Rating Rationale
January 08, 2019 | Mumbai
Jindal Steel and Power Limited
Rated amount enhanced
Rating Action
Total Bank Loan Facilities Rated Rs.27442.47 Crore (Enhanced from Rs.25942.47 Crore)
Long Term Rating CRISIL BBB-/Stable (Reaffirmed)
Short Term Rating CRISIL A3 (Reaffirmed)
Rs.3212 Crore Non Convertible Debentures CRISIL BBB-/Stable (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has reaffirmed its ratings on the bank facilities and non-convertible debentures of Jindal Steel and Power Limited (JSPL) at 'CRISIL BBB-/Stable/CRISIL A3'.
Operational performance has improved in the first-half of fiscal 2019, in line with CRISIL's expectation, driven by ramp up of blast furnace of 3.2 million tonne (MT) and basic oxygen furnace of 2.5 MT at the company's Angul plant in Odisha, which commenced operations in fiscal 2018. Operating income has increased by 60% while operating margin remained steady in the first-half of fiscal 2019 compared to the corresponding period in the previous year. Improvement in the utilisation levels of JSPL's steel capacities in India is likely to be moderate over the medium term improving the overall operating margin.
Though better operational performance and absence of any significant capital expenditure (capex) moderately improved leverage (in line with CRISIL's expectation), financial risk profile is expected to remain constrained, with debt/EBITDA (debt to earnings before interest, taxes, depreciation, and amortisation) levels at around 4.5 times by end of fiscal 2019.
Liquidity is adequate, with cash and cash equivalents of around Rs 950 crore. CRISIL has factored in management's stance to maintain liquidity cushion at all times. Liquidity could further improve as promoters agreed to bring in Rs 693 crores, out of which, Rs 188 crores has already been brought in. Balance of Rs 505 crores is proposed to be infused on or before May 2019. Tie-up of enhanced non-fund based limit will remain a key monitorable.
The ratings continue to reflect JSPL's superior position in the value-added long steel products segment, improving operating efficiencies, and well-diversified operations. These strengths are partially offset by weak (albeit improving) financial risk profile, limited raw material integration, and susceptibility to economic cycles.

Analytical Approach

For arriving at the ratings, CRISIL has fully consolidated the business and financial risk profiles of JSPL and its subsidiaries and joint ventures as furnished in the annexure below. This is because of operational and financial linkages among the entities within the group.
Please refer Annexure - Details of consolidation, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
* Superior market position is backed by 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, JSPL can command premium due to its superior product profile and established brand. Ramp-up of one of the most cost-effective blast furnace-basic oxygen furnace plant in Angul will further strengthen market position over the medium term.

* Improving operational efficiency: Per tonne operating profitability for the company's Indian steel operations significantly improved to around Rs 13,300 per tonne during the first-half of fiscal 2019 from Rs 7,300 per tonne in fiscal 2016. This is largely driven by steps taken to improve logistical linkages for raw material sourcing and control over fixed overheads. Ramp up of angul operations, cost reduction measures such as implementation of two additional coke oven batteries and improved mining operations in Mozambique will further improve the operating efficiency. Proximity of plants to coal and iron ore mines, captive power units, and railway sidings; and nearness to Paradip port also support the operating efficiencies. Better capacity utilisation may also lead to a higher operating margin because of higher fixed-cost absorption. Consolidated operating margin should sustain at 23-25% 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 improving utilisation at 80-85% and efficiencies through proximity to gas source. Though only 30% 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 only Rs 2.24 crore. The consequent low cost of generation and hardening of merchant rates are likely to benefit power operations over the medium term.
* Weak, albeit improving, financial risk profile: Though debt is sizeable, debt/EBITDA levels improved to around 4.7 times during the first-half of fiscal 2019 from 13 times during fiscal 2016 on the back of better domestic operating performance and steps taken to improve capital structure (equity infusion and divestment of non-core assets). However, debt levels are expected to remain high due to low cash generation in entities in Australia and Mauritius with debt/EBITDA of around 4.5 times by end of fiscal 2019. Sale of land in the Australia and debt refinancing in the Australian entity will remain a key monitorable.
* 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, which declined significantly in fiscal 2016 and impacted realisations of players in the domestic market. However, steel realisations have recovered from fiscal 2017 following government's protective measures (anti-dumping duty and minimum import prices) and improved global steel prices. The prices remain elevated during the first-half of fiscal 2019 with strong domestic demand led by pick-up in the infrastructure, automotive, and affordable housing segments. Any significant change in demand and pricing scenario will remain a key monitorable.
* 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 70% of power capacity in Tamnar exposes the company to off-take 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 5.39 million tonnes for the captive power plants and sponge iron plants and also the proximity of steel and power plants to coal and iron resources lends comfort. Ability to tie in these resources for the long term will remain a monitorable.
Outlook: Stable

CRISIL believes JSPL's operating performance will improve over the medium term which, coupled with free cash flow due to absence of major capex and faster deleveraging, should improve financial risk profile.
Upward scenario
* Higher-than-expected improvement in operating performance
* Substantial reduction in debt leading to significant improvement in capital structure.

Downward scenario
* Sustained high leverage and deterioration in liquidity
* Downturn in industry cycle adversely impacting profitability.

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 million tonne per annum (mtpa) of steel with plants in Raigarh, Chhattisgarh; and Angul.
Jindal Power Limited (JPL), 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 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 six months ended September 2018, JSPL, on a consolidated basis, reported profit of Rs 389 crore on revenue of Rs 19,648 crore; against a loss of Rs 918 crore on revenue of Rs 12,251 crore for the corresponding period last fiscal.

Key Financial Indicators (CRISIL adjusted numbers)
As on/for the period ended March 31 Unit 2018 2017
Operating Income Rs Crores 27,373 20,745
Profit after tax (PAT) Rs Crores (1,624) (2,538)
PAT margin % (5.9) (12.2)
Adjusted debt/adjusted networth* Times 3.34 3.90
Interest coverage Times 1.67 1.28
*Adjustments include reversal of fair valuation of PPE (land, buildings and plants & machinery), deferred tax on adjustments and others 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 3,600.00 CRISIL BBB-/Stable
NA Letter of Credit NA NA NA 4,214.76 CRISIL A3
NA Proposed Long-Term Bank Loan Facility NA NA NA 3,500.00 CRISIL BBB-/Stable
NA Proposed Short-Term Bank Loan Facility NA NA NA 2,500.0 CRISIL A3
NA Term Loan 1 NA 10.5-13% Jun-19 190.05 CRISIL BBB-/Stable
NA Term Loan 2 NA 10.5-13% Jun-22 799.94 CRISIL BBB-/Stable
NA Term Loan 3 NA 10.5-13% Jun-24 2,139.66 CRISIL BBB-/Stable
NA Term Loan  4 NA 10.5-13% Jun-25 1,983.72 CRISIL BBB-/Stable
NA Term Loan  5 NA 10.5-13% Jun-36 7,014.33 CRISIL BBB-/Stable
NA Term Loan  6 NA 10.5-13% Mar-28 1,500.00 CRISIL BBB-/Stable
INE749A08126 Non-Convertible Debentures 11-Aug-14 10.48% 10-Aug-19 300.00 CRISIL BBB-/Stable
INE749A08134 Non-Convertible Debentures*# 18-Dec-14 9.70% 18-Dec-18 330.00 CRISIL BBB-/Stable
INE749A08142 Non-Convertible Debentures* 18-Dec-14 9.70% 18-Dec-19 330.00 CRISIL BBB-/Stable
INE749A08159 Non-Convertible Debentures* 18-Dec-14 9.70% 18-Dec-20 340.00 CRISIL BBB-/Stable
NA Non-Convertible Debenture^ NA NA NA 1,912.00 CRISIL BBB-/Stable
^These NCDs are yet to be raised
* NCDs are redeemed
#CRISIL is awaiting independent confirmation of redemption before withdrawing ratings on these instruments
Annexure - Details of Consolidation
Jindal Power Limited
Jindal Steel Bolivia SA
Jindal Steel & Power (Mauritius) Limited
Skyhigh Overseas Limited
Everbest Steel and Mining Holdings Limited
Jindal Angul Power Limited
JB Fabinfra Limited
Trishakti Real Estate Infrastructure and Developers Limited
Raigarh Pathalgaon Expressway Ltd
Attunli Hydro Electric Power Company Limited
Etalin Hydro Electric Power Company Limited
Jindal Hydro Power Limited
Jindal Power Distribution Limited
Ambitious Power Trading company Limited
Jindal Power Transmission Limited
Jindal Power Ventures (Mauritius) Limited
Kamala Hydro Electric Power Co. Limited
Kineta Power Limited
Uttam Infralogix Limited
Jindal Realty Limited
Gas to Liquids International S.A
Jindal Power Senegal SAU
Panther Transfreight Limited
Jagran Developers Private Limited (w.e.f. January 11, 2018)
All Tech Building System Limited (ceased to be subsidiary w.e.f. October 1, 2017)
Blue Castle Ventures Limited
Brake Trading (Pty) Limited
Enduring Overseas Inc (ceased to be subsidiary w.e.f. June 26, 2017)
Fire Flash Investments (Pty) Limited
Harmony Overseas Limited
Jin Africa Limited
Jindal (BVI) Limited
Jindal Africa Investments (Pty) Limited
Jindal Africa SA
Jindal Botswana (Pty) Limited
Jindal Investimentos LDA
Jindal Investment Holding Limited.
Jindal KZN Processing (Pty) Limited
Jindal Madagascar SARL
Jindal Mining & Exploration Limited
Jindal Mining Namibia (Pty) Limited
Jindal Steel & Minerals Zimbabwe Limited
Jindal Steel & Power (BC) Limited
Jindal Steel & Power (Australia) Pty Limited
Jindal Tanzania Limited
Jindal Zambia Limited
JSPL Mozambique Minerals LDA
Jublient Overseas Limited
Landmark Mineral Resources (Pty) Limited
Osho Madagascar SARL
PT Jindal Overseas
Jindal Shaded Iron & Steel L.L.C
Sungu Pty limited
Trans Asia Mining Pty. Limited
Vision Overseas limited
Wollongong Coal Limited
Jindal Steel DMCC
Jindal Mauritania SARL
Jindal Africa Liberia Limited
Belde Empreendimentos Mineiros LDA, a subsidiary of JSPL Mozambique Minerals LDA
Eastern Solid Fuels (Pty) Limited, a subsidiary of Jindal Mining & Exploration Limited
PT BHI Mining Indonesia, a subsidiary of Jindal Investment Holding Limited
PT Sumber Surya Gemilang, a subsidiary of PT. BHI Mining Indonesia
PT Maruwai Bara Abadi, a subsidiary of PT. BHI Mining Indonesia
Jindal Mining SA (Pty) Limited, a subsidiary of Eastern Solid Fuels (Pty) Limited
Bon-Terra Mining (Pty) Limited, a subsidiary of Jindal Energy SA (Pty) Limited
Jindal (Barbados) Holding Corp, a subsidiary of Jindal (BVI) Limited
Jindal Energy (Bahamas) Limited, a subsidiary of Jindal (BVI) Limited
Jindal Energy (Botswana) Pty Limited, a subsidiary of Jindal (BVI) Limited
Jindal Energy (SA) Pty Limited, a subsidiary of Jindal Africa Investments (Pty) Limited
Jindal Transafrica (Barbados) Corp, a subsidiary of Jindal (BVI) Limited
Jindal Resources (Botswana) Pty Limited, a subsidiary of Jindal Transafrica (Barbados) Corp
Trans Africa Rail (Pty) Limited, a subsidiary of Jindal Transafrica (Barbados) Corp
Sad-Elec (Pty) Limited, a subsidiary of Jindal Energy (SA) Pty Limited
Jindal (Barbados) Mining Corp, a subsidiary of Jindal (Barbados) Holding Corp
Jindal (Barbados) Energy Corp, a subsidiary of Jindal (Barbados) Holding Corp
Meepong Resources (Mauritius) (Pty) Limited, a subsidiary of Jindal (Barbados) Mining Corp
Meepong Resources (Pty) Limited, a subsidiary of Meepong Resources (Mauritius) (Pty) Limited
Meepong Energy (Mauritius) (Pty) Limited, a subsidiary of Jindal (Barbados) Energy Corp
Meepong Energy (Pty) Limited, a subsidiary of Meepong Energy (Mauritius) (Pty) Limited
Meepong Service (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited
Meepong Water (Pty) Limited, a subsidiary of Meepong Energy (Pty) Limited
Peerboom Coal (Pty) Limited, a subsidiary of Jindal Africa Investment (Pty) Limited
Shadeed Iron & Steel Company Limited, a subsidiary of Jindal Shadeed Iron & Steel LLC
Southbulli Holding Pty Limited, a subsidiary of Wollongong Coal Limited
Oceanic Coal Resources NL, a subsidiary of Wollongong Coal Limited
Wongawilli Coal Pty Limited, a subsidiary of Oceanic Coal Resources NL
Koleko Resources (Pty) Limited, a subsidiary of Jindal Africa Investment (Pty) Limited
Legend Iron Limited, a subsidiary of Jindal Mining & Exploration Limited
Cameroon Mining Action (CAMINA) SA, a subsidiary of Legend Iron Limited
Enviro Waste Gas Services Pty Ltd., Subsidiary of Wollongong Coal Limited
Jindal Synfuels Limited
Urtan North Mining Private Limited
Annexure - Rating History for last 3 Years
  Current 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST    --    --    --  21-04-17  Withdrawn  09-03-16  CRISIL D  CRISIL A2+ 
                    15-02-16  CRISIL A4+/Watch Negative   
                    21-01-16  CRISIL A3+/Watch Negative   
Non Convertible Debentures  LT  300.00
CRISIL BBB-/Stable      23-05-18  CRISIL BBB-/Stable  21-04-17  CRISIL D  09-03-16  CRISIL D  CRISIL A/Negative 
            09-05-18  CRISIL BBB-/Stable      15-02-16  CRISIL BB+/Watch Negative   
                    21-01-16  CRISIL BBB+/Watch Negative   
Fund-based Bank Facilities  LT/ST  23227.71  CRISIL BBB-/Stable/ CRISIL A3      23-05-18  CRISIL BBB-/Stable/ CRISIL A3  21-04-17  CRISIL D/ CRISIL D  09-03-16  CRISIL D/ CRISIL D  CRISIL A/Negative/ CRISIL A2+ 
            09-05-18  CRISIL BBB-/Stable/ CRISIL A3      15-02-16  CRISIL BB+/Watch Negative/ CRISIL A4+/Watch Negative   
                    21-01-16  CRISIL BBB+/Watch Negative/ CRISIL A3+/Watch Negative   
Non Fund-based Bank Facilities  LT/ST  4214.76  CRISIL A3      23-05-18  CRISIL A3  21-04-17  CRISIL D  09-03-16  CRISIL D  CRISIL A2+ 
            09-05-18  CRISIL A3      15-02-16  CRISIL A4+/Watch Negative   
                    21-01-16  CRISIL A3+/Watch Negative   
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 3600 CRISIL BBB-/Stable Cash Credit 3600 CRISIL BBB-/Stable
Letter of Credit 4214.76 CRISIL A3 Letter of Credit 4214.76 CRISIL A3
Proposed Long Term Bank Loan Facility 3500 CRISIL BBB-/Stable Proposed Long Term Bank Loan Facility 3500 CRISIL BBB-/Stable
Proposed Short Term Bank Loan Facility 2500 CRISIL A3 Proposed Long Term Bank Loan Facility 1664.53 Withdrawn
Term Loan 13627.71 CRISIL BBB-/Stable Proposed Short Term Bank Loan Facility 2500 CRISIL A3
-- 0 -- Term Loan 12127.71 CRISIL BBB-/Stable
Total 27442.47 -- Total 27607 --
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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