Khagaria Purnea Highway Project Limited
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1 Khagaria Purnea Highway Project Limited March 31, 2018 Ratings Facilities Long-term Bank Facilities (Senior debt) Long-term Bank Facilities (Sub-ordinate debt) Amount (reduced from Rs crore) Total (Rs. Four Hundred Ninety Two Crore and Thirty Five Lakh only) Details of instruments/facilities in Annexure-1 Rating 1 CARE A-; (Single A Minus; Outlook: ) CARE BBB+; (Triple B Plus; Outlook: ) Rating Action Revised from CARE A; (Single A; Outlook: ) Revised from CARE A-; (Single A Minus; Outlook: ) Detailed Rationale and key rating drivers The revision in the ratings assigned to the bank facilities of Khagaria Purnea Highway Project Limited (KPHPL) takes in account deduction of small amounts in the annuities due to maintenance issue and higher than expected expenses in FY17 and FY18 leading to shortfall in appropriation of major maintenance reserve account. The ratings continue to derive comfort from the annuity-based nature of the project and established track record of receipt of annuity payments from National Highways Authority of India (NHAI, rated CARE AAA; ). The rating is, however, constrained by weak credit profile of the sponsor and O&M contractor, viz. Punj Lloyd Limited (PLL, rated CARE D) relatively high leverage levels, moderate debt coverage indicators and exposure to interest rate, O&M risks and foreign currency fluctuation risks. Going forward, satisfactory maintenance of the project road within the envisaged costs, timely receipt of annuity payments from NHAI without any deductions and efficient management of foreign exchange risk shall be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Annuity-based nature of project: The company has received seven annuity payments since COD from National Highways Authority of India (NHAI, rated CARE AAA; ) as per schedule except for the delay in sixth annuity payment for about 20 days. The company has claimed interest from NHAI for delay in annuity payment but the same is yet to be received. There also have been minor deductions in sixth and seventh annuity received pertaining to road maintenance issue. Further, Rs.2.00 crore has been deferred from sixth annuity on account of delay in completion of work due to nonavailability of land and it is expected to be received soon as per the recommendation letter from NHAI. While annuity based nature of project from NHAI provides comfort, timely receipt of future annuity payments without any deductions will be crucial. MMRA and foreign currency fluctuation reserve (FCFR): The company has created FCFR of Rs crore as against envisaged reserve of Rs crore as on March 31, Further, the company is estimated to have funds of about Rs.24 crore as on March 31, 2018, which it proposes to utilize towards major maintenance works planned for FY19 and FY20. As per the base case plan the company was required to have MMRA of Rs crore by end of FY18. The company has also additionally received refund order for Rs.3.83 crore from income tax department. 1 Complete definitions of the ratings assigned are available at and in other CARE publications. 1 CARE Ratings Limited
2 Undertaking from the sponsors: PLL and PLIL have provided an undertaking to the lenders that any overrun in the project cost shall be arranged by them. They have also provided an undertaking to fund any shortfall in the second major maintenance expense of the project during the tenure of the CA in case the internal accruals of the project are not sufficient. However, due to the weak credit profile of the sponsors, the cash flows of the project would have to be sufficiently available for meeting the major maintenance expenditures in the project. Key Rating Weaknesses Exposure to O&M risk: KPHPL has issued a Letter of Award (LOA) to PLL to undertake O&M activity of the project at a predefined cost. During FY17 and FY18, the company incurred additional expense towards maintenance and repair works, which led to shortfall in adequate reserve appropriations. Further, due to lack of a fixed priced major maintenance contract with a reputed player, the company is exposed to the risk of any higher than envisaged major maintenance cost, which is scheduled in FY19 and FY20. Moderate financial risk profile; however relatively high project debt-equity ratio and exposure to foreign currency fluctuation risk: The project is funded through debt of Rs.616 crore and promoter contribution of Rs.119 crore translating into a relatively high project debt-equity ratio of 5.2x. The company is required to maintain a cash trap account containing an amount equivalent to interest payments (both senior and subordinate debt) and O&M expenses for the ensuing six months. Also, the company has partially hedged the ECB exposure by entering into a call spread option trading strategy. Experienced promoters; however deterioration in financial risk profile of PLL: KPHPL is wholly owned by PLIL (which is a 100% subsidiary of PLL). PLL, promoted by Mr. Atul Punj in 1988, is a leading engineering & construction company in India. The total operating income of PLL for FY17 increased to Rs crore from Rs crore in FY16. However, the company continues to report net loss in FY17 of Rs crore as compared to net loss of Rs crore in FY16. Analytical approach: Standalone Applicable Criteria Criteria on assigning Outlook to Credit Ratings CARE s Policy on Default Recognition Financial ratios Non-Financial Sector About the Company KPHPL is a Special Purpose Vehicle floated by PLIL, which is a wholly owned subsidiary of PLL to undertake two-laning with paved shoulders of Khagaria-Purnea section of NH-31 from KM 270 to KM 410 in the state of Bihar under National Highways Development Programme (NHDP) Phase III of NHAI on Design, Build, Finance, Operate and Transfer (Annuity) basis. As per the concession agreement (CA) signed between NHAI & KPHPL in April 2011, the concession period is for 17 years (including a construction period of 30 months) from the appointed date, which has been fixed as October 5, The project had achieved COD on February 03, 2014 and has been received five annuity payments and a bonus annuity. The total project cost is Rs.735 crore, funded through senior debt of Rs.586 crore, sub-ordinate debt of Rs.30 crore and promoters contribution of Rs.119 crore. Brief Financials FY16 (A) FY17 (A) Total operating income PBILDT PAT Overall gearing (times) Interest coverage (times) A: Audited; 2 CARE Ratings Limited
3 Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History (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 for any clarifications. Analyst Contact Name: Mr. Gautam Bafna Tel: Mobile: **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 CARE Ratings Limited
4 Annexure-1: Details of Instruments/Facilities Name of the Instrument Fund-based - LT-Term Loan (Senior Debt) Fund-based - LT-Term Loan (Subordinate) Date of Issuance Coupon Rate Maturity Date Size of the Issue Rating assigned along with Rating Outlook - - Apr CARE A-; - - Apr CARE BBB+; Annexure-2: Rating History of last three years Sr. No. Name of the Instrument/Bank Facilities 1. Fund-based - LT-Term Loan (Senior) Type Current Ratings Amount Outstanding Rating LT CARE A-; )CARE A; (20-Apr-17) Rating history )CARE A (05-Apr-16) )CARE A (14-Nov-14) 2. Fund-based - LT-Term Loan (Subordinate) LT CARE BBB+; 1)CARE A-; (20-Apr-17) 1)CARE A- (05-Apr-16) - 1)CARE A- (14-Nov-14) 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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Hindustan Construction Company Limited April 19, 2017 Ratings Facilities/ Instrument Amount 1067.53 (2672.91) 1065.38 (1500.00) Long-term Bank Facilities Term Loan Long-term Bank Facilities Cash Credit
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Ratings Pavathal Spinning Mills Private Limited December 27, 2017 Amount (Rs. crore) Ratings 1 Remarks Long-term Bank 10.42 (reduce from 11.11) CARE BB+; Stable (Double B Plus; Outlook:Stable) Reaffirmed
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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
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Ratings Long-term Bank Short-term Bank Long-term /Shortterm Bank Total Bannari Amman Sugars Limited January 13, 2017 Amount 871.50 (reduced from 1,239.50) 7.50 15.40 894.40 (Rupees Eight Hundred Ninety
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Ratings Facilities Subordinated Debt Amount (Rs. crore) Capital First Limited April 02, 2018 900.00 (enhanced from Rs.800 crore) (Rupees Nine hundred crore only) Details of instruments/facilities in Annexure-1
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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
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Vivriti Windu 010 2017(Originator: Fusion Microfinanceprivate Limited) November29, 2017 Ratings Instrument Series A PTC # Amount 39.99 (Rs. Thirty ninecroreninety ninelakhs Only) Structure Yield Tenure
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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
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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
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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 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
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Bahadur Chand Investments Pvt Ltd November 20, 2018 Ratings Amount Facilities Commercial Paper (CP) issue 3000 (enhanced from 2500) Total 3000 (Rupees Three Thousand Crore Only) Details of instruments/facilities
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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
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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
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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
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RBL Bank Ltd October 05, 2017 Rating Amount Instrument 800 Tier II Bonds (Basel III) (Enhanced from Rs.100 crore) (Rupees Eight Hundred crore only) Details of instruments/facilities in Annexure-1 Rating
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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
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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
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Greenko Energies Private Limited January 11, 2017 Ratings Amount Long-term Bank 841.00 (enhanced from 109.38) Long-term/Short-term Bank Total 941.00 (Rupees Nine hundred and forty one crore only) Details
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Emperor Textiles Private Limited October 17, 2017 Ratings Facilities Longterm Bank Facilities Amount 5.71 (reduced from 6.84) Shortterm Bank Facilities 22.00 Total Facilities 27.71 (Rupees Twenty Seven
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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
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