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STYROLUTION Ohm Ousiness Park INEOS Styrolutiori lnda Ltd. INEOS 5th Floor, Chin Rouse-Il, STYROLUTION Ohm Ousiness Park, Subhanpura. Vadodara — 390 023 Gujarat, India ineos-styroluhon corn December 17, 2019 To, BSE Limited National Stock Exchange ot India Limited Dept. DSC_CRD Exciange Plaza, Ph-raze Jeejeeoioy Towers, Rot Nc. cI1, C Block. Dalal S:ree: Banora- KLrla Complex, Sandra (E) Sandra E) Muriba 400 001 Mribai 400 05 Stock code No. 506222 Stock code No. INEOSSTYRO Subject: Compliance under Regulation 30, read with Schedule Ill, of SEBI (Listing Obligations and Disclosure Requirements), 2015 with respect to Change in Credit Rating. Dear Sr/Madam. This : in complance with Regulation 20. read with Schedule Ill, of SEBI (Listi9g Obligat ons arc Disclosure Requirements). 2015w Lb respect to Charge in Credt Rating. Tie revsed credit rat ng as rece ved by the Company (cm Credit Rai9g Agency for Long Ie’m / shor term banK (acilittes, are as Jder: Type ot facility Revised Revised to Remarks from Short term bank CARE Al.; CARE A1+; No change; same as previous rating facirities Slable Stable Long term bank CARE AA-; Care A+; Downgraded by one notch. Reasons for the facilities Stable Stable same are explained in the Rating Rationale in the attached Credit Rating Report. The Company does not have any long term debt instruments or any fixed deposft program or any scheme or proposal involving mobilization of funds, in India or abroad. Hence, no credit rating is obtained in relation to the same. However, due to the working capital facilities that the Company utijizes from its bankers, a general credit rating is required to be obtained by the Company. Please take the above on your records. Thanking you, Yours Faithfully, For INEOS Styrolution India Limited Aohijaa! Sinha Head Legal & Coripa9y Secre:ary End.: C-edt Rating Reoort F-ea oice: Rg’,trea otce: I’.OS SIvo utior Irda :d INEOS S:yto o Irda Ui _252XC1 i9P[XZ3 19 J3 z,3E 5F, Floor, Ohm Houe U, Ohm 8Lr-’1es Psrk, 5rri Poor Ohm Hs€’II, Ohm Bus ,qes Pa ubnannu, a. Vadodara — 390 023. GuIAraI. F’sd’a Sut,anpra ariodard — 390 023. Gujaiat, inda +91 65’3O321 1/0 Tele —91 2%S’?303201102 Fx o: -91 25S-2 40323 No: +91 ThS-23J!203 clfi3~Ratings Professional Risk Opinion No. CARElARO/RR/2019-20/1394 Mr Sanjiv Vasudeva Managing Director and CEO Ineos Styrol uti on India Ltd. 5th Floor, Ohm House ~II Ohm Business Park, Subhanpura Vadodara - 3900E3 December 17, 2019 ConEidential Dear Sir, Credit ÿating Eor Āanā Facilities oE ÿS.Ăăă.Ą0 crore Please refer to our letter dated December 06, 2019 on the above subject. E. ąhe rationale Eor the rating is attached at Ćnnećure-I 3. We request you to peruse the annexed documents and offer your comments, iE any. We are doing this as a matter of courtesy to our client and with a view to ensure that no factual inaccuracies have inadvertently creĈt in. ĉindly revert as early as ĈossiĊle. In any case, iE ċe do not hear Erom you Ċy DecemĊer Ă9, E0Ă9, ċe ċill Ĉroceed on the Ċasis that you have no comments to oEEer. IE you have any Eurther clariEications, you are ċelcome to aĈĈroach us. ąhanāing you, Čours EaithEully, -)( ~.C<e.Q [Hardik Shah] . Ćssociate Director Encl.č Ćs aĊove CARE Ratings limited (Formerly known as Credit Analysis Ď Research limited} CORPORATE OffiCE: 4~ Floor, Godr ••ďColis••um, Somaiya HO'pital Road. 32, Titanium, P,ahaladnaga, Corpora'" Road Off Eastern Expr•••• Highway, Sion (El. Mumbai. 400 022. Sal ••llil", Ahm••dabad. 380015 Tel.: +9'.22.6754 3456 • Fax:+91.22.6754 3457 T••I:+9'.79.4026 5656 • Fa",: +9,.79A026 5657 Email: [email protected] • www.carerating •.com Annexure Rating Rationale Ineos Styrol uti on India Limited Ratings Facilities Amount (Rs. crore) Ratingsl Rating Action CARE A+: Stable I Revised from CARE A1+ long-term/Short. CARE AA.; Stable I CARE Al+ 177.40 [Single A Plus; term Bank Facilities [Double A Minus; Outlook: Outlook: Stablel Stable I A One Plus] A One Plus] 177.40 Total (Rupees One hundred seventy seven crore and forty lakh only) Detailsof facilities in Annexure -1 & 3 Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the bank facilities of Ineos 5tyrolution India Limited (51L)is on account of de-growth in its scale of operations during H1FY20 (refers to the periDd April 1 tDSeptember 30) along with continued subdued profitability due to sustained slowdown in demand from the automobile industry (a key end-user), competition from cheaper imports (especially from South East. Asian countries) and higher cost of production due to inordinate delay in alJeviating its capacity constraint for manufacturing of HRG rubber which is a key intermediate product. The ratings, however, continue to draw comfort from the established and long track record of 51Lwith its leadership position in the Indian Acrylonitrile Butadiene Styrene (ABS) & Styrene Acrylonitrile (SAN) co.polymer markets with focus on customized specialty products, diversified clientele, steady demand prospects from end-user industries such as consumer durables and refrigeratiDn liners. The ratings also take into account the established position of the promoter group of SIL in the styrene based polymer business glDbally, its state.Df.the-art manufacturing facilities, established arrangement fDr procurement of key raw materials along with its comfortable leverage and adequate liquidity indicators. However, the above rating strengths continue to be constrained by susceptibility of SfL's moderate profitability to volatile raw material prices as they are derivatives of crude oil, foreign currency lComplete definitions of the ratings assigned are available at www.coreratinqs.com and in other CAREpublications. Page 2 of 10 CARE Ratings limited (Formerly known a$ Credit Analpi$ & Research Limited) 32, Titanium, Prahaladnas,.. Corporate Road, Satellite,erCy1e1Nlea1Nmbmedabad7 exchange rate fluctuations associated with imported raw materials and inherently law profit margin of its palystyrene business. Rating Sensitivities Positive Factors • Improvement in profitability margins marked by PBllDT margin above 15% on a sustained basis • Improvement in ROCEto more than 15% on a sustained basis • Timely enhancement of the capacity for manufacturing HRG rubber so as to improve its operating profitability • More than 80% utilization of expanded capacity of ABS & SAN on a sustained basis • Improvement in demand prospects from the auto industry Negative Factors • Decline in profitability margins marked by PBllDT margin of less than 5% on a sustained basis • Deterioration in capital structure marked by overall gearing beyond 0.75 times. • Decline in scale of operations marked by TOI lower than RS.l,500 crore on a sustained basis Detailed description of the key rating drivers Synergies of globol collaboration with its parent which is a leading player in styrene business Sll is owned by Ineos group [through 75% stake of lneos Styrolution APAC Pte ltd. (SSG), Singapore]. SSG holds leading position in styrenic products such as styrene monomer (SM), polystyrene (PS), styrene-butadiene block co-polymers (SBq, other styrene-based co-polymers (ABS, SAN, etc.) and co. polymer blends. Sil has benefitted from access to technology by virtue of it being a part of the Ineos group. Moreover, it also helps Sil to compete effectively against large scale producers from South - East Asian countries. Board of Directors including Independent Directors of Sil is competent marked by experienced professionals including nominees from Jneos group. Market leader in A8S and SAN business in India which has diversified application Sil manufactures various grades of ABS under the brand name 'Absolac', 'Novodur' and 'luran', and SAN under the brand name 'Absolan' and has been a pioneer in this field and continues to remain the market leader in both these product segments in India. ABS and SAN are versatile engineering thermoplastic material and their high-impact, ignition-resistant and other properties meet the application needs across a broad range of market segments. ABS finds application across industries such as electrical and electronics, automotive, household consumer durables, information technology, business machines, etc. and SAN is mostly used in the stationery, novelties, cosmetic, packaging, toys and extrusion segments. December 17, 2019 Page 3 of 10 CARE Ratings limited (Formerly known as Credit Analysis& Research limited) 32. Titanium, P'ahaladna9ar Co'porale Road, Satellite, Ahmedabad. 380 015 Tel: +91-79-4026 5656 • fa~: +91.79-4026 5657 • Email: care@care,atin9 •.com • www.ca'eratin9>.Com • CIN.l67190MH1993PlC071691 Diversified and reputed clientele Sll caters to the ASS requirements of leading automobile manufacturers in India on contractual basis. It benefits from its presence in the specialty grade of ASS where it faces relatively lower competition from imports; albeit this demand has experienced moderation since H2FY19 due to slowdown in demand from the domestic automotive industry. Apart from automobile, SILalso caters to the demand from household consumer durable application and other commodity grades of ASS which in turn results in large and diversified customer base. State-of-the-art manufacturing facilities generally operating at comfortable capacity utilization levels; albeit some moderation in capacity utilization during lost one year SILhas modern manufacturing facilities and a state-of-the-art R&D center located in Gujarat. Sll has an installed capacity of 80,000 MTPA of ASS, 100,000 MTPA of SAN and 78,000 MTPA of Polystyrene as on March 31, 2019. Capacity utilization of ASS,though moderated due to slowdown in demand from the auto sector, stood comfortable. Captive consumption of SAN in the manufacturing of ASS has remained stable during FY19 (refers to the period April 1 to March 31). SIL has an ongoing project to expand its ASS compounding capacity by 34,000 MTPA at its Moxi plant at a tentative cost of RS.130 crore funded through borrowing from Ineos group to the tune of RS.I00 crore and balance from internal accruals.
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