CRISIL has factored in strong support from ESL's parent, Vedanta, because of strong business and financial linkages. CRISIL has reaffirmed its 'CRISIL AA/Negative/CRISIL A1+' ratings on the bank facilities of Electrosteel Steels Limited (ESL). Electrosteel Steels Ltd has set up 2.51 Million Ton Per Annum (MTPA) Greenfield Integrated Steel Plant near Siyaljori village, in the Bokaro district of Jharkhand. Explore Now Kolkata: Vedanta NSE 8.24 % Ltd has said its acquisition of Electrosteel Steels Ltd (ESL) has led to a turnaround in the company in a space of eight months. We may use your contact information, such as your name, address, and email id to fulfil your request and service your account and to provide you with additional information from CRISIL.For further information on CRISIL’s privacy policy please visit www.crisil.com.DISCLAIMERThis disclaimer forms part of and applies to each credit rating report and/or credit rating rationale that we provide (each a “Report”). Post merger, the combined entity will become a leading manufacturer of ductile iron pipes. Vedanta Limited's Resolution Plan for Acquisition of Electrosteel Steels Limited Approved by National Company Law Tribunal News provided by. The company's utilisation level rose to the pre-pandemic level in June 2020. Electrosteel has a debt of close to Rs 13,000 crore, this essentially means that the financial creditors will have to take a haircut of close to 60 percent. The company has term loan obligation of Rs 184 crore in fiscal 2021. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. Vedanta's operations include copper, iron ore, aluminium assets at Jharsuguda and Lanjigarh in Odisha, and power (2400-MW and 1215-MW captive power plants for the aluminium business). SPL shareholders will receive 59 equity shares of ECL for every 10 equity shares held in the company. CRISIL assumes no obligation to update its opinions following publication in any form or format although CRISIL may disseminate its opinions and analysis. *Cash credit has sublimit for non-fund-based facilities, Annexure - Rating History for last 3 Years, Annexure - Details of various bank facilities. Over 1,10,000 MSMEs have been rated by us. As a result, certain business units of CRISIL may have information that is not available to other CRISIL business units. With a tradition of independence, analytical rigour and innovation, CRISIL sets the standards in the credit rating business. Kolkata — 700617 West Bengal, India Board Number: + 91-33-7103 4400 Fax No: + 91-33-2290 2882 CIN: L2731 OJH2006PLC012663 Date: 28th December, 2017 The Manger Listing Department The National Stock Exchange of India Ltd., Exchange Plaza, 5th Floor, *Includes exceptional items of Rs 931 crore in fiscal 2019, mainly on account of liability written back pursuant to Corporate Insolvency Resolution Process. In preparing our Report we have not taken into consideration the objectives or particular needs of any particular user. Access or use of this Report does not create a client relationship between CRISIL and the user.We are not aware that any user intends to rely on the Report or of the manner in which a user intends to use the Report. 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. Liquidity is supported by healthy cash and equivalent of more than Rs 1,350 crore as on March 31, 2020. Electrosteel Castings Limited (ECL) is a pioneer in the production of Ductile Iron Pipes in India, with a strong presence in over 70 countries across the globe. Shares of Srikalahasthi Pipes (SPL) and Electrosteel Castings (ECL) tanked up to 18 per cent on the BSE in the intra-day trade on Tuesday after their respective boards on Monday approved a draft scheme of amalgamation for the merger. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc. EACH CRISIL PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Electrosteel Steels Limited is one of the Steel Plant companies in India. ELECTROSTEEL STEELS LIMITED Head Office: GK Tower. The recipients of the Report should rely on their own judgment and take their own professional advice before acting on the Report in any way.CRISIL or its associates may have other commercial transactions with the company/entity.Neither CRISIL nor its affiliates, third party providers, as well as their directors, officers, shareholders, employees or agents (collectively, “CRISIL Parties”) guarantee the accuracy, completeness or adequacy of the Report, and no CRISIL Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Report. Also, exports increased in the first quarter of fiscal 2021 and offset the decline in domestic demand during the lockdown. From the effective date, VSL ceased to exist as an entity and all its assets, liabilities, debts, borrowings now stand transferred to the books of ESL. Mr. 2nd & 3rd floor, 19, Camac Street. Note for Media:This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. ESL has operational capacity of 1.5 MTPA and is evaluating a proposal to increase capacity to 3 MTPA over the medium term. ESL has operational capacity of 1.5 MTPA and is evaluating a proposal to increase capacity to 3 MTPA over the medium term.About the parentVedanta is a diversified metals, mining, power, and oil and gas company. It is one of the famous names, providing Steel … Strategic fit. Electrosteel Castings (UK) Ltd, Ambrose Yard, Broombank Trading Estate, Broombank Road, Chesterfield, Derbyshire S41 9QJ London-based Vedanta Resources Ltd holds 50.1% stake in the company. Internationally certified superior quality DI Pipes and Fittings. 05 Oct, 2020, 10.41 PM IST. CRISIL keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. This will alert our moderators to take action. Electrosteel Steels Ltd has setup 2.51 Million Ton Per ANNUM (MTPA) Greenfield Integrated Steel Plant near Siyaljori village in the Bokaro district of Jharkhand. Cook Tilly India were money-related counsels for the plan, and Khaitan and Co. were lawful counsels. After Merger the new entity will get new face and will rename as “Vedanta Steel Limited” or other name which approve by board. For reprint rights: Electrosteel Steels acquisition led to a turnaround in firm: Vedanta, Electrosteel Steels shares go haywire on delisting announcement, Vedanta acquires management control of Electrosteel Steels, Vedanta gets management control of Electrosteel Steels, IMA for Electrosteel Steels till Vedanta gets control, IBBI slaps penalty on Electrosteel Steels resolution professional. Over 1,10,000 MSMEs have been rated by us. We are India’s foremost provider of ratings, data, research, analytics and solutions. The Group has successfully forayed into Steel Making with an Integrated Steel & DI Pipe Plant at Bokaro, commissioned in consultation with reputed international agencies. Electrosteel Steels serves customers worldwide. Vedanta, through its wholly owned subsidiary VSL, acquired 90% stake in ESL, under the Insolvency and Bankruptcy Code (IBC), 2016, for Rs 5,320 crore on June 4, 2018. KOLKATA: India’s dedicated bankruptcy resolution programme, which seeks to untangle billions of dollars stuck in bad loans, recorded its second-biggest successful recovery to date after global resources major Vedanta NSE 0.61 % acquired management control of Electrosteel Steels Ltd (ESL) and named a new board to run the distressed steelmaker. Thereafter, Mr. Katial took charge as the President (Operations) Global Steel Holding Ltd with Libyan Steel, Libya. The rating on short-term bank facility were reaffirmed at 'CRISIL A1+ '. CRISIL has assigned its 'CRISIL AA/Stable/CRISIL A1+' ratings to the bank loan facilities of Electrosteel Steels Limited (ESL). We have rated over 24,500 large and mid-scale corporates and financial institutions. Next, he worked with the Uttam Group, where he became the Director (Group Manufacturing). CRISIL has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. It was India's first Chinese technology-based greenfield integrated steel manufacturing facility near Bokaro, Jharkhand. what will happen for the share holders at present? Any adverse change in the credit risk profile of Vedanta is a key rating sensitivity factor for ESL. Vedanta Limited will now directly hold 95.49% in Electrosteel Steels Ltd (ESL) This follows nod from NCLT Kolkata for scheme of amalgamation of Vedanta Star Limited with ESL. That’s the bad news. The budgetary pointers post-merger will uphold Electrosteel Castings to deal with its credit score.” Electrosteel Castings was shut last financial year with incomes of Rs 2,480 while Srikalahasti Pipes timed a revenue of Rs 1,663 crore. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary licenses and/or registration to carry out its business activities referred to above. The stock of SPL tanked 18 per cent to Rs 109.50 on the … Debtor, Electrosteel Steels Ltd. acknowledging the outstanding balance as on 31st March, 2017, the copy of statement of audited financial results, financial statements of Corporate Debtor for the Financial Year ending 31 st March, 2017 as filed by the Corporate Debtor with BSE Limited and National Stock Exchange of India Ltd. Thereafter, Mr. Katial was CEO of Electrosteel Steels Limited from July 2016 to October 2018. The outlook reflects CRISIL's outlook on the long-term rating of ESL's parent, Vedanta. ESL is likely to generate cash accrual of around Rs 150 crore and above Rs 250 crore in fiscals 2021 and 2022, respectively, which will likely be utilised towards debt repayment, capital expenditure and incremental working capital requirement. CRISIL PRIVACY CRISIL respects your privacy. The company also has aluminium operations through its subsidiary, Bharat Aluminium Company Ltd (BALCO). CRISILs Bank Loan Ratings - process, scale and default recognition, CRISILs Criteria for rating short term debt, Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support, Understanding CRISILs Ratings and Rating Scales, https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html. Choose your reason below and click on the Report button. Vedanta, through its wholly owned subsidiary VSL, acquired 90% stake in ESL, under the Insolvency and Bankruptcy Code (IBC), 2016, for Rs 5,320 crore on June 4, 2018. Post the merger, Vedanta now directly holds around 95.5% shares of ESL. As steel is an essential commodity, the nationwide lockdown to contain the spread of Covid-19 has had a fairly limited impact on ESL's operations. ESL was incorporated in Ranchi, Jharkhand, India in December 2006. With a tradition of independence, analytical rigour and innovation, CRISIL sets the standards in the credit rating business. The merged entity will have total DI pipe manufacturing capacity of 8 lakh tonne in India with a market share of 30 %, the company said in a statement. We are majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. There’s good news and bad news for shareholders of Electrosteel Steels Ltd. For latest rating information on any instrument of any company rated by CRISIL you may contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (0091) 1800 267 1301.This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL.All rights reserved @ CRISIL, Rs.4700 Crore (Enhanced from Rs.1300 Crore), Refer to annexure for Details of Instruments & Bank Facilities. Reports with more detail and additional information may be available for subscription at a fee – more details about CRISIL ratings are available here: www.crisilratings.com.CRISIL and its affiliates do not act as a fiduciary. Let's reshape it today, Hunt for the brightest engineers in India. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. Post the merger, all the assets and liabilities, including the long term bank loans of VSL, have been transferred to ESL. Merged entity to become country’s largest ductile iron pipe maker Hyderabad, October 5 The Board of Directors of Electrosteel Castings Ltd (ECL) and Srikalahasti Pipes Ltd … Post the merger, Vedanta now directly holds around 95.5% shares of ESL. CRISIL has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest. Tomorrow is different. So Within Next 2-3 months picture will be clear what happens next. It was India's first Chinese technology-based greenfield integrated steel manufacturing facility near Bokaro, Jharkhand. Effective March 25, 2020, as per the scheme of amalgamation approved by National Company Law Tribunal, VSL merged with ESL. CRISIL’s public ratings and analysis as are required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations, if any) are made available on its web sites, www.crisil.com (free of charge). Domestic demand for TMT bars to normalise by Oct: Electrosteel. Any shortfall in funding is expected to be covered by Vedanta, which has healthy liquidity. Also, a part of the power business (1980 MW) is conducted through wholly owned subsidiary, Talwandi Sabo Power Ltd. Though Electrosteel’s current market price is Rs 1.10 per share, it’s well accepted that equity shares of an insolvent company are usually worth nothing. We have rated over 24,500 large and mid-scale corporates and financial institutions. About CRISIL LimitedCRISIL is a leading agile and innovative, global analytics company driven by its mission of making markets function better. PRODUCTS Internationally accredited superior quality DI Pipes and Fittings. Lawyers for Electrosteel declined to comment. It is made abundantly clear that the Report is not intended to and does not constitute an investment advice. Vedanta Ltd. on Tuesday said the National Company Law Tribunal, Kolkata Bench, has approved the scheme of amalgamation of its arm Vedanta Star Ltd. with Electrosteel Steels Ltd. Post the amalgamation becoming effective, Vedanta will directly hold 95.48 percent in ESL. DI Pipes and Fittings. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). Kolkata: The board of directors of Electrosteel Castings (ECL) and Srikalahasti Pipes (SPL) have approved the proposed scheme of amalgamation of the two companies. The oil and gas business has now been merged with Vedanta, and the group operates the zinc business through Hindustan Zinc Ltd (HZL) and Zinc International in South Africa and Namibia. For details please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.htmlCRISIL’s rating criteria are generally available without charge to the public on the CRISIL public web site, www.crisil.com. In June 2018, Vedanta, through its wholly owned subsidiary, VSL, acquired 90% stake in ESL (current operational capacity of 1.5 MTPA) for Rs 5,320 crore. DI Pipes Fittings & Special Other Products. Its bid for Electrosteel Steels was at least Rs2,000 crore lower than Vedanta’s. It primarily consists of a Sinter Plant, Coke Oven, Blast Furnace, Billet Caster, Wire Road Mill, Bar Mill and Power Plant. Vedanta, through its wholly owned subsidiary Cairn India Holdings Ltd (CIHL), acquired slightly over 51% equity stake in glass substrate manufacturer AvanStrate Inc (ASI) in December 2017. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. The Report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains. Choose your winners rationally in 3 simple steps! However, expected decline in steel demand and lower realisations may weigh on the operating margin in fiscal 2021, despite some support from softer raw material cost. Effective March 25, 2020, as per the scheme of amalgamation approved by National Company Law Tribunal, VSL merged with ESL. CRISIL Ratings is part of CRISIL Limited (“CRISIL”). Electrosteel are a leading manufacturer of Ductile Iron Pipes, Fittings, and Ancillary Pipeline Products supplying around the globe. The board of Electrosteel Steels Monday approved the proposal to delist the company, according to a regulatory filing. We pioneered the concept of credit rating in India in 1987. It primarily consist of a Sinter Plant, Coke Oven, Blast Furnace, Basic Oxygen Furnace, Billet Caster, Wire Rod Mill, Bar Mill and Power Plant. CRISIL rating contained in the Report is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment or other business decisions. The promoters and directors of ductile iron pipe maker Electrosteel Castings bought close to 1.02 crore shares from the market in the run up to the announcement of a proposed merger with … Vedanta Star Ltd (VSL, erstwhile holding company of ESL), which had 90% stake in ESL, has been merged with ESL, effective from March 25, 2020. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). Products comply with the many International and European Standards for conveyance of potable drinking water, raw water and wastewater. Electrosteel Steels Limited is an India based steel products providing company. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. The scheme has been made effective from Wednesday, March 25, 2020, Vedanta has … They Alloted ESL shares to Vedanta against VSL shares. Electrosteel Steels Ltd. manufactures metal products. From the effective date, VSL ceased to exist as an entity and all its assets, liabilities, debts, borrowings now stand transferred to the books of ESL. Approved the proposal to delist the company also has aluminium operations through its,. Provider of ratings, data, research, analytics and solutions Daily Updates... 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