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Aequitas Exports Private Limited: Ratings Reaffirmed Rationale Key

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Aequitas Exports Private Limited: Ratings Reaffirmed Rationale Key July 23, 2021 Aequitas Exports Private Limited: Ratings reaffirmed Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Long Term - Fund Based TL 6.00 6.00 [ICRA]BB- (Stable); Reaffirmed Long Term - Fund Based/ CC 1.00 1.00 [ICRA]BB- (Stable); Reaffirmed Short Term - Fund Based 18.00 23.00 [ICRA]A4; Reaffirmed Short Term – Unallocated 5.00 0.00 - Total 30.00 30.00 *Instrument details are provided in Annexure-1 Rationale The ratings are constrained by Aequitas Exports Private Limited’s (AEPL) small scale of operations in the granite processing industry with revenues of Rs. 51.0 crore in FY2021. The ratings are also constrained by AEPL’s stretched liquidity position, as reflected by high utilisation of working capital limits owing to high inventory levels and sizeable advances extended to raw granite block suppliers. Further, AEPL has a moderate financial risk profile, characterised by a gearing of 1.7 times as on March 31, 2021, and an interest coverage of 2.2 times in FY2021. ICRA also notes the vulnerability of revenues to the macroeconomic factors like the performance of the housing real estate sector in export markets and the highly fragmented granite processing industry with intense competition, leading to moderate profit margins. The ratings, however, favourably factor in AEPL’s experienced management, with long track record of operations in the granite industry and easy availability of raw materials as the processing unit is located in proximity to granite quarries in the Ongole region, Andhra Pradesh. Key rating drivers and their description Credit strengths Experience of promoters in the granite processing industry – The promoters have more than a decade of experience in the granite processing and trading industry. Further, established relationships with customers and addition of new customers helped the company to scale up its operations over the years. Favourable location of granite processing unit – The company’s processing unit is located in Ongole, Andhra Pradesh, which has abundant reserves of granite, leading to easy raw material availability. Credit challenges Small scale of operations – AEPL’s scale of operations remained small with an operating income of Rs.51.0 crore in FY2021. Also, the company achieved a turnover of ~Rs. 17.0 crore in Q1 FY2022 and expects to achieve a significant growth in revenues in FY2022 on the back of a healthy order book and minimal impact of the pandemic on its operations during the second wave. Stretched liquidity position – AEPL’s liquidity position is stretched with a high average working capital limit utilisation of ~95% during the past 15 months ending June 2021 due to its working capital intensive nature of operations. The working capital intensity remained high at 65.8% as on March 31, 2021, due to high inventory levels, and significant advances extended to raw material suppliers. Moderate financial risk profile – AEPL has a moderate financial risk profile with a gearing of 1.7 times as on March 31, 2021, and an interest coverage ratio of 2.20 times in FY2021. The company has sizeable repayments of Rs. 5.6 crore in FY2022 and the cash accruals are expected to be sufficient to meet the repayment obligations. www.icra .in Page | 1 Intense competition in the granite industry – Revenues and profitability remain vulnerable to macroeconomic factors like the performance of the housing real estate sector in export markets and intense competition from other granite exporting countries like Brazil, and other substitute products. Liquidity position: Stretched AEPL’s liquidity position is stretched due to its limited cushion available in the working capital limits and low cash balances. Although the company has high repayment obligations of Rs. 5.6 crore in FY2022, the cash flows from operations are expected to be sufficient to meet the repayment obligations on the back of an expected improvement in revenues and margins. Rating sensitivities Positive factors – The ratings could be upgraded if the company scales up its operations, leading to healthy cash accruals and an improvement in its overall liquidity profile. Negative factors – The ratings could be downgraded in case of a sharp decline in revenues or operating margins, resulting in subdued cash accruals. Specific credit metrics that may lead to a downgrade of ratings include interest coverage below 2.0 times on a sustained basis. Analytical approach Analytical Approach Comments Applicable Rating Methodologies Corporate Credit Rating Methodology Parent/Group Support Not Applicable Consolidation/Standalone The ratings are based on the standalone financial statements of the company. About the company Incorporated in 2010, Aequitas Exports Private Limited (AEPL) was initially involved in trading (export) of polished granite slabs. In FY2015, the company had backward integrated by setting up its own plant for manufacturing of polished granite slabs and countertops for export. The manufacturing plant was located at APIIC-Building Products (BP) SEZ at Annangi Village, Maddipadu Mandal, Prakasam district, Andhra Pradesh. The commercial operation started on May 20, 2015 and the current capacity of the plant is 30,000 MT per annum. Key financial indicators AEPL FY2019 FY2020 FY2021* Operating Income (Rs. crore) 63.4 46.7 51.0 PAT (Rs. crore) 2.9 1.5 1.2 OPBDIT/OI (%) 14.6% 13.6% 11.9% PAT/OI (%) 4.6% 3.2% 2.3% Total Outside Liabilities/Tangible Net Worth (times) 2.0 1.6 2.0 Total Debt/OPBDIT (times) 3.2 4.2 6.0 Interest Coverage (times) 2.8 2.2 2.2 PAT: Profit after Tax; OPBDIT: Operating Profit before Depreciation, Interest, Taxes and Amortisation, *Provisional financials www.icra .in Page | 2 Status of non-cooperation with previous CRA: Not applicable Any other information: None Rating history for past three years Chronology of Rating History Current Rating (FY2022) for the past 3 years Amount Date & Rating Date & Rating Date & Rating Date & Rating Instrument Outstanding as in in FY2021 in FY2020 in FY2019 Amount Rated Type of March 31, (Rs. crore) 2021 July 23, 2021 June 19, 2020 - - (Rs. crore) [ICRA]BB- [ICRA]BB- 1 Term Loan Long-term 6.00 6.00 - - (Stable) (Stable) [ICRA]BB- [ICRA]BB- 2 Over Draft Long-term 1.00 - - - (Stable) (Stable) PC/ PCFC/ FDB/ FBE/ - 3 Short term 23.00 [ICRA]A4 [ICRA]A4 - - BRD 4 Unallocated Short term 0.00 - [ICRA]A4 [ICRA]A4 - - Complexity level of the rated instruments Instrument Complexity Indicator Term Loan Simple Over Draft Simple PC/ PCFC/ FDB/ FBE/ BRD Very Simple Unallocated Not applicable The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analyzing an entity's financial, business, industry risks or complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is available on ICRA’s website: www.icra.in www.icra .in Page | 3 Annexure-1: Instrument details ISIN Instrument Date of Issuance / Coupon Maturity Amount Rated Current Rating and No Name Sanction Rate Date (RS Crore) Outlook NA Term Loan FY2015 7.50%- FY2023 6.00 [ICRA]BB- (Stable) 12.75% NA Over Draft NA NA NA 1.00 [ICRA]BB- (Stable) NA PC/ PCFC/ FDB/ NA NA NA 23.00 [ICRA]A4 FBE/ BRD Source: Company www.icra .in Page | 4 ANALYST CONTACTS Shubham Jain Rajeshwar Burla +91 124 4545 306 +91 40 4067 6527 [email protected] [email protected] Vinay Kumar G Sahithya Nekkanti +91 40 4067 6533 +91 40 4067 6524 [email protected] [email protected] RELATIONSHIP CONTACT Jayanta Chatterjee +91 80 4332 6401 [email protected] MEDIA AND PUBLIC RELATIONS CONTACT Ms. Naznin Prodhani Tel: +91 124 4545 860 [email protected] Helpline for business queries +91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm) [email protected] About ICRA Limited: ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency. Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency Moody’s Investors Service is ICRA’s largest shareholder. For more information, visit www.icra.in www.icra .in Page | 5 ICRA Limited Registered Office B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001 Tel: +91 11 23357940-45 Branches © Copyright, 2021 ICRA Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA. ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, a nd ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.
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