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Fiat India Automobiles Private Limited

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Fiat India Automobiles Private Limited Fiat India Automobiles Private Limited September 27, 2018 Summary of rated instruments Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Commercial Paper 500.0 625.0 [ICRA]A1+; Reaffirmed Fund-based – Cash Credit 625.0 500.0 [ICRA]AA- (Stable); Reaffirmed Fund-based – Term Loan 1,365.0 1,490.0 [ICRA]AA- (Stable); Reaffirmed [ICRA]AA- (Stable); Reaffirmed Non Fund-Based 10.0 10.0 [ICRA]A1+; Reaffirmed Total 2,500.0 2,625.0 *Instrument details are provided in Annexure-1 Rating action ICRA has reaffirmed the long-term rating of FIAT India Automobiles Private Limited (FIAPL) at [ICRA]AA- (pronounced ICRA double A minus)1 on the Rs. 1,490.0-crore2 (enhanced from Rs 1,365.0 crore) long-term loan and the Rs. 500.0-crore (reduced from Rs 625.0 crore) fund-based bank facilities. ICRA has also reaffirmed the long-term rating at [ICRA]AA- and reaffirmed short-term rating at [ICRA]A1+ (pronounced ICRA A one plus) for the Rs. 10.0-crore non-fund based limits of FIAPL. The outlook on the long-term rating is Stable. ICRA has reaffirmed the rating of [ICRA]A1+ for the Rs. 625.0-crore (enhanced from Rs. 500.0 crore) commercial paper programme of FIAPL. Rationale The ratings reaffirmation reflects FIAPL’s strong operational, managerial and financial support from its promoter group, TML (rated [ICRA]AA (Positive) and [ICRA]A1+) and FCA Italy SpA (FCA)3. ICRA notes the firm’s strategic importance for the promoter group (as sole manufacturer of JEEP and Fiat branded vehicles in India as well as Nexon compact utility vehicle for TML) and assured profits under take-or-pay agreement. FIAPL is the manufacturer of vehicles and engine for TML and FCA. Moreover, as per the take-or-pay agreement, FIAPL’s fixed cost as well as agreed fixed returns are ensured by its principal customers and shareholders, which mitigates demand related risks to a large extent. Earlier, FIAPL had a take-or-pay arrangement for FCA’s share of the manufacturing capacity with FCA India Automobiles Private Limited (a step-down subsidiary of FCA NV). The same has now been replaced by FCA US LLC (rated Baa2 (Stable) by Moody’s) jointly and severely with FCA SpA Italy. FCA US LLC is one of the strongest entities in the FCA Group, globally. Thanks to the take-or-pay arrangement, even in case of minimal capacity utilisation, FIAPL is expected to report EBITDA of more than Rs. 800 crore, which provides stability to overall cash flows. Improvement in capacity utilisation over the last few quarters has helped FIAPL in reducing its dependency on the take-or-pay arrangement, which had earlier resulted in lumpy receivables during the year-end. Over the next one year, FIAPL will be investing Rs. 600 crore towards transmission assembly line, which will be primarily funded by internal accruals. In the absence of any large debt funded capital expansion plans, ICRA expects coverage indicators like TD/OPBIDTA and gearing to remain below 2.50x and 0.7x, respectively, over the next three years. 1 For complete rating scale and definitions, please refer to ICRA's website www.icra.in or other ICRA Rating Publications 2 100 lakh = 1 crore = 10 million 3 A step-down subsidiary of Fiat Chrysler Automotive N.V. (FCA NV, rated Ba2 (Stable) by Moody’s) 1 The rating strengths are partially offset by the weak position of FIAPL’s principal customers in the Indian passenger vehicle (PV) market and sub-par coverage and return indicators as compared to ‘ICRA AA’ category medians. Moreover, stretched subsidy receivables from the Maharashtra state government has resulted in reliance on external debt to finance incremental working capital requirements. FIAPL is eligible for subsidy from the state government of Maharashtra (GoM) under the Industrial Promotion Scheme (IPS), wherein it is eligible to recover 150% of its investment in the form of SGST refund. The incremental investments for the Jeep Compass assembly line are also covered under the IPS by the GoM. While the subsidy provides support to overall cash flows and profitability, payments from Government authorities are generally delayed by 18-24 months, resulting in substantial build-up of receivable and stretched working capital cycle in the interim. Consequently, the company’s dependence on external borrowings to fund its working capital requirement shoots up over the aforesaid period. Moreover, with commencement of the new 2.0L diesel engine line in Q3 FY2019, the subsidy receivable from the GoM is likely to increase further to over Rs. 600 crore by March 2019 from Rs. 440 crore at present. Going forward, timely recovery of the subsidy remains crucial for the company’s liquidity position and for funding its incremental working capital as well as capex requirements. Outlook: Stable ICRA expects FIAPL to continue to benefit from the take-or-pay arrangement signed with its principal customers, ensuring stable cash flow from the business. The credit risk profile of counterparties under the take-or-pay arrangement will continue to remain a key sensitivity factor. Key rating drivers Credit strengths Strong operational, financial and managerial support from promoter group, i.e., TML and FCA NV – FIAPL holds strategic importance for the promoter group as the sole manufacturing unit for all FIAT and JEEP branded vehicles in India as well as TML’s Nexon compact utility vehicle. Moreover, FIAPL also manufactures diesel engines for the Indian market, which provides support to its overall revenues. As per the management, FIAPL is the sole supplier of JEEP Compass for right-hand4 drive markets globally. Take-or-pay arrangement with TML and FCA US LLC protects profitability from demand-related risks – FIAPL’s take-or- pay arrangement for its manufacturing capacity allows an assured fixed return on assets, over and above its fixed cost recovery. Furthermore, overall profitability is supported by the sales tax incentive earned on the cars and engine manufactured by it. FIAPL’s earlier take-or-pay arrangement for FCA’s share of the manufacturing capacity with FCA India Automobiles Private Limited (a step-down subsidiary of FCA NV) has now been replaced by FCA US LLC jointly and severely with FCA SpA Italy. FCA US LLC is one of the strongest entities in the FCA Group, globally. Credit challenges Stiff competition faced by FCA India and TML in Indian PV market – FIAPL’s primary customers, TML and FCA India, are relatively small players in the Indian passenger vehicle industry, with market share of 6.8% and 0.5%, respectively, during 5M FY2019. Nevertheless, the recent success of TML Nexon and Jeep Compass has helped their respective OEMs in augmenting their market share apart from the much-needed boost of the capacity utilisation of FIAPL’s manufacturing unit. FIAPL is currently operating at 80–85% capacity, and ICRA expects its performance to sustain over the medium term, with improved traction of Nexon in the domestic market and the launch of Jeep Compass in other geographies. 4 For e.g., ASEAN, ANZ and SAARC nations, Japan and South African countries are right-hand drive markets 2 Delay in subsidy receivable from Government resulting in stretched working capital cycle - FIAPL is eligible for the IPS subsidy from the GoM, wherein it is eligible to recover 150% of its investment in the form of SGST refund. While the subsidy provides support to its overall cash flows and profitability, payments from Government authorities are generally delayed by 18-24 months, resulting in substantial build-up of receivable and stretched working capital cycle in the interim. Consequently, the company’s dependence on external borrowings to fund its working capital requirement shoots up over the aforesaid period. With commencement of the new 2.0L diesel engine line, the subsidy receivable is expected to increase substantially from the current level of Rs. 440 crore, thereby increasing dependence on short-term working capital debt. Going forward, timely recovery of the same remains crucial for the company to maintain its liquidity position and fund incremental working capital as well as capex requirement. Overall liquidity profile continues to remain comfortable, supported by unencumbered cash of Rs 153 crore and undrawn bank lines of Rs 427 crore as on August 2018. Analytical approach: For arriving at the ratings, ICRA has applied its rating methodologies as indicated below. Links to applicable criteria: Corporate Credit Ratings: A Note on Methodology Impact of Parent or Group Support on an Issuer’s Credit Rating Passenger Vehicle Manufacturers ICRA’s Approach for Rating Commercial Papers About the company: FIAPL is a 50:50 JV between Tata Motors Limited and FCA Italy Spa. FIAPL’s manufacturing unit in Ranjangaon (Pune), has an annual production capacity of 300,000 engines and 130,000 passenger vehicles. FIAPL is currently the sole manufacturing unit for all of TML’s Nexon compact utility vehicles, and FCA’s Fiat, JEEP and Abarth models in India. In addition, FIAPL is the sole manufacturer of the right-hand drive Jeep Compass model for FCA’s global requirement. FIAPL’s board of directors comprise 10 personnel, with equal participation from TML and FCA. Key financial indicators (audited) FY 2017 FY2018 Operating Income (Rs. crore) 2,124 6,903 PAT (Rs. crore) 284 367 OPBDIT/ OI (%) 29.4% 13.2% RoCE (%) 11.5% 13.6% Total Debt/ TNW (times) 0.6x 0.6x Total Debt/ OPBDIT (times) 2.7x 2.1x Interest coverage (times) 11.6x 8.0x Status of non-cooperation with previous CRA: Not applicable Any other information: None 3 Rating history for last three years: Chronology of Rating History for Current Rating (FY2019) the past 3 years Date & Date & Date & Date & Rating in Rating in Rating in Amount Amount Rating FY2018 FY2018 FY2017 Rated Outstanding Instrument Type (Rs.
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