Rating Rationale
June 28, 2019 | Mumbai
E.I.D. Parry India Limited
Ratings Reaffirmed
Rating Action
Total Bank Loan Facilities Rated Rs.1955.2 Crore
Long Term Rating CRISIL AA-/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
Rs.200 Crore Non Convertible Debentures CRISIL AA-/Stable (Reaffirmed)
Rs.100 Crore Non Convertible Debentures CRISIL AA-/Stable (Reaffirmed)
Rs.950 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 ratings on the bank facilities and debt instruments of E.I.D. Parry India Limited (EID Parry) at 'CRISIL AA-/Stable/CRISIL A1+'.
EID Parry's business performance is expected to post gradual recovery in fiscal 2020 supported by full year benefit of minimum selling price revision to Rs 31 per kg in February 2019, export offtake incentives and expectation of lower sugar production in sugar season (SS) 2019-20, even as March 2019 sugar inventory remains high for the industry. Besides, the performance at Parry Sugars Refinery India Private Ltd (PSRIPL, rated 'CRISIL AA-(SO)/CRISIL A+/Stable/CRISIL A1'), its refinery subsidiary is expected to be much better in fiscal 2020 as spreads have been locked in at higher than current trending rates for substantial volumes; earlier in fiscal 2019, the refinery reported sub-par performance due to weak global sugar prices and delay in off-take by its customers following falling spreads. Continuation of supportive Government policies will be critical for improvement in EID Parry's business performance in fiscal 2020.
Earlier, in fiscal 2019, overall performance remained subdued due to low domestic sugar prices, modest contribution from its distillery operations and weak performance at PSRIPL. However losses gradually reduced through the last quarter of fiscal 2019 supported by various Government measures.
Moreover, EID Parry received Rs. 338 crore cash proceeds from the sale of bio-pesticides business in the first quarter of fiscal 2019 and dividend income of about Rs 115 crore from its subsidiaries in fiscal 2019. This helped partly offset the moderation in business cash accruals during the fiscal.
Total debt increased to about Rs 2,150 crore as on March 31, 2019 as compared to Rs 1,735 crore as on March 31, 2018. This was following pile up of inventory at PSRIPL, following slower offtake from customers. Debt levels are expected to reduce to around Rs. 1600-1800 crore over the near term with revival of customer orders in PSRIPL. Additional low cost government subsidized long term debt will likely be availed for setting up new ethanol plants in fiscal 2020.
The ratings continue to reflect EID Parry's established market position in sugar business, derived from integrated nature of operations with diversified revenue profile, financial flexibility derived from being part of the Murugappa group, and as holding company of Coromandel International Ltd (CIL, rated 'CRISIL AA+/Stable/CRISIL A1+'). These strengths are partially offset by the susceptibility of its business performance to downturn in the sugar business and to regulatory changes in the sugar industry, sub-par performance of PSRIPL, and its moderate financial risk profile.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of EID Parry with its two subsidiaries namely PSRIPL and US Nutraceuticals LLC (USN). CRISIL has also  moderately consolidated its joint venture (JV) Algavista Greentech Pvt Ltd (Algavista; 'CRISIL BBB+/Stable/CRISIL A2') to the extent of support required over the medium term. This is because these entities are in the similar line of business as EID Parry. CRISIL also believes EID Parry will extend both business and need-based financial support, to scale up operations.

CRISIL has also factored in support from the Murugappa group, since EID Parry is an integral part of the Murugappa group representing the group's presence in sugar industry. The group is also expected to extend financial support in case of exigencies.

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
* Diversified revenue profile due to integrated nature of operations
EID Parry is a large integrated sugar producer. It has the capacity to crush 45,800 tonne per day (TPD) of sugarcane, a co-generation plant of 160 megawatt, distillery of 234 kilo litre per day, and sugar refinery of 3000 TPD (through PSRIPL). Large scale, integrated operations with the power and distillery business along with nutraceuticals provide moderate cushion from cyclicality in the sugar business. Sugar crushing in Tamil Nadu continuously declined in the past 3-4 years, and are expected to marginally improve in the current sugar season. This and volatile sugar prices have led to moderation in EID Parry's performance in the recent past. Performance of PSRIPL has also been muted. However, other businesses (co-generation and distillery) have helped partially stem impact of weak performance of the sugar businesses.

* Financial flexibility, being part of the Murugappa group
EID Parry is one of the leading entities in the Murugappa group of companies. It also derives substantial financial flexibility from being the holding company for CIL. Its 60.56% stake in CIL was valued at almost Rs. 7,300 crores as on June 21, 2019. CIL has a healthy dividend track record, which is expected to continue over the medium term. EID Parry received dividend of almost Rs.400 crores between fiscal 2016 and 2019; steady dividend flows support its overall profits, and helps partly mitigate impact of volatility in its business. The group also enjoys strong reputation with the lending community, which helps entities including EID Parry to raise funds at attractive coupon rates.

* Susceptibility to volatility in sugar prices and regulatory changes
While the input prices are driven by the government, sugar prices are volatile and based on open market prices (which are dependent on the production levels) leading to volatility in players' profitability. Besides, the government regulates domestic demand-supply through restrictions on imports and exports, and stock holdings.  Regulatory mechanisms and dependence on monsoons have rendered the sugar industry cyclical.

Following a bumper sugar crop in sugar season (SS)2017-18 (October 1 to September 30) and in anticipation of another good season in 2018-19, sugar prices declined to below Rs.30/kg in March 2018, from over Rs.40/kg a year ago, while cane prices too have been increased in keeping with interests of farmers. To lower the impact on sugar mills and stabilize prices, the Government rolled out a series of initiatives such as increasing import duty on raw and white sugar, removing export duty and providing subsidies for sugar exports, creation of buffer stock to absorb excess supply from the market, fixing minimum support price for sugar at Rs 31/ kg till SS 2018-19 (earlier Rs.29/ kg) and soft loans for sugar mills to expand ethanol capacities. Additionally, in its budget in March 2018, the Tamil Nadu government announced adoption of revenue-sharing model for sugarcane pricing for sugar firms in the state. Maharashtra and Karnataka are the only other states which have already migrated to this model, aimed to provide cane farmers with a fair price for their produce.

Though sugar production across the country is expected to slightly reduce in SS 2018-19, surplus inventory from the earlier season is likely to prevent a sharp improvement in sugar realisations. Cane prices though are expected to be hiked due to farmers stress across several sugar growing states, rendering losses for sugar mills even in fiscal 2020. Government interventions will be remain a driver for profitability of sugar mills and continue as a key rating sensitivity factor.

* Sub-par performance of subsidiary, PSRIPL
PSRIPL imports raw sugar predominantly from Brazil, refines the same and exports. PSRIPL's operating performance in fiscals 2018 and 2019 have been severely impacted by weak sugar prices, resulting in net losses. This was due to sizeable inventory losses following decline in global raw sugar prices. Global sugar prices had been on a declining trajectory till September 2018, following higher sugar production from India, Thailand, Pakistan and the European Union. However, following lower sugar production in Brazil amidst increasing diversion of Brazil's sugar output towards ethanol manufacturing, global sugar prices recovered gradually since October 2018, leading to PAT breakeven in the second half of fiscal 2019. Although profitability improved in the second half, losses carried forward from the first six months, still led to ~Rs 85 crore net loss for PSRIPL for fiscal 2019. CRISIL believes that PSRIPL's performance will improve gradually, with losses reducing, but will remain modest over the medium term due to thin margins and large working capital requirements.

* Moderate financial profile
EID Parry's financial performance moderated in fiscal 2019 as cash accruals were impacted following subdued performance of the sugar business and losses in PSRIPL. Further, stockholding restrictions imposed by Government and slowdown in offtake from overseas customers (in PSRIPL) led to pile up of inventory, a large portion of which was funded through bank borrowings.

In addition to routine capex of about Rs.50-60 crore annually, the company is expected to incur capex of about Rs 150-200 crore in fiscals 2020 and 2021, towards setting up of new ethanol capacities by availing soft loans announced by the Government (which allows for interest subvention of 5 years including moratorium of 1 year).

Short term debt levels are expected to reduce with gradual liquidation of inventory in PSRIPL, with revival of offtake from customers. Overall, debt levels to improve to Rs.1600-1800 crores over the medium term. Besides, part of EID Parry's debt is also through subsidized loans from Government carrying 7% interest subvention. This should in turn keep interest expenses under control.

Nevertheless, EID's financial risk profile is expected to remain moderate over the medium term due to only gradual recovery in cash flows and high debt levels, in turn leading to modest though improving credit metrics.

Steady dividend inflows from CIL and proceeds expected from sale of land parcel in Pondicherry will additionally support overall cash flows.

EID Parry's liquidity is moderate. While operating cash flow has been moderate, liquidity is supported by access to large unutilized bank lines, steady dividend inflows from CIL, and company's strong refinancing ability. The company had long term repayment obligations of around Rs 450 crore in fiscal 2019, which has been serviced through a mix of refinancing (Rs 200 crore) and internal accruals. Further, it has long term obligations of around Rs. 240 crore in fiscal 2020, which too is expected to be partly refinanced, as cash accruals may not entirely suffice.
EID Parry also has access to fund based limits of Rs. 1000 crore, utilized to the tune of 24% on an average over the 12 months ended January 2019. Nevertheless, EID Parry's strong relationship with the lending community, and demonstrated ability to monetize non-core assets including land, is expected to enable it to overcome any cash flow mismatches.

Outlook: Stable

CRISIL believes EID Parry's business performance and credit metrics will witness gradual recovery in fiscal 2020. While debt levels are expected to reduce over the near term, it will be relatively high, thus credit metrics are likely to remain sub-par albeit the improvement. Steady dividend flow from CIL will continue to support cash flows. Support from Murugappa group is also expected to be forthcoming, if required.

Upside Scenario:
* Improvement in business performance, resulting in higher cash generation in sugar operations, including at PSRIPL, and better contribution from by-products and ethanol facilities
* Continued correction in debt levels, which along with healthy cash generation, leading to better key credit metrics.

Downside Scenario:
* Slower than expected reduction in inventory or higher than expected capital expenditure leading to debt continuing to be over Rs 1,800 crore, further impacting credit metrics
* Sharper than expected decline in sugar prices or sizeable increase in cane prices, impacting operating profitability and cash generation.

About the Company

EID Parry is part of the Rs.33000 crore Chennai based Murugappa group. The group has diverse business activities that include abrasives, automotive components, cycles, sugar, farm inputs, fertilizers, plantations, construction and bio-products.

EID Parry represents the group's sugar manufacturing interests. The promoters held 45% stake in the company as on March 31, 2019. EID Parry acquired 76% stake in Karnataka-based SSL for Rs.49.62 crores in October 2009, and increased the stake to 100% in September 2011 for Rs.18.0 crores. In May 2014, SSL was merged with EID Parry (effective from April 1, 2013). In 2010, EID Parry acquired 65% stake in GMR Industries Ltd (which was subsequently renamed Parry Sugar Industries Limited (PSIL)) for Rs.98.87 crores. In March 2013, the company completed the merger of two of the three mills of PSIL, at Haliyal in Karnataka and at Sankili in Andhra Pradesh, with itself (effective April 1, 2012). In April 2017, the third mill in PSIL was also merged with EID Parry (effective from April 1, 2016).

In December 2017, EID Parry announced slump sale of its in-house bio-pesticides business along with its entire stake in fully owned subsidiary ' Parry America Inc, USA to CIL for a total purchase consideration of Rs 338 crore, which was received in April 2018. The company has also announced a 50:50 JV with Synthite Industries Private Limited (rated 'CRISIL AA-/Positive/CRISIL A1+'). The JV will be involved in manufacturing value added algae products. EID Parry's investment in the JV will be the tune of Rs 11 crore.

On a standalone basis, EID Parry's net profit was Rs. 163 crores on operating revenues of Rs. 1,855 crores for fiscal 2019, against net profit of Rs. 101 crores on operating revenues of Rs. 1,930 crores during the previous fiscal.

Key Financial Indicators (Consolidated)*
Particulars Unit 2018 2017
Revenue Rs crore 4,553 4,370
Profit after tax (PAT) Rs crore 29 298
PAT margin % 0.6 6.8
Adjusted debt/ adjusted net worth Times 1.5 1.6
Interest coverage Times 2.0 3.2
*For ratings purpose, CRISIL has consolidated the financials of EID Parry with PSRIPL and USN as these two subsidiaries are in the same line of business as EID Parry. 

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Cr) Rating Assigned with Outlook
NA Debenture@ NA NA NA 200  CRISIL AA-/Stable
INE126A07251 Debenture 27-Apr-18 8.25% 27-Apr-21 100 CRISIL AA-/Stable
NA Commercial Paper NA NA 7-365 Days 950 CRISIL A1+
NA Bank Guarantee^ NA NA NA 190 CRISIL A1+
NA Cash Credit# NA NA NA 400 CRISIL AA-/Stable
NA Letter of Credit* NA NA NA 50 CRISIL A1+
NA Long Term Loan NA NA 30-Apr-24 103.79 CRISIL AA-/Stable
NA Long Term Loan NA NA 30-Apr-24 221.27 CRISIL AA-/Stable
NA Proposed Long Term Bank Loan Facility NA NA NA 591.54 CRISIL AA-/Stable
NA Proposed Fund Based Bank Limits NA NA NA 150 CRISIL AA-/Stable
NA Proposed Non Fund Based Bank Limits NA NA NA 248.6 CRISIL A1+
#50% interchangeable to non-fund based working capital limits. 
^Interchangeable with letter of credit and fund based working capital limits.
*Interchangeable with bank guarantee and fund based working capital limits.
@Yet to be placed
Annexure - List of Entities Consolidated
Name of Entity Extent of Consolidation Rationale for Consolidation
Parry Sugars Refinery India Private Limited Full Wholly owned subsidiary, business synergies
US Nutraceuticals LLC Full Wholly owned subsidiary, business synergies
Algavista Greentech Private Limited Moderate (To the extent of support towards equity commitment and cost overrun during construction and cash flow mismatches during operations) 50% JV, business synergies
Annexure - Rating History for last 3 Years
  Current 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  950.00  CRISIL A1+  02-05-19  CRISIL A1+  31-12-18  CRISIL A1+  29-12-17  CRISIL A1+    --  -- 
        25-04-19  CRISIL A1+  16-08-18  CRISIL A1+           
        07-03-19  CRISIL A1+  26-03-18  CRISIL A1+           
Non Convertible Debentures  LT  100.00
CRISIL AA-/Stable  02-05-19  CRISIL AA-/Stable  31-12-18  CRISIL AA-/Stable  29-12-17  CRISIL AA-/Stable  22-12-16  CRISIL A+/Stable  CRISIL A+/Stable 
        25-04-19  CRISIL AA-/Stable  16-08-18  CRISIL AA-/Stable  14-07-17  CRISIL AA-/Stable  26-05-16  CRISIL A+/Stable   
        07-03-19  CRISIL AA-/Stable  26-03-18  CRISIL AA-/Stable  26-05-17  CRISIL AA-/Stable       
Short Term Debt (Including Commercial Paper)  ST              14-07-17  CRISIL A1+  22-12-16  CRISIL A1+  CRISIL A1+ 
                26-05-17  CRISIL A1+  26-05-16  CRISIL A1+   
Fund-based Bank Facilities  LT/ST  1466.60  CRISIL AA-/Stable  02-05-19  CRISIL AA-/Stable  31-12-18  CRISIL AA-/Stable  29-12-17  CRISIL AA-/Stable  22-12-16  CRISIL A+/Stable  CRISIL A+/Stable/ CRISIL A1+ 
        25-04-19  CRISIL AA-/Stable  16-08-18  CRISIL AA-/Stable  14-07-17  CRISIL AA-/Stable  26-05-16  CRISIL A+/Stable/ CRISIL A1+   
        07-03-19  CRISIL AA-/Stable  26-03-18  CRISIL AA-/Stable  26-05-17  CRISIL AA-/Stable       
Non Fund-based Bank Facilities  LT/ST  488.60  CRISIL A1+  02-05-19  CRISIL A1+  31-12-18  CRISIL A1+  29-12-17  CRISIL A1+  22-12-16  CRISIL A1+  CRISIL A1+ 
        25-04-19  CRISIL A1+  16-08-18  CRISIL AA-/Stable/ CRISIL A1+  14-07-17  CRISIL A1+  26-05-16  CRISIL A1+   
        07-03-19  CRISIL A1+  26-03-18  CRISIL A1+  26-05-17  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
Bank Guarantee^ 190 CRISIL A1+ Bank Guarantee^ 190 CRISIL A1+
Cash Credit# 400 CRISIL AA-/Stable Cash Credit# 400 CRISIL AA-/Stable
Letter of Credit* 50 CRISIL A1+ Letter of Credit* 50 CRISIL A1+
Long Term Loan 325.06 CRISIL AA-/Stable Long Term Loan 325.06 CRISIL AA-/Stable
Proposed Fund-Based Bank Limits 150 CRISIL AA-/Stable Proposed Fund-Based Bank Limits 150 CRISIL AA-/Stable
Proposed Long Term Bank Loan Facility 591.54 CRISIL AA-/Stable Proposed Long Term Bank Loan Facility 591.54 CRISIL AA-/Stable
Proposed Non Fund based limits 248.6 CRISIL A1+ Proposed Non Fund based limits 248.6 CRISIL A1+
Total 1955.2 -- Total 1955.2 --
#50% interchangeable to non-fund based working capital limits. 
^Interchangeable with letter of credit and fund based working capital limits.
*Interchangeable with bank guarantee and fund based working capital limits
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 Sugar 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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