Public Finance

Education

Kalinga Institute of Industrial Technology Society Full Rating Report

Ratings Key Rating Drivers Bank Loans IND BBB+ Superior Demand Flexibility: India Ratings & Research (Ind-Ra) upgraded Kalinga Institute of Fund-Based Working Capital IND BBB+ Non-Fund-Based Working Capital IND BBB+ Industrial Technology Society‟s (KIIT) bank loan rating in April 2014. The rating reflects KIIT‟s increase in headcount to 19,834 (12.27% yoy) and in applications volume to 182,603 (1.47% Financial Data yoy) in the academic year 2014, reinforcing its strong operational effectiveness. This was despite an enrolment slowdown during the academic year 2013-2014 in the sector due to lack Kalinga Institute of Industrial Technology Society of industry appeal and employability issues.

31 Mar 31 Mar 13 12 KIIT screens and accepts a meager 3.53% of the total applications received. The appeal of pre- Current balance (INRm) 173.00 150.13 eminent courses enables KIIT to maintain acceptance rate at the lowest level. The rating is Debt (INRm) 4,067.95 3,042.43 Debt/current balance 3.52 3.23 supported by the society‟s strong market position and state-of-the-art infrastructure facilities. before interest and depreciation (x) Enhanced Liquidity Position: The upgrade also reflects a 104.34% yoy increase in available CFO debt service 1.18 1.00 coverage ratio (x) funds - cash and unrestricted investments - to INR616.13m in FY13, to cover operating

expenditure and financial leverage to 25.82% (FY12: 16.35%) and 15.15% (9.91%),

respectively. Ind-Ra expects cash flows to continue to provide adequate cover to the operating expenditure and financial leverage in the near to medium term.

Solid Improvements in Revenue Base: Moreover, the society‟s revenue grew at a CAGR of 27.07% over FY09 to INR3,544.01m in FY13. It increased 27.18% yoy in FY13. Ind-Ra expects the revenue to grow strongly in the ensuing years backed by an increase in tuition fees.

Strong Financial Performance: KIIT‟s current balance before interest and depreciation (CBBID) margins are better than those of its peers, although they declined slightly to 32.65% in FY13 from 33.85% in FY12. Also, they provide a comfortable cushion to absorb increases in staff and other operating costs. Notwithstanding the staff costs escalation (FY13: 36.74% yoy), KIIT aims to retain a strong student:teacher ratio at 19 (FY11 national average student teacher ratio: 26).

Over FY09-FY13, the society‟s revenue was dominated by tuition fee income (average 90.19% of total revenue). However, the stability in revenue mitigates concentration risk. Other operating expenditure (average: 43.18%) and staff costs (average: 27.07%) were the prime contributors to the expenditure over the same period. KIIT booked a current balance of INR173m in FY13 as against INR150.13m in FY12.

Improved Cash Flow Operations (CFO): The society's CFO debt service coverage ratio (DSCR) increased to 1.18x in FY13 from 1x in FY12 on the back of increased net cash flow from operations (60.87% yoy). Although CBBID DSCR declined marginally to 1.07x in FY13 from 1.19x in FY12, Ind-Ra believes it will remain comfortable in the short to medium term.

High Debt Burden: Debt/CBBID marginally increased to 3.52x in FY13 (FY12: 3.23x) due to increased debt (33.71% yoy). Although debt increased, KIIT was able to maintain interest coverage ratio at 2.47x in FY13. Analysts Divya Shrivastava Capex Plan: The society plans to enhance its hostel capacity to 8,000 rooms by December +91 44 4340 1705 2014 (March 2014: 6,392 rooms, FY13: 5,955 rooms) and construct new academic blocks. The [email protected] estimated project cost is INR1,500m and will be funded through debt/internal accruals ratio of Siva Subramanian 42:58. This capex is unlikely to hamper operating margins and liquidity position. Nevertheless, +91 44 4340 1704 [email protected] these metrics could deteriorate if the increasing tuition fee trend reverses.

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Rating Sensitivities Positive: A positive rating action could result from stability in the operating margins, a decline in the debt burden in conjunction with further improvements in the liquidity profile.

Negative: Any unexpected fall in student demand coupled with a quantum jump in debt resulting in weak coverage ratios will lead to a negative rating action.

Profile KIIT was founded by Dr. Achyuta Samanta in 1992 in Bhubaneswar, Odisha, as an industrial training institute. It has become a deemed university under Section 3 of the University Grants Commission Act, 1956. The KIIT group runs Kalinga Institute of Social Sciences – a free residential tribal school which has over 20,000 students.

Principal Rating Factors Administration and Management The society‟s key objective is to setup educational institutes across sectors, promote and impart knowledge for undergraduate and post graduate students. The board of the society consists of the following members:

1. Sasawati Bal is the president and a social worker. 2. Gopal Champati is the vice-president who is also a founding member. 3. Dr. Achyuta Samanta (currently member of executive committee) is the founder of KIIT Society. He was also the secretary till FY11. 4. Rabindra Nath Dash (retired IAS) is appointed as secretary and member of executive committee in the 27th annual meeting of KIIT in FY12 after accepting the resignation of Dr A Samanta. 5. Umapada Bose (member of the society) is a journalist. The society offers diverse programmes across various streams like engineering, management, economics, law, fashion technology, hotel management and pharmacy. The medical college also has a hospital facility with 995 beds (as on 31 March 2014), equipped providing services to both inpatients and outpatients.

It started a new institute KIIT school of Architecture in FY14 and offers Bachelor of Architect, a five-year programme. The society has the approval from the Council of Architect and FY15 will be the first academic year with intake of 40 students.

In Ind-Ra‟s opinion, the availability of a number of courses provides adequate comfort and protects the society from any demand shock for any particular course. At the same time, catering to many segments creates a unique brand identity for the society.

Demand Approved intake increased at a CAGR of 12.63% during FY09-FY13. A 7.92% yoy increase in approved intake to 6,172 students in FY13 was mainly due to engineering and polytechnic courses.

Although KIIT‟s acceptance rate marginally increased to 3.57% in FY13 from 3.41% in FY12, it is the lowest among the Ind-Ra rated education institutions. The acceptance rate indicates that KIIT on an average rejects nearly 96.5% of the applicants based on its entrance exam. The appeal of pre-eminent courses enables the society to maintain its acceptance rate at the lowest level. KIIT maintained the acceptance rate (FY14: 3.53%) and enrollment rate (FY14: 93.69%) even during the enrolment slowdown (academic year 2013-2014). Consequently, KIIT‟s Applicable Criteria Rating Criteria for colleges and Universities engineering courses‟ occupancy levels stayed above 90% during FY11-FY13. (September 2012) Non Profit Institutions Rating Criteria (September 2012)

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Figure 1 Student Demand Indicator FY09 FY10 FY11 FY12 FY13 Aug 13 Approved intake 3,836 4,042 4,936 5,719 6,172 6,245 Applications received 153,278 168,865 177,084 173,925 179,984 182,603 Admission Graduate and other course 2,580 2,908 3,945 4,427 4,788 4,750 students Postgraduate 1,086 1,087 979 1,140 1,231 1,291 Total 3,666 3,995 4,924 5,567 6,019 6,041 Number of students accepted 3,890 4,247 5,238 5,935 6,420 6,448

Acceptance rate (%) 2.54 2.52 2.96 3.41 3.57 3.53 (acceptance/applications received) Admission/approved intake (%) 95.57 98.84 99.76 97.34 97.52 96.73 Total number of students 7,735 9,675 11,793 16,327 17,667 19,834 Source: KIIT

In FY13, nearly 5% of total students were foreign students. The key catchment areas for KIIT Figure 2 include West Bengal, Uttrakhand, Uttar Pradesh, Jharkhand, Chhattisgarh along with the home Increasing Headcount state of Odisha. Students strength (LHS) Market Position YoY increase in headcount (RHS) KIIT University was rated at „A‟ grade by the Ministry of Human Resource Development in (Numbers) (%) 25,000 50 March 2014. According to various surveys, the society‟s brand equity is strong in eastern India. 20,000 40 Historical increasing admissions trend signals growing market demand for KIIT. At the same 15,000 30 time, successfully managing and maintaining a robust pipeline of prospective students is critical 10,000 20 for demand flexibility. Also, the steady upstreaming of students to employment by providing 5,000 10 campus placements would enhance the market position. According to management, KIIT has

0 0 been achieving 100% placements for engineering streams since the last 12 years.

FY13 FY09 FY10 FY11 FY12 FY14 Source: KIIT, Ind-Ra Figure 3 Campus Placement (%) Institutes FY13 School of Engineering and School of Computer Application 89.90 School of Rural Management 100.00 School of Biotechnology 92.86 School of Management 90.00 School of Law 72.55 Overall 89.06 Source: KIIT

Regulatory Environment and Tuition Fee Pricing KIIT can continuously increase the approved intake numbers contingent on infrastructure, pedagogy and other necessary facilities. The society offers a variety of courses under its brand and each of them is controlled by the regulators listed below:

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Figure 4 Regulatory Environment Particular Regulation Affiliation Engineering All India Council for Technical KIIT University Education (AICTE) Management AICTE KIIT University Medical Medical Council of India KIIT University Computer Application AICTE KIIT University Polytechnic AICTE Directorate of Technical Education, Odisha and State Council for Technical Education and Vocational Training (SCE&VT) Industrial Training Directorate General of Employment National Council for Vocational Training and Training (NCVT) International School KG to XII grade  CBSE  IGCSE  International Baccalaureate (IB) Source: KIIT

Admission System Students are admitted through the entrance exam – KIITEE - conducted by KIIT University for most of the courses it offers.

Engineering and Computer Application Courses: Students who secure minimum 60% in the entrance exam are admitted to the engineering courses. Generally, 85% of the seats are filled through this process, the balance are reserved for poor and meritorious students under management quota.

Management Course: Students are selected through the Management Aptitude Test conducted by All India Management Association.

Medical Courses: Students for medical courses are admitted according to the regulation of the Medical Council of India.

Polytechnic Courses: Students are selected through the Diploma Entrance Test followed by central counselling conducted by the Directorate of Technical Education & Training, Odisha.

Tuition Fee Pricing and Campus Life Fees for courses are determined by the KIIT University based on market conditions including teachers‟ salaries and the infrastructure facilities availed by students. The key strengths such as the strong market standing, reasonable placement opportunities and solid infrastructure facilities relative to its peers are likely to provide a steady stream of students even in the event of any fee hikes.

KIIT is spread over 6,177 acres of own land in Bhubaneswar. It has 27 independent campuses (including all academic blocks and hostels) for each academic programme. KIIT‟s campus for

Figure 5 management and computer application courses is fully air conditioned with facilities like banks and auditorium. Other campuses are also equipped with well-furnished class rooms, library, Average Revenue Breakup FY09-FY13 auditorium and other basic infrastructure facilities.

Endowment & In FY13, KIIT enhanced the hospital bed capacity to 642 from 550 in FY12. Its institutes offer Other income interest income hostel facility (March 2014: 6,392 rooms) and nearly 30% hostel rooms are fully air conditioned 9% 1% with all basic infrastructure facilities. KIIT also has a separate hostel facility for international Tuition fees students. and education contracts 90% Financial Performance Revenue Diversity KIIT‟s institutions depend on tuition fee for revenue, leading to lack of a diversified source of Source: KIIT, Ind-Ra income like many other private institutions. However, stable demand, an increase in enrolments and a robust student pipeline mitigate dependency risk.

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Other operating income also adds strength to the credit profile of society. On an average,

Figure 6 nearly 5% of the total income arises on account of hospital receipt and sale of medicines and income from research, development and consultancy contributed 3% to the total income during Tuition Fee Drives the Total Income FY09-FY13. FY09-FY13 Tuition fees KIIT received grants for its research and development oriented activities in the field of Other income (INRm) Total income biotechnology, applied sciences, electronics, telecommunications and civil. Given the amount 4,000 3,500 of research conducted in the university, the society is likely to benefit from increased grants in 3,000 future, although it may be volatile as it had been in the past. 2,500 2,000 1,500 Income 1,000 500 Tuition fee was the dominant source of income during FY09-FY13, constituting over 90.19% on 0 FY09 FY10 FY11 FY12 FY13 an average. Absence of volatility and a substantial increase in tuition fees (above 25% yoy

Source: KIIT, Ind-Ra growth) during FY09-FY13 up surged the total income growth. KIIT grew nearly five folds in its size to INR3,544.01m in FY13 from FY07.

KIIT‟s strong investments resulted in increased interest income (CAGR: 34.67%) during FY09- FY13. A 44.19% yoy increase in fixed deposits to INR150.60m in FY13 indicates the investment capabilities of the society. KIIT has cautiously restricted its investments to fixed deposits, avoiding any volatility in the principal value during market downturns.

Figure 7 Revenue Breakdown (INRm) FY09 FY10 FY11 FY12 FY13 Tuition fees and education contracts 1,142.23 1,437.76 1,968.80 2,523.58 3,176.18 Grants/subsidy received 12.60 5.39 2.94 0.41 0.26 Endowment & interest income 8.85 9.32 12.55 16.51 29.11 Other income 195.52 87.72 149.41 246.04 338.46 Source: KIIT, Ind-Ra

Scholarship, nearly 3% of tuition fee, increased 43.55% yoy in FY13 to INR98.20m. Ind-Ra expects a reasonable increase in the scholarships. However, the strong growth in the tuition fees is likely to provide support to net tuition fees. Figure 8 Average Other Income Figure 9 Breakup Net Tuition Fee (INRm) FY09-FY13 FY09 FY10 FY11 FY12 FY13 Tuition fee 1,142.23 1,437.76 1,968.80 2,523.58 3,176.18 Other non-operating Scholarship 4.30 13.34 34.63 68.41 98.20 income Net tuition fee 1,137.93 1,424.42 1,934.17 2,455.17 3,077.98 20% Research develop income Source: KIIT, Ind-Ra 30%

Sale of medicines Other income of the society increased to INR338.46m in FY13 from INR246.04m in FY12 on 22% the back of an increase in research, development and consultancy income to INR141.64m from Hospital receipts INR91.46m, followed by hospital receipts and sale of medicines. 28% Source: KIIT, Ind-Ra Expenditure Although the increase in staff cost (36.74% yoy) was more than the increase in other operating expenditure (25.03% yoy) in FY13, the expenditure pattern highlights that the other operating expenses was driving the total expenditure followed by staff costs in the past. On an average, other operating expenses and staff costs contributed 43.18% and 27.07% to total expenditure, respectively, during FY09-FY13.

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Figure 10 Operating Expenditure Drives the Total Expenditure FY09-FY13

(%) Staff costs Other operating expenses Depreciation Interest payable 120 100 80 60 40 20 0 FY09 FY10 FY11 FY12 FY13

Source: KIIT, Ind-Ra

Figure 11 Trend in Staff Cost and Other operating expenditure was mainly driven by administrative expense (average contribution Operating Expenditure (YoY) FY09-FY13: 47.36%), followed by education and related expenses (39.42%). Education and FY09-FY13 related expenses include entrance exam expenses, students boarding expenses, placement Staff cost (INRm) Operating expenses expenses and students‟ scholarship expenses. 60 50 Figure 12 40 Other Operating Expenditure Composition (%) 30 20 FY09 FY10 FY11 FY12 FY13 10 Education & related 48.13 41.01 40.04 35.97 37.88 0 Research, training and consultancy 3.63 4.26 6.12 12.66 12.97 FY09 FY10 FY11 FY12 FY13 Grants and donations utilised for development 1.47 0.70 0.26 0.06 0.10 Administrative expenses 43.21 50.07 50.77 47.94 45.49 Source: KIIT, Ind-Ra Medical expenses 3.57 3.96 2.81 3.38 3.57 Source: KIIT, Ind-Ra

Operating Margins Operating margins slightly declined 1.07 percentage points yoy to 32.12% in FY13 mainly due to increased staff costs (36.74% yoy). An 11.46% yoy increase in teaching staff to 953 in FY13 resulted in increased staff costs. Non-teaching and hospital staff also increased to 2,687 and 1,071 in FY13 from 2,006 and 948 in FY12, respectively.

Though the increase in staff strength to meet the growing student demand exerted pressure on the finances in FY13, the society had maintained comfortable CBBID margins. KIIT‟s current balance increased to INR173.00m in FY13 from INR150.13m in FY12.

Figure 13 Upward Trend in CBBID FY09-FY13

Net operating surpuls CBBID (INRm) 1,400 1,200 1,000 800 600 400 200 0 FY09 FY10 FY11 FY12 FY13

Source: KIIT, Ind-Ra

By generating consistent margins above the break-even level, the society is less reliant on reserves for operating support and can service interest obligations from its annually available surplus.

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Figure 14 Operating Performance (INRm) FY09 FY10 FY11 FY12 FY13 Core operating revenue Tuition fees 1,142.23 1,437.76 1,968.80 2,523.58 3,176.18 Total core operating income 1,235.24 1,523.84 2,108.81 2,760.45 3,515.09

Expenditure Staff costs 307.79 418.33 514.22 683.94 935.21 Operating expenses 555.13 556.92 838.38 1,160.45 1,450.90 Total key expenditure 862.92 975.25 1,352.60 1,844.38 2,386.11

Operating balance 372.32 548.58 756.21 916.07 1,128.99 Operating margin (%) 30.14 36.00 35.86 33.19 32.12

Operating balance (excluding endowment and 363.46 539.26 743.66 899.56 1,099.87 interest income) Operating margin (excluding endowment and 29.64 35.61 35.48 32.78 31.55 interest income) (%)

CBBID or EBITDA margin (%) 36.27 36.47 36.61 33.85 32.65 Source: KIIT, Ind-Ra

Balance Sheet Resources and Liquidity Figure 15 The society‟s capital and reserves grew to INR3,026.77m in FY13 from INR2,484.74m in FY12 Reserves & Surpluses Push Corpus Funds' Growth on the back of the development fee received from the students (INR354.55m) and strong FY09-FY13 operating surplus (INR173.00m). Reserves and surplus Total corpus fund KIIT‟s liquidity profile improved in FY13 from FY12 due to the strong cash position. The (INRm) 3,500 increase in cash and bank balance increased available funds to INR616.13m in FY13 from 3,000 INR301.52m in FY12. Consequently, available funds ability to cover operating expenditure and 2,500 total debt increased to 25.82% in FY13 (FY12: 16.35%) and 15.15% (9.91%), respectively. 2,000 1,500 1,000 Figure 16 500 0 Improved Liquidity Profile FY09 FY10 FY11 FY12 FY13 Available funds/total long term debt (LHS) Source: KIIT, Ind-Ra Available funds/operating expenditure (LHS) (%) Available funds (RHS) (INRm) 30 700 600 20 500 400 300 10 200 100 0 0 FY09 FY10 FY11 FY12 FY13

Source: KIIT, Ind-Ra

Debt Burden Though total debt increased 33.71% yoy in FY13, a 22.82% yoy increase in CBBID supported the leverage ratios. In FY13, debt/CBBID marginally increased to 3.52x from 3.23x in FY12.

Figure 17 Leverage Ratios FY09 FY10 FY11 FY12 FY13 Debt/CBBID (yrs) 3.61 3.95 3.46 3.23 3.52 Net debt/CBBID (yrs) 3.14 3.53 3.07 2.91 2.98 Source: KIIT, Ind-Ra

Working Capital Use The society has total fund-based working capital of INR1,150m with three banks; Allahabad

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bank, Oriental Bank of Commerce and Punjab National Bank. Its use of the working capital on average was 85.80% during March 2013 to February 2014.

Allahabad bank approved an ad-hoc overdraft limit of INR45m against a fixed deposit in December 2012. Similarly, Oriental Bank of Commerce approved another ad-hoc limit of INR50m during November-December 2013.

Debt Service Coverage Cash flow from operations cover to debt service increased to 1.18x in FY13 from 1x in FY12. This reflects KIIT‟s ability to not only adopt effective debt sustainability policies but also simultaneously create assets. At the same time, a reasonable cash position cushions the debt service coverage.

Figure 18 Coverage Ratios FY09 FY10 FY11 FY12 FY13 CFO debt service coverage ratio (x) 1.43 0.72 0.82 1.00 1.18 Interest coverage ratio (x) 2.68 2.57 2.60 2.47 2.47 Source: KIIT, Ind-Ra

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Appendix A

Figure 19 Income Statement (INRm) FY09 FY10 FY11 FY12 FY13 Income Grants 12.60 5.39 2.94 0.41 0.26 Tuition fees and education contracts 1,142.23 1,437.76 1,968.80 2,523.58 3,176.18 Endowment & interest income 8.85 9.32 12.55 16.51 29.11 Other income 195.52 87.72 149.41 246.04 338.46 Total 1,359.21 1,540.19 2,133.70 2,786.54 3,544.01

Expenditure Staff costs 307.79 418.33 514.22 683.94 935.21 Other operating expenses 555.13 556.92 838.38 1,160.45 1,450.90 Depreciation 142.38 205.81 308.86 410.30 515.93 Transfers made/other contributions 3.30 3.29 0.02 0.00 0.72 Interest payable 183.85 218.63 299.94 381.73 468.25 Total 1,192.46 1,402.98 1,961.42 2,636.41 3,371.01

Surplus/(deficit) of the year 166.75 137.21 172.28 150.13 173.00 Source: KIIT, Ind-Ra

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Appendix B

Figure 20 Balance Sheet (INRm) FY09 FY10 FY11 FY12 FY13 Non-current assets Tangible fixed assets 2,543.92 3,328.09 4,205.75 4,978.23 6,093.49 Endowment 89.85 90.85 103.10 104.44 150.60 Total non-current assets 2,633.76 3,418.94 4,308.85 5,082.67 6,244.09

Current assets Other current assets 17.68 12.55 19.50 29.38 55.09 Debtors 245.75 280.54 331.14 531.80 634.37 Cash and liquid investments 140.81 140.72 204.61 197.07 465.53 Total current assets 404.23 433.81 555.25 758.26 1,154.99

Total assets 3,038.00 3,852.76 4,864.09 5,840.93 7,399.08

Current liabilities Overdrafts 615.03 606.49 524.17 535.25 822.84 Trade creditors 0.00 0.00 0.00 0.00 0.00 Other short term creditors 188.81 213.30 245.50 313.75 304.36 Total current liabilities 803.84 819.78 769.67 849.00 1,127.20

Non-current liabilities Borrowings 1,164.21 1,609.76 2,180.46 2,507.18 3,245.11 Other creditors 0.00 0.00 0.00 0.00 0.00 Provisions 0.00 0.00 0.00 0.00 0.00 Pension liabilities 0.00 0.00 0.00 0.00 0.00 Total non-current liabilities 1,164.21 1,609.76 2,180.46 2,507.18 3,245.11

Net assets 1,069.95 1,423.22 1,913.97 2,484.74 3,026.77

Capital & reserves Deferred capital grants 0.95 1.97 6.37 8.31 14.45 Endowments (corpus fund + excess of income 1,069.00 1,421.25 1,907.60 2,476.44 3,012.33 over expenditure) Of which general endowments 0.00 0.00 0.00 0.00 0.00 Profit & loss account/revenue reserves 0.00 0.00 0.00 0.00 0.00 Total funds 1,069.95 1,423.22 1,913.97 2,484.74 3,026.77 Source: KIIT, Ind-Ra

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Appendix C

Figure 21 Key Ratios FY09 FY10 FY11 FY12 FY13 Memo Graduate and other course students 6,261 7,897 9,778 13,665 14,650 Postgraduate students 1,474 1,778 2,015 2,662 3,017 Total students 7,735 9,675 11,793 16,327 17,667 Graduate & others/total students (%) 80.94 81.62 82.91 83.70 82.92 Staff 466 667 742 855 953

Debt (INRm) Short term 615.03 606.49 524.17 535.25 822.84 Long term 1,164.21 1,609.76 2,180.46 2,507.18 3,245.11 Total debt 1,779.24 2,216.25 2,704.63 3,042.43 4,067.95

Operating ratios Current balance/income (%) 12.27 8.91 8.07 5.39 4.88 Current balance (net of depreciation)/income (%) 22.74 22.27 22.55 20.11 19.44 (no depreciation as per audited annual report) Debt service/income (%) 65.83 47.96 37.93 28.46 30.53 Students to staff 16.60 14.51 15.89 19.10 18.54

Revenue ratios Tuition fees/income (%) 84.04 93.35 92.27 90.56 89.62 Endowment/income (%) 0.65 0.61 0.59 0.59 0.82 Grant/income (%) 0.93 0.35 0.14 0.01 0.01 Tuition fees per student (INRm) 147,671 148,606 166,946 154,565 179,780

Liquidity ratios Available funds/total long term debt (%) 12.96 10.45 11.38 9.91 15.15 Available funds/operating expenditure (%) 26.73 23.74 22.75 16.35 25.82

Working capital cycle Collection period (days) 0.00 0.00 0.00 1.14 1.13 Days payables outstanding 53.49 45.71 33.00 37.15 23.68 Accounts receivables/total fees (%) 7.18 5.84 4.39 4.31 3.24 Source: KIIT, Ind-Ra

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Appendix D

Figure 22 Bank Loan Facilities – September 2013 (INRm) Particulars Outstanding – September 2013 Ratings Allahabad Bank 572.39 IND BBB+ Oriental Bank of Commerce 528.08 IND BBB+ Bank of India 383.09 IND BBB+ Canara Bank 435.55 IND BBB+ Punjab National Bank 101.63 IND BBB+ HDFC Bank 556.95 IND BBB+ Total 2,577.69

Fund-Based facility (overdraft) Sanction limit Allahabad Bank 500.00 IND BBB+ Oriental Bank of Commerce 450.00 IND BBB+ Punjab National Bank 200.00 IND BBB+ Total 1,150.00

Non-Fund-Based facility (bank guarantees): Allahabad Bank 70.00 IND BBB+ Punjab National Bank 20.00 IND BBB+ Total 90.00 Source: KIIT

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Appendix E

Figure 23 Type of Institutions Educational Institution/Schools Courses offered Established year Institutes KIIT International School (KIIT - IS)  KG to class XII ( Arts, Science & 2007 Commerce ) Kalinga Polytechnic (KIIT KP)  Mechanical Engineering 1995  Metallurgy Engineering  Electrical Engineering  Computer Science Engineering  Electronics & Telecommunications and  Civil Engineering Industrial Training Centre (KIIT ITC) - 1992 School of Management  MBA 1993  BBA  Ph.D. School of Computer Application  MCA 1993  Integrated MCA School of Civil Engineering  B.Tech. 1993 School of Computer Engineering  M.Tech. School of Electrical Engineering  Dual degree programmes School of Electronics Engineering o B.Tech. and M.Tech. School of Mechanical Engineering o B.Tech. and MBA  Ph.D. KIIT School of Biotechnology  M.Sc. (Biotechnology) 2007  M.Sc. (Applied Microbiology)  M.Sc. (Biotechnology Integrated)  Dual degree (B.Tech. and M.Tech.) KIIT School of Rural Management MBA 2006 KIIT School of Law  B.A. LLB 2007  B.Sc. LLB  Master of Law (LLM)  Ph.D. Kalinga Institute of Medical Sciences  MBBS 2007 (KIMS)  MD Kalinga Institute of Dental Sciences  MBBS 2007 (KIDS)  MD Kalinga Institute of Nursing Sciences  MBBS 2009 (KINS)  MD School of Film and Media science Bachelor of Film and Television 2009 Production School of Fashion Technology Bachelor of Design (Fashion/Textile) 2009 School of Fine Art Master of Fine Arts 2010 Source: KIIT

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Kalinga Institute of Industrial Technology Society 14 June 2014