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Press Release K.P.H Dream Cricket Private Limited Press Release K.P.H Dream Cricket Private Limited March 26, 2018 Rating Amount Facilities Rating1 Rating Action (Rs. crore) Short-term Bank Facilities CARE A3+ 35.00* Reaffirmed (A Three Plus) 35.00 Total Facilities (Rupees Thirty Five Crore Only) Details of instruments/facilities in Annexure-1 *The bank facilities are backed by personal guarantees from Mr Mohit Burman, Ms Preity Zinta, Mr Ness Wadia and Mr Karan Paul, in the proportion of their shareholding in the company. Furthermore, these promoters have also provided an undertaking to meet the shortfall (if any) in the debt servicing and maintain their shareholding in the company during the tenor of the loan. Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of K.P.H Dream Cricket Private Limited (KPH) continues to derive strength from the strong promoter group providing financial support in the past to fund various business needs, stable revenue profile and high worldwide popularity of the Twenty20 format of the game. The rating is, however, constrained by the weak financial risk profile of the company marked by negative net worth due to losses in the past. Going forward, the ability of the company to garner better ticketing & sponsorship revenue, which is directly linked to the performance of the team in the upcoming editions of the Indian Premier League (IPL), while maintaining the cost structure, shall remain critical. Furthermore, any decline in the popularity of the game going forward and adherence by KPH to the clauses laid down in the BCCI-franchisee agreement, shall remain the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Support derived from the promoters: The major shareholders of KPH belong to large business houses and are individuals of high repute. Mr Mohit Burman, holding majority stake in KPH, is the Chairman of Aviva Life Insurance and director in various Dabur group companies (including group’s flagship company, Dabur India Limited). Mr Ness Wadia is currently the managing director in The Bombay Burmah Trading Corporation Limited (BBTCL; rated, ‘CARE AA; Stable/CARE A1+’) and is on the board of various other group companies including Bombay Dyeing & Manufacturing Co. Limited., Britannia Industries Limited, Go Airlines (India) Limited among others. Mr Karan Paul belongs to the diversified Apeejay Surrendra group which has business interests in various domains including hospitality, tea, shipping, etc. The other major shareholder, Ms Preity Zinta, is a well-known Bollywood actress. The bank facilities availed by KPH are backed by personal guarantee from Mr Mohit Burman, Ms. Preity Zinta, Mr Ness Wadia, and Mr Karan Paul, in the proportion of their shareholding in the company. These promoters have also provided an undertaking to meet shortfall in the debt servicing and maintain their shareholding in the company during the tenor of the loan from the bank. Furthermore, to fund various business requirements, the shareholders, over the years, have infused unsecured loans in the company (outstanding of Rs.47.91 crore, as on March 31, 2017), in the proportion of their shareholding. Financial risk profile: The major source of income of KPH is the revenue sharing by the IPL governing body, which has contributed close to 60% of the total revenue of the company in the past and is expected to contribute ~85% of the total revenue from FY19 onwards. A portion of the revenue collected by the IPL governing body is from sale of the media rights and sponsorship revenue from various brands which is collected in a central pool and distributed in a fixed proportion among all the franchisees. The other major sources of revenue for the company include sponsorship revenue, that the company earns from shirt sponsorships, in-stadia advertisements, etc. and gate revenue which is garnered from the sale of tickets for the matches played in the home ground. These sources of revenue depend on the performance of the team and its growing popularity. The major expenses borne by the company include franchisee fees (amortisation of the franchisee rights over a period of 10 years) paid to the IPL governing body and the expenses incurred on player fees, etc. On account of high proportion of fixed expenses, KPH accumulated losses in the past (till FY14) which led to negative networth, as on March 31, 2017. However, in FY17 (IPL 2016 edition), KPH made net profit of Rs.6.64 crore (increased from Rs.3.32 crore in FY16). The total operating income of the company increased by about 3%, on account of higher revenue sharing from central pool by IPL governing body (increased by ~18% in FY17). 1Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release The major proportion of expenses, including majority payment of franchisee fees and players’ fees is incurred by the company in the months of April-June which necessitates high utilization of the overdraft limit during this period. However, the average utilisation level has remained low with around 56% utilisation in the last 12 months ended October 2017. As per the media reports, in the fresh auctions held, Star India has won the global television and digital rights for IPL for a period of 5 years, from IPL 2018-2022, for Rs. 16,347.50 cr. and Vivo has retained the title sponsorship for the stated 5- year period for Rs.2199 cr. The new contract values are significantly higher than the previous contracts, which is expected to lead to a significant increase in the revenue and profitability of KPH for the next five years. Key Rating Weaknesses Prospects: Even though IPL has a high world-wide popularity because of the involvement of quality players from around the globe, its format and the popularity of the game itself, it remains to be seen how the fan-following unravels in the time to come. Any decline in the tournament popularity (owing to controversies surrounding the tournament, the fact that too much cricket is being played or quality players deciding not to play in the tournament because of their national commitments, etc.) can lead to significant loss of revenue to the IPL governing body and subsequently to the franchisees, going forward. There are certain clauses stipulated by the IPL governing body in the agreement signed with the franchisees. Any breach of these clauses can lead to suspension/cancellation of the franchisee. Apart from that, performance of the team remains a critical factor as the same decides the quantum of revenue garnered from ticketing sales, sponsorships and prize money. Analytical Approach: Standalone Applicable Criteria Financial ratios – Non-Financial Sector CARE’s policy on default recognition Criteria for Short Term Instruments Company Background KPH was incorporated in March 2008, with Dabur group's Mr Mohit Burman (having 48% shareholding in KPH, as on March 31, 2017), Wadia group's Mr Ness Wadia (23%), Bollywood actress Ms Preity Zinta (23%), and Mr Karan Paul of the Apeejay Surendera Group (6%) holding major stake in the company. KPH is in the business of dealing with commercial activities related to cricket and owns the team representing Punjab, ‘Kings XI Punjab (KXIP)’ in the Indian Premier League (IPL). The IPL is a professional league for Twenty20 cricket championship in India. It was initiated by the Board of Control for Cricket in India (BCCI) and is looked after by the IPL governing body (BCCI-IPL) which is headquartered in Mumbai. The IPL works on a franchisee based system where players, from around the world, are hired and transferred. In April-2008, KPH acquired the right to operate KXIP franchisee and became member of the IPL against payment of consideration amount of Rs.304 crore for a period of 10 years. The terms of purchase agreement also provide for additional consideration which will be payable after completion of 10 years i.e. IPL-2018 onwards for an amount which will be equal to 20% of the yearly revenue and the franchisee can go up to perpetuity. Brief Financials (Rs. crore) FY16 (A) FY17 (A) Total operating income 103.42 106.97 PBILDT 33.88 39.57 PAT 3.32 6.64 Overall gearing (times) Nm Nm Interest coverage (times) 22.74 15.76 A: Audited; Nm: Not Meaningful Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Please refer Annexure-2 Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. This classification is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome to write to [email protected] for any clarifications. 2 CARE Ratings Limited Press Release Analyst Contact: Name: Mr Sudeep Sanwal Tel: 0172-4904002 Cell: +91 9958043187 Email: [email protected] **For detailed Rationale Report and subscription information, please contact us at www.careratings.com About CARE Ratings: CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices.
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