacity in Tamnar, Chhattisgarh, exposes the company to offtake risk and volatility in merchant rates. Also, this capacity is susceptible to fuel risk because of the absence of fuel linkages (after de-allocation of its coal mines pursuant to the Supreme Court order in September 2014). Nonetheless, secured coal linkages of about 3.8 million tonne for the captive power and sponge iron plants, and proximity of steel and power plants to coal and iron resources provide comfort. Furthermore, JPL has secured coal linkages of 4.5 million tonne for its power plants and has recently won Gare Palma IV/I coal mine in Chhattisgarh having annual capacity of 6.0 million tonne. This shall further increase raw material linkages for the group. Timely closure of PPAs for the recent win of 420 MW will reduce offtake risk over the medium term for JPL.
* Susceptibility to demand and price risks: Demand for long-steel products depends on the level of construction and infrastructure activities and any movement in economic cycles. Furthermore, the steel industry remains exposed to global steel prices. While the company’s cost-efficient and integrated domestic steel operations partially cushion its profitability against cyclical downturns, it shall remain exposed to inherent price and demand volatility in the steel industry (as reflected in a fluctuating operating margin in the past).
| |
| |
Liquidity: Adequate
Consolidated cash accrual is expected at about Rs 7,000 crore (estimated to be more than Rs 8,000 crore in fiscal 2021) against debt repayment of around Rs 6,400 crore (around Rs 5,800 crore) for fiscal 2022. More than half of this debt repayment is in overseas subsidiaries. Liquidity is further supported by unencumbered cash and equivalents of more than Rs 5,000 crore (including an unutilised fund-based bank limit) as on April 30, 2021. Flexibility to undertake advance export transactions shall provide further liquidity cushion.
| |
| |
Outlook: Stable
JSPL should sustain its healthy operating performance over the medium term, which, coupled with absence of any major capex, will result in improved free operating cash flows and continued deleveraging.
| |
| |
Rating Sensitivity Factors
Upward Factors
- Significantly higher-than-expected profitability, resulting in faster deleveraging
- Improving liquidity because of higher cash accrual or through refinancing of overseas debt, with the ratio of net cash accrual to debt repayment being sustained at above 1.5 times
Downward Factors
- Lower-than-expected profitability or significant debt-funded capex, resulting in a sharp increase in consolidated leverage
- Weakening of liquidity because of lower cash accrual, resulting in the ratio of net cash accrual to debt repayment below 1.2 times on a sustained basis
| |
| |
About the Company
The JSPL group, part of the diversified OP Jindal group, is one of India's major steel producers with sizeable presence in power generation and mining. The group has installed capacity of 8.6 million tonne per annum of steel, with plants in Angul and Raigarh, Chhattisgarh.
A subsidiary of JSPL, JPL (proposed to be divested) has a total commissioned power capacity of 3,400 MW. The group's international operations include interests in mining assets in resource-rich locations such as Australia, Indonesia, South Africa and Mozambique.
For the first nine months of fiscal 2021, consolidated operating revenue was Rs 27,108 crore, Ebitda Rs 9,157 crore and PAT Rs 3,626 crore, against consolidated operating revenue of Rs 23,669 crore, Ebitda of Rs 5,085 and a net loss of Rs 656 crore, during the corresponding period of the previous fiscal.
| |
| |
Key Financial Indicators
|
As on/for the period ended March 31
|
Unit
|
2020
|
2019
|
|
Operating Income
|
Rs crore
|
36,944
|
39,221
|
|
Profit after tax (PAT)
|
Rs crore
|
(400)
|
(2,412)
|
|
PAT margin
|
%
|
(1.1)
|
(6.1)
|
|
Adjusted debt/adjusted networth**
|
Times
|
2.75
|
3.24
|
|
Interest coverage
|
Times
|
1.88
|
1.94
|
**Adjustments include reversal of fair valuation of PPE (land, buildings and plants and machinery), deferred tax on adjustments and other adjustments made during adoption of Ind AS norms on networth.
| |
| |
Any other information: Not applicable
| |
| |
Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments. |
|
| |
Annexure - Details of Instrument(s)
|
ISIN
|
Name of Instrument
|
Date of Allotment
|
Coupon Rate (%)
|
Maturity Date
|
Issue Size (Rs.Crore)
|
Complexity level
|
Rating Assigned with Outlook
|
|
NA
|
Cash credit
|
NA
|
NA
|
NA
|
1,824.00
|
NA
|
CRISIL A-/Stable
|
|
NA
|
Letter of credit and bank guarantee
|
NA
|
NA
|
NA
|
7,299.80
|
CRISIL A2+
|
|
NA
|
Proposed non-fund-based bank loan facility
|
NA
|
NA
|
NA
|
2,100.20
|
CRISIL A2+
|
|
NA
|
Proposed long-term bank loan facility
|
NA
|
NA
|
NA
|
1,300.0
|
CRISIL A-/Stable
|
|
NA
|
Proposed short-term bank loan facility
|
NA
|
NA
|
NA
|
239.30
|
CRISIL A2+
|
|
NA
|
Term loan -1
|
NA
|
8.70%– 11.35%
|
Sep-21
|
179.83
|
CRISIL A-/Stable
|
|
NA
|
Term loan -2
|
NA
|
Sep-22
|
422.82
|
CRISIL A-/Stable
|
|
NA
|
Term loan -3
|
NA
|
Jun-24
|
1,496.44
|
CRISIL A-/Stable
|
|
NA
|
Term loan – 4
|
NA
|
Sep-24
|
900.46
|
CRISIL A-/Stable
|
|
NA
|
Term loan – 5
|
NA
|
Mar-25
|
465.50
|
CRISIL A-/Stable
|
|
NA
|
Term loan – 6
|
NA
|
Jun-25
|
1,312.92
|
CRISIL A-/Stable
|
|
NA
|
Term loan – 7
|
NA
|
Sep-27
|
1,489.99
|
CRISIL A-/Stable
|
|
NA
|
Term loan – 8
|
NA
|
Sep-28
|
1,371.39
|
CRISIL A-/Stable
|
|
NA
|
Term loan – 9
|
NA
|
Jun-36
|
7,039.82
|
CRISIL A-/Stable
|
|
INE749A07276
|
Non-convertible debentures
|
29-Dec-09
|
9.80%
|
29-Dec-21
|
12.40
|
Simple
|
CRISIL A-/Stable
|
Annexure- Details of instruments withdrawn
|
ISIN
|
Name of Instrument
|
Date of Allotment
|
Coupon
Rate (%)
|
Maturity
Date
|
Issue Size (Rs.Cr)
|
Complexity Level
|
|
INE749A07466
|
Non-convertible debentures
|
25-Jan-10
|
9.80%
|
25-Jan-21
|
75.00
|
Simple
|
|
INE749A07458
|
Non-convertible debentures
|
19-Feb-10
|
9.80%
|
19-Feb-21
|
75.00
|
Simple
|
|
INE749A07433
|
Non-convertible debentures
|
26-Mar-10
|
9.80%
|
26-Mar-21
|
75.00
|
Simple
|
| |
| |
Annexure – List of entities consolidated
|
Name of Entities consolidated
|
Extent of Consolidation
|
Rationale for Consolidation
|
|
Ambitious Power Trading Company Ltd
|
Fully consolidated*
|
All these entities collectively have significant managerial, operational and financial linkages
|
|
Attunli Hydro Electric Power Company Ltd
|
Fully consolidated*
|
|
Belde Empreendimentos Mineiros LDA, a subsidiary of JSPL Mozambique Minerals LDA
|
Fully consolidated
|
|
Blue Castle Ventures Ltd
|
Fully consolidated
|
|
Bon-Terra Mining (Pty) Ltd, a subsidiary of Jindal Energy SA (Pty) Ltd
|
Fully consolidated
|
|
Brake Trading (Pty) Ltd
|
Fully consolidated
|
|
Eastern Solid Fuels (Pty) Ltd, a subsidiary of Jindal Mining & Exploration Ltd
|
Fully consolidated
|
|
Enviro Waste Gas Services Pty Ltd, subsidiary of Wollongong Coal Ltd
|
Fully consolidated
|
|
Etalin Hydro Electric Power Company Ltd
|
Fully consolidated*
|
|
Everbest Power Ltd
|
Fully consolidated
|
|
Fire Flash Investments (Pty) Ltd
|
Fully consolidated
|
|
Gas to Liquids International SA
|
Fully consolidated
|
|
Harmony Overseas Ltd
|
Fully consolidated
|
|
Jagran Developers Pvt Ltd (w.e.f. January 11, 2018)
|
Fully consolidated*
|
|
JB Fabinfra Ltd
|
Fully consolidated
|
|
Jindal (Barbados) Energy Corp, a subsidiary of Jindal (Barbados) Holding Corp
|
Fully consolidated
|
|
Jindal (Barbados) Holding Corp, a subsidiary of Jindal (BVI) Ltd
|
Fully consolidated
|
|
Jindal (Barbados) Mining Corp, a subsidiary of Jindal (Barbados) Holding Corp
|
Fully consolidated
|
|
Jindal (BVI) Ltd
|
Fully consolidated
|
|
Jindal Africa Consulting (Pty) Ltd
|
Fully consolidated
|
|
Jindal Africa Investments (Pty) Ltd
|
Fully consolidated
|
|
Jindal Africa SA
|
Fully consolidated
|
|
Jindal Angul Power Ltd
|
Fully consolidated
|
|
Jindal Botswana (Proprietary) Ltd
|
Fully consolidated
|
|
Jindal Energy (Bahamas) Ltd, a subsidiary of Jindal (BVI) Ltd
|
Fully consolidated
|
|
Jindal Energy (Botswana) Pty Ltd, a subsidiary of Jindal (BVI) Ltd
|
Fully consolidated
|
|
Jindal Energy (SA) Pty Ltd, a subsidiary of Jindal Africa Investments (Pty) Ltd
|
Fully consolidated
|
|
Jindal Hydro Power Ltd
|
Fully consolidated*
|
|
Jindal Investimentos LDA
|
Fully consolidated
|
|
Jindal Investment Holding Ltd
|
Fully consolidated
|
|
Jindal KZN Processing (Pty) Ltd
|
Fully consolidated
|
|
Jindal Madagascar SARL
|
Fully consolidated
|
|
Jindal Mauritania SARL
|
Fully consolidated
|
|
Jindal Mining & Exploration Ltd
|
Fully consolidated
|
|
Jindal Mining Namibia (Pty) Ltd
|
Fully consolidated
|
|
Jindal Mining SA (Pty) Ltd, a subsidiary of Eastern Solid Fuels (Pty) Ltd
|
Fully consolidated
|
|
Jindal Power Distribution Ltd
|
Fully consolidated*
|
|
Jindal Power Ltd
|
Fully consolidated*
|
|
Jindal Power Senegal SAU
|
Fully consolidated*
|
|
Jindal Power Transmission Ltd
|
Fully consolidated*
|
|
Jindal Power Ventures (Mauritius) Ltd
|
Fully consolidated*
|
|
Jindal Realty Ltd
|
Fully consolidated*
|
|
Jindal Resources (Botswana) Pty Ltd, a subsidiary of Jindal Transafrica (Barbados) Corp
|
Fully consolidated
|
|
Jindal Steel & Minerals Zimbabwe Ltd
|
Fully consolidated
|
|
Jindal Steel & Power (Australia) Pty Ltd
|
Fully consolidated
|
|
Jindal Steel & Power (BC) Ltd
|
Fully consolidated
|
|
Jindal Steel & Power (Mauritius) Ltd
|
Fully consolidated
|
|
Jindal Steel Bolivia SA
|
Fully consolidated
|
|
Jindal Steel DMCC
|
Fully consolidated
|
|
Jindal Tanzania Ltd
|
Fully consolidated
|
|
Jindal Transafrica (Barbados) Corp, a subsidiary of Jindal (BVI) Ltd
|
Fully consolidated
|
|
JSPL Mozambique Minerals LDA
|
Fully consolidated
|
|
Jubilant Overseas Ltd
|
Fully consolidated
|
|
Kamala Hydro Electric Power Co Ltd
|
Fully consolidated*
|
|
Kineta Power Ltd
|
Fully consolidated*
|
|
Koleko Resources (Pty) Ltd, a subsidiary of Jindal Africa Investment (Pty) Ltd
|
Fully consolidated
|
|
Landmark Mineral Resources (Pty) Ltd
|
Fully consolidated
|
|
Meepong Energy (Mauritius) (Pty) Ltd, a subsidiary of Jindal (Barbados) Energy Corp
|
Fully consolidated
|
|
Meepong Energy (Pty) Ltd, a subsidiary of Meepong Energy (Mauritius) (Pty) Ltd
|
Fully consolidated
|
|
Meepong Resources (Mauritius) (Pty) Ltd, a subsidiary of Jindal (Barbados) Mining Corp
|
Fully consolidated
|
|
Meepong Resources (Pty) Ltd, a subsidiary of Meepong Resources (Mauritius) (Pty) Ltd
|
Fully consolidated
|
|
Meepong Service (Pty) Ltd, a subsidiary of Meepong Energy (Pty) Ltd
|
Fully consolidated
|
|
Meepong Water (Pty) Ltd, a subsidiary of Meepong Energy (Pty) Ltd
|
Fully consolidated
|
|
Oceanic Coal Resources NL, a subsidiary of Wollongong Coal Ltd
|
Fully consolidated
|
|
Osho Madagascar SARL
|
Fully consolidated
|
|
Panther Transfreight Ltd
|
Fully consolidated*
|
|
Peerboom Coal (Pty) Ltd, a subsidiary of Jindal Africa Investment (Pty) Ltd
|
Fully consolidated
|
|
PT BHI Mining Indonesia, a subsidiary of Jindal Investment Holding Ltd
|
Fully consolidated
|
|
PT Jindal Overseas
|
Fully consolidated
|
|
PT Maruwai Bara Abadi, a subsidiary of PT. BHI Mining Indonesia
|
Fully consolidated
|
|
PT Sumber Surya Gemilang, a subsidiary of PT. BHI Mining Indonesia
|
Fully consolidated
|
|
Raigarh Pathalgaon Expressway Ltd
|
Fully consolidated
|
|
Sad-Elec (Pty) Ltd, a subsidiary of Jindal Energy (SA) Pty Ltd
|
Fully consolidated
|
|
Skyhigh Overseas Ltd
|
Fully consolidated
|
|
Southbulli Holding Pty Ltd, a subsidiary of Wollongong Coal Ltd
|
Fully consolidated
|
|
Sungu Sungu Pty Ltd
|
Fully consolidated
|
|
Trans Africa Rail (Pty) Ltd, a subsidiary of Jindal Transafrica (Barbados) Corp
|
Fully consolidated
|
|
Trans Asia Mining Pty Ltd
|
Fully consolidated
|
|
Trishakti Real Estate Infrastructure and Developers Ltd
|
Fully consolidated
|
|
Uttam Infralogix Ltd
|
Fully consolidated*
|
|
Vision Overseas Ltd
|
Fully consolidated
|
|
Wollongong Coal Ltd
|
Fully consolidated
|
|
Wongawilli Coal Pty Ltd, a subsidiary of Oceanic Coal Resources NL
|
Fully consolidated
|
|
Jindal Synfuels Ltd
|
Fully consolidated
|
|
Urtan North Mining Pvt Ltd
|
Fully consolidated
|
|
Jindal Shadeed Iron & Steel LLC
|
Moderate consolidation
|
|
Shadeed Iron & Steel Company Ltd, a subsidiary of Jindal Shadeed Iron & Steel LLC
|
Moderate consolidation
|
|
Legend Iron Ltd, a subsidiary of Jindal Shadeed Iron & Steel LLC
|
Moderate consolidation
|
|
Cameroon Mining Action (CAMINA) SA, a subsidiary of Legend Iron Ltd
|
Moderate consolidation
|
|
Goedehoop Coal (Pty) Ltd
|
Equity method
|
|
Thuthukani Coal (Pty) Ltd
|
Equity method
|
|
Shresht Mining and Metals Pvt Ltd
|
Equity method
|
*On April 26, 2021, JSPL’s Board has approved divestment of its entire equity stake in JPL, subject to receipt of requisite approvals.
| |
| |
| Annexure - Rating History for last 3 Years |
| |
Current |
2021 (History) |
2020 |
2019 |
2018 |
Start of 2018 |
| Instrument |
Type |
Outstanding Amount |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Rating |
| Fund Based Facilities |
LT/ST |
18042.47 |
CRISIL A2+ / CRISIL A-/Stable |
30-01-21 |
CRISIL A2+ / CRISIL A-/Stable |
28-08-20 |
CRISIL A3+ / CRISIL BBB/Stable |
17-01-19 |
CRISIL BBB-/Stable / CRISIL A3 |
23-05-18 |
CRISIL BBB-/Stable / CRISIL A3 |
CRISIL D |
| |
|
|
-- |
|
-- |
03-07-20 |
CRISIL BBB/Watch Negative / CRISIL A3+/Watch Negative |
08-01-19 |
CRISIL BBB-/Stable / CRISIL A3 |
09-05-18 |
CRISIL BBB-/Stable / CRISIL A3 |
-- |
| |
|
|
-- |
|
-- |
13-04-20 |
CRISIL BBB/Watch Negative / CRISIL A3+/Watch Negative |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
30-01-20 |
CRISIL A3+ / CRISIL BBB/Positive |
|
-- |
|
-- |
-- |
| Non-Fund Based Facilities |
ST |
9400.0 |
CRISIL A2+ |
30-01-21 |
CRISIL A2+ |
28-08-20 |
CRISIL A3+ |
17-01-19 |
CRISIL A3 |
23-05-18 |
CRISIL A3 |
CRISIL D |
| |
|
|
-- |
|
-- |
03-07-20 |
CRISIL A3+/Watch Negative |
08-01-19 |
CRISIL A3 |
09-05-18 |
CRISIL A3 |
-- |
| |
|
|
-- |
|
-- |
13-04-20 |
CRISIL A3+/Watch Negative |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
30-01-20 |
CRISIL A3+ |
|
-- |
|
-- |
-- |
| Commercial Paper |
ST |
|
-- |
|
-- |
|
-- |
|
-- |
|
-- |
Withdrawn |
| Non Convertible Debentures |
LT |
237.4 |
CRISIL A-/Stable |
30-01-21 |
CRISIL A-/Stable |
28-08-20 |
CRISIL BBB/Stable |
17-01-19 |
CRISIL BBB-/Stable |
23-05-18 |
CRISIL BBB-/Stable |
CRISIL D |
| |
|
|
-- |
|
-- |
03-07-20 |
CRISIL BBB/Watch Negative |
08-01-19 |
CRISIL BBB-/Stable |
09-05-18 |
CRISIL BBB-/Stable |
-- |
| |
|
|
-- |
|
-- |
13-04-20 |
CRISIL BBB/Watch Negative |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
30-01-20 |
CRISIL BBB/Positive |
|
-- |
|
-- |
-- |
|
| All amounts are in Rs.Cr. |
| |
| |
|
| |
| Annexure - Details of various bank facilities |
| Current facilities |
Previous facilities |
| Facility |
Amount (Rs.Crore) |
Rating |
Facility |
Amount (Rs.Crore) |
Rating |
| Cash Credit |
1824 |
CRISIL A-/Stable |
Cash Credit |
1824 |
CRISIL A-/Stable |
| Letter of credit & Bank Guarantee |
7299.8 |
CRISIL A2+ |
Letter of credit & Bank Guarantee |
7299.8 |
CRISIL A2+ |
| Proposed Long Term Bank Loan Facility |
1300 |
CRISIL A-/Stable |
Proposed Long Term Bank Loan Facility |
1300 |
CRISIL A-/Stable |
| Proposed Non Fund based limits |
2100.2 |
CRISIL A2+ |
Proposed Non Fund based limits |
2100.2 |
CRISIL A2+ |
| Proposed Short Term Bank Loan Facility |
239.3 |
CRISIL A2+ |
Proposed Short Term Bank Loan Facility |
239.3 |
CRISIL A2+ |
| Term Loan |
14679.17 |
CRISIL A-/Stable |
Term Loan |
14679.17 |
CRISIL A-/Stable |
| Total |
27442.47 |
- |
Total |
27442.47 |
- |
|
|
| |
| |
Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc. | | |
About CRISIL Ratings Limited
CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
CRISIL Ratings Limited ("CRISIL Ratings") is a wholly-owned subsidiary of CRISIL Limited ("CRISIL"). CRISIL Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").
For more information, visit www.crisil.com/ratings
About CRISIL Limited
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.
CRISIL is majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide
For more information, visit www.crisil.com
Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK
CRISIL PRIVACY NOTICE
CRISIL respects your privacy. We may use your contact information, such as your name, address, and email id to fulfil your request and service your account and to provide you with additional information from CRISIL.For further information on CRISIL’s privacy policy please visit www.crisil.com.
DISCLAIMER
This disclaimer forms part of and applies to each credit rating report and/or credit rating rationale (each a "Report") that is provided by CRISIL Ratings Limited (hereinafter referred to as "CRISIL Ratings") . For the avoidance of doubt, the term "Report" includes the information, ratings and other content forming part of the Report. The Report is intended for the jurisdiction of India only. This Report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL Ratings providing or intending to provide any services in jurisdictions where CRISIL Ratings does not have the necessary licenses and/or registration to carry out its business activities referred to above. Access or use of this Report does not create a client relationship between CRISIL Ratings and the user.
We are not aware that any user intends to rely on the Report or of the manner in which a user intends to use the Report. In preparing our Report we have not taken into consideration the objectives or particular needs of any particular user. It is made abundantly clear that the Report is not intended to and does not constitute an investment advice. The Report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains. The Report should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).
Ratings from CRISIL Ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities / instruments or to make any investment decisions. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. CRISIL Ratings assumes no obligation to update its opinions following publication in any form or format although CRISIL Ratings may disseminate its opinions and analysis. Rating by CRISIL Ratings contained in the Report is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment or other business decisions. The recipients of the Report should rely on their own judgment and take their own professional advice before acting on the Report in any way. CRISIL Ratings or its associates may have other commercial transactions with the company/entity.
Neither CRISIL Ratings nor its affiliates, third party providers, as well as their directors, officers, shareholders, employees or agents (collectively, "CRISIL Ratings Parties") guarantee the accuracy, completeness or adequacy of the Report, and no CRISIL Ratings Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Report. EACH CRISIL RATINGS' PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall any CRISIL Ratings Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Report even if advised of the possibility of such damages.
CRISIL Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors. CRISIL Rating's public ratings and analysis as are required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations, if any) are made available on its web sites, www.crisil.com (free of charge). Reports with more detail and additional information may be available for subscription at a fee - more details about ratings by CRISIL Ratings are available here: www.crisilratings.com.
CRISIL Ratings and its affiliates do not act as a fiduciary. While CRISIL Ratings has obtained information from sources it believes to be reliable, CRISIL Ratings does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives and / or relies in its Reports. CRISIL Ratings has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. CRISIL Ratings has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest. For details please refer to: http://www.crisil.com/ratings/highlightedpolicy.html
Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public web site, www.crisil.com. For latest rating information on any instrument of any company rated by CRISIL Ratings you may contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (0091) 1800 267 1301.
This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL Ratings.
All rights reserved @ CRISIL Ratings Limited. CRISIL Ratings Limited is a wholly owned subsidiary of CRISIL Limited. |
| | CRISIL Ratings uses the prefix ‘PP-MLD’ for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011 to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratiings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: www.crisil.com/ratings/credit-rating-scale.html |
|
| |