|
CRISIL has suspended its ratings on the outstanding bank facilities of PSL Limited (PSL). This is because the company has not been providing business and financial information to CRISIL. The suspension reflects CRISIL’s inability to maintain a valid rating in the absence of information from the company.
About the Company
PSL, promoted by the Y P Punj family in 1987 manufactures helical SAW (HSAW) pipes and pipe coatings. PSL has 11 HSAW pipe mills in India across five cities, with an aggregate installed capacity of 1.4 million tonnes per annum (tpa), and one mill in Sharjah, United Arab Emirates, with a capacity of 75,000 tpa. In October 2008, PSL commissioned a pipe manufacturing facility with a capacity of 300,000 tpa in Mississippi, USA, through PSL North America LLC, 78 percent joint venture of PSL USA Inc. PSL also offers a range of coating services, which together contribute about 20 per cent to its revenues.
Annexure 1 - Details of various bank facilities
| Current facilities |
Previous facilities |
| Facility |
Amount
(Mln)
|
Rating |
Facility
|
Amount (Mln)
| Rating
|
| Letter of credit & Bank Guarantee#
|
1000
|
Suspended
|
Working Capital Demand Loan*
|
21450
|
CRISIL BBB+/Positive
|
| Cash Credit*
|
2450
|
Suspended
|
Cash Credit*
|
2450
|
CRISIL BBB+/Positive
|
| Letter of credit & Bank Guarantee
|
33640
|
Suspended
|
Letter of credit & Bank Guarantee
|
33640
|
CRISIL A2
|
| Standby Line of Credit
|
8320
|
Suspended
|
Letter of credit & Bank Guarantee#
|
1000
|
CRISIL BBB+/Positive
|
| Term Loan
|
1186.3
|
Suspended
|
Standby Line of Credit
|
8320
|
CRISIL BBB+/Positive
|
| Working Capital Demand Loan*
|
21450
|
Suspended
|
Term Loan
|
1186.3
|
CRISIL BBB+/Positive
|
| Total
|
68046.3
|
--
|
Total
|
68046.3
|
--
|
* Interchangeable with other bank facilities
# Interchangeable with cash credit and working capital demand loan
|
 |
|
Media Contacts
|
Analytical Contacts
|
CRISIL Rating Desk
|
Mitu Samar
Head, Communications and Brand Management
CRISIL Limited
Tel: +91-22- 3342 1838
E-mail: msamar@crisil.com
Tanuja Abhinandan
Communications and Brand Management
CRISIL Limited
Tel: +91-22- 3342 1818
Email: tabhinandan@crisil.com
|
Nagarajan Narasimhan
Director - CRISIL Ratings
Tel: +91-22-3342 3536
Email: nnarasimhan@crisil.com
Ashutosh Satsangi
Head - CRISIL Ratings
Tel: +91-22-3342 3096
Email: asatsangi@crisil.com
|
Tel: +91-22-3342 3047/3342 3064
Email:CRISILratingdesk@crisil.com
|
|
Note:
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. However, CRISIL alone has the sole right of distribution of its rationales for consideration or otherwise through any media including websites, portals etc.
|
Crisil complexity levels are assigned to various types of financial instruments. The crisil complexity levels are available on
www.crisil.com/complexity-levels.
investors are advised to refer to the crisil complexity levels for instruments that they desire to invest in. Investors may also call the crisil helpline at +91 22 3342 3047 / + 91 22 3342 3064 with queries on specific instruments.
|
|
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 PRIVACY NOTICE
CRISIL respects your privacy. We use your contact information, such as your name, address, and email id, to fulfill your request and service your account and to provide you with additional information from CRISIL and other parts of The McGraw-Hill Companies, Inc. you may find of interest.
For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view McGraw-Hill's Customer Privacy Policy at http://www.mcgraw-hill.com/site/tools/privacy/privacy_english.
Last updated: March 31, 2011
Disclaimer: A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings’ rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) 3342 3000.
|
|
