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Press Release K.P.H Dream Cricket Private Limited

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Press Release K.P.H Dream Cricket Private Limited Press Release K.P.H Dream Cricket Private Limited May 07, 2020 Rating Facilities Amount Ratings1 Rating Action (Rs. crore) Short-term Bank Facilities 24.00* CARE A2 Placed on Credit Watch (A Two) with Developing (Under Credit Watch with Developing Implications Implications) Total Facilities 24.00 (Rupees Twenty Four Crore Only) Details of instruments/facilities in Annexure-1 *The bank facilities are backed by personal guarantees from Mr Mohit Burman, Ms Preity Zinta, Mr Ness Wadia and Mr Karan Paul, in the proportion of their shareholding in the company. Furthermore, these promoters have also provided an undertaking to meet the shortfall (if any) in the debt servicing and maintain their shareholding in the company during the tenor of the loan. Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of K.P.H. Dream Cricket Private Limited (KPH) has been placed on Credit Watch with Developing Implications following the suspension of Indian Premier League (IPL) 2020 Season, by the Board of Control for Cricket in India (BCCI), till further notice which was scheduled to start on March 29, 2020 and was later postponed to April 15, 2020. This has been done due to recent outbreak of the Covid-19 pandemic leading to global health concerns and also due to lockdown measures implemented by the Government of India to contain the spread of the pandemic. The cancellation of the season would negatively impact the operational performance of the company for FY21 (refers to the period from April 01 to March 31). However, currently, the liquidity profile of the company remains comfortable. CARE is continuously monitoring the developments in this regard and will take a view on the rating once the exact implication of the above on the credit risk profile of the company is clear. The rating continue to derive strength from the strong promoter group, comfortable financial risk profile of the company, strong liquidity position and high worldwide popularity of the Twenty20 format of the game. The rating is, however, constrained by the risks associated with any decline in the popularity of the game going forward. Rating Sensitivities Positive Factors Sustained improvement in the scale of operations with the company deriving increased proportion of income from ticketing & sponsorship segment and prize money, which is directly linked to the performance of the team in the upcoming editions of the IPL Improvement in the profitability of the company with PBILDT margins improving above 44% on a sustained basis Increase in networth of the company on a sustained basis Negative Factors IPL-2020 season getting cancelled Substantial increase in the working capital utilization levels on a sustained basis Decline in popularity of the tournament going forward Any breach in adherence by KPH to the clauses laid down in the BCCI-franchisee agreement Detailed description of the key rating drivers Key Rating Strengths Support derived from the promoters: The major shareholders of KPH belong to large business houses and are individuals of high repute. Mr Mohit Burman, holding majority stake in KPH, is the Chairman of Aviva Life Insurance and director in various Dabur group companies (including group’s flagship company, Dabur India Limited). Mr Ness Wadia is currently the managing director in The Bombay Burmah Trading Corporation Limited (BBTCL; rated, ‘CARE AA; Stable/CARE A1+’) and is on the board of various other group companies including Bombay Dyeing & Manufacturing Co. Limited., Britannia Industries Limited, Go Airlines (India) Limited among others. Mr Karan Paul belongs to the diversified Apeejay Surrendra group which has business 2Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications. 1 CARE Ratings Limited Press Release interests in various domains including hospitality, tea, shipping, etc. The other major shareholder, Ms Preity Zinta, is a well- known Bollywood actress. The bank facilities availed by KPH are backed by personal guarantees from Mr Mohit Burman, Ms. Preity Zinta, Mr Ness Wadia, and Mr Karan Paul, in the proportion of their shareholding in the company. These promoters have also provided an undertaking to meet shortfall in the debt servicing and maintain their shareholding in the company during the tenor of the loan from the bank. Comfortable overall financial risk profile: The major source of income of KPH is the revenue sharing by the IPL governing body, which has contributed close to 85% of the total revenue of the company in FY19. A portion of the revenue collected by the IPL governing body is from sale of the media rights and sponsorship revenue from various brands which is collected in a central pool and distributed in a fixed proportion (45% equally amongst the franchisees and remaining as per their rankings; from IPL-2018 onwards) among all the franchisees. The other major sources of revenue for the company include sponsorship revenue (that the company earns from shirt sponsorships, in-stadia advertisements, etc. and gate revenue which is garnered from the sale of tickets for the matches played in the home ground) and the prize money. These sources of revenue depend on the performance of the team and its growing popularity. The major expenses borne by the company include franchisee fees (20% of the total revenue garnered during the year; applicable from IPL-2018 (FY19) onwards) paid to the IPL governing body and the expenses incurred on player fees, etc. In FY19 (Audited), the total operating income of the company increased significantly by about 217% on a year-on-year basis, on account of higher revenue sharing from central pool by the IPL governing body (increased by ~305% in FY19). This was on account of lucrative broadcast/ sponsorship tie-ups entered by the BCCI for the next 5 years (IPL-2018 to IPL-2022), for which FY19 (IPL-2018) was the first financial year. Further, KPH made net profit of Rs. 44.55 crore in FY19 (after an extraordinary expense of ~Rs. 108.43 cr. in the form of interest paid to director for the unsecured loans infused by them to support the business operations in the past) which increased from Rs.17.98 crore in FY18. The interest coverage ratio stood comfortable and improved substantially in FY19 to 1178.66x from 33.13x in FY18. Furthermore, the networth of the company turned positive in FY19 (as on March 31, 2019) which had remained negative till March 31, 2018 (on account of accumulation of losses in the past).The company had nil long term debt to equity ratio and overall gearing ratio as on March 31, 2019. Further, the debt coverage indicators of the company remained comfortable with interest coverage ratio of 1178.66x in FY19 (33.13x in FY18) and nil total debt to GCA ratio as on March 31, 2019 (0.36x as on March 31, 2018). In H1FY20 (Aud.), the company has achieved a total operating income of ~Rs. 184.74 cr., which declined by ~37% on a year- on-year basis from Rs. 294.76 cr. in H1FY19 (Prov.). This was on account of higher revenue sharing by BCCI in IPL 11, since it had received extra payment from certain sponsors (which had paid 25% of the total deal amount in the 1st year followed by 18.75% payment in the next 4 years each). Also, the company booked revenue for three of its fourteen matches played of IPL-12 in FY19 since they were played in March-19 due to IPL commencing earlier. This also led to lower PBILDT margins in H1FY20 compared to H1FY19 (32.61% in H1FY20 compared to 43.84% in H1FY19) though they remained at a comfortable level since the company incurred almost the same players & support staff fees (on proportionate basis) which form the major cost component for the company. Key Rating Weaknesses Risk associated with any decline in popularity: Even though IPL has a high world-wide popularity because of the involvement of quality players from around the globe, its format and the popularity of the game itself, it remains to be seen how the fan- following unravels in the time to come. Any decline in the tournament popularity (owing to controversies surrounding the tournament, the fact that too much cricket is being played or quality players deciding not to play in the tournament because of their national commitments, etc.) can lead to significant loss of revenue to the IPL governing body and subsequently to the franchisees, going forward. Prospects: There are certain clauses stipulated by the IPL governing body in the agreement signed with the franchisees. Any breach of these clauses can lead to suspension/cancellation of the franchisee. Apart from that, performance of the team remains a critical factor as the same decides the quantum of revenue garnered from ticketing sales, sponsorships and prize money. Further, though BCCI is mulling various options to get the IPL-2020 season conducted, cancellation of the season will impact the operational performance of the company during FY21, with no revenue getting achieved. CARE will continuously monitor the developments in this regard and will take a view on the rating once the exact implication of the above on the credit risk profile of the company is clear. Liquidity: Strong - As on April 23, 2020, the company had an unencumbered term deposits of Rs. 8 cr. with nil utilization of the overdraft limit, which is sufficient to comfortably meet the fixed expenses of the company (around Rs 6 cr.) for the complete financial year, if the IPL is not organized during the year. The working capital limits remained in credit balance, on an average, in the last 12 months period ended, March-20. The company has not availed moratorium from its lender as per 2 CARE Ratings Limited Press Release the extant RBI guidelines.
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