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Bharat Aluminium Company Limited Bharat Aluminium Company Limited Instrument Amount Rated Rating action Term Loan Rs 2500 crore [ICRA]A (Stable) assigned External Commercial Borrowing US$ 50 million [ICRA]A (Stable) assigned Commercial Paper Rs 1500 crore [ICRA]A1 outstanding ICRA has assigned a long term rating of [ICRA]A (pronounced ICRA A)1 to Rs 2500 crore2 term loans and US$ 50 million external commercial borrowing (ECB) of Bharat Aluminium Company Limited (Balco). The outlook on the long term rating is Stable. Though the US$ 50 million ECB facility of the company is denominated in foreign currency, ICRA’s rating for the same is on national rating scale, as distinct from an international rating scale. ICRA also has rating of [ICRA]A1 outstanding for Rs 1500.00 crore commercial paper (CP) programme of Balco. The ratings take into account a significant decline in profits and cash accruals of the company in the current financial year because of continuing weak prices of aluminium. International aluminium prices, along with the premium, had fallen by ~16% in 2015-16 (FY2016), reflecting concerns regarding the global economy, particularly China, which is the largest producer and consuming country of the metal. Although ICRA takes note of the recent improvement in prices as a result of a few shut downs in global aluminium capacities, prices remain vulnerable to new production capacities that have been commissioned and are expected to ramp up production subsequently, especially given the weak aluminium demand outlook globally. Moreover, the benefit of the recent duty hike on import of aluminium into India would largely be neutralized by an increase in clean environment cess on coal. Consequently the net impact on the cash flows of the company would be limited as compared to its debt repayment liabilities in the short term. Balco’s financial performance in the first nine months of 2015-16 (9mFY2016) has also been impacted adversely by a delay in commissioning of its power plants. The delay resulted in Balco continuing with its erstwhile high cost power plant, keeping operating costs in its new smelter plant at a high level, despite various cost saving initiatives taken by the company, and input material prices remaining at low levels. The rating has factored in the recent commissioning of the first 300 MW CPP3 unit in December 2015, and an advanced stage of commissioning of the balance 600 MW (300 MW CPP + 300 MW IPP4) units. The new CPPs are expected to reduce Balco’s aluminium cost of production, and would be key in ramping up production from its upcoming 0.325 MMT aluminium smelter. ICRA expects Balco’s topline to improve going forward with the increase in sale of power from its existing 300 MW IPP in Q4FY2016 and upcoming power plant in FY2017, for which firm PPA5s to the extent of around 60% of installed capacity and coal supply arrangements are already in place. Nonetheless, the balance power would need to be sold as merchant power at lower rates, which will impact its overall margin. Also, overall improvement would be tempered by an unfavourable metal price outlook, as a result of which the company would be exposed to the risk of liquidity mismatches because of large debt service requirements in the near term. The rating continues to factor in the status of Balco as a part of the Vedanta group, whose financial position has also deteriorated in the current financial year, as a result of the global downturn in metal and energy prices. Nevertheless, ICRA takes comfort from the strong and diversified portfolio of businesses of the group spanning non-ferrous metals and energy segments. Balco is a strategically important company in the group, given its stated objective of growing the aluminium business in India, and the fact that Balco enjoys strong operational and management support from the group. However, the overall group structure and Balco’s current ownership pattern make it difficult for the group to extend direct financial support to the company as witnessed in the past. As a result, a majority of the company’s funding requirements for its ongoing capacity expansion projects and also the recent shortfall in its operational cash flows have been met from borrowings, which has resulted in a gradual weakening of the company’s capital structure in the past few years. Moreover, the significant delay in 1 For complete rating scale and definitions please refer to ICRA’s website www.icra.in or other ICRA Rating Publications 2 100 lakh = 1 crore = 10 million 3 Captive Power Plant 4 Independent Power Producer 5 Power Purchase Agreement implementation of the projects has resulted in cost overruns. The rating, however, continues to favourably factor in the advanced stages of the expansion projects being commissioned, which mitigates project risks significantly. ICRA believes that post stabilization of the project facilities, Balco’s cost efficiency is likely to improve further because of scale economies as well as the technology to be used. ICRA also notes that with the recent renewal of mining lease of Balco’s Mainpat bauxite mines, the visibility on availability of captive bauxite for conversion into alumina has now improved. This is expected to improve the company’s raw material security going forward. However, the company’s bauxite mines have a low residual life as per current estimates. Also, with the high transportation cost involved in carrying bauxite from the mines to the group’s alumina refinery at Lanjigarh in Odisha, alumina from captive bauxite would have a higher cost compared to imported alumina at present. The rating also takes into consideration the financial loss reported by Balco in 9mFY2016. which was magnified as a result of a provision of Rs 125 crore made for renewable purchase obligations (RPO) for the past years. RPO costs have increased Balco’s effective power costs in FY16 to an extent, and limit the benefits of its overall cost reduction initiatives. Nonetheless, the company’s focus on manufacturing value added products, particularly wire rods, catering to the domestic transmission line projects has reduced Balco’s dependence on the export market and improved its overall realisations. The rating also favourably factors in the proposed auction of bauxite mines as per the recently legislated MMDRA6, which provides an opportunity to the company to secure bauxite mines, going forward. Company Profile Balco, incorporated in 1965, is a 51% subsidiary of Vedanta Ltd and is engaged in mining of bauxite, smelting of aluminium and generation of power. The Government of India owns the remaining 49% stake of the company. Vedanta Ltd in turn is 60.4% owned by Vedanta Resources Plc (corporate family rating of B2 by Moody’s, with a Negative Outlook). The company’s production units consisting of a 0.245 million metric tonne per annum (MMTPA) aluminium smelter and 810 MW power plants are located in Korba in Chattisgarh. The company’s expansion projects for setting up a 0.325 MMTPA aluminium smelter and 1200 MW power plants are at advanced stages of commissioning. The Vedanta group is a diversified resources group, with business interest mostly in India. The group’s flagship company is Vedanta Ltd, which produces aluminium, copper, iron ore and power. The group also has an integrated zinc manufacturing facility in Hindustan Zinc Ltd (64.9% subsidiary of Vedanta limited) and oil exploration cum production facilities in Cairn India Ltd (59.9% subsidiary of Vedanta Ltd through direct and step-down subsidiaries). In addition, the group has overseas iron ore, zinc and copper businesses through 100% subsidiaries. Recent Results As per provisional results, Balco registered a net loss of Rs 514 crore during April-December 2015. In 2014-15, the company registered a profit after tax of Rs 6.00 crore on the back of net sales of Rs 4773 crore. March 2016 For further details please contact: Analyst Contacts: Mr. Jayanta Roy, (Tel. No. +91-33-22876617 / 22800008) [email protected] Relationship Contacts: Mr. L. Shivakumar, (Tel. No. +91 22 6114 3406) [email protected] 6 Mines and Minerals (Development and Regulation) Amendment Act 2015 © Copyright, 2016, ICRA Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents. Registered Office ICRA Limited 1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi 110001 Tel: +91-11-23357940-50, Fax: +91-11-23357014 Corporate Office Mr.
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