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| Rating Rationale |
| October 27, 2023 | Mumbai |
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Detailed Rationale
CRISIL Ratings has reaffirmed its ‘CRISIL AA-/Stable/CRISIL A1+’ ratings on the bank facilities and debt instruments of Arcelormittal Nippon Steel India Ltd (AMNSIL, earlier known as Essar Steel India Ltd [ESIL])
The ratings continue to factor in AMNSIL’s established market position in the domestic steel industry, vertically integrated operations, improved raw material linkages, healthy financial risk profile and strong liquidity. The ratings also factor in AMNSIL’s strategic importance to its ultimate parent company, ArcelorMittal SA (AMSA; ‘BBB-/Positive’ by S&P Global Ratings [S&P], which holds 60% stake in AMNSIL through AMNS Luxembourg Holding S.A. [ALHSA]) and expectation of continued operational, managerial, and financial support from the parent as well as Nippon Steel Corporation (NSC; ‘BBB+/Stable’ by S&P, which holds the remaining 40% stake in AMNSIL through ALHSA). These strengths are partially offset by exposure to risks related to large capital expenditure (capex), susceptibility to volatility in key product prices and cyclicality associated with the steel industry.
At a consolidated level, (including AMNSIL, its parent ArcelorMittal India Pvt Ltd [AMIPL] and its subsidiaries), reported an operating income of Rs 55,639 crore and earnings before interest, taxes, depreciation, and amortization (Ebitda) per tonne of Rs 12,134/tonne during fiscal 2023 as compared to Rs 58,440 crore and EBITDA per tonne of Rs 21,501/tonne respectively, during fiscal 2022. While operations were supported by robust volume on the back of healthy domestic demand, however, fall in realisations, higher input costs and reduced exports resulted in reduction in operating margin during fiscal 2023. Going forward, with expected stabilisation in steel prices coupled with easing of input cost presurres, operating margin is expected to improve over fiscal 2023 to around Rs 12000-14000 per tonne.. That said, continued improvement in production to optimum capacity of 8.6 MTPA, while sustaining expected levels of operating profitability, over the medium term, will be a key monitorable.
Further, the company is undertaking brownfield capex at its existing Hazira plant to increase the capacity to 14 million tonnes per annum (MTPA) by fiscal 2026-27. The same is to be funded by mix of debt and equity and will support increasing the scale of operations along with healthy levels of operational integrations. Timely completion of the ongoing capex with no material cost overruns will remain a key monitorable.
Additionally, during last fiscal, AMNSIL acquired certain port, power, logistics and infrastructure assets located in India from the Essar group for a net value of approximately USD 2.4 billion. These assets are either for captive use or allied to AMNSIL’s steel operations and will strengthen the existing level of integration of AMNSIL’s steel plant operations and will also support ongoing planned capacity expansion. Further, the assets are operational and are expected to result in synergy gains of USD 250-300 million per annum for AMNSIL. The said acquisition of assets from Essar group have been funded through a mix of liquidity available with AMNSIL and support from the parent. While the acquisition along with ongoing capacity expansion is likely to result in increased leverage over the medium term, however, the liquidity profile and expected gains in operating efficiency will provide comfort. Further, in case of any additional requirement, the parent support is expected to be provided to AMNSIL in a timely manner.
The company has adopted various initiatives over the last few years (post-acquisition by existing parent) to improve as well as stabilize the operating performance. It acquired the assets of Bander Power Ltd (500 megawatt [MW] natural gas-based thermal power plant), Odisha Slurry Pipeline Infrastructure Ltd (OSPIL) and the assets of Essar Power Odisha Ltd (60 MW coal-based thermal power plant). Moreover, AMNSIL started operating the Thakurani iron ore mines of 5.5 million tonne per annum (MTPA) from July 2020. The company also contracted long-term tie-ups for coal and natural gas and undertook various de-bottlenecking projects, resulting in an increase in the steel production capacity. Additionally, during the past fiscal, company also (through its associated group company) acquired Uttam Galva Steels, Khopoli and Indian Steels Ltd, Gandhidham to further enhance its value-based product portfolio and is expected to support its operations.
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Analytical Approach
CRISIL Ratings has applied its parent notch-up framework to factor in AMNSIL’s strategic importance to AMSA (majority joint venture [JV] partner) and its ongoing support. CRISIL Ratings believes the parent will support the company in growth as well as in case of exigencies considering the ownership and shared name.
Furthermore, CRISIL Ratings has also combined the business and financial risk profiles of AMNSIL and AMIPL (holding company of AMNSIL, now merged with AMNSIL) along with all its subsidiaries and step-down subsidiaries. This is because all these entities have common promoters and considerable financial and operational linkages. Also, AMNSIL and AMIPL are expected to be merged and the merger application has been filed before the NCLT. The combined entity has been referred to as AMNS India.
Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation..
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Key Rating Drivers & Detailed Description
Strengths:
- Strategic importance of AMNSIL to its sponsors: The acquisition has provided the sponsors (world’s leading steel manufacturers) direct access to the Indian steel industry, where they had limited presence earlier. Strategic importance is also highlighted by the top management of the sponsors forming part of AMNSIL’s board of directors, upfront equity infusion of around Rs 25,041 crores (post-merger with AMIPL) for working capital and ongoing capex requirement; and back-ended repayment structure along with flexibility in servicing its intercompany debt, which will ensure adequate liquidity. Apart from the financial support extended, AMNSIL also benefits from both the sponsors on operations management, raw material procurement, and technical know-how amongst other aspects. AMNSIL’s strategic importance underlines strong probability of support from its sponsors in future, if needed. Furthermore, CRISIL Ratings also takes comfort from the external debt raised by the holding company (ALHSA; a 60:40 JV of AMSA and NSC) for acquisition of AMNSIL being guaranteed by the sponsors in proportion to their holding in the JV. Any change in the support philosophy of the sponsors will be a key rating sensitivity factor.
- Established market position in the domestic steel industry.: AMNSIL is the fourth largest domestic flat steel manufacturer with installed crude steelmaking capacity of 8.8 MTPA, after Steel Authority of India Ltd (SAIL), Tata Steel Ltd (TSL) and JSW Steel Ltd (JSW). AMNSIL also has a full range of downstream products capacities at Hazira (Gujarat) and Pune (Maharashtra), catering to customers across automobile, white goods, construction, energy, and other sectors. AMNSIL’s steel plant is strategically located in the western region in proximity to key demand centres. Furthermore, the company plans to increase Hazira’s steelmaking capacity to 14 MT, over the medium term, and to reach steel-making capacity of more than 40 MT over the long term, which will further strengthen its market position.
- Vertically integrated operations and improving raw material linkages: The company has strong backward integration through captive sources and long-term contracts in all key raw materials, such as iron ore, natural gas, coal, and power. The iron ore requirements are met through captive operating mines of 12.7 MTPA (Thakurani with 5.5 MTPA and Sagasahi with 7.2 MTPA) and long-term agreement with NMDC Ltd (rated CRISIL AAA/Stable/CRISIL A1+) for 8 MTPA. Similarly, for gas, the company has long-term contracts with GAIL India Ltd, Reliance Industries Ltd (rated CRISIL AAA/Stable/CRISIL A1+) and other globally renowned suppliers for meeting the entire requirement till calendar year 2030 and the same has been fully hedged till calendar year 2026. The coal requirements are largely met through the parent’s global procurement team and a long-term contract with Balta GMBH, while the power requirements are met through captive power plants (Bhander Power Ltd for 500 MW, Essar Power Odisha Ltd for 60 MW), power purchase agreements with generators and through energy exchanges. The company is working towards further strengthening its raw material security through projects, acquisition of mines, and long-term contracts with key players. This will provide more stability in production as well as reduce the volatility in the cost of production. Also, once acquired, the assets from Essar group will improve the existing level of integration of AMSIL’s operations and will also support its ongoing capacity expansion. However, with upcoming capacities and increasing scale of operation, availability of adequate raw material linkages will remain a key monitorable.
- Healthy financial risk profile and ample liquidity: AMNS India has comfortable capital structure and debt protection metrics. At a consolidated level, net debt-to-Ebitda ratio was 3.8 times as of March 2023, increased from 0.9 times in fiscal 2022, due to reduction in EBITDA as well as increase in debt towards ongoing capex. The financial risk profile is also supported by debt, which is largely from the ultimate parent, ALHSA, with favourable repayment terms (principal moratorium available till fiscal 2026 and flexibility towards servicing of interest). AMNS India also has healthy liquidity with cash and equivalent of around Rs 8000 crore as on September 20, 2023, which along with expected improvement in annual cash accrual, will be largely adequate for supporting equity requirement towards capex and working capital requirement for the next 2-3 years. CRISIL Ratings has noted that AMNSIL intends to keep minimum unencumbered liquidity in the form of cash, fixed deposit, liquid mutual funds of around USD 1 billion. Net debt-to-Ebitda is expected to rise past 4 times over the medium term, with the recent acquisition of certain Essar group’s assets along with sizeable planned organic growth capex. However, post completion of the acquisition and current capacity expansion (scheduled till fiscal 2026), net debt-to-Ebitda is expected to sustain below 3-3.5 times and will be a key monitorable.
Weaknesses:
- Susceptibility to volatility in key raw material prices and cyclicality associated with the steel industry: The inherent cyclicality in the steel industry exposes steelmakers to a high degree of volatility in operating margin and, in turn, to debt protection metrics. Demand for steel is sensitive to trends in key end-user industries, such as automobiles, infrastructure, construction, and consumer durables. However, AMNSIL’s backward integration in raw materials and integrated operations is likely to offset the sharp volatility in profitability. Any significant variation in demand and pricing scenario will remain a key monitorable. AMNSIL is also exposed to regulatory risk given its presence in the highly regulated iron ore mining.
- Exposure to risks related to large capex and acquisitions: AMNS India has capex plan of around Rs 52,000 – 55,000 crore over FY2024-26, for completion of ongoing projects, debottlenecking, reconfiguration of assets, and expansion of upstream and downstream facility along with acquisition of ancillary assets. The major capex will be towards increasing the steel manufacturing capacity in Hazira upto 14 MTPA from 8.6 MTPA currently Additionally, the company also has long-term capex for setting up 20 MTPA greenfield steel manufacturing unit in Odisha.
These large capex plans entail project execution risks and are exposed to time, and cost overrun since the projects are of long gestation period. However, this is offset by the extensive experience, strong technical expertise and past track record of project execution by the sponsors in the steel industry. The capex is expected to be funded largely from existing liquidity, annual cash accrual and unutilized credit lines from the parent. However, the deficit (if any) is likely to be funded by long-term debt through sponsors in an efficient manner. Any delay or cost overruns in the capex would hinder the expected improvement in scale of operation and will remain a key monitorable. Also, for the acquired assets, while synergy benefits are expected to accrue, the extent and sustainability of the same will remain a monitorable.
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Liquidity: Strong
Cash and equivalents were around Rs 8000 crore as on September 20, 2023. Favourable terms of intercompany loans, such as moratorium till fiscal 2026 and flexible interest payment as per requirement, adds further cushion to liquidity of the company. CRISIL Ratings believes internal accrual along with existing cash balance would be adequate for the next 2-3 years for equity portion of capex and working capital needs and any deficit would be funded by the sponsors. Further, AMNSIL intends to maintain unencumbered liquidity in the form of cash, fixed deposits, and liquid mutual funds of around USD 1 billion at any point of time.
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Outlook: Stable
AMNSIL will continue to benefit from its established market position and healthy operating efficiency. CRISIL Ratings believes AMNSIL will be strategically important to its sponsors, more specifically to AMSA, and will benefit from the support extended by them. CRISIL Ratings will continue to closely monitor any development that can significantly alter the extent of support by the sponsors.
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Rating Sensitivity Factors
Upward factors:
- Upward revision in AMSA’s rating by S&P by one or more notches.
- Significant and sustained improvement in market share in the Indian steel industry along with sustenance of operating performance such that net debt/Ebitda remains below 2.5 times on a sustained basis.
Downward factors:
- Downward revision in AMSA’s rating by S&P or change in the support philosophy of the parent towards the company.
- Significant deterioration in the operating performance leading to net debt/Ebitda above 5 times on a sustained basis due to weaker-than-expected cash accrual and/or higher-than-expected debt-funded capex.
- Liquidity weakening on account of higher-than-expected debt-funded capex or crystallization of unforeseen liability resulting into large cash outflows.
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About the Company
AMNSIL is an integrated flat steel manufacturer in India with presence in multiple segments, including iron ore mining, steelmaking, and downstream products. Iron ore processing plants are in the eastern region, while steel manufacturing is in the west. As on March 31, 2023, AMNSIL had beneficiation capacity of 20 MTPA (12 MTPA at Dabuna and 8 MTPA at Kirandul), pellet capacity of 20 MTPA (12 MTPA at Paradip and 8 MTPA at Vizag), iron-making capacity of 10.7k MTPA (Direct reduced iron of 6.8 MTPA, blast furnace of 2.4 MTPA and Corex of 1.5 MTPA), steel-making capacity of 8.8 MTPA (Electric arc furnace 4.9 MTPA and Conarc 3.9 MTPA) and rolling capacity of 8.6 MTPA.
AMNSIL is a 60:40 JV between AMSA and NSC, two of the world’s leading steel companies. AMSA and NSC acquired the erstwhile ESIL under NCLT in December 2019 and renamed it as AMNSIL.
AMNSIL (earlier known as ESIL) was acquired by the sponsors (AMSA and NSC) under the National Company Law Tribunal (NCLT) route on December 16, 2019, after the acquisition was cleared by a ruling of the Hon’ble Supreme Court of India. Sponsors had paid around Rs 42,000 crore to the lenders of ESIL to provide them complete exit and to take full control of the company. The sponsors had also infused around Rs 25,041 crore (post-merger with AMIPL) by way of equity for completing ongoing and planned capex along with working capital needs.
About the Sponsors
AMSA is one of the world's largest steel producers, with crude steel production of 59 MT in calendar year 2022. Steelmaking operations are geographically diversified across 17 countries in four continents, of which three-quarters are integrated steelmaking facilities and the rest are mini-mill facilities. During calendar year 2022, ArcelorMittal reported revenue of USD 86.7 billion and Ebitda of USD 14.8 billion.
NSC is Japan's leading domestic crude steel producer and amongst the top five producers in the world. For the year ending March 2023, NSC reported revenue of Yen 7,976 billion and Ebitda of Yen 1,191 billion.
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Key Financial Indicators – AMNS India – Consolidated – CRISIL Ratings adjusted
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As on/ for the period ended March 31
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Unit
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2023
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2022
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Operating income
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Rs crore
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55,639
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58,440
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Profit after tax (PAT)
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Rs crore
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2,701
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7,294
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PAT margin
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%
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4.9
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12.5
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Adjusted debt/adjusted networth
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Times
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1.66
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0.77
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Adjusted interest coverage
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Times
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2.50
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5.67
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Any other information: Not applicable
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Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.
CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.
For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.
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Annexure - Details of Instrument(s)
| ISIN |
Name of the
instrument |
Date of
Allotment |
Coupon
Rate (%) |
Maturity
Date |
Issue size
(Rs.Crore) |
Complexity
Level |
Rating assigned
with outlook |
| NA |
Proposed Long Term Bank Loan Facility |
NA |
NA |
NA |
1647.5 |
NA |
CRISIL AA-/Stable |
| NA |
Commercial paper |
NA |
NA |
7-365 days |
2,000 |
Simple |
CRISIL A1+ |
| NA |
Capex Letter Of Credit |
NA |
NA |
NA |
3000 |
NA |
CRISIL AA-/Stable |
| NA |
Cash Credit |
NA |
NA |
NA |
300 |
NA |
CRISIL AA-/Stable |
| NA |
Overdraft Facility |
NA |
NA |
NA |
2.5 |
NA |
CRISIL A1+ |
| NA |
Vendor Financing |
NA |
NA |
NA |
140 |
NA |
CRISIL A1+ |
| NA |
Working Capital Facility& |
NA |
NA |
NA |
1435 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility^ |
NA |
NA |
NA |
150 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility% |
NA |
NA |
NA |
2000 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility$ |
NA |
NA |
NA |
1550 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility# |
NA |
NA |
NA |
2500 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility@ |
NA |
NA |
NA |
500 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility! |
NA |
NA |
NA |
800 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility~ |
NA |
NA |
NA |
950 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility< |
NA |
NA |
NA |
2650 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility> |
NA |
NA |
NA |
1600 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility&& |
NA |
NA |
NA |
400 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility^^ |
NA |
NA |
NA |
1675 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility%% |
NA |
NA |
NA |
700 |
NA |
CRISIL AA-/Stable |
| NA |
Working Capital Facility$$ |
NA |
NA |
NA |
1000 |
NA |
CRISIL AA-/Stable |
& - Includes sublimit of LC (of Rs 1,435 crore), BG (of Rs 1,435 crore), SBLC (of Rs 1,435 crore), SBLC for buyers credit (of Rs 350 crore), Capex LC (of Rs 1,435 cr.), fund-based limits of Rs 500 crore, One time Short Term Loan (of Rs 1435 cr), Vendor Finance Rs. 50 crore
^ - Includes sublimit of Opex LC (of Rs 150 crore), Capex LC (of Rs 100 crore), BG (of Rs 150 crore), SBLC (of Rs 150 crore), Overdraft (of Rs 50 crore), WCDL (of Rs 100 crore)
% - Includes LC (of Rs 1500 cr), BG (of Rs 500 cr), SBLC of Rs 1500 cr (sublimit of LC )
$ - Includes sublimit of Opex LC (of Rs 1550 crore), Capex LC (of Rs 1550 crore), PBG (of Rs 450 crore), BG (of Rs 450 crore), Overdraft (of Rs 20 crore), STL (of Rs 60 crore)
# - Includes sublimit of Import documentary credit facility (of Rs 2248 crore), Capex LC (of Rs 2248 cr), Guarantee/ Bond (of Rs 350 cr), Overdraft (of Rs 0.8 crore), SBDC (of Rs 2248 crore), Working Capital Loan of Rs 2 cr, Vendor Finance (of Rs 250 crore)
@ - Includes sublimit of Opex LC/BG/SBLC (of Rs 25 crore), Capex LC/BG/SBLC (Rs. 450 crore), Cash credit (of Rs 10 crore), WCDL (of Rs 15 crore)
! - Includes sublimit of LC (of Rs 800 crore), Capex LC (of Rs 100 crore), BG/SBLC (of Rs 150 crore), Overdraft (of Rs 100 crore), WCDL (of Rs 100 crore)
~ - Includes sublimit of Purchase Invoice Discounting (of Rs 950 crore), SBLC (of Rs 950 crore), Financial SBLC (of Rs 600 crore), BG (of Rs 950 crore), LC (of Rs 950 crore), Short Term Loan(of Rs 75 crore), OD (of Rs 30 crore)
< - Includes sublimit of SBLC (of Rs 1,000 crore), BG (of Rs 1,000 crore), Opex LC (of Rs 1000 crore), Capex LC (of Rs 1150 crore) , Vendor Finance (Rs. 500 cr) and LCBD (of Rs 100 crore)
> - Includes sublimit of Opex LC (of Rs 1,600 crore), Capex LC (Rs. 1,600 crore), Import bill financing facility (of Rs 200 crore), [SBLC (of Rs 1,600 crore), Cash credit (of Rs 100 crore), Performance SBLC/BG (of Rs 400 crore), Financial guarantee (of Rs 400 crore), WCDL (of Rs 150 crore), EPC /PCFC (of Rs 500 crore)
&& - Includes sublimit of Opex LC (of Rs 300 crore), Capex LC (Rs. 300 crore), BG / SBLC (of Rs 300 crore), OD (of Rs 50 Lacs), Bill Discounting (of Rs 100 crore)
^^ - Includes sublimit of overdraft (of Rs 670 crore), WCDL Rs. 1,675 crore, letter of credit (of Rs 1,675 crore), LC Capex (of Rs 1,675 crore), letter of guarantee (of Rs 300 crore) and stanby letter of credit (of Rs 1,675 crore)
%% - Includes sublimit of Opex LC (of Rs 700 crore), Capex LC (Rs. 700 crore), BG / SBLC (of Rs 700 crore), Cash credit (of Rs 150 crore), WCDL (of Rs 700 crore), Short Term Loan (of Rs 700 crore).
$$ - includes sublimit of WCDL of Rs 1000 crore, Short Term Loan of Rs 1000 crore, Overdraft of Rs 2 crore, Bill discounting of Rs 1000 crore, Letter of Credit of Rs 1000 crore, Bank Guarantee Rs 1000 crore, BG/SBLC of Rs 1000 crore, Manual Supplier Finance Rs 500 crore.
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Annexure – List of entities consolidated
|
Name of the company
|
Type of consolidation
|
Rationale of consolidation
|
|
ArcelorMittal India Pvt Ltd
|
Full
|
Common promoter; operational and financial linkages
|
|
AM Mining India Pvt Ltd
|
Full
|
|
Odisha Slurry Pipeline Infrastructure Ltd
|
Full
|
|
Seregarha Mines Pvt Ltd
|
Full
|
|
AMNS Middle East FZE
|
Full
|
|
Essar Steel Trading FZE
|
Full
|
|
AMNS Logistics Ltd (under liquidation)
|
Full
|
|
AMNS Shared Services Ltd
|
Full
|
|
Essar Steel Offshore Ltd (under liquidation)
|
Full
|
|
AMNS International Ltd (earlier known as Essar Steel (UAE) Ltd)
|
Full
|
|
PT AMNS Indonesia
|
Full
|
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| Annexure - Rating History for last 3 Years |
| |
Current |
2023 (History) |
2022 |
2021 |
2020 |
Start of 2020 |
| Instrument |
Type |
Outstanding Amount |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Rating |
| Fund Based Facilities |
LT/ST |
19860.0 |
CRISIL A1+ / CRISIL AA-/Stable |
30-06-23 |
CRISIL A1+ / CRISIL AA-/Stable |
12-12-22 |
CRISIL A1+ / CRISIL AA-/Stable |
|
-- |
|
-- |
-- |
| |
|
|
-- |
30-03-23 |
CRISIL A1+ / CRISIL AA-/Stable |
06-11-22 |
CRISIL AA-/Stable,CCR AA-/Stable / CRISIL A1+ |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
27-10-22 |
CRISIL AA-/Stable,CCR AA-/Stable / CRISIL A1+ |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
07-09-22 |
CRISIL AA-/Stable,CCR AA-/Stable / CRISIL A1+ |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
25-01-22 |
CRISIL AA-/Stable,CCR AA-/Stable / CRISIL A1+ |
|
-- |
|
-- |
-- |
| Non-Fund Based Facilities |
ST/LT |
3140.0 |
CRISIL A1+ / CRISIL AA-/Stable |
30-06-23 |
CRISIL AA-/Stable |
27-10-22 |
CRISIL A1+ |
|
-- |
|
-- |
-- |
| Fund Based Facilities |
LT |
0.0 |
CRISIL AA-/Stable |
30-06-23 |
CRISIL AA-/Stable |
12-12-22 |
CRISIL AA-/Stable |
|
-- |
|
-- |
-- |
| |
|
|
-- |
30-03-23 |
CRISIL AA-/Stable |
06-11-22 |
CCR AA-/Stable |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
27-10-22 |
CCR AA-/Stable |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
07-09-22 |
CCR AA-/Stable |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
25-01-22 |
CCR AA-/Stable |
|
-- |
|
-- |
-- |
| Commercial Paper |
ST |
2000.0 |
CRISIL A1+ |
30-06-23 |
CRISIL A1+ |
12-12-22 |
CRISIL A1+ |
|
-- |
|
-- |
-- |
| |
|
|
-- |
30-03-23 |
CRISIL A1+ |
06-11-22 |
CRISIL A1+ |
|
-- |
|
-- |
-- |
| |
|
|
-- |
|
-- |
27-10-22 |
CRISIL A1+ |
|
-- |
|
-- |
-- |
|
| All amounts are in Rs.Cr. |
|
| |
| Annexure - Details of Bank Lenders & Facilities |
| Facility |
Amount (Rs.Crore) |
Name of Lender |
Rating |
| Capex Letter Of Credit |
3000 |
State Bank of India |
CRISIL AA-/Stable |
| Cash Credit |
300 |
State Bank of India |
CRISIL AA-/Stable |
| Overdraft Facility |
2 |
Axis Bank Limited |
CRISIL A1+ |
| Overdraft Facility |
0.5 |
Union Bank of India |
CRISIL A1+ |
| Proposed Long Term Bank Loan Facility |
1647.5 |
Not Applicable |
CRISIL AA-/Stable |
| Vendor Financing |
140 |
IndusInd Bank Limited |
CRISIL A1+ |
| Working Capital Facility& |
1600 |
YES Bank Limited |
CRISIL AA-/Stable |
| Working Capital Facility^ |
400 |
Union Bank of India |
CRISIL AA-/Stable |
| Working Capital Facility% |
1675 |
MUFG Bank Limited |
CRISIL AA-/Stable |
| Working Capital Facility$ |
700 |
Mizuho Bank Limited |
CRISIL AA-/Stable |
| Working Capital Facility# |
1435 |
ICICI Bank Limited |
CRISIL AA-/Stable |
| Working Capital Facility@ |
150 |
IDFC FIRST Bank Limited |
CRISIL AA-/Stable |
| Working Capital Facility! |
2000 |
State Bank of India |
CRISIL AA-/Stable |
| Working Capital Facility~ |
1550 |
Credit Agricole Corporate and Investment Bank |
CRISIL AA-/Stable |
| Working Capital Facility< |
2500 |
The Hongkong and Shanghai Banking Corporation Limited |
CRISIL AA-/Stable |
| Working Capital Facility> |
500 |
IDBI Bank Limited |
CRISIL AA-/Stable |
| Working Capital Facility&& |
800 |
Kotak Mahindra Bank Limited |
CRISIL AA-/Stable |
| Working Capital Facility^^ |
950 |
Standard Chartered Bank Limited |
CRISIL AA-/Stable |
| Working Capital Facility%% |
2650 |
Axis Bank Limited |
CRISIL AA-/Stable |
| Working Capital Facility$$ |
1000 |
Sumitomo Mitsui Banking Corporation |
CRISIL AA-/Stable |
|
& - Includes sublimit of Opex LC (of Rs 1,600 crore), Capex LC (Rs. 1,600 crore), Import bill financing facility (of Rs 200 crore), [SBLC (of Rs 1,600 crore), Cash credit (of Rs 100 crore), Performance SBLC/BG (of Rs 400 crore), Financial guarantee (of Rs 400 crore), WCDL (of Rs 150 crore), EPC /PCFC (of Rs 500 crore)
^ - Includes sublimit of Opex LC (of Rs 300 crore), Capex LC (Rs. 300 crore), BG / SBLC (of Rs 300 crore), OD (of Rs 50 Lacs), Bill Discounting (of Rs 100 crore)
% - Includes sublimit of overdraft (of Rs 670 crore), WCDL Rs. 1,675 crore, letter of credit (of Rs 1,675 crore), LC Capex (of Rs 1,675 crore), letter of guarantee (of Rs 300 crore) and stanby letter of credit (of Rs 1,675 crore)
$ - Includes sublimit of Opex LC (of Rs 700 crore), Capex LC (Rs. 700 crore), BG / SBLC (of Rs 700 crore), Cash credit (of Rs 150 crore), WCDL (of Rs 700 crore), Short Term Loan (of Rs 700 crore).
# - Includes sublimit of LC (of Rs 1,435 crore), BG (of Rs 1,435 crore), SBLC (of Rs 1,435 crore), SBLC for buyers credit (of Rs 350 crore), Capex LC (of Rs 1,435 cr.), fund-based limits of Rs 500 crore, One time Short Term Loan (of Rs 1435 cr), Vendor Finance Rs. 50 crore
@ - Includes sublimit of Opex LC (of Rs 150 crore), Capex LC (of Rs 100 crore), BG (of Rs 150 crore), SBLC (of Rs 150 crore), Overdraft (of Rs 50 crore), WCDL (of Rs 100 crore)
! - Includes LC (of Rs 1500 cr), BG (of Rs 500 cr), SBLC of Rs 1500 cr (sublimit of LC )
~ - Includes sublimit of Opex LC (of Rs 1550 crore), Capex LC (of Rs 1550 crore), PBG (of Rs 450 crore), BG (of Rs 450 crore), Overdraft (of Rs 20 crore), STL (of Rs 60 crore)
< - Includes sublimit of Import documentary credit facility (of Rs 2248 crore), Capex LC (of Rs 2248 cr), Guarantee/ Bond (of Rs 350 cr), Overdraft (of Rs 0.8 crore), SBDC (of Rs 2248 crore), Working Capital Loan of Rs 2 cr, Vendor Finance (of Rs 250 crore)
> - Includes sublimit of Opex LC/BG/SBLC (of Rs 25 crore), Capex LC/BG/SBLC (Rs. 450 crore), Cash credit (of Rs 10 crore), WCDL (of Rs 15 crore)
&& - Includes sublimit of LC (of Rs 800 crore), Capex LC (of Rs 100 crore), BG/SBLC (of Rs 150 crore), Overdraft (of Rs 100 crore), WCDL (of Rs 100 crore)
^^ - Includes sublimit of Purchase Invoice Discounting (of Rs 950 crore), SBLC (of Rs 950 crore), Financial SBLC (of Rs 600 crore), BG (of Rs 950 crore), LC (of Rs 950 crore), Short Term Loan(of Rs 75 crore), OD (of Rs 30 crore)
%% - Includes sublimit of SBLC (of Rs 1,000 crore), BG (of Rs 1,000 crore), Opex LC (of Rs 1000 crore), Capex LC (of Rs 1150 crore) , Vendor Finance (Rs. 500 cr) and LCBD (of Rs 100 crore)
$$ - includes sublimit of WCDL of Rs 1000 crore, Short Term Loan of Rs 1000 crore, Overdraft of Rs 2 crore, Bill discounting of Rs 1000 crore, Letter of Credit of Rs 1000 crore, Bank Guarantee Rs 1000 crore, BG/SBLC of Rs 1000 crore, Manual Supplier Finance Rs 500 crore.
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| | 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 Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html
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