Pavathal Spinning Mills Private Limited
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- Alexander Sharp
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1 Ratings Pavathal Spinning Mills Private Limited December 27, 2017 Amount (Rs. crore) Ratings 1 Remarks Long-term Bank (reduce from 11.11) CARE BB+; Stable (Double B Plus; Outlook:Stable) Reaffirmed Short term Bank 0.50 CARE A4+ (A Four Plus) Reaffirmed Total (Rupees ten Crore ninety two lakhs only) Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of Pavathal Spinning Mills Private Limited (PSMPL) continue to be constrained by small scale operation with marginal decline in Total Operating Income, working capital intensive nature of operations, the susceptibility of margins to raw material price movements and the intense competition in a highly fragmented yarn industry. The ratings also factor in improved profitability margin albeit marginal decline in total operating income during FY17 (refers to the period April 1 to March 31). The ratings, however, continue to derive strength from the experience of the promoters for more than three decades, the availability of captive power capacity and comfortable capital structure and debt coverage indicators of the company. Going forward, the ability of PSMPL to scale up the operations, improve the profit margins and capital structure would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weakness Small scale of operations and marginal decline in Total Operating Income (TOI): The total operating income (TOI) of PSMPL marginally declined to Rs crore in FY17 as against Rs crore in FY16. Despite the industrial slowdown, the company was able to maintain the stable income on back 1 Complete definitions of the ratings assigned are available at and in other CARE publications. 1 Credit Analysis & Research Limited
2 of better prices for yarn and the stable productivity. The average price of yarn stood at Rs /kilogram in FY17 (Rs.240- Rs.250/kilogram in FY16). PSMPL derives 99% of revenues from sale of yarn and the remaining from the sale of waste and scrap generated during the process. It has a production capacity of around 1.8 lakh tonnes of yarn/annum. In 6MFY17 (provisional), the company has achieved the total operating income of Rs crore with PBT of Rs.2.6 crore in 1HFY18. Working capital intensive nature of operations PSMPL purchases viscose fibre from Grasim Industries Limited (GIL) against 100% advance payment (GIL being significantly bigger supplier, PSMPL has low bargaining power) resulting in low average creditors days. PSMPL provides credit period upto 2 months to its customers. The company is also required to keep viscose fibre inventory to cater to days requirement, whereas, it also maintains around 3 month s stock of finished goods. To meet the working capital requirement, PSMPL relies on working capital facility. The average utilization of the working capital facility is 90% in the last 12 months ended November, With marginal increase in average collection and average inventory period, the operating cycle stood moderately elongated to 112 days in FY17 compared to 93 days in FY16. Susceptibility of margins to raw material price movements Prices of cotton bales which are dependent upon the prices of raw cotton are volatile in nature and depend upon various factors. Any wide fluctuation in the price of its key raw material and inability to timely pass on the complete increase in the prices to its customers is affecting the company s profitability margins. Highly fragmented yarn industry Textile is a cyclical industry and closely follows the macroeconomic business cycles. High competitive intensity in the textile industry, volatility of cotton prices and sluggish demand outlook from developed markets are the major cause of concern for the Indian textile industry. Key Rating Strengths Improved profitability margin The PBILDT margin of the company improved by 30bps to 8.50% in FY17 over FY16 on account of reduction in power and fuel costs from Rs crore in FY16 to Rs.2.73crore in FY17 due to improvement in captive wind power generation. However, the company also purchased electricity from Cauvery Power Generation Chennai Private Limited to manage its power requirements. In FY17 the profit margin has improved marginally due to increases in the employee cost to 27% over FY16 due to salary and wages revision. The PAT margin also marginally improved by 21 bps to 1.33% in FY17 over FY16 on account of improvement in PBILDT along with reduction in the interest costs and depreciation provisions. Cash accruals marginally declined by 7% to Rs crore in FY17 over FY16 due to increases in the deferred tax. 2 Credit Analysis & Research Limited
3 Long track record of the company and experienced promoters in manufacturing cotton yarn The promoters of the company have long experience of three decades in the yarn manufacturing and the company has long track record of more than a three decade in the manufacturing of cotton yarn with established relationship with domestic customers. Availability of captive power generated from windmill The power generated by WTGs accounted for about 49% of the total power requirement of the company in FY17 (as against 34% in FY16 and 43% in FY15). The increase in electricity consumption through captive source resulted in reduction of power cost from Rs.4.03 crore in FY16 to Rs.2.73 crore in FY17. However, the company also purchased electricity from Cauvery Power Generation Chennai Private Limited to manage its power requirements. Improved capital structure and debt coverage indicators The capital structure of the company marked by debt equity ratio and overall gearing continued to remain below unity and stood comfortable during FY17. Debt equity ratio improved from 0.20x as on March 31, 2016 to 0.14x as on March 31, 2017 on back of reduction in the long term debt associated with scheduled repayment of term loans installments. However, overall gearing marginally deteriorated to 0.83x as on March 31, 2017 from 0.72x as on March 31, 2016 on back of increased utilization of working capital facilities. Furthermore, the debt coverage indicators of the company also stood comfortable in FY17 similar to FY16 levels. The interest coverage ratio improved from 2.84x in FY16 to 2.96x in FY17 on back of reduction in the interest costs and improvement in PBILDT. TD/GCA deteriorated to 6.52x in FY17 from 5.02x in FY16 due to increase in the total debts (based on the higher utilization of fund-based working capital facilities in FY17) Analytical Approach: Standalone Applicable Criteria: Criteria on assigning Outlook to Credit Ratings CARE s Policy on Default Recognition Financial ratios Non-Financial Sector Criteria for Short Term Instruments About the Company Pavathal Spinning Mills Private Limited (PSMPL) was established in 1982 as Palani Karthik Spinning Mills Private Limited and was taken over by the promoters of PSMPL in The company has expanded its operations over the years and currently has spinning installed capacity of 14,112 spindles. The company also 3 Credit Analysis & Research Limited
4 has captive electricity source through wind turbine generators (WTGs) with total installed capacity of MW as on November, The manufacturing facility of the company is located in Dindigul, Tamil Nadu. Earlier, the company was engaged in manufacturing and sale of polyester viscose (PV) yarn. However, PSMPL shifted to manufacturing and sale of only viscose yarn ranging from 18 s counts to 40 s count due to market demand. The company also sells 240 s count viscose yarn which is produced by the process of doubling of 40 s count yarns and the same is also outsourced in case of excess orders. PSMPL generates sales of its products predominantly from Tamil Nadu state. Brief Financials (Rs. crore) FY16 (A) FY17 (A) Total operating income PBILDT PAT Overall gearing (times) Interest coverage (times) A: Audited; Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Please refer Annexure-2 Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. This classification is available at Investors/market intermediaries/regulators or others are welcome to write to care@careratings.com for any clarifications. Analyst Contact Name: Mr Manish Kumar Tel: Cell: manish.kumar@careratings.com **For detailed Rationale Report and subscription information, please contact us at About CARE Ratings: CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices. 4 Credit Analysis & Research Limited
5 Disclaimer CARE s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. Annexure-1: Details of Instruments/ Name of the Instrument Fund-based - LT-Term Loan Fund-based - LT-Cash Credit Non-fund-based - ST- Bank Guarantees Date of Issuance Coupon Rate Maturity Date Size of the Issue (Rs. crore) Rating assigned along with Rating Outlook - - March CARE BB+; Stable CARE BB+; Stable CARE A4+ Annexure-2: Rating History of last three years Sr. No. Name of the Instrument/Bank 1. Fund-based - LT-Term Loan Type Current Ratings Amount Rating Outstanding (Rs. crore) LT 0.42 CARE BB+; Stable Rating history )CARE BB+; Stable (23-Dec-16) )CARE BB+ (15-Oct-15) 2)CARE BB (24-Apr-15) Fund-based - LT-Cash Credit LT CARE BB+; Stable - 1)CARE 1)CARE BB+ BB+; Stable (15-Oct-15) (23-Dec-16) 2)CARE BB (24-Apr-15) - 3. Non-fund-based - ST- Bank Guarantees ST 0.50 CARE A4+ - 1)CARE A4+ 1)CARE A4+ (23-Dec-16) (15-Oct-15) 2)CARE A4 (24-Apr-15) - 5 Credit Analysis & Research Limited
6 CONTACT Head Office Mumbai Ms. Meenal Sikchi Mr. Ankur Sachdeva Cell: Cell: meenal.sikchi@careratings.com ankur.sachdeva@careratings.com Ms. Rashmi Narvankar Mr. Saikat Roy Cell: Cell: rashmi.narvankar@careratings.com saikat.roy@careratings.com CARE Ratings Limited (Formerly known as Credit Analysis & Research Ltd.) Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Tel: Fax: care@careratings.com AHMEDABAD Mr. Deepak Prajapati 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad Cell: Tel: deepak.prajapati@careratings.com BENGALURU Mr. V Pradeep Kumar Unit No , 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore Cell: Tel: , pradeep.kumar@careratings.com CHANDIGARH Mr. Anand Jha SCF No , First Floor, Phase 11, Sector 65, Mohali Chandigarh Cell: / Tel: / 01 anand.jha@careratings.com CHENNAI Mr. V Pradeep Kumar Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai Cell: Tel: / pradeep.kumar@careratings.com COIMBATORE Mr. V Pradeep Kumar T-3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore Tel: / pradeep.kumar@careratings.com JAIPUR Mr. Nikhil Soni 304, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur Cell: Tel: / 14 nikhil.soni@careratings.com KOLKATA Ms. Priti Agarwal 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) 10A, Shakespeare Sarani, Kolkata Cell: Tel: priti.agarwal@careratings.com NEW DELHI Ms. Swati Agrawal 13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi Cell: Tel: swati.agrawal@careratings.com PUNE Mr.Pratim Banerjee 9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune Cell: Tel: pratim.banerjee@careratings.com CIN - L67190MH1993PLC HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, , Himayat Nagar, Hyderabad Cell : Tel: ramesh.bob@careratings.com 6 Credit Analysis & Research Limited
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More informationUsers of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s).
Neosym Industry Limited April 05, 2018 Ratings Rating 1 Long term Bank 135.00 CARE BBB; ; (Triple B; Outlook: ; ) Short term Bank 14.00 CARE A3; (A Three; ) Total 149.00 (Rs. One Hundred and Forty Nine
More informationSpykar Lifestyles Private Limited
Spykar Lifestyles Private Limited Ratings Facilities/Instruments Long term Bank Facilities-FB-Cash Short term Bank Facilities-NFB- LC/BG February 20, 2017 Amount 60.10 (enhanced from 46.10) 10.00 Total
More informationSomi Conveyor Beltings Limited
Ratings Facilities/Instruments Long-term/Short -Term Bank Facilities Short -Term Bank Facilities Amount 18.00 20.00 38.00 Total (Rupees Thirty-eight Crore only) Details of instruments/facilities in Annexure-1
More informationMilestone Gears Private Limited October 01, 2018
Ratings Facilities Milestone Gears Private Limited October 01, 2018 Amount Ratings 1 Long-term Bank Facilities 110.92 CARE BBB (Triple B; Outlook: Stable) Short-term Bank Facilities 30.00 CARE A3+ (A Three
More informationIndia Infoline Housing Finance Limited
Ratings Facilities/Instruments Long-term NCD Long-term NCD Total Details of instruments/facilities in Annexure-1 India Infoline Housing Finance Limited Amount February 09, 2018 500.00 (Rs. Five hundred
More informationRSB Transmissions (I) Limited January 20, 2017
Ratings Long-term Bank Amount 286.84 (reduced from 310.19) Short-term Bank 194.29 481.13 Total (Rupees Four Hundred Eighty One crore and Thirteen lakh only) Details of facilities in Annexure-1 RSB Transmissions
More informationCeigall India Limited
Ceigall India Limited March 01, 2018 Ratings Facilities/Instruments Amount Rating 1 Long term Bank Facilities 9.00 CARE B+; ISSUER (Single B Plus; ISSUER ) Short term Bank Facilities 39.00 CARE A4; ISSUER
More informationOriental Bank of Commerce
Oriental Bank of Commerce August 02, 2017 Ratings Facilities Basel III Compliant Tier II Bonds Amount (Rs. crore) 3,000 Lower Tier II Bonds 1,025 Upper Tier II Bonds 700 Perpetual Tier I Bonds 600 Basel
More informationShriram Housing Finance Limited September 10, 2018
Ratings Facilities Shriram Housing Finance Limited September 10, 2018 Amount Rs. Cr Non- I 100.00 Non- II 14.00 Non- III 100.00 Non- IV 20.00 Non- V 50.00 Non- VI 30.00 Non- VII 500.00 Commercial Paper
More informationDalmia Bharat Limited
Dalmia Bharat Limited March 16, 2017 Ratings Amount Rating1 Rating Action Long-term/Short-term Bank 30 CARE AA-; Stable/ (Double A Minus/A One Plus; Outlook: Stable) Long-term Bank - - Withdrawn* Total
More informationAsahi Songwon Colors Limited
Asahi Songwon Colors Limited January 11, 2017 Ratings Amount Long-term Bank 5.25 Short-term Bank 33.00 Long-term/ Short-term Bank Total 41.00 79.25 (Rupees Seventy Nine crore and Twenty Five lakh only)
More informationEmaar MGF Land Limited
Emaar MGF Land Limited January 23, 2017 Ratings S.No Facilities Amount 1 Long-term Bank Facilities 205 (reduced from 320) Total Facilities 205 (Rupees Two Hundred Five crore only) 2 Non-convertible Debenture
More informationAro Granite Industries Limited December 07, 2018
Ratings Aro Granite Industries Limited December 07, 2018 Long term Bank Short term Bank Total 161.05 (Rs. One hundred and sixty one crore and five lakhs only) Details of instruments/facilities in Annexure-1
More informationNew Delhi Municipal Council
New Delhi Municipal Council June 30, 2017 Facilities Amount 1 Issuer Rating* - CARE AA+(Is); [Double A Plus; Outlook: ] Proposed Bonds 200 CARE AA +; [Double A Plus; Outlook: ] Total 200 (Rs. Two hundred
More informationGreat Eastern Energy Corporation Limited October 15, 2018
Ratings Facilities Long-term Bank Facilities Great Eastern Energy Corporation Limited October 15, 2018 Amount Non-Convertible Debentures 77.08 (Rupees Seventy seven crore and eight lakhs only) Details
More informationL&T Infrastructure Finance Company Limited
Ratings Facilities Commercial Paper Details of instruments/facilities in Annexure-1 L&T Infrastructure Finance Company Limited November 10, 2017 Amount (Rs. crore) 11,000.00 (Rs. Eleven thousand crore
More informationCentral Bank of India
Ratings Instrument Amount (Rs. crore) Lower Tier II Bonds 270 Upper Tier II Bonds 2,285 Total 2,555 (Rs. Two thousand five hundred and fifty five crore only) Details of instruments/facilities in Annexure-1
More informationAvon Fitness Machines Private Limited January 07, 2019
Ratings Facilities Avon Fitness Machines Private Limited January 07, 2019 Amount Ratings 1 Long term Bank Facilities 20.00 CARE BBB-; Stable (Triple B Minus; Outlook: Stable) Total Facilities 20.00 (Rupees
More informationEnergy Efficiency Services Limited. December 29, (Rs. crore) CARE AA; Stable / CARE Facilities
Energy Efficiency Services Limited December 29, 2017 Ratings Instrument Amount Rating 1 Long-term Bank Facilities 510.00 Term Loan (A One Plus) Long-term/ Short-term Bank 490.00 / CARE Facilities A1+ (Double
More informationShiva Texyarn Limited October 01, 2018
Ratings Long-term Bank Short-term Bank Long/ Short-term Bank Shiva Texyarn Limited October 01, 2018 Amount 145.90 (enhanced from 129.38) 50.00 (enhanced from 35.00) 70.00 (enhanced from 55.00) 265.90 Total
More informationPress Release. CARE A ; Stable (Single A; Outlook: Stable) CARE A; Stable/CARE A1 (Single A; Outlook: Stable/A One) Reaffirmed.
Simplex Infrastructures Limited October 05, 2017 Ratings Facilities/Instruments Amount (Rs. crore) Rating Rating Action Facilities 2,542.96 Long-term Bank Facilities (reduced from 2,561.34) Long/Short-term
More informationDr. Agarwal s Eye Hospital Limited. September 4, 2017
Dr. Agarwal s Eye Hospital Limited September 4, 2017 Ratings Facilities Amount (Rs. Crore) Long-term Bank Facilities 24.51 24.51 Total Facilities (Rupees Twenty four crores and Fifty one lakhs only) Details
More informationPress Release. Maithan Alloys Limited February 16, 2018 Ratings Facilities Amount (Rs. crore) Ratings 1 Rating Action
Maithan Alloys Limited February 16, 2018 Ratings Amount (Rs. crore) Ratings 1 Rating Action CARE AA-; Stable Revised from CARE A+; Long-term Bank 130.99 (Double A Minus; Outlook: Stable (Single A Plus;
More informationColourtex Industries Private Limited
Colourtex Industries Private Limited January 18, 2017 Ratings Facilities Long-term Bank facilities Long-term/Short-term Bank facilities Amount 50.25 (reduced from 71.14) 370.00 420.25 Total Facilities
More informationOriental Bank of Commerce
Oriental Bank of Commerce February 06, 2018 Ratings Facilities Basel III Compliant Additional Tier I Bonds Details of instruments/facilities in Annexure-1 Amount (Rs. crore) 2000 (Rupees two thousand crore
More informationL&T Infrastructure Finance Company Limited
Ratings Facilities L&T Infrastructure Finance Company Limited October 09, 2017 Amount (Rs. crore) Long Term Bank Facilities 8,000.00 Non-Convertible 9,500.00 Infrastructure Bonds 1,800.00 Subordinate Bonds
More informationReliance Financial Limited August 08, 2017
Ratings Amount Instruments (Rs. crore) 350 (Enhanced form 250) * (Rs. Three hundred and fifty crore only) Details of instruments/facilities in Annexure-1 Reliance Financial Limited August 08, 2017 Rating
More informationLaxmi Diamond Private Limited
Ratings Facilities Long-term Bank Facilities Short-term Bank Facilities Laxmi Diamond Private Limited March 10, 2017 Amount Rating 1 890.85 CARE BBB+/CARE A2; ISSUER NOT (Triple B Plus/A Two; ISSUER NOT
More informationAro Granite Industries Limited
Aro Granite Industries Limited December 21, 2017 Ratings Facilities Amount Rating 1 Long term Bank Facilities 12.53 CARE BBB-; Stable (Triple B Minus; Outlook: Stable) Short term Bank Facilities 121.00
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