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Sugam Vanijya Holdings Private Limited Sugam Vanijya Holdings Private Limited December 17, 2018 Summary of rating action Previous Rated Current Rated Instrument* Amount Amount Rating Action (Rs. crore) (Rs. crore) [ICRA]BBB+(SO)(Stable); Non-Convertible Debenture Programme 485.0 472.5 Provisional rating finalised [ICRA]BBB+(SO)(Stable); Fund-based -Term Loan 147.5 147.5 Provisional rating finalised Fund-based - Working Capital Facilities- [ICRA]BBB+(SO)(Stable); 30.0 30.0 Overdraft Provisional rating finalised [ICRA]BBB+(SO)(Stable); Non-fund Based-Working Capital Facilities 20.0 20.0 Provisional rating finalised Unallocated Limits- Bank Loans 17.5 0.0 Total 700.0 670.0 *Instrument details are provided in Annexure-1 Rationale The letter SO in parenthesis suffixed to the rating symbol stands for Structured Obligation. An SO rating is specific to the rated issue, its terms, and its structure. ‘SO’ ratings do not represent ICRA’s opinion on the general credit quality of the issuers concerned. On September 4, 2018, ICRA had assigned a long-term rating of Provisional [ICRA]BBB+(SO) (pronounced Provisional ICRA Triple B Plus Structured Obligation), with a Stable outlook, to the Rs. 485.0-crore proposed NCD programme and 2145.0- crore bank facilities of Sugam Vanijya Holdings Private Limited (SVHPL, the company). The company has shared the executed version of the transaction documents for the aforesaid NCD programme and bank facilities with ICRA. Since the executed version of the transaction documents are in line with the rating conditions, the said rating of [ICRA]BBB+(SO) has now been confirmed as final. Outlook: Stable The Stable outlook assigned to the rating reflects ICRA’s expectation of satisfactory adherence to the structured payment mechanism by SVHPL and expectation that the company would continue to maintain healthy occupancy in VR Mall, Bengaluru and successfully tie-up leases for the unleased area in VR Mall, Chennai, resulting in adequate debt coverage indicators. The outlook may be revised to ‘Positive’ if the company is able to demonstrate substantial growth in own revenues resulting in strong cash accruals and strengthening of the overall financial risk profile. Conversely, the outlook may be revised to 'Negative' if there is reduction in occupancy levels or significant top-up of loans increases leverage levels. 1 Key rating drivers Credit strengths Reputed parentage lends strong operational support: SVHPL is a part of the Virtuous Retail Group, which has developed an operational retail area of 5.4 million square feet across Bengaluru, Chennai, Surat and Mohali. At present, it is developing a 1.6-million square feet retail area in New Delhi. The Group is promoted by Virtuous Retail South Asia, a joint venture between private equity investor, Xander Group, and Dutch pension fund asset manager, APG Asset Management. Attractive catchment area: Both the malls are favourably located and have an attractive catchment area. While the VR Mall in Bengaluru is in Whitefield, a suburb in Bangalore with significant commercial office and residential development, VR mall in Chennai is situated in Anna Nagar, which is a prime residential area, and is easily accessible from Kilpauk, Mogappair and Nungambakkam residential areas of Chennai. Healthy track record of operations in VR Bengaluru; strong and diversified tenant profile: The VR mall in Bengaluru has been operational since October 2015 and has 92% occupancy level. The tenant profile is diversified and consists of prominent brands such as Marks & Spencer (M&S), Hennes & Mauritz AB (H&M), Forever 21, and PVR. The VR Bengaluru mall has been able to generate favourable market response within a short-span of three years; it generated a lease income of Rs. 39.61 crore in FY2018. The commercial operations of the hotel began in April 2016 and the occupancy levels improved to 52% in FY2018 from 24% in FY2017. In the VR mall, Chennai, the company leased 77% of the total leasable area to prominent brands such as Spar, Lifestyle, M&S, Forever 21, PVR and Home Centre. Presence of DSRA: The Debt Service Reserve Account (DSRA) of three months interest to be maintained for the proposed NCD and lease rental discounting loans (LRD) provides additional liquidity support. The company also maintains three months interest DSRA for its existing LRD loans for VR Bengaluru. Credit challenges Limited track record of VR Chennai mall: The VR mall in Chennai was commissioned on June 18, 2018, and hence it has a limited track record. The company is exposed to market risk as it is yet to tie up 13% of the leasable area. Its presence in a highly competitive micro market further enhances the market risks. Nevertheless, the company has already leased out 87% of the area in the first seven months of its operation. High leverage levels: The Chennai and the Bengaluru properties are highly leveraged with Debt/ Annual Rental of 6.5 times and 5.6 times, respectively, resulting in limited financial flexibility. Moreover, the company also has NCDs, amounting to Rs 448 crore, issued to Robusta Holdings Pte Ltd (100% held by the parent company). These NCDs are, however, subordinate to the rated loans, and the interest and principal on the same are to be serviced to the extent of availability of free cash flows. However, any surplus post the external debt servicing would be utilised towards repayment of the group NCDs. The interest accrued on the NCD is proposed to be serviced to the extent of Rs 100-150 crore through the proposed loan proceeds. Vulnerability of coverage indicators to fluctuations in revenue share, interest and TDS rates: The coverage indicators such as Net Rent/EMI and NOI/EMI are exposed to the variations in revenue share apart from the changes in interest and TDS rates. However, the coverage indicators in the Chennai mall are expected to be comfortable, in line with those witnessed in the Bengaluru mall. 2 Liquidity Position: A debt service reserve account (DSRA) equivalent to three months’ interest that is maintained for VR Bengaluru and is proposed to be maintained for VR Chennai would provide liquidity cushion. All the rental receivables are routed through an escrow mechanism for servicing the LRD debt against VR Bengaluru and the Rs 670-crore borrowing programme for VR Chennai. Analytical approach: Analytical Approach Comments Corporate Credit Rating Methodology Applicable Rating Methodologies Debt Backed by Lease Rentals ICRA's Procedure to Assign Provisional Ratings Parent/Group Support Not Applicable Consolidation / Standalone Rating is based on the standalone financials of the company. About the company Incorporated in 1987, SVHPL is engaged in developing and operating commercial projects named VR Bengaluru Mall and VR Chennai Mall. The mall in Bengaluru is on the Whitefield Road, on the Dyvasandra Industrial Area, and has a leasable area of 5.98 lakh sq. ft; while the mall in Chennai is in Anna Nagar and has a leasable area of 10.08 lakh sq. ft. Both the retail malls have a hotel (The Waverly) and co-working office space (The Hive) apart from multiplexes, restaurants and other entertainment activities. The company is owned and funded by APG Asset Management and the Xander Group through a joint venture—Virtuous Retail South Asia Pte Ltd. The company does not have any further construction activity planned in the current company. In FY2018, on a provisional basis, the company reported a net loss of Rs. 46.39 crore on an operating income of Rs. 75.10 crore, as compared to a net loss of Rs. 71.21 crore on an operating income of Rs. 57.35 crore in the previous year. Key financial indicators (Audited) FY2017 FY2018 Operating Income (Rs. crore) 60.71 75.10 PAT (Rs. crore) -60.55 -46.39 OPBDIT/OI (%) -8.45% 19.72% RoCE (%) -0.33% 0.22% Total Debt/TNW (times) 8.73 17.83 Total Debt/OPBDIT (times) -196.02 82.98 Interest coverage (times) -0.11 0.24 Status of non-cooperation with previous CRA: Not applicable Any other information: None 3 Rating history for last three years: Instrument Current Rating (FY2019) Chronology of Rating History for the Past 3 Years Type Amount Amount Date & Rating Date & Date & Date & Rated Outstanding Rating Rating Rating (Rs. (Rs. crore) in in in crore) FY2018 FY2017 FY2016 December Sep 2018 - - - 2018 1 Proposed NCD Long 472.50 - [ICRA]BBB+ Provisional - - - Term (SO)(Stable) [ICRA]BBB+ (SO)(Stable) 2 Proposed Long 147.50 - [ICRA]BBB+ Provisional - - - Term Loan Term (SO)(Stable) [ICRA]BBB+ (SO)(Stable) 3 Proposed Long 30.00 - [ICRA]BBB+ Provisional - - - Overdraft Term (SO)(Stable) [ICRA]BBB+ (SO)(Stable) 4 Proposed Short 20.00 - [ICRA]BBB+ Provisional - - - Non-Fund Term (SO)(Stable) [ICRA]BBB+ Based Limits (SO)(Stable) Complexity level of the rated instrument: ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according to their complexity levels is available on the website www.icra.in 4 Annexure-1: Instrument Details Date of Amount Issuance / Coupon Maturity Rated Current Rating and ISIN No Instrument Name Sanction Rate Date (Rs. crore) Outlook NA NCD* 472.50 [ICRA]BBB+(SO)(Stable) NA Term Loan 147.50 [ICRA]BBB+(SO)(Stable) NA Overdraft 30.00 [ICRA]BBB+(SO)(Stable) NA Non-fund-based limits 20.00 [ICRA]BBB+(SO)(Stable) Source: Sugam Vanijya Holdings Private Limited *Yet to be allotted Annexure-2: List of entities considered for consolidated analysis Company Name Ownership Consolidation Approach Not Applicable 5 ANALYST CONTACTS Shubham Jain Mathew Kurian Eranat +91-0124-4545306 +91-8043326415 [email protected] [email protected] Adarsh Reddy Shivani Sahoo +91-8043326405 +91-8043326406 [email protected] [email protected] RELATIONSHIP CONTACT Jayanta Chatterjee +91 80 4332 6401 [email protected] MEDIA AND PUBLIC RELATIONS CONTACT Ms.
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