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Press Release the Hind Samachar Limited

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Press Release the Hind Samachar Limited Press Release The Hind Samachar Limited April 3, 2020 Ratings Amount Facilities Rating1 Rating Action (Rs. crore) Revised from CARE A+; Long-term Bank Facilities 41.06 CARE A; Stable Stable (Single A Plus; (Fund based - Term Loan) (enhanced from 34.46) (Single A; Outlook: Stable) Outlook; Stable) Revised from CARE A+; Long-term Bank Facilities 85.00 CARE A; Stable Stable (Single A Plus; (Fund Based – CC limits) (enhanced from 70.00) (Single A; Outlook: Stable) Outlook; Stable) 126.06 Total (Rupees One hundred and twenty six crore and six lakhs only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the bank facilities of The Hind Samachar Limited (THSL) takes into account the moderation in its operational performance in FY19 (refers to the period from April 1 to March 31) as reflected in its stagnant revenues, declining profitability and lower cash accruals leading to low coverage and return indicators. The rating revision also factors in the exposure to foreign currency fluctuation risks, susceptibility of profitability margins to volatility in newsprint prices, high dependence on advertisement revenues, competitive nature of print media industry and increasing penetration of alternate media. The ratings, however, continue to derive strength from THSL’s dominant market position (by circulation and readership) in its operating regions, experienced promoters, long track record of operations and its established presence and brand in the print media segment in North India. Key rating sensitivities Positive Sensitivities: Ability of the company to increase its scale of its operations by 20-25% from current levels while increasing its footprint in the digital segment and maintaining its market share in the current genres amidst intense competition. Ability of the company to enhance its PBILDT margin to more than 20% on a sustained basis from the current levels amidst volatility observed in the newsprint prices. Negative Sensitivities: Any increase in the collection period of more than 90 days leading to elongation in the operating cycle on a sustained basis. Any sizeable capex undertaken by the company or further support given to the group companies adversely impacting the capital structure with the overall gearing exceeding 1.50x on a sustained basis. Detailed description of the key rating drivers Key Rating Strengths Long track record and experienced promoters THSL is a public limited company incorporated in the year 1949 by late Lala Jagat Narain, veteran freedom fighter and Ex. Member of Parliament (Rajya Sabha). THSL has a long track record of more than 60 years in the print media segment, which is now being run by the family’ s second generation. Mr. Vijay Kumar Chopra, the son of late Lala Jagat Narain, is presently the Chairman-cum-Managing Director of the company. The day to day operations are handled by his sons, Mr. Amit Chopra and Mr. Avinash Chopra. The promoters are supported by a management team having extensive experience in the newspaper industry. Over the years, THSL has earned strong brand image with its flagship daily “Punjab Kesari” in the print media segment in Northern Indian states. Established presence in the print media segment with dominant market position THSL is engaged in the printing and publishing of the four daily newspapers i.e. Punjab Kesari (Hindi), Jag Bani (Punjabi), Hind Samachar (Urdu) and Navodaya Times (Hindi) with average combined daily circulation of ~11 lakh copies consistently over the past few years. THSL has earned strong brand image in the print media segment and it continues to dominate the newspaper market in circulation and readership amongst all its major competitors in Northern India which 1Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release includes Punjab, Himachal Pradesh and Jammu & Kashmir. The Hindi language daily, Punjab Kesari and Punjabi language daily, Jag Bani contributed most to the revenues of THSL, both in subscription and advertisement segment during FY19. The increasing literacy rates are helping widen and extend the country’s readership base. Comfortable financial risk profile albeit deterioration in the operational performance during FY19 THSL’s financial risk profile continued to be comfortable; however, there is moderation in the operating income, contraction in profitability margins, lower cash accruals and increase in gearing during FY19. The total operating income of THSL remained almost stagnant at Rs. 347.18 cr during FY19 as compared to Rs.352.08 cr during FY18. This was primarily on account of declining advertisement revenue with the prevalent economic slowdown and reduced usage of print media. Further, the depreciation of rupee and sharp increase in the landed cost of the newsprint to Rs. 47,950/MT (PY: Rs. 37,154/MT) suppressed the PBILDT and PAT margin in FY19 to 5.77% (14.53% during FY18) and 0.29% (5.69% during FY18) respectively. However, during H1FY20, with the stabilization of the newsprint prices, the procurement cost declined to Rs. 38,301/PMT and subsequently the profitability margins improved with PBILDT and PAT margins at 9.59% (PY: 7.65%) and 2.40% (PY: 1.85%) respectively. During FY19, the company availed a term loan of Rs. 17.25 cr to purchase new printing machinery with updated technology to improve efficiencies. This coupled with increased utilization of working capital facilities to replenish the newsprint inventories once the prices softened during Q4FY19 led to an increase in the interest expenses from Rs. 3.81 cr in FY18 to Rs. 9.07 cr in FY19. Consequently, the PAT margin contracted to 0.29% during FY19 from 5.69% in FY18. The overall gearing witnessed a marginal increase to 0.41x as on March 31, 2019 from 0.26x as on March 31, 2018, however, it continued to be comfortable on the back of healthy net-worth base with consistent accretion of profits over the years. Adequate Liquidity The liquidity profile of THSL is adequate with current ratio of 1.51x (PY: 1.74x) with unencumbered cash and liquid investments of Rs. 71.64 cr as on March 31, 2019. THSL has cash and liquid investments of Rs. 40.17 cr as on March 20, 2020. The overall gearing of the company stood at 0.41x as on March 31, 2019. Its capex requirements are modular and expected to be funded using debt for which it has sufficient headroom. The operating cycle of the company remains around 61 days with inventory holding period of 26 days, collection period of 86 days and creditor period of 51 days. The company had sanctioned working capital facility of Rs.70 cr, which have been utilized on an average to the extent of 45% and maximum utilization of 75% in the last 12 months ending January 2020. Key Rating Weaknesses Volatility in newsprint prices and foreign exchange rate movements The major raw material for the company is newsprint (NP) which accounts for around 44% of the total operating income during FY19. THSL does not have any contractual obligation for newsprint sourcing and is largely driven by cost competitiveness. Domestic NP prices are linked to import price, as majority of domestic NP demand is met through imports. Thus, this makes the profitability margins of the company susceptible to foreign exchange rate fluctuations. NP is a globally traded commodity which has inherently been volatile. China’s ban on import of mixed grade waste paper (raw material for the production of NP) and subsequent shutdown of Chinese paper mills led to supply imbalance and sudden spike in prices of imported NP adversely impacting the profitability margins of THSL especially during FY19. High dependence on advertisement revenues The cover price of the newspaper covers a part of the newspaper publishing cost. The company, like all other print media companies, is heavily dependent on the advertisement revenues to drive growth and profitability. During FY17-FY19, the contribution of the advertising revenues to THSL’s total operating income has remained within the range of 63% - 67%. The advertisement revenues, in turn, are directly linked to the growth of the economy and is a function of the advertisement spending. Thus, the growth in the revenue and profitability of THSL is vulnerable to the economic cycles and any reduction in advertising income due to down turn in economy may adversely affect the profitability of THSL. Increasing competition and penetration of alternate media THSL has strong presence in Punjab, Haryana, Chandigarh, Jammu & Kashmir, Himachal Pradesh and Delhi NCR. However, the revenue of the group is concentrated in the north with Punjab contributing the maximum to the circulation base of the company. Over the years, other print media players have also entered these markets which have resulted in intense competition. As a result, THSL has lost some of its market share, though it continues to be the market leader based on the circulation and leadership. The print media is facing stiff competition from the alternate media. People are increasingly shifting their preferences to alternate media like Television and Internet etc. as they are prompt and easy to access. However, the Hindi and other regional newspapers till now have had negligible impact due to advent of digital media. The regional dailies essentially cover the untapped news which is very much localized and attracts the larger audiences. Analytical approach 2 CARE Ratings Limited Press Release Standalone. The ratings, however, factor in the strong business & operational linkages of THSL with the group companies, i.e., Vijay Printing Press Private Limited (VPPL, rated CARE BBB; Stable) and Jagat Vijay Printers (JVP, rated CARE BBB; Stable). Applicable Criteria Criteria on assigning ‘outlook’ and ‘credit watch’ to Credit Ratings CARE's Policy on Default Recognition Financial Ratios - Non-Financial Sector Rating Methodology - Service Sector Rating Methodology- Consolidation and Factoring Linkages in Ratings About the Company The Hind Samachar Limited (THSL) is a closely-held public limited company incorporated in the year 1949.
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