High Breetd Fashions January 17, 2019
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- Adelia Jackson
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1 Rating Facilities Short-term Bank Facilities Total Facilities High Breetd Fashions January 17, 2019 Amount Ratings CARE A4 ( A Four) 9.50 (Rupees Nine Crore and Fifty Lakh only) Remarks Reaffirmed Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of High Breetd Fashions (HBF) continue to be tempered by constitution as a proprietorship concern with inherent risk of withdrawal of capital and presence in a highly competitive industry. The rating, however, continue to derive strength from experience of promoter for more than three decades in the textile industry, long track record of the operations & established relationship with the suppliers and customers and working capital intensive nature of operation. The rating also take into account with increase in profitability margins, improved debt coverage indicators albeit decline in total operating income and deterioration in capital structure in FY18 (refers to period April 01 to March 31). Going forward, the ability of the firm to improve the profitability margins and efficiently manage its operating cycle and expand its clientele base would be its key rating sensitivities. Detailed description of the key rating drivers Key Rating Weakness Constitution of the entity as a proprietorship concern with inherent risk of withdrawal of capital The firm was established as a proprietorship concern and the risk of withdrawal of proprietor s capital prevails. There is parity between the existence of the firm and the life of the proprietor. The proprietor has withdrawn to the tune of Rs.3.66 crore for personal usage. Presence in highly competitive industry The main raw material for the firm is yarn, the prices of which are highly volatile and is dependent upon the global economic scenario. Further, textile industry in India is highly fragmented with presence of large number of small and medium scale units. Due to high degree of fragmentation small players holds very low bargaining power against both its customers as well as suppliers resulting in such companies operating at low profit margins. Decline in total operating income The total operating income increased from Rs crore in FY16 to Rs crore in FY17 on account of increase in production and demand of garments. However, the total operating income of the firm declined to Rs crore in FY18 due to reduction in the orders received from its export customer leading to decline in production. Deterioration in capital structure The capital structure of the firm marked by overall gearing ratio marginally declined from 1.28x as on March 31, 2017 to 2.63x as on March 31, 2018 due to decrease in tangible networth on account of withdrawal of capital by proprietor to the tune of Rs.3.66 crore. Key Rating Strengths Experience of promoter for more than three decades in the textile industry Mr.MK Sunderam, being the proprietor of the firm has more than three decades of experience in the textile industry. Prior to establishment, he was engaged in the manufacture of garments and trading it to the domestic market. Since 1991, he was also engaged in pre-export. The firm is likely to be benefited by the long experience of the proprietor. long track record of the operations of the firm & established relationship with the suppliers and customers HBF has established a good relationship with the customers and suppliers due to the long track record of operations of the firm for more than a decade. The major suppliers of raw material with whom HBF maintains a long relationship are Bhuvaneshwari Cotspin India Private Limited, Tirupur, Sulochana Cotton Spinning Mills Private Limited, Tirupur, (rated CARE BBB+ and CARE A3 as on December 4,2017), and Sri Akshaya fabrics, Tirupur. Increase in profitability margins The PBILDT margin of HBF stood at 6.02% in FY16, increased to 6.04% in FY17 and further increased to 7.69% as of FY18. During the review period, the firm has considerably reduced its overall cost of production in order to maintain the 1 Complete definitions of the ratings assigned are available at and in other CARE publications. 1 CARE Ratings Limited
2 profitability margin over the period of time and the finished goods were sold at a higher margin Further, the PAT margin of the firm increased in line with PBILDT margin from 1.58% in FY16, to 2.49% in FY18 by absolute term. Improved debt coverage indicators The total debt/gca improved and stood at 7.76x in FY18 compared to 9.31x in FY17and 10.71x in FY16, due to decrease in total debt and increase in cash accruals. However, the interest coverage ratio declined marginally from 1.97x in FY17 to 1.87x in FY18 due to increase in finance charges associated with the utilization of short term borrowings. Working capital intensive nature of operation The operating cycle of the firm stood weak at 121 days in FY18.The firm maintains an average inventory days as the HBF has to undergo various stages of manufacturing process as the yarn is outsourced on a job work in order to procure fabric. The procured fabric is then converted into garments by HBF, since HBF is working capital intensive in nature and is required to hold sufficient inventory to meet the customers demand in the overseas market Each process requires inventory holding for processing. The firm sometimes delays payments to suppliers due to established relationship resulting in average creditor days at days. The firm enters into forward contract with customers to minimize foreign exchange fluctuation risk and receives the payment from its customers within 100 days. The average utilization of working capital of the firm remained about 75% for the last month ended December 31, Customer concentration risk The firm s clientele base is constrained to one customer. The firm exports its finished goods to its customer Nothin but net clothing company(usa)-30%, Aquarius USA Inc(USA)- 25%, LT Apperals group-25%, PETCO-20%.. The firm s production is subject to the market conditions prevailing in the USA Liquidity analysis The current ratio of the firm marginally declined from 1.52x as of March 31, 2017 to 1.16x as of March 31, 2018 mainly on account of decrease in the total receivables. The cash and bank closing balance stood at Rs.0.34crore as on March 31, 2018 as against Rs.0.17 crore as on March 31, For the 12 months ended December 31, 2018, the unutilized working capital limit on an average stood at 25%. 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 Criteria for Manufacturing Companies About the Company High Breetd Fashions (HBF) is a proprietorship concern established in the year 2004 by Mr. MK Sunderam to manufacture knitted and woven garments. Prior to establishment, Mr.MK Sunderam was engaged in manufacturing of garments and trading in domestic market. Since 2004, they started concentrating only on the export market. Mr. MK Sunderam is also an active partner of High Breetd Colours (HBC), which is engaged in dying and colouring of garments. High Breetd Colours supports HBF in dying and colouring of garments which is been manufactured by the latter. Brief Financials FY17 (A) FY18 (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 2 CARE Ratings Limited
3 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 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. 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/Facilities Name of the Instrument Date of Issuance Coupon Rate Maturity Date Size of the Issue Fund-based - ST-Forward CARE A4 Contract Fund-based - ST-Packing CARE A4 Credit in Indian rupee Fund-based - ST-FBN / FBP CARE A4 Rating assigned along with Rating Outlook 3 CARE Ratings Limited
4 Annexure-2: Rating History of last three years Sr. No. Name of the Instrument/Bank Facilities 1. Fund-based - ST-Forward Contract Type Current Ratings Amount Outstanding Rating Rating history ST 3.00 CARE A Fund-based - ST-Packing Credit in Indian rupee 3. Fund-based - ST-FBN / FBP ST 3.00 CARE A4 - ST 3.50 CARE A4-4 CARE Ratings Limited
5 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 Unit No , 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore Cell: Tel: , CHANDIGARH Mr. Anand Jha SCF No , First Floor, Phase 11, Sector 65, Mohali Chandigarh Cell: / Tel: /01 anand.jha@careratings.com CHENNAI Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai Cell: Tel: / 0811 COIMBATORE T-3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore Tel: / 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 5 CARE Ratings Limited
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