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CRISIL has suspended its rating on the bank facilities of Steelcast Ltd (Steelcast). This is because Steelcast has not been providing any information on its operations and financials to CRISIL. The suspension reflects CRISIL’s inability to maintain a valid rating in the absence of information from Steelcast.
About the Company
Steelcast is engaged in casting of various components, mainly for the earth-moving equipment industry; this accounts for 85 per cent of its turnover, with the balance 15 per cent coming from different industries, such as cement and mining. The company’s customer base includes large and established players, such as Komatsu Mining Germany GmbH (rated ‘A/Stable’ by Standard & Poor’s), Caterpillar India Pvt Ltd, JCB India Ltd, Bharat Earth Movers Ltd, and FLS Automation India Pvt Ltd. Steelcast entered the export market in 2003 and generally, about 50 per cent of the company’s total sales constitute exports. Steelcast is engaged in ferrous casting by using the ‘sand casting’ technology. The company has a total casting capacity of 13,000 tonnes per annum (tpa). Steelcast is enhancing its facilities and is currently installing ‘automated fast loop no-bake’ machinery, which will fully automate the fresh capacities. This will involve a capital outlay of Rs.220 million and the total capacity will increase to 20,000 tpa.
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Analytical Contacts
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CRISIL Rating Desk
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Mitu Samar
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Tanuja Abhinandan
Communications and Brand Management
CRISIL Limited
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Email: tabhinandan@crisil.com
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Gurpreet S Chhatwal
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Arvind L Rao
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Email: arao@crisil.com
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About CRISIL Limited
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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.
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