Viraj Exports Private Limited
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- Allen Chase
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1 Rating Viraj Exports Private Limited November 03, 2017 Bank Facilities Amount Rating 1 Rating Action Short-term Bank Facilities (Enhanced from Rs crore) CARE A4 (A Four) Reaffirmed Total (Rupees Fifteen crore fifty lakh only) Long-term Bank Facilities - - Withdrawn Details of instruments/facilities in Annexure-1 Due to absence of adequate information and cooperation from Viraj Exports Private Limited, CARE had earlier reviewed the ratings based on best available information and denoted the rating(s) as CARE B+/A4; ISSUER NOT COOPERATING. However, the company has now submitted the requisite information to CARE. CARE has carried out a full review of the rating and the rating(s) stand at CARE A4. Detailed Rationale and key rating drivers The ratings assigned to the bank facilities of Viraj Exports Private Limited (VEPL) are primarily constrained by the small and fluctuating scale of operations with low net worth base, customer concentration risk, leveraged capital structure and weak coverage indicators. The ratings are further constrained by working capital intensive nature of operations, exposure in European countries with fluctuating raw material prices and fragmented & competitive nature of textile industry. The ratings, however, draw comfort from experienced promoters along long track record of operations, established business relations and moderate profitability margins. Going forward; ability of the company to profitably increase its scale of operations while improving the capital structure, manage its working capital requirements to supports the growing scale of operations shall be the key rating sensitivities. Detailed description of the key rating drivers Key rating weakness Small and fluctuating scale of operation with low net worth base: The scale of operations of the company has remained small marked by total operating income and gross cash accruals of Rs crore and Rs.0.99 crore respectively during FY17 (the period refer to April 1 to March 31). The company s net worth base was remained relatively small at Rs.3.75 crore as on March 31, The small scale limits the company s financial flexibility in times of stress and deprives it from scale benefits. Furthermore, company s total operating income has been fluctuating over the past three years (FY15-FY17). TOI has registered a decline in FY16 on account of slow down witnessed in European market. However, the total operating income registered growth in FY17 over previous year owing to higher quantity sold due to increased demand from the existing customer base coupled with addition of new customer base. The company has achieved TOI of Rs crore in 6MFY18 (the period refers to April 1 to September 30). Customer concentration risk and exposure in European countries: VEPL is engaged in the manufacturing and export of readymade garments for ladies mainly to brands in Europe. Due to a high geographic concentration, the company is also exposed to unfavorable changes in the government policy of that country. The top three customers of the company accounted for more than 98% of sale during FY17 exposing the company to client concentration risk. This also exposes the company s revenue growth and profitability to its customer s future growth plans. However, the company has been getting the repetitive orders for the last 7-8 years from its clients. This long-term and close relationship with its clients is reflective of the company s demonstrated ability to provide quality products. Leveraged capital structure and weak coverage indicators: The capital structure of the company continues to remain leveraged mainly on account of high reliance on external borrowings to meet its working capital requirements coupled with low net worth base. Overall gearing ratio stood at 4.09x respectively as on March 31, 2017 as against 9.24x in as on 1 Complete definitions of the ratings assigned are available at and in other CARE publications 1 CARE Ratings Limited
2 March 31, 2016 mainly on account of addition of equity share capital, accretion of profits to reserves along with repayment of unsecured loans. The coverage indicators remained weak marked by interest coverage and total debt to gross cash accruals of 1.61x and 15.43x respectively for FY17 on account of high interest cost owing to high debt levels against the given profitability position. Working capital intensive nature of operations: Operations of the company are working capital intensive with average operating cycle of 188 days for FY17. The company maintains adequate inventory of raw material and work-in-progress for manufacturing of garments as it is an extensive production process (like cutting, stitching, embroidery, washing, and packaging), the same results into average inventory of around 7 months in FY17. VEPL offer reasonable credit period of around days to its customers due to competitive nature of industry. This apart, VEPL gets credit period of around days from its suppliers. The operations of the company are working capital intensive in nature which is largely met through bank borrowings, the same resulted into fully utilization of its working capital limits during the past twelve months ending September Fluctuating raw material prices: The main raw material of the company is cotton fabric (agro commodity) and polyester fabric (derivative of crude). The raw material prices are dependent on various factors like government policies viz. export guidelines, regularity of monsoon and global prices of crude; any change in the factors will lead to fluctuation in the prices. And volatility in the prices can have direct impact on the profitability margins of the company. Fragmented and competitive nature of textile industry: Low entry barriers and low investment requirement makes the industry highly lucrative and thus competitive. Smaller companies in general are more vulnerable to intense competition due to their limited pricing flexibility, which constrains their profitability as compared to larger companies who have better efficiencies and pricing power considering their scale of operations. Key rating strengths Experienced promoters with long track record of operations: VEPL was incorporated in the year 1987 is into the business of manufacturing and export of readymade ladies garments and thus have a long track record of operations in the business. The promoters of VEPL Mr. Shiv Bhargava and Mrs. Neeru Bhargava have been associated with the company since inception and have a total experience of more than four decades and three decades respectively. Mr. Shiv Bhargava looks after the marketing and designing operations while Mrs. Neeru Bhargava looks after the production department of the company. Established business relations: VEPL has established client base located in Europe (UK, Spain, Italy and France) and has an eight year long relationship with the customers in these countries. The company enjoys repeated orders from these clients year on year. Brands like Zara, Mango, Forever 21, Promod, Primark etc. are associated with the company from very long. Moderate profitability margins: The profitability margins of the company have stood moderate at around 8.50% for past two financial years (FY16-FY17) Further, PAT margin stood at 2.57% in FY17 as against 1.37x in FY16 owing to higher PBILDT and lower depreciation cost. Analytical Approach: Standalone Applicable criteria: CARE s Policy on Default Recognition Criteria for Short Term Instruments CARE s Rating Methodology- wholesale Trading Financial ratios Non-Financial Sector About the company Noida, Uttar Pradesh based Viraj Exports Private Limited (VEPL) was incorporated in The company was promoted by Mr. Shiv Bhargava and Mrs. Neeru Bhargava. VEPL is a manufacturer and exporter of readymade garments for ladies such as tops, blouses, pants, shirts, bags, accessories; 70% of the mainline product consists of tops and blouses in FY17. The manufacturing facility is located in Noida, Uttar Pradesh with combined installed capacity of 15,00,000 pieces per month as on September 30, VEPL s has customer base in European countries like UK, Italy, Spain, Slovakia & France and has long standing association with its clients. The main raw material for the company is fabric which is procured from manufactures and traders located in Delhi. 2 CARE Ratings Limited
3 Brief Financials FY16 (A) FY17 (A) Total operating income PBILDT PAT Overall gearing (times) Interest coverage (times) 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 for any clarifications. Analyst Contact Name: Mr Achin Nirwani Tel: **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 - ST-PC/Bill Discounting Fund-based - ST-Line of Credit Fund-based - LT-Working Capital Demand loan Date of Issuance Coupon Rate Maturity Date Size of the Issue CARE A CARE A Withdrawn Rating assigned along with Rating Outlook Annexure-2: Rating History of last three years Sr. No. Name of the Instrument/Bank Facilities 1. Fund-based - ST-PC/Bill Discounting 2. Fund-based - ST-Bills discounting/ Bills purchasing 3. Fund-based - ST-Line of Credit 4. Fund-based - LT- Working Capital Demand loan Type Current Ratings Amount Rating Outstanding Rating history ST CARE A4 ; ISSUER ; ISSUER ST 1.50 CARE A4 ; ISSUER LT - - 1)CARE B+; ISSUER 1)CARE B )CARE B )CARE B+ 2)CARE B 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 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 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: / 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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