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Rating Rationale Nayati Healthcare & Research Pvt. Ltd 20 May 2019

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Rating Rationale Nayati Healthcare & Research Pvt. Ltd 20 May 2019 Rating Rationale Nayati Healthcare & Research Pvt. Ltd 20 May 2019 Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of ₹ 448.91 Crs. of Nayati Healthcare & Research Pvt. Ltd. Particulars Previous Amount Previous Rating Facility Rated (Rs. rated (Rs. in Tenure Rating Assigned* (March 2018) in Crs) Crs) Fund 404.25 403.91 Based - BWR BBB BWR BBB Term (Pronounced as (Pronounced as Long Loan BWR Triple B) BWR Triple B) Term (Outlook : Stable) (Outlook : Stable) Cash 35.00 45.00 (Reaffirmation) Credit Total 439.25 448.91 INR Four Hundred Forty Eight Crores and Ninety One Lac Only *Please refer to BWR website www.brickworkratings.com/ for definition of the ratings ​ ​ ​ Rationale/Description of Key Rating Drivers/Rating sensitivities: BWR has primarily relied upon the audited financials up-to FY18, provisionals for FY19 and projected financials of FY20, FY21 and FY22 and publicly available information and the information/clarifications provided by the company. The reaffirmation of ratings continues to factor the resourceful and qualified promoters, availability of qualified and experienced team of doctors, continuous infusion of funds by promoters in the form of non interest bearing CCDs, locational advantage, empanelment of various TPAs, government schemes, improvement in TOI and operating profitability and comfortable gearing ratio. The ratings are however, constrained by regulatory risk regarding pricing of services and medical equipment & medicines, fiercely competitive healthcare industry and below average debt protection metrics. 1 20 May, 2019 Description of Key Rating Drivers Credit Strength ● Resourceful and Experienced promoters - The company is the fully owned subsidiary ​ of Naarayani Investment Pvt Ltd. The Company has been promoted by Ms. Niira Radia, Ms Karuna Menonand Mr. Satish Kumar Narula. Through various investment vehicles, all the promoters of the company are renowned names having decades of top level industry experience. ● Infusion of funds by promoters - Promoters have infused an amount of Rs. 226.78 Crs ​ till March 2018 (Rs. 136.84 Crs till FY17) in the form of CCDs which shall not carry any coupon rate and no voting rights. CCDs shall be convertible into Equity shares upon expiry of five years from the date of issue. ● Locational Advantage - The company has set up a multi super speciality hospital in ​ Mathura which started its operations in February, 2016. The 351 bed hospital on National ​ Highway 2, Mathura, has seven Centers of Excellence and 14 Specialty departments. The hospital in Mathura also cater to Vrindavan, Agra, Palwal, Firozabad, Mainpuri, Kasganj, Etawah, Etah, Hathras, Agra and surrounding areas. ● Improved Financial position of the Company- The operating income and EBITDA ​ levels have also improved in FY18, resulting in overall improved financial risk profile. However, the Company has achieved revenue of Rs.251.98 in FY19(provisional) as compared to TOI of Rs. 214.70 Crs in FY18. The entity has comfortable Gearing Ratio at 1.61 times as on FY18 due to infusion of CCDs by promoters. Continuous improvement in operating income is due to addition of organ transplant, Kidney transplant and renal transplants started in September 2017 and additional new empanelments, increased footfall from surrounding areas. ● Availability of experienced and qualified doctors - The company has engaged more ​ than 200 doctors having strong professional experience in their specializations. The company also prefer to engage more doctors to ensure the 24*7 availability of doctors in hospital to deal with any emergency. Credit Weakness ● Below Average Debt protection metrics - Company has below average debt protection ​ metrics with ISCR and DSCR at 1.22x and 1.15x respectively for FY18. ● Regulatory Risk - Though the hospital enjoys various favourable factors, regulatory risk regarding pricing of services and medical equipment and medicines as seen in the industry in recent times can be a cause of concern. 2 20 May, 2019 Rating Outlook: Stable BWR believes the Nayati Healthcare & Research Pvt Ltd business risk profile will be ​ maintained over the medium term. The ‘Stable’ outlook indicates a low likelihood of rating change over the medium term. The rating outlook may be revised to 'Positive' in case the revenues and profit show sustained improvement. The rating outlook may be revised to 'Negative' if the revenues go down and profit margins show lower than expected figures. About the Company Nayati Healthcare & Research Pvt. Ltd. is a Multi Super-Specialty healthcare facility on NH2 at Mathura operating in Tier-II & Tier-III cities to offer premium tertiary care. While the hospital project at twin cities of Mathura-Vrindavan has the facility for 351 beds in the first phase, the company plans to expand its existing Mathura facility by another 200 beds. Nayati is also operating a 60 bed secondary are hospital based at Agra and provides services across all specialities along with advanced diagnostic centre. The hospital is Western Uttar Pradesh’s only comprehensive super specialty tertiary care facility offering an OPD with 15 specialties. It has several centres of excellence including Cardiac Sciences, Oncology, Gastro Sciences, Trauma and Emergency, Orthopedics and Joint Replacement, Critical Care, Renal Sciences, Neurosciences, Pulmonary medicine, Paediatrics and Neonatology. The hospital also caters to Vrindavan, Palwal, Firozabad, Mainpuri, Kasganj, Etawah, Etah, Hathras, Agra and surrounding areas. Company Financial Performance Key Parameters Unit FY 17 (Audited) FY18 (Audited) Total Operating Income Cr 135.06 214.70 OPBDIT Cr 18.54 34.84 PAT Cr -19.83 -27.88 Tangible Net worth (Analyzed) Cr 149.72 211.79 TOL/TNW Times 1.29 1.61 Current Ratio Times 1.27 1.13 Status of non-cooperation with previous CRA: NA ​ 3 20 May, 2019 Rating History for the last three years Sl. No Facility Current Rating (2019) Rating History . Type Amount Rating Mar 2018 June 17 Jan 17 Assigned (Rs Crs) 1 Fund based Long 403.91 BWR BBB BWR BBB BWR BWR Limits - Term term (Pronounced as (Pronounced BBB- BBB- Loan BWR Triple B) as BWR (Pronounce (Pronounce d as BWR d as BWR 2. Fund based - 45.00 (Outlook: Triple B) Triple B Triple B Cash Credit Stable) (Outlook - (Reaffirmation) Stable) Minus) Minus) (Stable) (Stable) Total 448.91 INR Four Hundred Forty Eight Crores and Ninety One Lac Only Hyperlink/Reference to applicable Criteria ● General Criteria ● Approach to Financial Ratios ● Service Sector ● Short Term Debt For any other criteria obtain hyperlinks from website 4 20 May, 2019 Analytical Contacts Investor Contacts RK Sharma Senior Director - Ratings B :+91 11 2341 2232 Satish Nair [email protected] Director - Global Market Development & Investor Relations M : +91 7738875550 Neha Wahi B : +91 80 6745 6666 Ratings Analyst [email protected] B :+91 11 2341 2232 [email protected] 1-860-425-2742 For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media. Note on complexity levels of the rated instrument: BWR complexity levels are meant for educating investors. The BWR complexity levels are available ​ ​ at www.brickworkratings.com/download/ComplexityLevels.pdf Investors queries can be sent to ​ ​ ​ ​ [email protected]. ​ About Brickwork Ratings Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency, accredited by RBI and empaneled by NSIC, offers Bank Loan, NCD, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. BWR is accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. Brickwork Ratings has Canara Bank, a leading public sector bank, as its promoter and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations. 5 20 May, 2019 DISCLAIMER Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented “as is” without any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reasons. 6 20 May, 2019 .
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