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Press Release the Bombay Burmah Trading Corporation Limited

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Press Release the Bombay Burmah Trading Corporation Limited Press Release The Bombay Burmah Trading Corporation Limited April 07, 2021 Ratings Amount Facilities Rating1 Rating Action (Rs. crore) 51.70 CARE AA; Stable Long Term Bank Facilities Reaffirmed (Reduced from 56.11) (Double A; Outlook: Stable ) CARE A1+ Short Term Bank Facilities 1.00 Reaffirmed (A One Plus ) 52.70 Total Bank Facilities (Rs. Fifty-Two Crore and Seventy Lakhs Only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of The Bombay Burmah Trading Corporation Limited (BBTCL) continues to derive strength from it being one of the holding company of Wadia Group. BBTCL has equity investments in group companies like Britannia Industries Limited (BIL) and The Bombay Dyeing & Manufacturing Company Limited (BDMCL) that have significant market value. The rating also factors in the reputed and well-established promoter group, its presence in diversified businesses, issuance of NCDs to refinance its existing term loan facilities and expected monetization of real estate assets towards reduction of debt. Any large debt fund capital expenditure impacting financial risk profile of the company, dilution of stake in BIL, ability to recover the inter-corporate deposits (ICDs) from its group companies in a timely manner and delay in monetization of real estate assets would be key rating sensitivities. Rating Sensitivities Positive rating sensitivities: Significant Improvement value of investments Negative rating sensitivities: Any significant dilution of BBTCL’s stake in BIL Significant increase in BBTCL’s external debt or a weakening of the standalone liquidity position Detailed description of key rating drivers Key Rating Strengths Reputed and well established promoter group BBTCL is one of the flagship company of the Wadia Group and has been in existence for over 150 years. The Wadia group, founded in the year 1736 by Mr. Lovji Nusserwanjee Wadia, is among the oldest conglomerates in India having a diversified presence in consumer goods, healthcare, real estate, aviation, chemicals and electronics. Investments in group companies (BIL & BDMCL) with strong credit profile BBTCL is the investing arm of the group and holds investments in many group companies including BIL (50.56% stake) and BDMCL (41.13% stake) as on December 31, 2020. The market value of investments in BIL and BDMCL by BBTCL is Rs. 42,503.30 crores as on March 25, 2021, which is significantly high as compared to the total debt of the company, which is Rs. 501.01 crores. Well established presence in diversified businesses BBTCL at standalone level has presence into diversified business viz. plantations, electromechanical, pneumatic and hydraulic components, dental products and weighing scales. The revenue stream and cash flow of BBTCL are therefore, fairly diversified, mitigating the risk and volatility from any one particular business segment. Monetisation of real estate assets BBTCL has land parcels at Kanjurmarg, Mumbai (2 acres), AkurdI, Pune (17 acres) and at Coimbatore (4 acres). As per management, BBTCL plans to sell the land parcels in FY22 and FY23 and the proceeds of the same are expected to be utilized 2Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release to repay the debt so as to improve the capital structure. However, in FY21, the company did not opt for the monetisation of non-core assets to repay the NCDs in view of the weak real estate market. Support to cash flows by Other income On standalone basis, BBTCL generates sufficient income in the form of interest and by upstreaming of dividends from group entities to service its debt obligations. Its non-operating income was Rs. 102.25 crore in 9MFY21 as compared to Rs. 64.69 crore in 9MFY20. The company recorded a positive profit after tax of Rs. 13.31 crore in 9MFY21 because of the receipt of dividend in Q1FY21 and interest on intercorporate deposits (ICDs) extended to group entities. Key Rating Weakness Moderate operational and financial risk profile: On a standalone basis, the company achieved a total operating income of Rs. 280.13 crore during FY20 (vis-à-vis Rs. 274.57 crore during FY19) along with net loss of Rs. 17.03 crore (vis-à-vis loss of Rs. 19.70 crore during FY19 and loss of Rs.25.83 crore during FY18). BBTCL’s standalone debt coverage indicators and financial risk profile continued to remain weak in FY20, however there is an improvement in PBILDT interest coverage as it increased from 0.79x in FY20 to 1.38x in 9MFY21. Overall gearing was 2.15x as on March 31, 2020 (vis-à-vis 1.61x as on March 31, 2019) on account of increase in total debt during the year. The company raised NCDs of Rs.150 cr in May 2017 for a period of three years repayable by bullet payment in April 30, 2020. The proceeds were utilised to repay then existing term debt from Banks/FIs and reduce dependence on working capital borrowings. BBTCL was able to refinance its NCDs of Rs. 150 crore on 30 April 2020, with the issuance of NCDs of Rs. 100 crore and the remaining through the issuance of CP. Analytical Approach: Standalone BBTCL is one of the holding companies of Wadia Group; hence, the ratings are driven by value of its investments in Wadia Group companies like Britannia Industries Limited (BIL) and The Bombay Dyeing and Manufacturing Company Limited (BDMCL). Liquidity Analysis: Adequate As on March 31, 2020, the company has a cash and bank balance of Rs. 15.4 crores as compared to Rs. 9.10 crores on March 31, 2019. The overall working capital utilization was around 69% for the 14 months ended February 2021. The Company is supported by regular other income which includes interest on inter-corporate deposits and dividends received from subsidiaries. The company is also able to refinance its debt on regular basis due to its significant quantum of the market value of its investments. The company also received dividend income of Rs. 55.68 crore in FY20 as compared to Rs. 17.24 crore in FY19. Applicable Criteria CARE’s Policy on Default Recognition Criteria on assigning Outlook to Credit Ratings Criteria for Short Term Instruments Financial ratios – Non-Financial Sector CARE’s methodology for Manufacturing Companies Consolidation and Factoring Linkages in Ratings Liquidity Analysis of Non-Financial Sector Entities Complexity Levels of Rated Instruments About the Company Incorporated in 1863 under the Wadia group, The Bombay Burmah Trading Corporation Limited (BBTCL) is engaged in plantation business, auto-ancillary manufacturing, weighing products and dental products. The company owns tea and coffee estates in the South Indian states of Tamil Nadu and Karnataka as well as Tanzania; the weighing products division is located at Valsad, dental products division at Uttarkhand and auto ancillary division at Chennai, Tamil Nadu. The Wadia group, controlled by Mr. Nusli Wadia (Chairman) and his family, is one of the oldest corporate houses of India having diversified interests in consumer goods and products, healthcare, real estate, plantations, chemicals, electronics and aviation. BBTCL also has significant investments (individually and via subsidiaries) in Britannia Industries Limited and The Bombay Dyeing and Manufacturing Company Limited. 2 CARE Ratings Limited Press Release Brief Financials (Rs. crore) FY19 (A) FY20 (A) Total operating income 274.57 280.13 PBILDT 21.24 30.31 PAT -19.7 -17.03 Overall gearing (times) 1.61 2.15 Interest coverage (times) 0.63 0.79 A: Audited Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Please refer Annexure-2 Covenants of rated instrument / facility: Detailed explanation of covenants of the rated instruments/facilities is given in Annexure-3 Complexity level of various instruments rated for this company: Annexure 4 Annexure-1: Details of Instruments/Facilities Rating assigned Name of the Date of Coupon Maturity Size of the Issue along with Rating Instrument Issuance Rate Date (Rs. crore) Outlook Fund-based - LT- - - - 49.00 CARE AA; Stable Cash Credit Non-fund-based - - - - 1.00 CARE A1+ ST-BG/LC Term Loan-Long - - June 2021 2.70 CARE AA; Stable Term Annexure-2: Rating History of last three years Current Ratings Rating history Name of the Type Rating Date(s) & Date(s) & Date(s) & Date(s) & Sr. Instrument/Ban Amount Rating(s) Rating(s) Rating(s) Rating(s) No. k Outstanding assigned in assigned in assigned in assigned in Facilities (Rs. crore) 2020-2021 2019-2020 2018-2019 2017-2018 1)CARE A1+ CARE 1)CARE AA; (07-Mar-19) 1)CARE A1+ Fund-based - AA; 1. LT 49.00 Stable - 2)CARE A1+ (05-Apr-17) LT-Cash Credit Stable (03-Apr-20) (06-Apr-18) Fund-based - 1)Withdrawn ST-Working 1)CARE A1+ 2. - - - - - (06-Apr-18) Capital Demand (05-Apr-17) loan 1)CARE A1+ CARE (07-Mar-19) Non-fund-based 1)CARE A1+ 1)CARE A1+ 3. ST 1.00 A1+ - 2)CARE A1+ - ST-BG/LC (03-Apr-20) (05-Apr-17) (06-Apr-18) 1)CARE AA; Stable CARE 1)CARE AA; 1)CARE AA; (07-Mar-19) Term Loan-Long AA; Stable Stable 4. LT 2.70 - 2)CARE AA; Term Stable (03-Apr-20) (05-Apr-17) Stable (06-Apr-18) 3 CARE Ratings Limited Press Release Annexure-3: Detailed explanation of covenants of the rated instrument / facilities: Not applicable Annexure 4: Complexity level of various instruments rated for this company Sr. No. Name of the Instrument Complexity Level 1. Fund-based - LT-Cash Credit Simple 2. Non-fund-based - ST-BG/LC Simple 3. Term Loan-Long Term Simple Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity.
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