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Saj Food Products Pvt. Ltd.: Ratings Reaffirmed

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Saj Food Products Pvt. Ltd.: Ratings Reaffirmed February 27, 2020 Saj Food Products Pvt. Ltd.: Ratings reaffirmed Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Fund Based – Term Loan 40.00 35.00 [ICRA]A (Stable); Reaffirmed Fund based – Cash Credit 50.00 50.00 [ICRA]A (Stable); Reaffirmed Non-fund Based – Bank 5.00 10.00 [ICRA]A1; Reaffirmed Guarantee/ Letter of Credit Total 95.00 95.00 *Instrument details are provided in Annexure-1 Rationale The reaffirmation of the ratings considers the established track record of Saj Food Products Pvt. Ltd. (SFPPL) in the biscuit- manufacturing business, strong market position of the company’s brand (Bisk Farm), particularly in eastern and north- eastern India, which is backed by the Group’s experience of around four decades in the distribution of FMCG and pharmaceutical products, and a favourable demand outlook of the biscuit industry. The ratings continue to draw comfort from the steady increase in SFPPL’s scale of operations in the recent years, which is likely to continue in the near to medium term, driven by its ongoing capacity expansion and increasing distribution network. ICRA also notes SFPPL’s conservative capital structure, comfortable debt coverage metrics and low working capital intensity of operations. A significant deterioration in the company’s profitability in FY2019 adversely impacted its ROCE, though the same is expected to improve in the current fiscal. The ratings, however, take into consideration the high sensitivity of the profitability of biscuit manufacturers, including SFPPL, to fluctuations in input costs (raw material prices, packaging materials, fuel, etc.) and intense competition from the unorganised players as well as other established peers, which are likely to keep its margins under check. The company also remains exposed to geographical concentration risks as a major portion of its revenue is derived from West Bengal and the North East. SFPPL is in the process of setting up a plant near Bengaluru, Karnataka. ICRA notes that the company would remain exposed to the project execution and stabilisation risks associated with the ongoing capacity expansion, though such risks are mitigated to some extent by the management’s experience in successfully executing such projects in the past. The Stable outlook on the [ICRA]A rating reflects ICRA’s opinion that SFPPL will continue to benefit from its established market presence in the eastern and north-eastern states and the Group’s long experience in the biscuit manufacturing as well as the FMCG distribution business. Key rating drivers and their description Credit strengths Established track record in biscuit manufacturing and strong market position, particularly in eastern and north-eastern India, aided by the Group’s long experience in distribution business – The Group has been involved in biscuit- manufacturing business for nearly two decades. Over the years, the company has included other bakery products like cakes, cookies, pastries, bread rusks, savouries, croissants, extruded snacks, wafers as well as Indian snacks in its product portfolio, though biscuit remains the mainstay of SFPPL’s business. Its Bisk Farm brand has a strong presence in the eastern and north-eastern states. Prior experience of the promoters in the distribution of FMCG and pharmaceutical products of 1 reputed brands for around four decades helped the entity in successfully penetrating the bakery market and building the brand. Steady increase in scale of operations, driven by ongoing capacity expansion and expanding distribution network – The company has been in the process of expanding its capacity at regular intervals. In FY2018, SFPPL increased the capacity of its plant at Uluberia, West Bengal by 11,200 tonnes per annum (TPA) and commissioned a new plant in Nagpur, Maharashtra in January 2018. The company is in the process of setting up a new plant near Bangalore and is also expanding the manufacturing capacity of the Nagpur plant (55,125 TPA at present). Over the last four fiscals, the company’s production volumes increased by 9-12% year-on-year. The growth in SFPPL’s scale of operations is likely to improve/sustain in the near to medium term, driven by the ongoing capacity expansion as well as its expanding distribution network. SFPPL’s two Group companies act as its super-stockists in West Bengal. In addition, SFPPL sells its products through a large number of super stockists, which cater to around 1,300 distributors and more than 2 lakh dealers/retailers across the country. Financial profile characterised by conservative capital structure and comfortable debt coverage metrics, however, deterioration in profitability adversely impacted ROCE in FY2019 – The company’s limited borrowing vis-a-vis its healthy net worth led to a conservative capital structure, as reflected by a gearing of 0.45 times as on March 31, 2019. Deterioration in SFPPL’s operating profitability in FY2019 weakened its interest coverage, though the same remained comfortable at 5.80 times (16.02 times in FY2018). The company’s net cash accrual relative to total debt and total debt relative to OPBDITA in FY2019 also remained comfortable at 47% (39% in FY2018) and 1.67 times (1.82 times in FY2018), respectively. Nevertheless, a significant decline in SFPPL’s profitability in FY2019 adversely impacted its ROCE, which stood at 4.99% vis- a-vis 21.66% in the previous year. Low working capital intensive nature of business supports liquidity position – The company’s sales are made against cash or limited credit. The raw material inventory holding period for the company is low because of tie-ups with local suppliers. However, moderate level of finished goods and packaging material stocks are maintained to ensure smooth operation and distribution. The low receivable and moderate inventory level limit the overall working capital intensity of operations. This coupled with moderate credit availed from suppliers and advances from customers (mostly from a Group company acting as a super stockist) supported SFPPL’s liquidity and kept its net working capital relative to operating income at a very low or negative level in the last few years. Favourable demand outlook of the biscuit industry – With increasing urbanisation and changing lifestyle, the demand outlook for biscuits in the country is likely to remain favourable, given the low per capita consumption at present. This is likely to support revenue growth for the biscuit players like SFPPL with established brand presence. Credit challenges Susceptibility to fluctuation in input prices – The raw materials required for manufacturing biscuits are wheat flour, sugar, edible refined hydrogenated vegetable oil, skim milk powder (SMP), flavours, preservatives etc. The company also consumes a significant amount of packaging materials and needs fuels like furnace oil and LPG. The prices of flour, sugar and oil are highly dependent on both agro-climatic conditions and Government policies and thus are subject to considerable volatility. Prices of packaging materials and fuels remain linked to crude oil prices, which also exhibit significant volatility, thus impacting SFPPL’s margins. A considerable increase in the input prices vis-a-vis realisations in FY2019 dented the company’s profit margins. Limited geographical diversification – At present, SFPPL has market presence in 19 Indian states, and also sells its products overseas like Nepal, Bhutan and Dubai. However, the company’s major markets remain West Bengal and the North East, which together accounted for around 71% of its revenue in FY2019, implying SFPPL’s exposure to geographical concentration risks. 2 Intense competition from unorganised and established players likely to keep margins under check – The company remains exposed to stiff price-based competition from other established players and various small biscuit manufacturers, given a significant portion of its revenue is generated from highly price-sensitive sub-brands. Hence, SFPPL’s limited pricing flexibility is likely to keep its margins under check. Exposure to project execution as well as stabilisation risks related to the ongoing capital expenditure programme – The company is in the process of setting up a new plant near Bengaluru, Karnataka with a proposed capacity of 38,850 TPA. The project is estimated to result in a sizeable capital outlay of Rs. 101.24 crore (including Rs. 8.24-crore margin for the working capital), which has been proposed to be funded by a term loan of around Rs. 65 crore and the balance by internal accruals. While the capital expenditure is aimed at increasing the company’s geographical reach, venturing into new geographies is likely to entail higher brand building and distribution expenses. Moreover, the company’s ability to commission the project within the budgeted cost and estimated timeframe stabilise facilities and ramp up sales within a short gestation period, post commissioning, would remain important for the success of its capital expenditure programme. Liquidity Position: Adequate The company’s liquidity position is likely to remain adequate, despite sizeable capital expenditure planned in the near to medium term. SFPPL’s cash flow from operations remained healthy at around Rs. 32 crore in FY2019, and the same is likely to increase in the near to medium term, driven by increasing turnover. Its working capital intensity of operations remained very low in the recent past, leading to a low average working capital utilisation (only 6.3% of the limit during the period October 2018 to December 2019). SFPPL’s cash balance declined significantly in FY2019 from the previous year’s level. However, the company pre-paid a sizeable amount (around Rs. 22.5 crore) of term loans in 9M FY2020, reflecting its adequate liquidity. Rating sensitivities Positive triggers – ICRA may upgrade SFPPL’s ratings if the company is able to achieve a substantial revenue growth through expansion of business in new geographies, while improving the operating profitability. Specific credit metrics that may lead to an upgrade of SFPPL’s ratings include ROCE of more than 20% on a sustained basis.
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