Rating Rationale
April 13, 2020 | Mumbai
Jindal Steel and Power Limited
Ratings placed on 'Watch Negative'
 
Rating Action
Total Bank Loan Facilities Rated Rs.27442.47 Crore
Long Term Rating CRISIL BBB (Placed on 'Rating Watch with Negative Implications')
Short Term Rating CRISIL A3+ (Placed on 'Rating Watch with Negative Implications')
 
Rs.1912 Crore Non Convertible Debentures CRISIL BBB (Placed on 'Rating Watch with Negative Implications')
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has placed its ratings on the bank facilities and non-convertible debentures of Jindal Steel and Power Limited (JSPL), on 'Rating Watch with Negative Implications'. This is on account of heightened risk of liquidity stretch in the event of any unfavorable outcome from the discussions with the lenders of its subsidiaries viz. Jindal Steel and Power (Mauritius) Ltd (JSPML, holding company of the group's overseas investments with debt of USD 765 million) and Jindal Steel and Power (Australia) Pty Ltd (JSPAL, a wholly owned subsidiary of JSPL) to provide moratorium on debt repayment.
 
JSPML has not paid the repayment due on March 31, 2020 on account of delays in the refinancing plans of the company due to disruptions in the financial markets post Novel Coronavirus (Covid-19) outbreak and inability of its parent to support the debt servicing. JSPL has requested the lenders/investors of JSPML and JSPAL to provide a moratorium on debt repayment, CRISIL has also discussed the same with some of the lenders/investors and believes that the company is in discussion to avail moratorium and the lenders have also shown positive interest towards it. While JSPL has shored up its liquidity through advance export transactions and additional borrowings, adverse outcome of discussions at JSPML & JSPAL can impair the same and weaken its credit profile.
 
In response to the Covid-19 pandemic, the Government of India, on March 23, 2020, announced a 21-day nation-wide lockdown. While JSPL's plants continue to be operational, as they fall under the Essential Commodities Act, the lockdown may impact domestic demand of long steel on account of halting of construction activities, reduced real estate demand, restrictions on transportation, and slower capital expenditure amid economic slowdown. While CRISIL expects this to be a temporary disruption at present, the company's resilience to withstand the cash flow pressure arising out of the lockdown and sustain its financial profile following the moratorium will remain a key monitorable.
 
The company has sought moratorium from its domestic lenders in line with the relief measure announced by the Reserve Bank of India (RBI) on payment of instalment of loans and availed the relief in repayment of bank loan instalments and interest due on March 31, 2020. As per SEBI Circular dated March 30, 2020, CRISIL has factored the inclination of lenders/investors to refinance the debt rather than waiting for formal documents due to heightened operational challenges faced by the company in present time and also takes into account the moratorium (between March 1 and May 31, 2020) on loan repayment instalments permitted by the Reserve Bank of India (RBI) before recognizing defaults. However, CRISIL will continue to monitor the development in this regard and the rating watch will be resolved after the terms of the agreement with the lenders/investors to provide moratorium are finalized and all the documents are received pertaining the same.
 
The rating continues to reflect JSPL's superior position in the value-added long steel products segment and improving operating efficiencies following restart of its coal gasification process (CGP)-based Direct Reduced Iron (DRI) plant of 1.8 million tonne per annum (mtpa) at Angul, Odisha. Company has also secured access to iron-ore post the order from the Supreme Court on resumption of mining activity at Sarda Mines Pvt Ltd (SMPL) this should allow JSPL to offtake its 12.22 MT (million ton) duty paid iron ore fines. This may support superior profitability over the near term. These strengths are partially offset by average, albeit improving, financial risk profile, limited raw material integration, and susceptibility to economic cycles.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of JSPL and its subsidiaries, associates and joint ventures. This is because all these entities are under common management will have strong business and financial linkages.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
Strengths:
* Superior market position:  The Company's market position is backed by its ability to manufacture higher grades and value-added products. JSPL makes specialised structural steel (medium and light structural mill and railway and universal beam mill) and high-grade plates (with application in boilers for power plants and defence equipment), which are relatively less vulnerable to demand slowdown. While the long products segment is fragmented, the company commands a premium due to its superior product profile and strong brand. Restarting of its DRI plant and ramping up of the blast furnace and basic oxygen furnace plant in Angul may further strengthen the market position over the medium term. In the nine months through December 2019, domestic steel production volume increased by 18% to 4.43 million tonne from 3.74 million tonne during the corresponding period of the previous fiscal. With resumption of production at the CGP DRI plant, volume run rate is expected to reach 6-6.5 lakh tonne per month (or 6-6.5 mtpa) by the end of March 2020.  
 
* Improving operational efficiency: Per-tonne operating profitability for the domestic steel business declined to around Rs 9,650 over the nine months ended December 31, 2019, from Rs 12,500 in the corresponding period of the previous fiscal. However, this is expected to improve with higher capacity utilisation providing economies of scale, self-sufficiency, and cost-saving with respect to coke after installation of four coke oven batteries and access to duty-paid raw material lying with SMPL. Improved mining operations in Mozambique and stabilisation of South Africa mines may further improve the operating performance. Proximity of plants to coal and iron ore mines, captive power units, and railway sidings and nearness to the Paradip port (Odisha) also support operating efficiency. Consolidated operating margin should sustain at 20-23% over the medium term.
 
* Well-diversified operations: In addition to steel operations in India, JSPL benefits from the diversity offered through its 3,400 megawatt (MW) independent power plants (IPPs) in Tamnar, Chhattisgarh; and steel manufacturing operations in Oman through Shadeed Iron & Steel Company (Shadeed). Operations at Shadeed benefit from moderate utilisation at 70-75% and efficiencies through proximity to the gas source. Though only 24% of the IPPs' capacities are tied up with power purchase agreements (PPAs), these capacities benefit from their low capital costs, with current debt per MW at around Rs.2.1 crore. The consequent low cost of generation and proximity to coal mines are likely to benefit power operations over the medium term.
 
Weaknesses:
*Average, albeit improving, financial risk profile: Despite sizeable debt, debt/EBITDA level is expected to improve to around 3.5 times in the next two fiscals, from around 4.7 times during fiscal 2019; on the back of better domestic operating performance and steps taken to improve capital structure (divestment of non-core assets and faster deleveraging). However, debt levels are expected to remain high due to low cash generation at entities in Australia and Mozambique and refinancing/restructuring underway. The approval of moratorium for overseas facilities in JSPML and the subsequent refinancing of debt during the moratorium period will remain key monitorables.
 
* Susceptibility to demand and price risk: Demand for long steel products depends on the level of construction and infrastructure activities and any movement in economic cycle. Furthermore, the steel industry remains exposed to global steel prices. After achieving higher growth of 8-9% in the past two fiscals, the demand momentum is expected to fizzle out in the current fiscal to a mere 2-3% because of reduced economic growth and weak performance across end-user segments. Any significant change in demand on account of lockdown to prevent the outbreak of Covid-19 and subsequent stabilisation will remain key monitorables.
 
* Low raw material linkage, partially offset by proximity to raw material sources: JSPL's existing captive iron ore mines meet only one-fifth of its total iron ore requirement. Furthermore, absence of long-term PPAs for around 75% of power capacity in Tamnar exposes the company to offtake risk and to volatility in merchant rates. Moreover, this capacity is susceptible to fuel risk due to absence of fuel linkages (after de-allocation of its coal mines pursuant to the Supreme Court order in September 2014). Nonetheless, secured coal linkages in the recent past to the extent of 6.5 million tonne for the captive power plants and sponge iron plants, and proximity of steel and power plants to coal and iron resources provide comfort. Ability to tie in these resources in upcoming auction for the long term will remain a monitorable.
Liquidity Stretched

JSPL liquidity is expected to remain stretched over the medium term on account of delays in refinancing of JSPML debt which resulted into high dependency on the moratorium to be provided by lenders for repayment of debt. JSPL has shored up liquidity at standalone level through export prepayment transactions and through additional bank borrowings. JSPL is also in process of raising additional funds through further export prepayment transactions, however ability to secure funds through these transactions, the extent of moratorium been agreed upon by JSPML lenders and the likely impact of the lockdown on the cash flows of the company will be a key monitorable. The absence of debt moratorium by JSPML lenders and invocation of guarantee can significantly weaken the liquidity profile of the company and will be a key rating sensitivity factor.

Rating Sensitivity factors
Upward factors
* Consolidated debt/earnings before interest, taxes, depreciation, and amortisation (EBITDA) below 3.5 times on a sustained basis, driven by improved operating performance and reduction in debt at a faster pace
* Better liquidity through disinvestment of overseas assets and refinancing of overseas debt
 
Downward factors
* Consolidated debt/EBITDA above 4 times on a sustained basis over the medium term on account of weakening of operating performance and slower-than-anticipated debt reduction
* Stretched liquidity due to increased working capital intensity or delay in turnaround of international business
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 an installed capacity of 8.6 mtpa of steel with plants in Raigarh, Chhattisgarh; and Angul.
 
Jindal Power Ltd, a subsidiary of JSPL, has a total commissioned power capacity of 3,400 MW. Through its fully owned subsidiary, Jindal Steel & Power (Mauritius) Ltd, JSPL had acquired Shadeed in Oman, which has a 1.5 mtpa gas-based hot-briquetted iron plant forward integrated to manufacture 2.4 mtpa of steel. The group's international operations include interest in mining assets in resource-rich locations such as Australia, Indonesia, South Africa, and Mozambique.
 
For the nine months ended December 31, 2019, JSPL, on a consolidated basis, incurred loss of Rs 705 crore on revenue of Rs 28,185 crore; against a profit after tax of Rs 302 crore on revenue of Rs 29,213 crore for the corresponding period previous fiscal.

Key Financial Indicators - (CRISIL adjusted numbers)
As on/for the period ended March 31 Unit 2019 2018
Operating Income Rs Crores 39,221 27,373
Profit after tax (PAT) Rs Crores (2,412) (1,624)
PAT margin % (6.1) (5.9)
Adjusted debt/adjusted networth* Times 3.24 3.34
Interest coverage Times 1.94 1.67
*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 Cr) Rating Assigned
with Outlook
NA Cash Credit NA NA NA 1,950.00 CRISIL BBB/Watch Negative
NA Letter of Credit & Bank Guarantee NA NA NA 5,788.00 CRISIL A3+/Watch Negative
NA Proposed Non Fund Based limits NA NA NA 662.00 CRISIL A3+/Watch Negative
NA Proposed Long Term
Bank Loan Facility
NA NA NA 5,571.44 CRISIL BBB/Watch Negative
NA Proposed Short Term
Bank Loan Facility
NA NA NA 500 CRISIL A3+/Watch Negative
NA Short Term Loan NA NA NA 800.00 CRISIL A3+/Watch Negative
NA Term Loan -1 NA 9.45 ' 12.60% Mar-21 337.50 CRISIL BBB/Watch Negative
NA Term Loan -2 NA Mar-22 549.88 CRISIL BBB/Watch Negative
NA Term Loan -3 NA Dec-23 775.00 CRISIL BBB/Watch Negative
NA Term Loan ' 4 NA Mar-24 1,000.61 CRISIL BBB/Watch Negative
NA Term Loan ' 5 NA Dec-24 1,376.08 CRISIL BBB/Watch Negative
NA Term Loan ' 6 NA Mar-28 1,333.41 CRISIL BBB/Watch Negative
NA Term Loan ' 7 NA Dec-35 6798.55 CRISIL BBB/Watch Negative
INE749A07185 Non-Convertible Debentures 12-Oct-09 9.80% 12-Apr-20 50.00 CRISIL BBB/Watch Negative
INE749A07193 Non-Convertible Debentures 22-Oct-09 9.80% 22-Apr-20 75.00 CRISIL BBB/Watch Negative
INE749A07219 Non-Convertible Debentures 24-Nov-09 9.80% 24-May-20 75.00 CRISIL BBB/Watch Negative
INE749A07268 Non-Convertible Debentures 24-Dec-09 9.80% 24-Jun-20 75.00 CRISIL BBB/Watch Negative
INE749A07284 Non-Convertible Debentures 25-Jan-10 9.80% 25-Jul-20 75.00 CRISIL BBB/Watch Negative
INE749A07300 Non-Convertible Debentures 19-Feb-10 9.80% 19-Aug-20 75.00 CRISIL BBB/Watch Negative
INE749A07318 Non-Convertible Debentures 26-Mar-10 9.80% 26-Sep-20 75.00 CRISIL BBB/Watch Negative
INE749A07151 Non-Convertible Debentures 24-Aug-09 9.80% 24-Feb-20 50.00 CRISIL BBB/Watch Negative
INE749A07169 Non-Convertible Debentures 08-Sep-09 9.80% 08-Mar-20 40.00 CRISIL BBB/Watch Negative
INE749A07177 Non-Convertible Debentures 08-Oct-09 9.80% 08-Apr-20 40.00 CRISIL BBB/Watch Negative
INE749A07201 Non-Convertible Debentures 09-Nov-09 9.80% 09-May-20 40.00 CRISIL BBB/Watch Negative
INE749A07227 Non-Convertible Debentures 08-Dec-09 9.80% 08-Jun-20 40.00 CRISIL BBB/Watch Negative
INE749A07250 Non-Convertible Debentures 08-Jan-10 9.80% 08-Jul-20 40.00 CRISIL BBB/Watch Negative
INE749A07276 Non-Convertible Debentures 29-Dec-09 9.80% 29-Jun-20 37.20 CRISIL BBB/Watch Negative
NA Non-Convertible Debenture^ NA NA NA 1,124.80 CRISIL BBB/Watch Negative
^These NCDs are yet to be raised
 
Annexure - List of entities consolidated
Name of Entities consolidated Extent of Consolidation Rationale for Consolidation
Ambitious Power Trading Company Limited Fully Consolidated All these companies collectively have significant managerial, operational, and financial linkages
Attunli Hydro Electric Power Company Limited Fully Consolidated
Belde Empreendimentos Mineiros LDA, a subsidiary of JSPL Mozambique Minerals LDA Fully Consolidated
Blue Castle Ventures Limited Fully Consolidated
Bon-Terra Mining (Pty) Limited, a subsidiary of Jindal Energy SA (Pty) Limited Fully Consolidated
Brake Trading (Pty) Limited Fully Consolidated
Cameroon Mining Action (CAMINA) SA, a subsidiary of Legend Iron Limited Fully Consolidated
Eastern Solid Fuels (Pty) Limited, a subsidiary of Jindal Mining & Exploration Limited Fully Consolidated
Enviro Waste Gas Services Pty Ltd, subsidiary of Wollongong Coal Limited Fully Consolidated
Etalin Hydro Electric Power Company Limited Fully Consolidated
Everbest Power Limited Fully Consolidated
Fire Flash Investments (Pty) Limited Fully Consolidated
Gas to Liquids International S.A Fully Consolidated
Harmony Overseas Limited Fully Consolidated
Jagran Developers Private Limited (w.e.f. January 11, 2018) Fully Consolidated
JB Fabinfra Limited Fully Consolidated
Jindal (Barbados) Energy Corp, a subsidiary of Jindal (Barbados) Holding Corp Fully Consolidated
Jindal (Barbados) Holding Corp, a subsidiary of Jindal (BVI) Limited Fully Consolidated
Jindal (Barbados) Mining Corp, a subsidiary of Jindal (Barbados) Holding Corp Fully Consolidated
Jindal (BVI) Limited Fully Consolidated
Jindal Africa Consulting (Pty.) Ltd Fully Consolidated
Jindal Africa Investments (Pty) Limited Fully Consolidated
Jindal Africa SA Fully Consolidated
Jindal Angul Power Limited Fully Consolidated
Jindal Botswana (Proprietary) Limited Fully Consolidated
Jindal Energy (Bahamas) Limited, a subsidiary of Jindal (BVI) Limited Fully Consolidated
Jindal Energy (Botswana) Pty Limited, a subsidiary of Jindal (BVI) Limited Fully Consolidated
Jindal Energy (SA) Pty Limited, a subsidiary of Jindal Africa Investments (Pty) Limited Fully Consolidated
Jindal Hydro Power Limited Fully Consolidated
Jindal Investimentos LDA Fully Consolidated
Jindal Investment Holding Limited. Fully Consolidated
Jindal KZN Processing (Pty) Limited Fully Consolidated
Jindal Madagascar SARL Fully Consolidated
Jindal Mauritania SARL Fully Consolidated
Jindal Mining & Exploration Limited Fully Consolidated
Jindal Mining Namibia (Pty) Limited Fully Consolidated
Jindal Mining SA (Pty) Limited, a subsidiary of Eastern Solid Fuels (Pty) Limited Fully Consolidated
Jindal Power Distribution Limited Fully Consolidated
Jindal Power Limited Fully Consolidated
Jindal Power Senegal SAU Fully Consolidated
Jindal Power Transmission Limited Fully Consolidated
Jindal Power Ventures (Mauritius) Limited Fully Consolidated
Jindal Realty Limited Fully Consolidated
Jindal Resources (Botswana) Pty Limited, a subsidiary of Jindal Transafrica (Barbados) Corp Fully Consolidated
Jindal Shaded Iron & Steel L.L.C Fully Consolidated
Jindal Steel & Minerals Zimbabwe Limited Fully Consolidated
Jindal Steel & Power (Australia) Pty Limited Fully Consolidated
Jindal Steel & Power (BC) Limited Fully Consolidated
Jindal Steel & Power (Mauritius) Limited Fully Consolidated
Jindal Steel Bolivia SA Fully Consolidated
Jindal Steel DMCC Fully Consolidated
Jindal Tanzania Limited Fully Consolidated
Jindal Transafrica (Barbados) Corp, a subsidiary of Jindal (BVI) Limited Fully Consolidated
JSPL Mozambique Minerals LDA Fully Consolidated
Jubliant Overseas Limited Fully Consolidated
Kamala Hydro Electric Power Co. Limited Fully Consolidated
Kineta Power Limited Fully Consolidated
Koleko Resources (Pty) Limited, a subsidiary of Jindal Africa Investment (Pty) Limited Fully Consolidated
Landmark Mineral Resources (Pty) Limited Fully Consolidated
Legend Iron Limited, a subsidiary of Jindal Mining & Exploration Limited Fully Consolidated
Meepong Energy (Mauritius) (Pty) Limited, a subsidiary of Jindal (Barbados) Energy Corp Fully Consolidated
Meepong Energy (Pty) Limited, a subsidiary of Meepong Energy (Mauritius) (Pty) Limited Fully Consolidated
Meepong Resources (Mauritius) (Pty) Limited, a subsidiary of Jindal (Barbados) Mining Corp Fully Consolidated
Meepong Resources (Pty) Limited, a subsidiary of Meepong Resources (Mauritius) (Pty) Limited Fully Consolidated
Meepong Service (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited Fully Consolidated
Meepong Water (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited Fully Consolidated
Oceanic Coal Resources NL, a subsidiary of Wollongong Coal Limited Fully Consolidated
Osho Madagascar SARL Fully Consolidated
Panther Transfreight Limited Fully Consolidated
Peerboom Coal (Pty) Limited, a subsidiary of Jindal Africa Investment (Pty) Limited Fully Consolidated
PT BHI Mining Indonesia, a subsidiary of Jindal Investment Holding Limited 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) Limited, a subsidiary of Jindal Energy (SA) Pty Limited Fully Consolidated
Shadeed Iron & Steel Company Limited, a subsidiary of Jindal Shadeed Iron & Steel LLC Fully Consolidated
Skyhigh Overseas Limited Fully Consolidated
Southbulli Holding Pty Limited, a subsidiary of Wollongong Coal Limited Fully Consolidated
Sungu Sungu Pty limited Fully Consolidated
Trans Africa Rail (Pty) Limited, a subsidiary of Jindal Transafrica (Barbados) Corp Fully Consolidated
Trans Asia Mining Pty. Limited Fully Consolidated
Trishakti Real Estate Infrastructure and Developers Limited Fully Consolidated
Uttam Infralogix Limited Fully Consolidated
Vision Overseas limited Fully Consolidated
Wollongong Coal Limited Fully Consolidated
Wongawilli Coal Pty Limited, a subsidiary of Oceanic Coal Resources NL Fully Consolidated
Jindal Synfuels Limited Fully Consolidated
Urtan North Mining Private Limited Fully Consolidated
Goedehoop Coal (Pty.) Ltd Equity method
Thuthukani Coal (Pty.) Ltd Equity method
Shresht Mining and Metals Private Limited Equity method
 
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST    --    --    --    --  21-04-17  Withdrawal  CRISIL D 
Non Convertible Debentures  LT  607.20
13-04-20 
CRISIL BBB/(Watch) Negative  30-01-20  CRISIL BBB/Positive  17-01-19  CRISIL BBB-/Stable  23-05-18  CRISIL BBB-/Stable  21-04-17  CRISIL D  CRISIL D 
            08-01-19  CRISIL BBB-/Stable  09-05-18  CRISIL BBB-/Stable       
Fund-based Bank Facilities  LT/ST  20992.47  CRISIL BBB/(Watch) Negative/ CRISIL A3+/(Watch) Negative  30-01-20  CRISIL BBB/Positive/ CRISIL A3+  17-01-19  CRISIL BBB-/Stable/ CRISIL A3  23-05-18  CRISIL BBB-/Stable/ CRISIL A3  21-04-17  CRISIL D/ CRISIL D  CRISIL D/ CRISIL D 
            08-01-19  CRISIL BBB-/Stable/ CRISIL A3  09-05-18  CRISIL BBB-/Stable/ CRISIL A3       
Non Fund-based Bank Facilities  LT/ST  6450.00  CRISIL A3+/(Watch) Negative  30-01-20  CRISIL A3+  17-01-19  CRISIL A3  23-05-18  CRISIL A3  21-04-17  CRISIL D  CRISIL D 
            08-01-19  CRISIL A3  09-05-18  CRISIL A3       
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 1950 CRISIL BBB/Watch Negative Cash Credit 1950 CRISIL BBB/Positive
Letter of credit & Bank Guarantee 5788 CRISIL A3+/Watch Negative Letter of credit & Bank Guarantee 5788 CRISIL A3+
Proposed Long Term Bank Loan Facility 5571.44 CRISIL BBB/Watch Negative Proposed Long Term Bank Loan Facility 5571.44 CRISIL BBB/Positive
Proposed Non Fund based limits 662 CRISIL A3+/Watch Negative Proposed Non Fund based limits 662 CRISIL A3+
Proposed Short Term Bank Loan Facility 500 CRISIL A3+/Watch Negative Proposed Short Term Bank Loan Facility 500 CRISIL A3+
Short Term Loan 800 CRISIL A3+/Watch Negative Short Term Loan 800 CRISIL A3+
Term Loan 12171.03 CRISIL BBB/Watch Negative Term Loan 12171.03 CRISIL BBB/Positive
Total 27442.47 -- Total 27442.47 --
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
Rating Criteria for Steel Industry
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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