KSILKorean Society of International Law
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ICRA also revised downwards the short-term rating assigned to the INR355m non-fund-based facilities of KSIL to A3 from A3+.
The rating revision takes into consideration the deterioration in the financial performance of KSIL during 2009-10 and the proposed business restructuring, which is expected to reduce the level of integration in its operations, going forward.
The ratings also factor in the inherent cyclicality and stiff competition in the secondary steel business, which makes the profitability and cash flow of the players including KSIL volatile, a significant proportion of trading business, which is expected to keep the operating margins under pressure and considerable geographical sales concentration.
ICRA also assigned an A4 rating to the INR50m non-fund based bank limits of KSIL.
The rating also takes into consideration KSIL's small scale of operations, moderate capacity utilisation levels, limited value addition in the existing stand-alone sponge iron facility, an adverse capital structure and the working capital intensive nature of operation which in turn impacts its liquidity position adversely.