Credit rating agency, CRISIL Research has revised CRISIL IER fundamental grade of Electrosteel Castings to 2/5 from 3/5. The grade indicates that the company’s fundamentals are ‘moderate’ relative to other listed equity securities in India. The rating agency has also revised valuation grade of 5/5 to the company.
The revision in the company’s fundamental grade is a result of the financial stress faced by its associate Electrosteel Steels and the delay in getting approval for its iron ore mine
Electrosteel Castings 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.
