Credit rating agency, CARE has revised rating of Electrosteel Steels’ long term bank facilities worth Rs 8,356.3 crore to ‘D’ from ‘B’ and Long-term/Short-term Bank Facilities worth Rs 750 crore to ‘D/D’ from ‘B/A4’. The rating agency has also revised rating of the company’s Short-term Bank Facilities worth Rs 850 crore to ‘D’ from ‘A4’.
The revision in ESL’s ratings to ‘D’ reflects delays in debt servicing by the company in January to March 2013 as highlighted in the auditor’s report for the year ended March 31, 2013.
Electrosteel Steels is engaged in the manufacturing solutions for water supply and sewerage systems. ECL has been certified for ISO 9001:2000 standard by different bodies such as IRQS and BSI for the manufacture of DI pipes for water, sewerage, gas and ash transportation.
| Company Name | CMP |
|---|---|
| Tata Steel | 212.05 |
| JSW Steel | 1239.90 |
| SAIL | 173.50 |
| Jindal Stainless | 787.90 |
| APL Apollo Tubes | 2105.45 |
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