Shapoorji Pallonji and Company Private Limited (Revise) October 25, (Rs. crore) *
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1 Ratings Instruments Commercial Paper (CP) / Short Term Debt (STD) Issue Total Shapoorji Pallonji and Company Private Limited (Revise) Amount * October 25, 2017 Ratings 1 CARE A1+ (A one plus) (Rupees Two Thousand Five Hundred crore only) Details of instruments/facilities in Annexure-1 *within an overall Short Term Facility limit (including STD / CP issue) of Rs crore Detailed Rationale & Key Rating Drivers Rating Action Assigned The rating assigned to the Short Term Facility limit of Shapoorji Pallonji and Company Private Limited (SPCPL) principally derives strength from SPCPL being part of resourceful Shapoorji Pallonji group (SP group, refers to companies ultimately held by Mr. Shapoor P Mistry and Mr Cyrus P Mistry). The rating derives strength from the company s proven track record in the construction, infrastructure & real estate space, its well diversified and improved order book position, healthy revenue visibility over the medium term. Further, with companies increased focus on projects overseas with favourable payment terms is expected to maintain adequate liquidity in the short and medium term. Strong financial flexibility of Shapoorji Pallonji group, through its investments in subsidiaries, with considerably high level of unlocked value of land parcels, ability to monetize the same. Investments such as the 18.37% stake in Tata Sons Ltd. (TSL, holding company of the Tata Group) significantly enhance credit profile of SPCPL. The above rating strengths are however, tempered by subdued profitability, leveraged capital structure and increasing financial support extended to the group companies. Ability of SPCPL to improve its operational profitability, manage working capital efficiently and unlock the optimum value from its various assets on a timely basis constituted the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Strong and resourceful promoter group The Shapoorji Pallonji group is one of the India s oldest and well reputed business groups in the construction, infrastructure and real estate space, with more than 150 year history. As the group s flagship company, Shapoorji Pallonji & Company Pvt Ltd (SPCPL) benefits from vast experience of its highly qualified promoters and management as well as from the group s resourcefulness. Strong customer base and healthy revenue visibility over the medium term with well-diversified order book Over the years, SPCPL has demonstrated its ability to execute large scale complex projects in various domains both in India as well as overseas; and has thereby developed long standing relationships with strong and reputed clientele enabling it to get repeat orders. 1 Complete definition of the ratings assigned are available at and other CARE publications 1 CARE Ratings Limited
2 At a standalone level, the construction business remains the mainstay of SPCPL, accounting for over 90% of SPCPL s revenues. As on June 30, 2017 the order book stood at ~Rs. 29,400 crore (as against ~Rs. 27,000 crore as on December 31, 2016), thereby imparting strong revenue visibility over the next 3-4 years. High financial flexibility SPCPL holds several land parcels in the country with market value which offer substantive appreciation over its book value at present, which can be monetized from time to time in order to improve its financial profile or see through the industry downturns. Additionally, the company has large number of long term investments held through its subsidiaries, JVs and associates in diverse fields such as construction, electrical contracting, water purification, infrastructure development etc. The Shapoorji Pallonji group is also the largest private shareholder of Tata Sons Ltd (TSL, holding company of the Tata group) with 18.37% stake, providing substantial financial flexibility to the various group companies and strengthening its credit profile. Key Rating Weaknesses Leveraged capital structure albeit with moderately improving operating cycle With the government policy and improvement in various stalled projects, SPCPL managed to register a significant annual growth in revenue in FY16 backed by execution of its healthy order book. The operating cycle of the company was stretched on account of increase in input prices and sluggish receivables led to subdued profitability. To counter this, the company has decided to focus on segments such as design and built contracts and overseas markets where the margins are higher. Significant investments in long gestation projects through subsidiaries/associates/jvs and support extended to them in the form of guarantees The total Guarantees (Financial & Performance) extended by SPCPL in respect of various obligations of its group companies went down in FY16 as compared to in FY15. It is expected that most of the contingent liabilities (corporate guarantees, performance and financial) shall continue in the near future or drop off as per their scheduled timelines. However, given the past track record of the Shapoorji Pallonji group, the group s high financial resourcefulness and demonstrated execution capability, the event of these liabilities crystallising on SPCPL appears to be less probable. Most of the borrowings of the SP group are backed by project cashflows. Analytical approach While SPCPL s core operations are EPC in nature, it is also the holding company for its various group companies. Consequently, it has extended substantial financial support to its subsidiaries/ associates/jvs, in the form of investments/ guarantees which are also factored in the credit assessment. Applicable Criteria 1. Criteria on assigning Outlook to Credit Ratings 2. CARE s Policy on Default Recognition 3. Rating Methodology: Factoring Linkages in Ratings 4. Short Term Instruments 5. Financial ratios Non-Financial Sector 2 CARE Ratings Limited
3 About the Company SPCPL, the holding-cum-operating and the flagship company of the Shapoorji Pallonji Group (SP Group, refers to companies ultimately held by Mr. Shapoor P. Mistry and Mr. Cyrus P. Mistry). SPCPL is equally held by Mr. Shapoor P. Mistry and Mr Cyrus P. Mistry through the group s investment companies. The Shapoorji Pallonji group is an extensive conglomerate with business interests in several sectors such as real estate, coal mining, power, ports, roads, biofuels & agriculture, shipping & logistics, consumer products, textiles etc. Most of Shapoorji Pallonji groups businesses are held by SPCPL as subsidiaries, JVs and associates. During its 150 years of operations, Shapoorji Pallonji group has built diverse civil and engineering structures like factories, nuclear waste handling establishments, stadiums and auditoriums, airports, hospitals, hotels, housing complexes, water treatment plants, roads and power plants, Floating Production Storage and Offloading (FPSO) around the world. As on March 31, 2017 the operations are carried out through 246 subsidiaries, 16 associates and 70 JVs of the group. Construction division continues to focus on quality clients in the domestic and international markets. Besides, real estate is very selective with the focus on affordable, premium housing in major cities. In the recent past the group has focused on growing their Design and Build (D&B) order book which would allow greater margins on contracts alongwith an increased focus on government projects (healthcare, water, education, etc.) Status of non-cooperation with previous CRA: Not applicable Rating History (Last three years): Please refer Annexure- 2 Shapoorji Pallonji and Company Pvt Ltd. (SPCPL) Standalone basis Brief Financials FY15 (A) FY16 (A) Total operating income PBILDT PAT Overall gearing (times) Interest coverage (times) A: Audited (Rs crore) 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: Ms. Rajashree Murkute Tel: rajashree.murkute@careratings.com **For detailed Rationale Report and subscription information, please contact us at 3 CARE Ratings Limited
4 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 Commercial Paper (CP) / Short Term Debt (STD) Issue Date of Issuance Coupon Rate - - Maturity Date 7 days upto 1 year *within overall Short Term Facility limit (including CP/STD issue) of Rs crore Size of the Issue Rating assigned * CARE A1+ Annexure-2: Rating History of last three years Sr. No Name of the Instrument/Bank Facilities Commercial Paper / ST Debt Debentures: Proposed Non- Convertible Debentures Current Ratings Type Amount Rating Outstanding Rating history ST CARE A LT CARE AA+; Stable 1)CARE AA+; Stable (24-Apr-17) - 1)CARE AA+ 1)CARE AA+ (09-Feb-16) (06-Feb-15) 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: / 09 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: / 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 HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, , Himayat Nagar, Hyderabad Cell : CARE Ratings Limited
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