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Press Release JSW Steel Coated Products Limited

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Press Release JSW Steel Coated Products Limited Press Release JSW Steel Coated Products Limited January 08, 2021 Ratings Amount Facilities/Instruments Ratings Rating Action (Rs. crore) 3,684.42 CARE AA-; Stable Long Term Bank Facilities Reaffirmed (Enhanced from 3,146.00) (Double A Minus; Outlook: Stable ) CARE AA-; Stable / CARE A1+ Long Term / Short Term Bank 1,020.00 (Double A Minus ; Outlook: Stable/ Reaffirmed Facilities A One Plus ) 1,044.00 CARE A1+ Short Term Bank Facilities Reaffirmed (Reduced from 1,054.00) (A One Plus ) 5,748.42 (Rs. Five Thousand Seven Hundred Total Bank Facilities Forty-Eight Crore and Forty-Two Lakhs Only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The reaffirmation of ratings assigned to the bank facilities of JSW Steel Coated Products Limited (JSCPL) continue to derive strength from JSCPL’s strong business integration with JSW Steel Limited (JSWSL) and its access to national as well as international distribution network of JSWSL. The rating continues to be supported by strong promoter group with substantial presence in the Indian steel industry and experienced management. The ratings of JSCPL favourably factor in increase in capacity due to acquisition of Asian Colour Coated Ispat Limited (ACCIL), comfortable gearing level and adequate liquidity profile of JSCPL. The rating strengths are however, tempered by the inherent cyclical nature of steel industry and project risk relating to continuing debt funded capacity expansion projects. Rating Sensitivities Positive Factors Improvement in the credit profile of JSWSL Negative Factors Sustained deterioration in overall gearing above 1.50x on account of debt funded capex/acquisitions or increase in working capital requirement Lower than expected operating profitability with margin of less than 5% over the medium term Any deterioration in credit profile of JSWSL Detailed description of the key rating drivers Key Rating Strengths Reputed promoter group and professionally qualified management A wholly-owned subsidiary of JSWSL (rated CARE AA-; Stable/CARE A1+), JSCPL is a part of the JSW group. The JSW group, headed by Mr. Sajjan Jindal, has significant presence in the diversified business segments such as steel, energy, infrastructure, cement, ventures and sports. JSWSL, with its steelmaking capacity of 18 mtpa, is one of the largest steel producers in India. The company has a dominant market share in Southern and Western India. JSCPL draws strength from JSWSL’s well-established position in Indian steel industry and cost management expertise. Further, the promoters are involved in strategic decision making and day-to-day operations of the company are delegated to the senior officials. Considerable business integration with JSWSL JSCPL, with its value-added steel-making facilities, is a forward integration initiative of JSWSL. JSCPL has a considerable integration with the overall steel-making business of JSWSL. HR coil is the key input for JSCPL’s operations accounting for around 75-80% of the total raw material cost and the same is primarily purchased from JSWSL. The linkage ensures smooth supply and assured quality of the major raw material for JSCPL’s manufacturing operations. In addition, it leads to freight cost savings due to JSCPL’s Tarapur and Vasind units being located close to JSWSL’s Dolvi works besides support in supply chain management. 1 CARE Ratings Limited Press Release Access to national and international distribution network of JSWSL The group under JSCPL sells its branded steel products to leading OEMs as well as through nationwide retail chain store of JSWSL, JSW Shoppe, catering to the requirements of its end-users as well as small and medium enterprises with a focus on India’s semi-rural and rural markets. Further, JSCPL exports its value-added steel products through JSWSL’s overseas marketing network which is spread in about 100 countries across 5 continents. JSCPL has made an export sales of Rs. 2,656 crore during FY20 (23% of the total revenues) as against Rs. 3451 crore during FY19 (28% of total revenues). Thus, JSCPL benefits from the access to strong distribution network of JSWSL, which combined with JSW brand value, gives the company competitive advantage and helps increasing sales volumes even in times of challenging business environment. Growing demand for value added steel products Galvanised products in India are significantly consumed by the construction, infrastructure and consumer durables sectors. These products also find application in solar energy sector. JSW Steel Ltd., through its wholly owned subsidiary JSCPL, caters to the galvanized steel segment with majority market share. JSW Color On, JSW Colour On+, JSW Pragati and Everglow are colour coated brands of JSW Steel and enjoy high market share in semi-urban and rural region catering to the needs of Individual Home Builder (IHB) segment. Volume growth in galvalume products is mainly driven by development initiative undertaken in solar industry and construction sector. With the thrust on increasing rural consumption of steel, the use of coated steel in the domestic market is expected to increase going forward. Marginal decline in operating income however recovery in profitability margins in FY20 and H1FY21 JSCPL’s total operating income declined by 5% in FY20 to Rs. 11,707 crore as lower steel prices impacted sales realisations. However, profitability margins recovered as lower steel prices also helped to reduce the raw material cost for JSCPL. JSCPL maintained stable operating performance in H1FY21 despite uncertainties related to economic activity in Q1FY21. JSCPL reported total operating income of Rs 5,831 crore with PBILDT margins of 5.41% in H1FY21. Capacity utilisation declined in H1FY21 as demand for steel products lowered significantly in Q1FY21 because of lockdowns imposed in COVID-19 pandemic. Economic activity and demand for steel products recovered promptly in Q2FY21 and capacity utilisation is expected to recover for full year FY21. Comfortable gearing level and debt coverage indicators Total debt of JSCPL surged to Rs 3,076 crore as on March 31, 2020 (Rs 1,784 crore as on March 31, 2019) due to debt funded capex for various projects undertaken for modernization and capacity enhancement. However, equity infusion of Rs 750 crore by the JSWSL in FY20 has kept gearing at moderate level. JSCPL reported overall gearing of 1.12x as on March 31, 2020 as against 0.99x as on March 31, 2019. Going forward, in line with on-going capex, the gearing levels as well as debt coverage indicators are likely to remain at similar levels in the medium term. However, the same will be beneficial for the company in long run as the demand for value added steel products is also likely to increase. Increased capacity after acquisition of Asian Colour Coated Ispat Limited (ACCIL) JSCPL has completed the acquisition of 100% stake in Asian Colour Coated Ispat Limited (ACCIL) in Oct-20 via NCLT for total acquisition cost of Rs 1,550 crore. AACIL is mainly engaged in the manufacturing and marketing of Galvanized and Colour Coated Coils & Sheets and this acquisition will add total 1 million tonne capacity of galvanizing and colour coated to JSCPL. Key Rating Weaknesses Cyclicality inherent in steel industry The steel industry is sensitive to the shifting business cycles, including changes in the general economy, interest rates and seasonal changes in the demand and supply conditions in the market. Apart from the demand side fluctuations, the highly capital intensive nature of steel projects along-with the inordinate delays in the completion hinders the responsiveness of supply side to demand movements. This results in several steel projects bunching-up and coming on stream simultaneously leading to demand supply mismatch. Furthermore, the producers of steel products are essentially price-takers in the market, which directly expose their cash flows and profitability to volatility of the steel industry. Project risk relating to expansion and modernization of manufacturing facilities JSWSL under JSCPL is also undertaking various modernization and capacity enhancement of its manufacturing facilities at Vasind, Tarapur& Kalmeshwar. JSWSL under JSCPL has set up a tin plate mill and related facilities having installed capacity of 0.25 mn TPA at its Tarapur work unit to cater to the increasing demand for tin plate in packing industry. The project has started operations in Q4FY20. Another project for Pickling and tandem line with the capacity of 1 mn TPA is expected to be completed in Mar-21 and entire expansion capex will be completed by Mar-22. 2 CARE Ratings Limited Press Release Industry Outlook: An up-cycle in international steel prices is expected to continue in H2FY21 due to increased steel consumption mainly by China on the back of stimulus package unveiled by the Chinese government which is keeping demand for industrial metals high. Firm international prices and pick up in domestic demand will also boost domestic steel prices. Steel prices have already exceeded pre-covid levels and are currently at a marginal premium to world export prices. Any rebound in coking coal prices will keep the steel prices firm. Iron ore prices have crossed USD 123 per dmt in September 2020, a level last seen in 2014, amid better Chinese demand and tepid supply due to severe weather conditions and covid-19 induced restrictions in Brazil. However, prices have since retraced to lower levels in October 2020 largely on the back of ramp up of production by the miners in Brazil and Australia. Domestic steel production and consumption is expected to remain steady going forward in H2FY21. For the whole year FY21, CARE expects crude steel production to be lower by 10-12% and consumption to be lower by 14-17%, mainly impacted by poor first half. While large players have reported faster return to normalcy after covid-19 impact, the recovery by smaller players is expected to be long and protracted due to their limited diversification and weaker financial flexibility.
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