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Press Release Intex Technologies (India) Press Release Intex Technologies (India) Ltd October 9, 2017 Ratings Amount Facilities Rating1 Rating Action (Rs. crore) CARE A-; Negative Removed from credit 138.28 Long-term Bank Facilities (Single A Minus; watch; Rating Revised from (reduced from 162.00) Outlook: Negative) CARE A; (Single A) CARE A2+; Removed from credit 274.00 Short-term Bank Facilities (A Two Plus) watch; Rating Revised from (reduced from 411.00) CARE A1; (A One) 412.28 Total Facilities (Rs. Four hundred Twelve crore Twenty Eight Lacs only) Details of instruments/facilities in Annexure-1 Detailed Rationale& Key Rating Drivers The ratings assigned had been placed on ‘Credit Watch with negative implications’ on account of Delhi High Court issuing interim injunction against ITIL from selling ‘AQUA’ branded smartphones and accessories and the possible impact of the same on the credit risk profile of the company. The removal of credit watch for ITIL takes into account the High Court Judgment setting aside the earlier injunction order of the Delhi High Court thereby allowing ITIL to continue selling under the AQUA brand. The revision in the ratings of Intex Technologies (India) Limited (ITIL) takes into account the moderation in its financial performance marked by decline in sales and operating profitability during FY17. The ratings are also constrained by high level of competition in the IT hardware and mobile handset segment, volatility in profitability margins, dependency on imports and the associated regulatory risks. However, the ratings continue to derive strength from the experienced promoters and management team, long track record of operations and established brand name, diversified product portfolio, widespread distribution network and well-defined foreign exchange risk mitigation policy. The ratings also take into consideration the comfortable gearing levels and efficient working capital management of the company. Going forward, the ability of the company to improve its profitability, improving its market share in the Indian mobile- handset industry and successful completion and commencement of its new manufacturing facility shall be the key rating sensitivities. Outlook: Negative The outlook is ‘Negative’ in view of the moderation in sales over the last 11 months (upto August) due to demonetization, implementation of GST and loss of market position to foreign players upon introduction of the 4G technology which may impact the profitability and debt coverage indicators of the company going forward. The outlook may be revised to ‘Stable’ if the company is able to increase its sales along with improving the profitability going forward. Detailed description of the key rating drivers Key Rating Strengths Setting aside of the Interim injunction against ITIL by the Delhi High Court The Delhi High Court as per its order dated December 24, 2016 had issued injunction against ITIL from selling its ‘Aqua’ brand of smartphones and accessories. The order from the High court came because of trademark infringement petition filed by a New Delhi based trader ‘Aqua Mobile’. ITIL filed petition against the order in Division Bench of Delhi High Court 1Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release and a favourable judgement has been passed in favour of ITIL by the Delhi HC vide its order dated 10.03.2017 setting aside the earlier impugned judgment allowing ITIL to continue selling its mobiles under the AQUA brand. Experienced Promoters and management team Mr Narendra Bansal (Chairman and Managing Director) the promoter of the company, is a first generation entrepreneur with wide experience of over 25 years in the IT industry. After having graduated from University of Delhi in 1986, he started his business by trading in small electronic devices. In 1996, Mr Bansal incorporated ITIL, and started trading IT Hardware etc. The management team of ITIL comprising of officials who are technically qualified and highly experienced in their respective domains and manages the day to day operations of the company. Long track record of operations and established brand name ITIL had established its dominance in computer peripherals segment through its brand “INTEX” and later on capitalized on the same for its mobile and consumer electronics segment. ITIL incurs significant expenses on marketing on building its “Intex” brand not only in the mobile phones and IT peripheral segments, but also in the consumer durables segment which registered a growth of 50% in sales during FY17 despite moderation in sales from its primary segment of mobiles. ITIL presently has 35+ different varieties of mobile handsets across the basic phone, touch-phone and smartphone segment. ITIL has tied up with leading film-stars across north, east and south India, to expand its brand recall and its pan- India reach. Diversified product portfolio Furthermore, ITIL has diversified portfolio of more than 250 products across different products verticals namely, Mobile handsets, Consumer Electronics (DVD player, TV, LCD, etc.) and IT Hardware (UPS, Note Book, PC, Monitor, Keyboard, Mouse, etc.) which contributed approximately 67%, 19% and 11%, respectively, to the total sales of products in FY17. The wide array of product offerings helps the company to withstand fluctuations in the market demand across various segments. With intense competition in the mobile segment and in order offset the decline in sales of its feature and smart phones, the company is shifting its focus towards the consumer durables segment. Widespread distribution network ITIL has a well-established and wide distribution network across the country and established brand name. ITIL has a network of 30 stock and sales offices spread throughout the major cities in the country. The sales are routed through a distribution network comprising of 1,600+ distributors and 80,000+ dealers spread across the country. ITIL has established 1500+ service touch points for easy mobile servicing and customer assistance. ITIL also has retail presence through its 100+ own brand stores under the brand name ‘Intex Smart World’. Further, the company’s products are available at 250+ dedicated Point of Sale (PoS) present at reputed hyper market chains and specialty stores. Changing business model and organization wide improvements The business model of the company is changing from that of importing and selling of completely Build Units (CBUs) of mobile handsets, IT peripherals, TVs etc. to that of manufacturing-cum-assembling of these products indigenously. The company changed its business model owing to the several additional benefits available to the companies under the ‘Make in India’ project, change in the duty structure in the union budget of 2015-16 which incentivizes assembly of Semi Knocked Down (SKD) units over imports of Completely Build Units (CBU). Despite the disruption in the mobile segment, the company managed to realize 50% growth in sales in the consumer durables segment in FY17 primarily on the back of increased sales of LED TV. The company has also launched several new mobile phones based on the new 4G technology and is also in the process of introducing new models prior in the festival month of October. Also, there has been change in the management team at ITIL wherein the company has brought in new vertical heads. A new SAP system is also being implemented which will allow integrated management of operations. Well-defined foreign exchange risk mitigation policy Due to high dependence on imports for its raw material requirements, the company is vulnerable to foreign currency risk for its import payments. However, ITIL uses letter of credit from the banks for purchase of products from the vendors, which is backed by hedging policy for covering their foreign currency exposure. The company manages its forex risk through derivative hedging (through forward contracts) and short credit periods to minimize the exposure due to foreign 2 CARE Ratings Limited Press Release exchange fluctuations. The present policy of the company is to hedge around 95% of its total exposure, the remaining is kept open to take any favorable movement in foreign exchange by balancing their call and stop-loss position. ITIL has also built-in a cushion in its product pricing for any foreign exchange outlay. Comfortable gearing levels and debt service coverage indicators The financial risk profile of ITIL is marked by comfortable overall gearing levels. The debt profile of the company comprises of long term loans from banks, working capital loans and non-fund based limits. The overall gearing (including creditors on LC) improved from 0.70 times as on March 31, 2016 to 0.44 times as on March 31, 2017. The PBILDT interest coverage of 4.27 times in FY17 continues to be comfortable despite significant reduction from 11.91 times in FY16 due to reduction in operating profits during the year. The company has been efficiently managing its working capital requirements and overall working capital utilization remains moderate despite the increase in operating cycle during the year FY17. Key Rating Weaknesses Moderation in growth and profitability and increase in operating cycle ITIL has witnessed decline of 32% in its total operating income from Rs. 6232.57 crore during FY16 to Rs. 4213.50 crore during FY17 as against CAGR of 79% over the period FY14-16. This was on account of decline in revenue contribution from the mobile segment during the year primarily on account of sharp decline in sales volume as well as realization of smart phones. The launch of the 4G technology by Reliance Jio and influx of 4G enabled phones by Chinese and other international players impacted ITIL and other Indian players which were still caught up with 3G mobile phone inventories. Demonetization had also impacted sales of ITIL during H2FY17. The trend of declining sales has continued into Q1FY18, with the share of mobile segment further reducing to 57% in overall revenue mix due to uncertainty over the implementation of GST.
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