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Press Release Kirloskar Chillers Private Limited

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Press Release Kirloskar Chillers Private Limited Press Release Kirloskar Chillers Private Limited April 06, 2021 Ratings Amount Facilities Rating1 Remarks (Rs. Crores) Long-term bank facilities CARE A; Stable 2.00 Reaffirmed (Single A; Outlook: Stable) Short term bank facilities CARE A1 16.00 Reaffirmed ( A One) 18.00 Total (Rupees Eighteen crore only) Details of instruments/facilities in Annexure-1 Detailed Rationale The reaffirmation in the ratings assigned to the bank facility of Kirloskar chillers private limited (KCPL) continues to derive strength from its strong parentage, being a part of the 125 years old Pune (Maharashtra) based Kirloskar Group which has an established presence in the industrial and engineering segment, long and established track record of KCPL of over two decades in chiller manufacturing industry and diversified customer and supplier base of the company. The ratings also factor the improvement in profitability during FY20 (refers to period April 1 to March 31) and improvement in total income and increase in profitability during 10MFY21 (Unaudited; refers to period April 1 to January 31). CARE also notes that the company has not availed any moratorium under Covid relief measure of RBI for the interest payment or principal repayment of its existing bank facilities indicating the strong liquidity position of KCPL. The rating strengths, however, are constrained on account of moderation in KCPL’s capital structure & debt coverage indicators as on March 31, 2020, modest scale of operations restricting the overall financial flexibility of the company, risks related to the fluctuation in the raw material prices which is partially mitigated by short tenure of work contracts and intense competition from various large and established players of heating, ventilation, and air conditioning (HVAC) industry. Furthermore, CARE takes note of the impact of COVID-19 on the business operations and financial performance of the company. Rating Sensitivities Positive Factors- Factors that could lead to positive rating action/upgrade. Sustained revenue growth in scale of operations above Rs 200 crores and PBILDT margin above 17%. Improvement in the capital structure with debt to equity and overall gearing below 0.10x and 0.10x respectively Negative Factor- Factors that could lead to negative rating action/downgrade. Significant decline in revenue to Rs.90 crore or below, with operating profitability falling below 8% Elongation in operating cycle days above 110 days resulting in deterioration in liquidity position of the company. Any un-envisaged incremental debt funded capital expenditure deteriorating overall gearing to beyond 0.60x Detailed description of the key rating drivers Key Rating Strengths Established track record of the company in the chiller manufacturing and experienced management. KCPL is currently managed by Mr. Avinash V. Manjul in the capacity of Managing Director (MD). He is a mechanical engineering graduate. Prior to KCPL, he was working as a Marketing Manager for HVAC projects in one of the group company-Kirloskar Pneumatic Company Limited. KCPL has a well-defined organization structure, and he is ably supported by qualified second tier management of the company heading various departments including – Mr. Milind Soni (GM Finance), Mr. Gaurang Dabholkar (AVP – Marketing) and a total on roll workforce of 142 employees. The management team has more than two decades of experience in the chiller manufacturing industry and related works and looks after the overall management of the company. The promoters are backed by an experienced team who currently head various divisions in the company. Being in the industry for so long has helped the promoters in gaining adequate acumen about the industry. Part of the renowned Pune based Kirloskar Group. KCPL is a part of the Pune based 125 years old Kirloskar group Spearheaded by Mr. Rahul Kirloskar in the strength of promoter. Kirloskar Pneumatic Company Limited (KPCL) is one of the shareholders holds 19.75% of share of KCPL. Kirloskar brand is held by one of the group company ‘Kirloskar Proprietary Limited’ and KCPL using ‘Kirloskar’ as a brand is liable to pay 0.25% of the sales turnover as a royalty. During FY20, KCPL has paid royalty to Kirloskar Proprietary Limited to the tune of Rs.0.26 crore. KCPL derives managerial, technical, and operational synergies, being part of Kirloskar group. 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. 1 CARE Ratings Limited Press Release Financial risk profile marked by Stable scale of operations improved profitability margin and moderate cash accrual levels. Total operating Income (TOI) of KCPL registered a y-o-y de-growth of 5.64% as compared with FY19 and stood at Rs.105.18 crore during FY20 (as against Rs.111.47 crore during FY19). This de-growth was on account of decrease in sale of Chillers, Chiller Parts & Spares division majorly in the month of March 2020 due to COVID-19 restriction and subsequent lockdown. PBILDT margin improved to 11.85% during FY20 as against 3.51% in FY19 mainly on account of improvement in sales realization, execution of high margin orders. Going forward the margin is expected to remain in the range of 12-13%. Further KCPL reported a PAT margin of 6.95% in FY20 as against 1.78% in FY19. GCA for the year FY20 stood at Rs. 8.22 crore (PY Rs. 3.54 crore). The increase was attributable to improvement operating levers and control on fixed capital expenses. During 10MFY21 (Unaudited), the company registered a TOI of Rs.74.80 crore with a PBILDT margin of 15.81% and PAT margin of 9.53%. The company had free cash balance and liquid investments of Rs 16.86 crores as on January 31, 2021. Further, the company has generated Cash profit of Rs 8.41 crores in 10MFY21. However, going forward, the ability of the company to increase its scale of operations to sustain the improvement in its profitability shall remain critical from the credit perspective. Key Rating Weaknesses Low leveraged capital structure coupled with healthy debt coverage indicators. The company was term debt free till FY19, however during FY20 the company has availed sanction of a term loan of Rs 30 crores for the expansion of the existing facilities. Out of the total sanctioned loan, KCPL has availed Rs11.23 crores during FY20 and Rs 2.50 crores in FY21 and balance amount of Rs 16.27 crores will be disbursed in FY21-22. Capital structure of the company though deteriorated remained comfortable with debt to equity of 0.20x as on March 31, 2020. Overall gearing (Including acceptance LC) stood at 0.20x as on March 31, 2020. Furthermore, the debt coverage indicators also remained comfortable as reflected by TDGCA of 1.36x as at the end of FY20 and Interest coverage of 25.98x for FY20. Going forward, ability of the company to maintain its capital structure shall remain key rating sensitivity. Further, any envisaged debt funded capex there by affecting its capital structure shall also remain key rating monitor able. Capex for transfer of existing facility along with expansion in installed and storage capacity. Company undertook capital expenditure in phased manner started in FY20 for transfer of existing facility to new unit along with expansion in installed and storage capacity. The total cost of project is Rs 40 Crore which would be funded by a term loan of Rs 30.00 Crore and balance from internal accruals. KCPL got sanction of term loan of Rs. 30.00 crore for capex out of which Rs.13.73 crore disbursed till March 2021 balance amount would be disbursed in FY22. Furthermore, till March 2021 the Company has done capex of around Rs 23.03 crores for purchases of land, construction of building and balance capex will be incurred in next year which will be financed through term loan from bank to the extent of Rs 16.27 crore and balance through internal accruals. The investment was partly financed out of term loans from bank to the extent of Rs. 13.73 crores and balance through internal accruals. The existing facility is located at Saswad Pune Maharashtra which was taken on lease from Kirloskar Pneumatics Private limited. Further KCPL has purchased own land for new facility at Khandala, Satara Maharashtra. Susceptibility of operating profitability to variable input costs At an operating level raw-material cost constitutes the largest operating cost followed by employee cost. The raw material cost related components for KCPL constitutes – compressors, copper tubes, impellers, controllers, steel tubes, motors and bearings which accounted for 56.69% of the T.O.I during FY20 (P.Y. 66.64% of TOI). Company imports majority (60% of total raw material) of raw material from China and Europe. Further after the pandemic KCPL purchases their raw material from domestic market and very few from international market. As the prices of these products are volatile in nature, it exposes KCPL’s profitability to any adverse movement in the prices, since KCPL’s orders are fixed price in nature. Hence, being a net importer, KCPL is exposed to any adverse fluctuation in the currency movements since majority of the contracts of the company are on a fixed priced basis. Impact of COVID-19 on Business operations The manufacturing plant of KCPL was temporarily shut down from March 25, 2020, following the complete lockdown announced by the government to control the spread of the Covid-19. The operation re-started from second week of May 2020 in staggered manner keeping in mind all the compliances and safety measures related to the Covid-19 and the production ramped-up in a gradual manner. Due to the lockdown in March 2020, part of orders could not be dispatched which were dispatched in Q1FY21. However, the Q1FY21 performance was severely impacted by the lockdown as the operations were completely shut for 1.5-months.
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