NCML Chhehreatta Private Limited May 26, 2017
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- Alfred Benson
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1 Ratings Facilities Long-term Bank Facilities (Proposed Term Loan) NCML Chhehreatta Private Limited May 26, 2017 Amount (Rs. Crore) Rating 1 Provisional CARE A+ (SO); Stable [Provisional Single A Plus (Structured Obligation); Outlook: Stable] Remarks Assigned Total Facilities (Rupees Eighteen crores only) #-The provisional rating is based on proposed credit enhancement in the form of unconditional and irrevocable corporate guarantee to be extended by NCML to the lenders of NCML Chhehreatta Private Limited Details of facilities/instruments in Anneuxre-1 Detailed Rationale & Key Rating Drivers The ratings assigned to the proposed bank facilities of NCML Chhehreatta Private Limited, factors in the credit enhancement in the form of an unconditional & irrevocable corporate guarantee given by National Collateral Management Services Limited (NCMSL) (NCMSL rated CARE A+; Stable/ CARE A1+ ) to the bank facilities of NCML Chhehreatta Private Limited. In the event of default or delay by NCML Chhehreatta Private Limited, the guarantor (NCMSL) will repay the dues to the lender of NCML Chhehreatta Private Limited on demand. The ratings of National Collateral Management Services Ltd (the guarantor) continue to derive strength from the strong and resourceful parent (Fairfax Group), extensive experience of the management in the agri commodity and warehousing industry, NCMSL s position as one of the leading organizations providing multiple services (supply chain management) for agricultural commodities, clientele base and pan-india operations. The ratings, however, continue to remain constrained by the working capital intensive nature of operations for procurement/supply chain business and the intense competition in the warehousing industry. The ratings also take into consideration the risk arising out of the new Silo s project being executed under different SPV s. The company proposes to provide corporate guarantee for the facilities being availed by the SPV s. The ability of NCMSL to commission the upcoming projects without any time or cost overrun and optimally utilize the capacity is the key rating sensitivity Detailed description of the key ratings driver of the guarantor Key Ratings Strengths Strong promoter and experienced management: NCMSL was promoted by various banks/financial institutions and other public sector entities. After the exit of some of the earlier shareholders the company is currently owned by Fairfax India Holdings Corporation. The top management of the company has an average industry experience of about 20 years. Multiple Service Providers (supply chain management) for agri commodities: NCMSL is engaged in storage & preservation and procurement services, along with collateral management, testing & certification, marketing intelligence & commodity research. Thus, NCMSL serves as a multi-model single window supply chain solutions provider. While the share of procurement services accounted for 64% of the overall share of revenues of the company, the share of collateral management has improved to around 30%. Pan-India operations along with reputed clientele: NCMSL operates a pan-india chain of more than 952 warehouses. The company has been in operations for almost a decade and has served various government and private entities. The pan-india presence helps the company to offer various services to its customers ranging from commodity handling in the agricultural sector to collateral services including risk management services (crop intelligence, storage and preservation, etc.) to clients across the country. Consistent improvement in performance, capital structure to remain comfortable in spite of ongoing capex and working capital intensive operations NCMSL s total sales recorded a CAGR of 27%, from Rs. 202 crore in FY12 to Rs. 531 crore in FY16. Growth in revenue was primarily on account of a robust growth in its procurement business, which grew at a CAGR of 38%. During the same 1 Complete definition of the ratings assigned are available at and other CARE publications 1 Credit Analysis & Research Limited
2 period, bottom-line (Profit after Tax) more than tripled to Rs crore in FY16, recording a CAGR of about 32%. Despite the significant ongoing capacity expansion plans along with heavy working capital requirements, NCMSL s capital structure has remained comfortable owing to equity infusion of around Rs. 200 crore in FY16 and improving cash flows from the operations. Key Ratings Weakness Intense competition in the warehousing business: The company faces competition in the warehousing industry, which leads to increase in warehouse rentals at strategic locations. This industry has five to six established players and it is not always possible to pass on the rise in warehouse rentals completely. The company is also exposed to the risk of crop failure in a particular location, which may lead to suboptimal utilization of the warehousing space. Project Execution Risk: NCML will be constructing 11 silos at 11 different locations across 4 states viz. Uttar Pradesh, Haryana, Punjab and Bihar. NCML has formed 11 separate SPV s and under each SPV, the company plans to construct and operate individual Silos. The overall cost of the project is estimated at Rs crore to be funded with an Equity contribution of around Rs crore and the balance amount of Rs crore through Debt. The company has already received the draft term sheet from some of the banks and equity for the project will be infused by the Fairfax by infusion of additional equity capital in NCMSL. The project is exposed to land acquisition risk, execution risk and risk related to ramp up and optimal utilization of the facility in the initial years. Analytical approach: For arriving at the ratings, CARE has combined the business and financial risk profiles of NCMSL and all its eleven SPV s formed to execute the silo project. Furthermore, CARE has considered the overall debt of NCML Finance Private Limited as NCMSL has provided a corporate guarantee for the facilities availed by NCML Finance Private Limited. Applicable Criteria Criteria on assigning Outlook to Credit Ratings CARE s policy on Default Recognition Rating methodology Services Companies Financial Ratios-Non Financial Sector Criteria for Short Term Instruments About the Silo s Project GoI through FCI as a nodal agency is implementing creation of modern storage capacity through the construction of food grain Silos of 1.35 mn capacity at 26 locations. The project will be implemented through Public Private Partnership (PPP) mode on Design, Build, Finance, Own, and Operate ( DBFOO ) basis. NCMSL has successfully bid and received the contracts of 11 out of 26 Silos to be constructed under the said project, situated at different locations across 4 states viz. Uttar Pradesh, Haryana, Punjab and Bihar. NCML has formed 11 separate SPV s and under each SPV, the company plans to construct and operate individual Silos for each location. Each Silo will be constructed on an owned land parcel, which will also include a railway siding connecting the nearest railway station. The complete steel structure of the Silos will be imported. Revenues from the Silo s project will be primarily dependent on the payment of storage and handling charges by the Food Corporation of India (FCI) rated CARE AAA (SO); Stable [Triple A (Structured Obligation); Outlook: Stable]. The total concession period is for 32 years including the construction period of around 2 years. About NCMSL (The Guarantor) Incorporated on September 28, 2004, National Collateral Management Services Limited (NCMSL) provides storage & preservation, procurement services, along with collateral risk management, testing & certification services etc. NCMSL operates a chain of more than 952 warehouses situated at different locations across the country through leased, franchisee or associate model. NCMSL was initially promoted by various banks/financial institutions and other public sector entities. After the exit of some of the earlier shareholders the company s largest shareholding lies with Fairfax India Holdings Corporation (88.07%). It is registered with Warehouse Development & Regulatory Authority (WDRA) and is authorized to issue warehouse receipts. The company serves various categories of customers viz, growers, traders, 2 Credit Analysis & Research Limited
3 processors, importers & exporters, overseas buyers & sellers, commodity exchanges, exchange traders and Government agencies. The company is currently implementing a project to set up 40 dry, three cold & one-3pl warehouses at about 40 locations across the country. Fairfax Financial Holdings (FFH) is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. FFH was founded in 1985 by Mr. V. Prem Watsa and is headquartered in Toronto, Canada. Fairfax group currently has a total investment of about USD billion globally. The group formed a new subsidiary called Fairfax India Holdings Corporation Ltd. (FIHC), to invest in India. The total size of the fund is around USD 1.1 billion. Fairfax India is managed by Chandran Ratnaswami as CEO and John Varnell as the CFO. During FY16 (refers to the period April 1 to March 31), NCMSL reported a PAT of Rs crore (PY: Rs crore) on a total operating income of Rs crore (PY: Rs crore). During 9M FY17 the company had reported a PAT of Rs crore on total income of Rs crore. 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. Arunava Paul Tel: Mobile: arunava.paul@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. 3 Credit Analysis & Research Limited
4 Annexure-1: Details of Instruments/Facilities Name of the Instrument Date of Issuance Coupon Rate Fund-based - LT-Term Loan Maturity Date Size of the Issue (Rs. crore) Rating assigned along with Rating Outlook Provisional CARE A+ (SO); Stable Annexure-2: Rating History of last three years Sr. Name of the Current Ratings No. Instrument/Bank Facilities Type Amount Outstanding Rating (Rs. crore) 1. Fund-based - LT-Term Loan LT Provisional CARE A+ (SO); Stable Rating history Credit Analysis & Research Limited
5 CONTACT Head Office Mumbai Mr. Mehul Pandya Cell: Mr. Saikat Roy Cell: saikat.roy@careratings.com CREDIT ANALYSIS & RESEARCH LIMITED 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. Deepak Prajapati Unit No , 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore Cell: Tel: , deepak.prajapati@careratings.com CHANDIGARH Mr. Sajan Goyal SCF No , First Floor, Phase 11, Sector 65, Mohali Chandigarh Cell: Tel: / 09 sajan.goyal@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 HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, , Himayat Nagar, Hyderabad Cell : Tel: ramesh.bob@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 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).
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