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Ashoka Mallasandra Karadi Road Private Limited: Rating Reaffirmed

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Ashoka Mallasandra Karadi Road Private Limited: Rating Reaffirmed March 31, 2021 Ashoka Mallasandra Karadi Road Private Limited: Rating reaffirmed Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Fund based – Term Loan 275.00 275.00 [ICRA]A-(Stable); reaffirmed Total 275.00 275.00 *Instrument details are provided in Annexure-1 Rationale The reaffirmation in the rating for Ashoka Mallasandra Karadi Road Private Limited (‘the company’ or ‘AMKRPL’) factors in the inherent benefits of the hybrid-annuity based nature of the project, including an upfront availability of the right of way (RoW), the inflation linked1 revisions to the bid project cost during the construction period, and the relatively lower equity mobilisation risk with 40% of the bid-project cost to be funded by the National Highway Authority of India (NHAI or the authority) during the construction period in the form of a grant. ICRA notes that the company has achieved two (out of five) payment milestones (within the 90-day cure period) totalling to Rs. 218.2 crore (including PMI adjustment) and 53% of the proposed promoter contribution has been infused as on January 31, 2021. The rating considers the strong sponsor profile, Ashoka Concessions Limited (ACL, rated [ICRA]A(Stable)) which is a holding company of the road assets of Ashoka Buildcon Limited (ABL). Furthermore, ACL has provided an undertaking towards financial support in case of a cost overrun during the construction phase, any shortfall in the operations and maintenance (O&M) expenses and debt servicing in the operational phase as per the Lender’s approved base case business plan. The rating also factors in the stable revenue stream, post commissioning, with 60% of the inflation-adjusted bid project cost being paid out as annuity, along with an interest at RBI bank rate plus 300 bps and O&M payments (adjusted for inflation) over the term of concession from the project owner. The National Highway Authority of India (NHAI, rated [ICRA]AAA(Stable)), a key Central Government entity entrusted with the responsibility of development and maintenance of India’s national highway programme is the project owner and annuity provider. The rating further draws comfort from the appointment of ABL as the fixed-price engineering, procurement and construction (EPC) contractor for executing the project, which has a demonstrated track record of project execution within the budgeted time and cost. The total project cost of Rs. 740.6 crore is being funded in the debt-equity ratio of 3.89:1 times net of the NHAI grant. As on January 31, 2021, AMKRPL incurred Rs. 345.3 crore which was funded through promoter contribution of Rs. 37.2 crore, NHAI grant (including PMI adjustment) of Rs. 218.2 crore, debt of Rs. 75 crore (i.e., 27% of total sanction) and remaining through capex creditors. The rating, however, remains constrained by the moderate execution risks given that the construction activity is in intermediate stages with AMKRPL achieving 38% physical progress as on January 31, 2021. The project execution was impacted by covid-19 related disruption and the SPV has received extension by 6 months (approved by NHAI with revised COD of April 12, 2022) for completion of the project, which would be adequate to complete the pending construction activity. ICRA notes that AMKRPL is a low-complexity project where the implementation risk is mitigated by a fixed-price, fixed-time contract and strong project execution capabilities of ABL. The company’s ability to commission the project in a timely manner and within the budgeted costs would remain important from a credit perspective. Post commissioning, the company would have to ensure a healthy lane availability to avoid any deductions from the annuity amount. Timely support from the promoters to fund any shortfall due to delays in grant or any cost overruns during the construction phase will remain crucial. AMKRPL’s cash flows are exposed to interest rate risk given the floating nature of interest rates for the project loan. Any significant reduction in RBI 1 Based on annual change in price index multiple (PMI) from the base year; PMI is the weighted average of wholesale price index (WPI) and local consumer price index (CPI) (IW) in the ratio of 70:30 www.icra .in Page | 1 bank rate with no commensurate reduction in interest rate on project loan would adversely impact its coverage indicators and IRRs as annuity payments are linked with the bank rate. The Stable outlook on the rating reflects ICRA’s opinion that AMKRPL will continue to benefit from the strong execution capabilities of the ultimate sponsor and EPC contractor—ABL. Key rating drivers and their description Credit strengths Strong profile of sponsor –AMKRPL is a wholly-owned subsidiary of ACL, which is a part of the Ashoka Buildcon Group having strong presence in the road segment. Further, AMKRPL has entered into a fixed-price EPC contract with ABL, which has a two- decade long expertise in the construction business, and a track record of project execution within the budgeted time and cost. Any cost overrun within the scope of the EPC contract will be borne by ABL. Benefits of executing project under Hybrid-Annuity Model (HAM) - The inherent benefits of hybrid-annuity project include upfront availability of right of way, automatic de-scoping of RoW pending beyond 180 days from the appointed date, inflation linked revisions to bid project cost during the construction period and relatively low equity mobilisation risk with 40% of the project cost to be funded by the authority during the construction period in the form of grant. ICRA notes that, the company has achieved two (out of five) payment mile stones in March 2020 and October 2020 respectively totalling to Rs. 218.2 crore (including PMI adjustment). The project will have a stable revenue stream post-commissioning as 60% of the remaining project cost will be paid out as annuity (adjusted for inflation) over the term of the concession by the project owner and annuity provider, the NHAI, which is a key central government entity entrusted with the responsibility of development and maintenance of India’s national highway programme. Established track record of ABL in road construction - AMKRPL has entered into a fixed-price EPC contract with ABL, which has a two-decade long expertise in the construction business, and a track record of project execution within the budgeted time and cost. Any cost overrun within the scope of the EPC contract will be borne by ABL. Undertakings from the sponsor – ACL has provided an undertaking towards financial support in case of a cost overrun during the construction phase, any shortfall in the operations and maintenance (O&M) expenses and debt servicing in the operational phase as per the Lender’s approved base case business plan. Credit challenges Project exposed to execution risk - The project is exposed to moderate execution risks given that the construction activity is in intermediate stages with AMKRPL achieving 38% physical progress as on January 31, 2021. The project execution was impacted by covid-19 related disruption and the SPV has received extension by 6 months (approved by NHAI with revised COD of April 12, 2022) for completion of the project, which would be adequate to complete the pending construction activity. ICRA notes that AMKRPL is a low-complexity project where the implementation risk is mitigated by a fixed-price, fixed-time contract and strong project execution capabilities of ABL. The company’s ability to commission the project in a timely manner and within the budgeted costs would remain important from a credit perspective. Project returns exposed to changes in bank rate and interest rate risk – AMKRPL’s cash flows are exposed to interest rate risk given the floating nature of interest rates for the project loan. Any significant reduction in RBI bank rate with no commensurate reduction in interest rate on project loan would adversely impact its coverage indicators and IRRs as annuity payments are linked with the bank rate. Lane availability to be ensured for annuity payments – AMKRPL’s source of income is the annuity, the interest on outstanding annuities and the annual O&M payments from the NHAI. Hence, ensuring proper maintenance of roads along with no deduction in annuity receipts will be a key credit sensitivity for AMKRPL going forward. www.icra .in Page | 2 Liquidity position: Adequate The liquidity position of AMKRPL is adequate. The pending cost as on January 31, 2021 of Rs. 395.3 crore is expected to be funded by equity of Rs 33.4 crore, undrawn debt of Rs. 200.0 crore and remaining through the pending NHAI Grant. The debt repayment can be comfortably met through the annuity receipts (. Further, the O&M expenses and interest servicing for the first six months post COD are funded as part of the project cost. Rating sensitivities Positive factors – Upon achieving COD as per the expected timelines, without any cost overrun. Negative factors – Negative pressure could arise if there is a delay in achieving COD resulting in delayed annuities and/or any cost over runs. Further, any deterioration in the sponsor’s credit profile resulting in heightened equity mobilisation risk could also exert pressure on the rating. Analytical approach Analytical Approach Comments Corporate Credit Rating Methodology Applicable Rating Methodologies Rating Methodology for BOT (Hybrid Annuity Model) Roads Impact of Parent or Group Support on an Issuer’s Credit Rating Parent/Group Company: Ashoka Concessions Limited (ACL) Ultimate promoter: Ashoka Buildcon Limited (ABL) Parent/Group Support The rating assigned to AMKRPL factors in the likelihood of its ultimate parent, ABL, extending financial support to it because of close business linkages between them. ICRA also expects ABL to be willing to extend financial support to AMKRPL out of its need to protect its reputation from the consequences of a group entity’s distress.
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