Emperor Textiles Private Limited
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- Steven Patrick
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1 Emperor Textiles Private Limited October 17, 2017 Ratings Facilities Longterm Bank Facilities Amount 5.71 (reduced from 6.84) Shortterm Bank Facilities Total Facilities (Rupees Twenty Seven Crore and Seventy One Lakh only) Ratings 1 CARE B+; (Single B Plus; Outlook: ) CARE A4; (A Four) Remarks Revised from CARE BB Reaffirmed Detailed Rationale & Key Rating Drivers The revision in ratings assigned to the bank facilities of Emperor Textiles Private Limited (ETPL) take into account decline in total operating income, profitability margins and deterioration of capital structure. The ratings continue to be tempered by foreign exchange fluctuation risk, exposure to volatile prices of yarn and working capital intensive nature of operations. The ratings, however, continue to derive strength from long experience of promoter in textile industry, integrated production facilities resulting in better operational performance, established relationship with customers and suppliers and diversified product offerings. Going forward, the company s ability to improve its scale of operations,improve its profitability margins and effective management of working capital requirements remains the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weakness Decline in total operating income, profitability margins Total operating income (TOI) declined from Rs crore in FY16 to Rs crore in FY17 on account of lower orders received from overseas countries. The company lost its upper hand over the price bids due to competition faced from other players in the South Asian markets. And thus the company had to increase the interstate sales, which resulted in sealing the orders for prices lesser than the overseas market. The company suffered losses due to declined overseas sales, which resulted in negative profitability margins for FY17. Also the debt coverage indicators stood negative for FY17 due to absolute loss and negative cash accruals reported by the company. Deterioration of capital structure The capital structure of the company marked by debtequity ratio and overall gearing deteriorated from 2.59x and 3.60x as of March 31, 2016 to 7.93x and 9.93x as of March 31, 2017 on account of increase in the amount of rupee term loans procured for the purchase of machinery and increase in unsecured borrowings from related parties. Also the networth of the company declined and stood low at Rs.4.00 crore as of March 31, 2017 due to the loss suffered. Foreign exchange fluctuation risk 1 Complete definitions of the ratings assigned are available at and in other CARE publications. 1 CARE Ratings Limited
2 Since the company is engaged in international business transaction such as exporting, fluctuations in the currency value has a significant impact on the bottom line. When exchange rates take an unfavourable turn, it results in the company receiving less from its customers. However, the company has natural hedge to certain extent and it also utilizes packaging credit facility in foreign currency to mitigate the risk of foreign currency fluctuation to an extent. Exposure to volatile prices of yarn The spinning units are exposed to the price risk of raw material. Yarn units are required to keep stock of sufficient cotton inventory to meet the demand. These units also tend to purchase cotton when the prices are relatively favorable and build up the stock. This results in the need to fund the pile up inventory. Also the price fluctuation linked to monsoon, increasing manufacturing cost and the demand & supply dynamics causes cotton prices tend to move sharply. Working capital intensive nature of operations The operating cycle of the company improved from 115 days in FY16 to 106 days in FY17. Due to reduced orders from overseas market, the company s interstate sales increased, which resulted in improved collection period from 50 days in FY16 to 44 days in FY17. The company procures raw materials based on the orders received. The yarn purchased is weaved, dyed and stitched before storing as finished goods. Since the fabric needs to go through different phases, the raw materials are stored for about 100 days, which resulted in elongated operating cycle. The working capital facility utilization faced fluctuations according to the order execution. The average working capital utilization stood at 90% for the last 12 months ended September Key Rating Strengths Long experience of promoter in textile industry Mr.A.Palanisamy (Chairman) has nearly five decades of experience in the textile industry since He started the business as a proprietorship firm and has established ETPL in The company is closely held with family members of Mr. A Palanisamy acting as directors. The day to day activities of the company is managed by Mr.P.Karthikeyan along with other directors who are ably supported by well qualified and experienced staff members. Established relationship with customers and suppliers ETPL has established good relations with its suppliers and customers, leveraging on the vast experience of the promoter. ETPL earlier used to import yarn from China, Singapore and Italy and now the company purchases yarn only from local suppliers due to competitive price. Diversified product offerings resulting in increased revenues ETPL generates revenue from sale of fabrics, home textiles, garments (shirts and pants) and job work income. The major component of revenue for the company is from sale of home textiles. The jobwork income is derived from dyeing of yarn and fabrics, sizing, weaving and stitching of fabrics. Analytical Approach: Standalone Applicable Criteria: Criteria on assigning Outlook to Credit Ratings CARE s Policy on Default Recognition Financial ratios NonFinancial Sector Rating Methodology Manufacturing Companies Criteria for Short Term Instruments About the Company Emperor Textiles Private Limited (ETPL) is a Tirupur (Tamilnadu) based textile company incorporated in 2005 by Mr. A. Palanisamy. Mr. A. Palanisamy initially started the business of manufacturing and sale of home textiles as a proprietorship 2 CARE Ratings Limited
3 firm in Later on, the proprietorship firm converted into a partnership firm with his relatives as partners. The firm gradually started manufacturing of other products like fabrics, shirts, garments, home textiles and other textile products from 2004 onwards. In 2005, the partnership firm was converted into private limited company. The directors of the company at the time of incorporation were Mr. A. Palanisamy, Mr. P. Karthikeyan, Mr. P. Krishnaraj and Ms. P. Vimala. The shares held by Mr. P. Krishnaraj were transferred as gift in favour of Mr. P. Karthikeyan and Ms. SujiniKamatchi in equal proportion with effect from June 26, Mr. P. Krsihnaraj has resigned from his position. Mr. P. Krishnaraj has established a proprietorship concern in the name of Emperor Textile Processors (ETP), which deals with dyeing of fabric. ETPL gets the fabric dyed from ETP through job work order. Brief Financials FY16 (A) FY17 (A) Total operating income PBILDT PAT Overall gearing (times) Interest coverage (times) A: Audited Status of noncooperation with previous CRA: Nil Rating History for last three years: Please refer Annexure2 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 riskreturn 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 Annexure1: Details of Instruments/Facilities Name of the Instrument Date of Issuance Coupon Rate Maturity Date Size of the Issue Rating assigned along with Rating Outlook Fundbased LTTerm 0.23 CARE B+; Fundbased LTCash 3.00 CARE B+; Credit Fundbased STEPC/PSC 9.00 CARE A4 Fundbased STFBN / FBP Fundbased LTTerm CARE A CARE B+; Annexure2: Rating History of last three years Sr. No. Name of the Instrument/Bank Facilities 1. Fundbased LTTerm Type Current Ratings Amount Outstanding Rating LT 0.23 CARE B+; Rating history )CARE BB; )CARE BB (24Aug15) Fundbased LTCash Credit LT 3.00 CARE B+; 1)CARE BB; 1)CARE BB (24Aug15) 3. Fundbased STEPC/PSC ST 9.00 CARE A4 1)CARE A4 1)CARE A4 (24Aug15) 4. Fundbased STFBN / FBP ST CARE A4 1)CARE A4 1)CARE A4 (24Aug15) 5. Fundbased LTTerm LT 2.48 CARE B+; 1)CARE BB; 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. 5455, First Floor, Phase 11, Sector 65, Mohali Chandigarh Cell: Tel: / 09 anand.jha@careratings.com CHENNAI Unit No. O509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai Cell: Tel: / 0811 COIMBATORE T3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore Tel: / Tel: ramesh.bob@careratings.com JAIPUR Mr. Nikhil Soni 304, Pashupati Akshat Heights, Plot No. D91, 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, E1 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, 36502, Himayat Nagar, Hyderabad Cell : CARE Ratings Limited
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