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Saj Food Products Pvt. Ltd.: Ratings Reaffirmed and Outlook on Long-Term Rating Revised to Positive

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Saj Food Products Pvt. Ltd.: Ratings Reaffirmed and Outlook on Long-Term Rating Revised to Positive April 05, 2021 Saj Food Products Pvt. Ltd.: Ratings reaffirmed and outlook on long-term rating revised to Positive Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) [ICRA]A; Reaffirmed and outlook Fund Based – Term Loan 35.00 65.00 revised to Positive from Stable [ICRA]A; Reaffirmed and outlook Fund based – Cash Credit 50.00 20.00 revised to Positive from Stable Non-fund Based – Bank 10.00 10.00 [ICRA]A1; Reaffirmed Guarantee/ Letter of Credit Total 95.00 95.00 *Instrument details are provided in Annexure-1 Rationale The revision in the outlook on the long-term rating to Positive from Stable considers a consistent growth in the scale of operations demonstrated by Saj Food Products Pvt. Ltd. (SFPPL) in the recent years and its improving geographical diversification, as reflected by a significant increase in revenue from Maharashtra, post commissioning of the Nagpur plant and an improvement in share of revenues from some other states. The ratings continue to draw comfort from the company’s established track record in the biscuit manufacturing business, strong market position of its 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. ICRA also notes SFPPL’s conservative capital structure, strong debt coverage metrics and low working capital intensity of operations. The company’s profitability improved in FY2020 and is likely to increase further in FY2021, aided by a significant decline in managerial remuneration and low advertisement and business promotion expenses amid a strong demand for packaged foods due to the Covid-19 pandemic, particularly in H1 FY2021. The ratings, however, take into consideration the high sensitivity of 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 the major portion of its revenue is derived from West Bengal and the North East, notwithstanding a decline in sales concentration in West Bengal in the recent past. 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 Positive outlook on the [ICRA]A rating reflects ICRA’s opinion that SFPPL’s revenues and profits are likely to improve considerably going forward, aided by continuing capacity addition and geographical diversification. Moreover, SFPPL is likely 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 Steady increase in scale of operations and improving geographical diversification driven by capacity expansion in new regions – The company has been in the process of expanding its capacity at regular intervals. It commissioned a new plant in Nagpur, Maharashtra in January 2018 and is setting up a new plant near Bangalore, which is likely to be commissioned shortly. SFPPL also plans to set up a plant in Guwahati, going forward. The company’s production volumes increased consistently between FY2015 and FY2020. Its production grew by 15% in FY2020 (year-on-year) and 8% in H1 FY2021 vis-a-vis H1 FY2020, www.icra .in Page | 1 despite operational challenges faced in Q1 FY2021 due to the pandemic. The company has presence in 20 states in India, though its major markets remain West Bengal and the North East, which together accounted for around 66% of its revenue in FY2020 (around 71% in FY2019), implying its exposure to geographical concentration risks. However, post commissioning of the Nagpur plant, the company’s sale in Maharashtra has increased significantly (to around Rs. 74 crore in FY2020 from around Rs. 7 crore in FY2018). The share of revenues from some other states have also improved post FY2019, while the revenue contributed by West Bengal declined to 29.8% in H1 FY2021 from 41.3% in FY2019. SFPPL’s scale of operations and geographical diversification are likely to improve further, aided by capacity expansion in new territories. 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 reputed brands for around four decades helped it in successfully penetrating the bakery market and building the brand. SFPPL’s two Group companies act as its super-stockists in West Bengal. SFPPL sells its products through many channel partners including around 75 super stockists, around 1,300 distributors and around 2.25 lakh dealers/retailers spread across the country. Financial profile characterised by conservative capital structure and strong debt coverage metrics; profitability improved in FY2020 and is likely to improve further in FY2021 – The company’s limited borrowing vis-a-vis its healthy net worth led to a conservative capital structure, as reflected by a gearing of 0.06 times as on March 31, 2020. A sizeable term loan prepayment and reduced working capital borrowing in FY2020 due to improved liquidity position resulted in a low debt level. This along with an improvement in SFPPL’s operating profitability to 6.13% in FY2020 from 3.29% in FY2019 due to reduction in managerial remuneration and a decline in power and fuel expense strengthened SFPPL’s debt coverage metrics. Its interest coverage, net cash accrual relative to total debt and total debt relative to OPBDITA in FY2020 stood at 28. 67 times (5.80 times in FY2019), 525% (47% in FY2019) and 0.15 times (1.67 times in FY2019), respectively. The company’s operating profitability is likely to improve further in FY2021 (stood at 12.31% in 9M FY2021) due to a significant reduction in managerial remuneration and low advertisement as well as business promotion expenses in H1 FY2021 due to the pandemic, strengthening its financial profile. Low working capital intensive nature of business supports liquidity – The company’s sales are made against cash or limited credit. Its raw material inventory holding period 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. A nominal receivable, limited inventory 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 an 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. 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 the 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 setting up a new plant near Bengaluru, Karnataka with a proposed capacity of 38,850 tonnes per annum (TPA). The cost of the project has been estimated at Rs. 101.24 crore (including Rs. 8.24-crore margin for working capital), which is being www.icra .in Page | 2 funded by a term loan of
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