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Press Release Sabyasachi Calcutta Press Release Sabyasachi Calcutta LLP July 06, 2021 Ratings Facilities/Instruments Amount (Rs. crore) Ratings1 Rating Action Revised from CARE A- (Single A Minus) CARE AA-; Stable 2.89 and removed from Credit watch with Long Term Bank Facilities (Double A Minus; (Reduced from 3.33) Positive Implications; Stable outlook Outlook: Stable) assigned CARE AA-; Stable / Revised from CARE A- / CARE A2+ CARE A1+ (Single A Minus / A Two Plus) and Long Term / Short Term 60.00 (Double A Minus; removed from Credit watch with Bank Facilities Outlook: Stable/ A Positive Implications; Stable outlook One Plus) assigned 62.89 (Rs. Sixty-Two Crore Total Bank Facilities and Eighty-Nine Lakhs Only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the Bank Facilities of Sabyasachi Calcutta LLP (SC LLP; erstwhile Sabyasachi Couture) takes into account significantly improved financial flexibility of SC LLP with acquisition of 51% interest by Aditya Birla Fashion and Retail Ltd (ABFRL), a retail venture of Mr. Kumar Mangalam Birla led Aditya Birla group. The revision further takes into account the strategic importance of SC LLP for ABFRL as ABFRL aims at increasing its presence in ethnic wear through this acquisition, has shared senior management team with SC LLP, and finance and treasury functions being handled by representatives of ABFRL. Further, retention of Rs.75 crore in SC LLP (out of the purchase consideration of Rs.398 crore) has led to stronger liquidity and capital structure providing headroom for expansion plans of SC LLP. The creative and strategic rights will be retained by Mr. Sabyasachi Mukherjee, who is the leading luxury designer in the country. The ratings continue to draw strength from diversified product portfolio, national and global collaborations and exposures leading to brand building and popularity. The rating is, however, constrained by moderation in financial performance in FY21 (refers to the period from April 1 to March 31), due to the restrictions imposed on social gatherings in marriages and social events resulting in subdued demand for ethic wear apparels and jewellery. Revival of demand outlook with ease of restriction amid second covid wave shall remain key monitorable. The ratings continue to be constrained by inventory risk associated with the fashion industry, working capital intensive nature of operations, competition from other players in the industry and risk associated with plagiarism and medium-term consumption slow- down in the economy accentuated by the pandemic albeit good long-term growth prospects of branded apparel business. Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: Maintaining EBIDTA margin above 15% on a sustained basis. Improvement in operating cycle below 75 days with better inventory management. Negative Factors- Factors that could lead to negative rating action/downgrade: Deterioration in overall gearing ratio beyond 0.7x Reduction of ABFRL’s stake in the firm. Detailed description of the key rating drivers Key Rating Strengths Strategic partnership with ABFRL SC has entered into a strategic partnership with ABFRL whereby ABFRL shall acquire 51% interest in SC at a consideration of approximately Rs.398 crore out of which Rs.75 crore has been retained in the firm. The fund infusion shall lead to improved financial flexibility with stronger liquidity and capital structure providing headroom for expansion plans. The creative and strategic rights will be retained by Mr. Sabyasachi Mukherjee. Aditya Birla group enjoys a leading presence across several business segments including metals, cement, financial services, textiles, etc. ABFRL is one of the leading fashion company, engaged in branded apparel business comprising 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release Madura Fashion and Pantaloons divisions. ABFRL on the other hand, shall expand further in its Indian Ethnic Wear segment through this acquisition. Established brand name in the luxury couture segment Sabyasachi started his eponymous label in the year 1999. He is an established fashion designer in India with a product portfolio of bridal couture, apparel for men, accessories, jewellery for women and men. He has a strong foothold in the Indian film and television industry. Sabyasachi first forayed into films which earned him critical acclaim along with the National Award in 2005 for the best costume designer for a feature film. Since then, he has designed costumes for various Bollywood movies. He is one of the Associate Designer Members of Fashion Design Council of India and youngest member of the National Museum of Indian Cinema. His designs have been donned by various celebrities across the globe. He has been a part of television through his show Band Baaja Bride airing on NDTV Goodtimes, a lifestyle channel. Diversified product portfolio SC has a diversified product portfolio with products ranging from apparel and accessories for both men and women. Further in July 2017, Sabyasachi launched his jewellery line which includes fine jewellery, heritage jewellery and Men’s Jewellery The jewellery range is designed by Sabyasachi and is manufactured through job workers by way of exclusive contracts. Other jewellery collaborations include ‘Zanyah’ an exclusive line of diamond jewellery with Forevermark. National and global collaborations and exposures leading to brand building and popularity Sabyasachi has also entered into various national and international collaborations leading to brand building and product diversification. His collaborations are with French shoe designer Christian Louboutin for launching Bater and Firdaus shoe collection, Pottery Barn, Thomas Goode & Co, Asian Paints, L’Oreal Paris and recently with H&M. Sabyasachi has 6 international multi-brand franchisees, 4 in USA and 2 in UK. Robust capital structure with low debt The capital structure of SC on combined basis and standalone basis is adequate characterized by low debt with NIL overall gearing ratio as on March 31, 2021 (Prov) as against 0.18x as on March 31, 2020. Also, based on the independent valuer report the firm had recognized a Brand value of Rs.623.66 crore in its books with corresponding impact routed through the Partner’s Capital Account of Mr. Sabyasachi Mukherjee & Mr. Sukumar Mukherjee in their previous PSR (profit sharing ratio) of 95 % & 5% respectively. As a result, capital structure of newly formed entity (SC LLP) improved and net worth stood at Rs.774 crore as on March 31, 2021. Key Rating Weaknesses Moderation in financial performance in FY21 due to suspension of operation on account of pandemic The firm reported de-growth of ~59% in FY21 (Provisional) from FY20 to Rs.113.54 crore on account of suspension of operation at all 4 stores till December 15, 2020. Consequent to which, the PBILDT margin also declined to 9.39% in FY21 (Provisional) vis-a-vis 22.03% in FY20. Further, due to one-time restructuring expenses of Rs.20.58 crore in FY21 (Provisional) in connection with the deal wherein the firm had to make payment to investment bankers, lawyers, tax consultants and various regulatory parties, the PBT turned negative at loss of Rs.14.93 crore. However before, the one- time charge, the PBT is around Rs.5.67 crore. Further, due to capital gain tax under amended section 45(4) of Income Tax Act, 1961, on withdrawal of capital by the Mr. Sabyasachi Mukherjee on dissolution of erstwhile firm, the firm had to pay tax expense of Rs.40.20 crore. Consequent to this the firm reported net loss of Rs.51.46 crore. Inventory risk associated with the fashion industry The fashion industry depends on the latest trends which are ever-changing. There arises a need to refresh products in line with shifting consumer behavior. This leads to fashion items having a small shelf life before consumers move to new colors, design or textures. This may result in inventory of raw materials and finished goods becoming obsolete. This risk is partially mitigated as SC majorly caters to the couture category which includes made to order products. In addition, the firm has installed ERP software to better manage its inventory. The inventory risk is accentuated with presence in jewellery segment. The firm is also expected to benefit from increase in gold prices on inventory held. Out of the total inventory around 80% comprise of jewellery (Rs.47.24 crore as on March 31, 2021). Working capital intensive nature of operations The firm’s substantial sale is through its flagship stores in India. As a part of the fashion industry, the firm has to maintain a high inventory of raw materials (fabrics and accessories), work in progress (as products take more than one month to be manufactured) and finished goods to cater to various consumer needs. Due to substantial jump in WIP stock and FG stock on account of lockdown imposed from March 2020, the inventory days increased to 170 days as on March 31, 2020 and it has further increased to 386 days as on March 31, 2021 (Provisional) on account of lower execution of orders in FY21 coupled with slow velocity of movement in Jewellery stock. In current year, the operating cycle may elongate due to slowdown in consumption demand for non-essential goods in the light of economic downturn brought about by COVID-19 leading to lower sales. Competition from other players in the industry and risk associated with plagiarism The fashion industry comprises a large number of players as it has low entry barriers. There exists a threat of shifting consumer preference amongst the designers in the luxury segment offering products in the same category – namely 2 CARE Ratings Limited Press Release bridal couture. In addition, plagiarism of designs is a serious concern. As a counter, SC registers its designs under the Intellectual Property Rights.
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