Rating Rationale
November 06, 2020 | Mumbai
Century Textiles and Industries Limited
Rated amount enhanced
 
Rating Action
Total Bank Loan Facilities Rated Rs.1725 Crore (Enhanced from Rs.1617.23 Crore)
Long Term Rating CRISIL AA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Rs.400 Crore Non Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.700 Crore Non Convertible Debentures CRISIL AA/Stable (Withdrawn)
Rs.1000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has reaffirmed its 'CRISIL AA/Stable/CRISIL A1+' ratings on the bank facilities and debt instruments of Century Textiles and Industries Limited (Century). CRISIL has also withdrawn its rating on Rs 700.00 crore non-convertible debentures which have been fully redeemed. The rating withdrawal is in line with CRISIL's policies on withdrawal of ratings.
 
Century's operating income declined 10% year-on-year to Rs 3,376 crore in fiscal 2020, mainly on account of lower offtake in the last fortnight of March 2020, amidst the nationwide lockdown and continued lower realisations in the paper and textile segments. Consequently, earnings before interest, tax, depreciation and amortisation (EBITDA) margin softened to 15.4% in fiscal 2020, as compared to 20.4% in the last fiscal and gearing increased to 0.38 time from 0.31 time, respectively. The plant shutdown for about a month on account of lockdowns imposed to contain the pandemic and subdued demand in the paper and textile segments impacted the company's operating performance in the first half of fiscal 2021, with 43% decline in operating income to Rs 1,007 crore and EBITDA margin of 7.29%, as compared to 19.23% during the same period last year.
 
CRISIL expects gradual recovery across business segments in the second half of this fiscal and hence overall moderate operating performance during the fiscal 2021. CRISIL expects revenue to decline about 20% year-on-year in fiscal 2021 and operating margin at about 10% on account of lower fixed cost absorption in the first half and continued lower realisations, although gradual pick-up in demand is expected in the paper and textile segments. The pandemic's impact on the company's business and financial risk profiles is likely to be temporary, with recovery expected to pre-pandemic levels from fiscal 2022, given the established brand, diversified presence in paper and textile segments and full-year benefit of commercialisation of tissue paper plant at double capacity.
 
Century's real estate business through Birla Estate Pvt Ltd (BEPL) continues to generate steady lease rental income of Rs 145 crore from its commercial properties in Mumbai. Furthermore, the company has healthy sales booking and cash flow visibility in the residential real estate projects, thereby resulting in comfortable cash flow position with minimum reliance on external debt. As on September 30, 2020, 88% of flats were booked in its residential project (Birla Vanya Phase-1) in Kalyan, Mumbai, and 32% booked in Birla Alokya project in Whitefield, Bengaluru. The construction activities have resumed after shutting down during the nationwide lockdown in March and April 2020, thereby providing cash flow visibility. Besides, the company had announced joint development agreements (JDA) for projects in Gurugram, Haryana, with Anant Raj Ltd (Birla Navya) and at Magadi Road, Bengaluru.
 
The investment required in residential real estate development is expected to be nearly Rs 400 crore per annum (Rs 150 crore in fiscal 2021), given the asset-light model adopted, with projects launched on owned land bank or with JDAs. In fiscal 2021, the company will be focussing on executing existing projects and is not planning to enter into new JDAs. Continued customer advances from healthy sales bookings and cash flow from the manufacturing business are expected to be adequate to meet the construction cost and investment requirements over the near to medium term and will remain a key monitorable.
 
The company continues to benefit from business diversity, with increased share of higher-margin paper business, well supported by textile and commercial real estate businesses. The ratings are also supported by Century's strong financial risk profile. Furthermore, the ratings benefit from strong, need-based and timely financial support from the Aditya Birla (AB) group.

These strengths are partially offset by exposure of the residential real estate development business to demand and implementation risks, although it is mitigated by the group's development track record in commercial real estate and focus on quality and timely project completion. Also, the commoditised nature of businesses and susceptibility to intense competition and cyclical business conditions, renders some volatility to its paper and textile businesses.

Analytical Approach

* CRISIL has applied its criteria for notch-up of ratings based on group support.
* Century's new, wholly owned, real estate subsidiary, BEPL, has been consolidated as part of this analysis.

Please Refer to Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment.

Key Rating Drivers & Detailed Description
Strengths
* Healthy financial risk profile: Century's financial risk profile continues to be healthy, as indicated by sound capital structure and debt protection metrics. The company has gearing of 0.38 time as on March 31, 2020, an increase from 0.31 time a year ago, mainly on account of moderate operating performance in fiscal 2020. CRISIL expects gearing to remain below 0.5 time, despite expected moderation in operating performance in fiscal 2021. The company's debt increased to Rs 1,356 crore as on March 31, 2020 and is expected to sustain at similar levels in fiscal 2021. The company's debt protection metrics continue to be sound, with interest coverage ratio of 6.6 times in fiscal 2020. Furthermore, the financial risk profile is expected to recover to pre-pandemic levels in fiscal 2022. Investments in residential real estate development are expected to be in a phased manner, with initial funding from Century into the JDAs, and a large portion of project cost being funded from customer advances, with low reliance on external debt.  
 
* Diversified business risk profile, supported by established presence in paper and textile segments: Century benefits from its established market position in the pulp, paper, paper board and textile segments. Paper segment is the major revenue contributor at about 72% of total operating income, although realisations and margin have been impacted on account of subdued demand amidst the pandemic. Although operating performance is expected to moderate in fiscal 2021, it is expected to improve from fiscal 2022, with commencement of high-margin tissue plant capacity expansion and improved demand and fixed cost absorption.
 
* Expected steady cash flow from the paper, textile and commercial real estate assets, albeit offset by investment risk from foray into residential segment: Cash flow generation is expected to remain healthy albeit moderated in fiscal 2021 with net cash accrual of Rs 200 crore, which will be adequate to meet debt obligation of Rs 75 crore in fiscal 2021. During the first quarter of fiscal 2021, the company has successfully refinanced maturing non-convertible debentures of Rs 700 crore with low-cost debt. Century ventured into real estate development in 2010. Its 22-storey (15 floors for lease and the rest for car parking) commercial building, Birla Aurora, at Worli in Mumbai, has been fully leased out, and generates steady rentals. Century's second commercial building, Birla Centurion, located at its Worli mill compound, was also fully leased out in fiscal 2020. Both these properties benefit from diversified clientele, long-term lease contracts with in-built escalation of 9-15% every three years and no delays or renegotiations in the current pandemic environment.  Steady annual lease rental income of Rs 145 crore from the commercial real estate assets is expected to support cash flow over the medium term.
 
Century has entered into development of residential projects through a mix of owned land and JDAs, through BEPL. The initial project funding will be done by Century, while a large portion of funding will be from customer advances and only 15-20% from construction loan. BEPL is expected to follow a phase-wise development model with asset-light strategy to capitalise on owned land bank and a cautious growth plan through the JDA route in fiscal 2021. The investment requirement in the residential real estate development is expected to be up to Rs 400 crore per annum (Rs 150 crore in fiscal 2021), which would be met with Century's cash accrual. Nevertheless, the extent of investment in real estate business, ramp-up of projects and the resultant cash flow and debt levels will be key monitorables over the medium term.  
 
* Strong and need-based timely financial support from the AB group: Century benefits from the strong and need-based timely financial support of the AB group. CRISIL believes the promoter group will continue to provide timely financial support in future, in case of exigencies, as has been demonstrated in the past.
 
Weaknesses
* Exposed to demand and implementation risks in the residential real estate business:
BEPL plans to expand substantially in the residential real estate business. In April 2019, it launched a project in Kalyan on owned land, entailing a development plan of about 13 lakh square feet (sq ft), in a phased manner over five years. It also launched a project on owned land in Whitefield, Bengaluru, in October 2019 besides a JDA project in Magadi Road, Bengaluru. In July 2019, BEPL announced a JDA with Anant Raj Ltd to develop about 33 lakh sq ft over the next 7-8 years in Gurugram, Haryana. In fiscal 2021, given the pandemic, BEPL does not have plans to enter into new JDAs. Thereafter, it plans to opportunistically launch or enter into one or two JDAs every year.
 
The residential projects that are planned are at an early stage of development, thus exposing BEPL to demand and implementation risks. The subdued residential real estate environment amidst the pandemic also exposes the company to demand risk, which in turn could impact the overall business profile of the company.
 
Nevertheless, BEPL is expected to benefit from the established Birla brand name, as demonstrated in healthy sales booking of 88% for Phase 1 of the Birla Vanya project within 14 months and 32% for Birla Alokya within nine months of project launch. Furthermore, Century's development track record of completing 6.6 lakh sq ft of Grade A commercial projects in Mumbai, the phased growth strategy and tie-ups with reputed contractors mitigate project implementation risks. Progress on the projects and ramp-up in scale will, nevertheless, be closely monitored.
 
* Commoditised nature of business, intense competition and cyclicality: Century's key businesses of paper and textiles are commoditised, besides being vulnerable to business cycles. This exposes the company's performance to volatile demand conditions and realisations, in addition to variations in input cost, as seen in the past few quarters. Also, its businesses are highly competitive because of the presence of a large number of established and unorganised players. Operating profitability is likely to remain partly susceptible to pricing pressures in both the segments because of intensifying competition, although a direct correlation exists between raw material prices and the finished product.
Liquidity Strong

Liquidity is backed by healthy net cash accrual and prudent working capital management. Liquid surplus was Rs 150 crore as on September 30, 2020, comprising Rs 100 crore in liquid mutual funds. Bank limit utilisation was negligible over the six months through August 2020. Cash flow generation is expected to be strong with average net cash accrual of Rs 200 crore annually in fiscal 2021, which will be adequate to meet debt obligation of Rs 75 crore for the remainder of fiscal 2021, capital expenditure (capex) of Rs 45 crore in manufacturing, as well as investment requirement in the residential real estate business. Low gearing and large networth provide strong financial flexibility. Century is expected to maintain adequate liquidity in the near to medium term.

Outlook: Stable

CRISIL believes Century will sustain its healthy financial risk profile and business diversity over the medium term.
 
Rating Sensitivity Factors
Upward Factors
*
Sustained revenue growth of 15% and operating profitability over 25%
* Steady contribution from the residential real estate business, backed by continued healthy sales momentum and early project implementation
* Improvement in the capital structure, with sustained debt reduction and steady accretion to reserves
 
Downward Factors
* Moderation in business risk profile with decline in revenue and operating profitability falling consistently below 13%
* Large debt raised for manufacturing businesses or funding residential real estate business, resulting in gearing above 0.5 time
* Slower-than-expected sales and cash flow in the ongoing real estate projects
* Higher than expected investments in real estate business.

About the Company

Incorporated in 1897, Century is promoted by Mr BK Birla and remains the flagship company of the BK Birla group. Following equity infusion in March and December 2015, the AB group is a significant stakeholder in the company. As on March 31, 2019, the promoters held 50.21% stake in the company. Mr Kumar Mangalam Birla was appointed as Chairman of the company effective July 20, 2019, following the demise of Mr BK Birla. Century operated a cotton textile mill until 1951. Since then, it has progressively expanded into diverse fields by setting up manufacturing units in rayon, cement and pulp and paper segments. The company also ventured into the real estate business. It manufactures a variety of paper products (including multi-layer packaging board and tissue paper) with total installed capacity of 4.5 lakh tonne per annum. In fiscal 2018, the company incorporated a wholly owned subsidiary, BEPL, to focus on the residential real estate business.

Key Financial Indicators
Particulars Unit 2020 2019*
Revenue Rs.Crore 3,137 3425
Profit after tax (PAT) Rs.Crore 360 6063
PAT margin % 10.7 161.7
Adjusted debt/adjusted networth Times 0.38 0.31
Adjusted interest coverage Times 6.61 9.59
*Cement business being shown as discontinued operations in fiscal 2019

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments and are included (where applicable) in the Annexure -- Details of Instrument in this Rating Rationale. For more details on the CRISIL complexity levels, please visit www.crisil.com/complexity-levels.
Annexure - Details of Instrument(s)
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size
(Rs.Crore)
Complexity Levels Rating Assigned
with Outlook
INE055A07096 Debentures Feb-20 7.95% Feb-2023 400 Simple CRISIL AA/Stable
NA Commercial Paper Programme NA NA 7-365 days 1000 Simple CRISIL A1+
NA Rupee Term Loan NA NA Dec-2024 665 NA CRISIL AA/Stable
NA Fund-Based Facilities NA NA NA 600 NA CRISIL AA/Stable
NA Non-Fund Based Limit NA NA NA 460 NA CRISIL A1+
 
Annexure - Details of Rating Withdrawn 
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size
(Rs.Crore)
Complexity Levels
INE055A07088 Debentures Nov-16 8.29% Apr-2020 700 Simple
 
Annexure - List of Entities Consolidated
Name of Entity Extent of consolidation Rationale
Birla Estate Private Ltd 100% Wholly owned subsidiary
Birla Century Exports Pvt Ltd 100% Wholly owned subsidiary
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  1000.00  CRISIL A1+  29-01-20  CRISIL A1+  04-10-19  CRISIL A1+  09-11-18  CRISIL A1+  18-12-17  CRISIL A1+  CRISIL A1+ 
            30-07-19  CRISIL A1+  14-08-18  CRISIL A1+  31-10-17  CRISIL A1+   
            25-04-19  CRISIL A1+  23-05-18  CRISIL A1+  11-05-17  CRISIL A1+   
            05-02-19  CRISIL A1+  12-04-18  CRISIL A1+  31-03-17  CRISIL A1+   
                15-03-18  CRISIL A1+       
Non Convertible Debentures  LT  400.00
06-11-20 
CRISIL AA/Stable  29-01-20  CRISIL AA/Stable  04-10-19  CRISIL AA/Stable  09-11-18  CRISIL AA/Watch Developing  18-12-17  CRISIL AA-/Watch Positive  CRISIL AA-/Stable 
            30-07-19  CRISIL AA/Stable  14-08-18  CRISIL AA/Watch Developing  31-10-17  CRISIL AA-/Positive   
            25-04-19  CRISIL AA/Watch Developing  23-05-18  CRISIL AA/Watch Developing  11-05-17  CRISIL AA-/Stable   
            05-02-19  CRISIL AA/Watch Developing  12-04-18  CRISIL AA/Stable  31-03-17  CRISIL AA-/Stable   
                15-03-18  CRISIL AA-/Watch Positive       
Fund-based Bank Facilities  LT/ST  1265.00  CRISIL AA/Stable  29-01-20  CRISIL AA/Stable  04-10-19  CRISIL AA/Stable  09-11-18  CRISIL AA/Watch Developing  18-12-17  CRISIL AA-/Watch Positive  CRISIL AA-/Stable 
            30-07-19  CRISIL AA/Stable  14-08-18  CRISIL AA/Watch Developing  31-10-17  CRISIL AA-/Positive   
            25-04-19  CRISIL AA/Watch Developing  23-05-18  CRISIL AA/Watch Developing  11-05-17  CRISIL AA-/Stable   
            05-02-19  CRISIL AA/Watch Developing  12-04-18  CRISIL AA/Stable  31-03-17  CRISIL AA-/Stable   
                15-03-18  CRISIL AA-/Watch Positive       
Non Fund-based Bank Facilities  LT/ST  460.00  CRISIL A1+  29-01-20  CRISIL A1+  04-10-19  CRISIL A1+  09-11-18  CRISIL A1+  18-12-17  CRISIL A1+  CRISIL A1+ 
            30-07-19  CRISIL A1+  14-08-18  CRISIL A1+  31-10-17  CRISIL A1+   
            25-04-19  CRISIL A1+  23-05-18  CRISIL A1+  11-05-17  CRISIL A1+   
            05-02-19  CRISIL A1+  12-04-18  CRISIL A1+  31-03-17  CRISIL A1+   
                15-03-18  CRISIL A1+       
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Fund-Based Facilities 600 CRISIL AA/Stable Fund-Based Facilities 149 CRISIL AA/Stable
Non-Fund Based Limit 460 CRISIL A1+ Fund-Based Facilities 1351 Withdrawn
Rupee Term Loan 665 CRISIL AA/Stable Non-Fund Based Limit 750 CRISIL A1+
-- 0 -- Non-Fund Based Limit 350 Withdrawn
-- 0 -- Proposed Long Term Bank Loan Facility 244.63 Withdrawn
-- 0 -- Rupee Term Loan 718.23 CRISIL AA/Stable
-- 0 -- Rupee Term Loan 2585.44 Withdrawn
Total 1725 -- Total 6148.3 --
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
Rating Criteria for Cement Industry
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Group Support

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