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Press Release PNP Maritime Services Private Limited

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Press Release PNP Maritime Services Private Limited Press Release PNP Maritime Services Private Limited February 17, 2021 Ratings Amount Facilities/Instruments Ratings Rating Action (Rs. crore) Revised from CARE BBB+ (CE) [Triple B CARE BBB+; Stable Plus (Credit Enhancement)] and Long Term Bank 73.42 (Triple B Plus; Outlook: removed from Credit watch with Facilities Stable ) Negative Implications; Stable outlook assigned CARE BBB+; Stable Long Term Bank 45.48 Revised from CARE BBB; Stable (Triple B Plus; Outlook: Facilities (Reduced from 48.33) (Triple B; Outlook: Stable) Stable ) 118.90 Total Bank Facilities (Rs. One Hundred Eighteen Crore and Ninety Lakhs Only) Details of facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The revision in the rating assigned to the long term bank facilities of PNP Maritime Services Private Limited (PNP) takes into account steady improvement in operational performance during FY20 and 9MFY21 and favorable demand outlook in the near to medium term for PNP. Long operational track record for more than a decade and favourable location of port continue to be viewed as other credit positives. The above mentioned rating strengths are however tempered by high working capital intensity of the operations, decline in profit-before-interest-lease-depreciation and tax (PBILDT) margin during FY20 and susceptibility of the operations to the vagaries of economic cycle. However, company has reported improved PBILDT margin during 9MFY21 mainly due to nil demurrage costs being waived off due to invocation of Force Majeure during Covid-19 pandemic. Given the steady improvement in the inherent credit profile of PNP, the unconditional and irrevocable guarantee from Shapoorji Pallonji and Company Private Limited (SPCPL; ratings revised to ‘CARE A-/A2+; under credit watch with negative implications’ from ‘CARE A+/CARE A1+; under credit watch with developing implications’) issued to the lenders of PNP towards rated facilities, is no longer perceived to offer additional credit enhancement. Rating Sensitivities (PNP) Positive Factors Total bulk and break bulk cargo quantity handled at full available capacity consistently on annual basis Achieving superior commodity cargo mix translating into better than envisaged operating margins Negative Factors Total bulk and break bulk cargo quantity handled lower than 3 Million Metric Tonne annually Significant elongation of working capital cycle impacting liquidity profile Any debt funded capex beyond envisaged level Detailed description of the key rating drivers Key Rating Strengths Favourable location of port and major clearances in place for existing waterfront Dharamtar is a tri-modal minor port with rail, road, and sea connectivity in the state of Maharashtra. The port is in close proximity to Mumbai, Nhava Sheva ports as well as state highways, National Highways and Mumbai-Goa-Konkan railway line. The port has permission to handle all cargoes except hazardous cargo and has customs notified area admeasuring 64.51acres. PNP has railway siding with an approval of single rake which has capacity to handle 3500 metric tonne and around 4.5 rakes per day can be handled whereas truck can handle 16 metric tonne. Besides, the company has all the required clearances for the development of the adjacent land purchased for further expansion. PNP has obtained environment clearance for additional lease for 1 km waterfront. The existing 1 km water front is capable of handling ~7 million tonnes (MMT) cargo annually. The management is planning for construction of additional jetties in FY22 based on type of cargo to be handled. Medium term revenue visibility with strong clientele PNP is marked by seasonal nature of operations with lean period during monsoon i.e. June to September, and the dominant operations being undertaken during the remaining part of the year. 1 CARE Ratings Limited Press Release During FY20, PNP renewed and entered into new contracts for around 4.39 MMT for cargo handling from the institutional clients as against around 3.79 MMT for FY19. Further, during FY21, PNP has already renewed or entered into contracts for around 5.25 MMT as on October 31, 2020. The contracts entered are either for a period of one year or season specific and are extended annually. Such contracts are immediately renewed on expiry with PNP’s major customers who have continual cargo movement at the port. During FY20, company achieved higher cargo utilization of 4.39 MMT as compared to 3.79 MMT in FY19. Further, during 9MFY2021, 2.79 MMT cargo was handled by PNP despite operations being affected during first half of FY21 due to Covid-19 pandemic. Nonetheless, superior commodity cargo mix fetching enhanced operating margins along with traction in the economic activity remain crucial and are key rating monitorables. Key Rating Weaknesses Decline in operating margins albeit improvement in debtors collection period in FY20 There was a decline in PBILDT margin in FY20 to 17.71% from 21.53% in FY19 and 24.99% in FY18. This was mainly due to increase in cost of sales by 25% as compared to a 18.6% growth in operating revenues. The increase in cost of sales is mainly attributed to rise in diesel rates, high demurrage cost due to vessel bunching and cost incurred to obtain private freight terminal (PFT) license on railway land which is included in repair and maintenance cost. However, the company has reported PBILDT margin of 25% during 9MFY21 because demurrage costs were waived off due to Force Majeure under Covid-19 pandemic. Working capital intensive nature of operations PNP continues to have working capital intensive operations with high receivable days as most of the clients of PNP are involved in power and steel production which generally have higher collection period. The overall working capital cycle had reduced from (37 days) days in FY19 to (80 days) in FY20 mainly due to increase in creditor days from 104 days in FY19 to 143 days in FY20. However, the receivable days improved to 63 days during FY20 as compared to 67 days during FY19. PNP has predominately entered into annual contracts and received 50% of the contracts in advance and balance 50% within 15-20 days on the unloading of the cargo. Hence, ability to manage the working capital cycle remains crucial in the backdrop of increase in the scale of operations. Liquidity: Adequate PNP has adequate liquidity on account of upcoming principal debt repayments of Rs.7 crore during Q4FY21 against liquid investments in the form of DSRA balance of Rs.8.5 crore and cash and bank balance of Rs.3.32 crore as on November 15, 2020. The average fund based working capital limits utilization was ~90% during the last 12 months ending October 31, 2020. Analytical approach: Standalone The credit assessment of PNP Maritime Services takes into account the financial performance of the Dharamtar Port. Due to steady improvement in inherent credit profile of PNP, the DSRA guarantee from SPCPL is no longer perceived to offer additional credit enhancement. Therefore, analytical approach has been changed to standalone. Applicable Criteria Criteria on assigning ‘outlook’ and ‘Credit Watch’ to Credit Ratings CARE’s Policy on Default Recognition Criteria for Rating Credit Enhanced Debt Financial Ratios – Non-Financial Sector Rating Methodology – Ports Projects Rating Methodology - Factoring Linkages Parent Sub JV Group About the Company – PNP Maritime Services Private Limited PNP Maritime Services Private Limited (PNP), incorporated in 1999, is promoted by Alibaug based Patil family. PNP has been authorized to develop a Minor Port in Dharamtar Creek by Maharashtra Maritime Board (MMB) under the Minor Port Development Scheme of the Government of Maharashtra, providing port related facilities for the handling of bulk and containerized cargoes from vessels anchoring in Mumbai Harbour. MMB has granted 30 year lease to PNP which commenced on October 1999 and shall end in 2029 which may be extended by additional 20 years. PNP has to pay wharfage charges to MMB which is directly recoverable from the client. In 2005, PNP partnered with United Shippers Ltd. (USL) to establish Dharamtar Infrastructure Ltd. (DIL) for port development and managing logistics needs of the port. Since then, DIL commenced procuring land and developing for port usage and container business. In May 2015, USL sold its entire equity stake in DIL to PNP and DIL became wholly-owned subsidiary of PNP with effect from May 6, 2015. Subsequently, SPCPL, the holding-cum-operating company of SP group acquired 50.01% stake in PNP from the promoters. 2 CARE Ratings Limited Press Release On March 01, 2017 SP Ports Maintenance Private Limited a wholly owned subsidiary of SP Imperial Star Private Limited (SPISPL, rated CARE BBB+; Stable) formed mainly to be a holding company for all the port projects in the SP group took over shareholding from SPCPL and becoming the majority shareholder (i.e 50%+1 share) while the Patil family continued to hold balance, (i.e ~50%) shareholding. Further DIL was merged into PNP Maritime Services Private Limited effective April 01, 2017. PNP Maritime Services Private Limited Brief Standalone Financials (Rs. crore) FY19 (A) FY20 (A) Total operating income 171.91 204.68 PBILDT 37.01 36.25 PAT 1.97 3.37 Overall gearing (times) 2.11 1.80 Interest coverage (times) 2.12 2.50 A: Audited; Note: Financials are classified as per CARE’s internal standards Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Please refer Annexure-2 Covenants of rated instrument
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