Rating Rationale
July 07, 2020 | Mumbai
Krishna Bhagya Jala Nigam Limited
Rated amount enhanced
 
Rating Action
Total Bank Loan Facilities Rated Rs.7300 Crore (Enhanced from Rs.6300 Crore)
Long Term Rating CRISIL AA-(CE)/Stable (Reaffirmed)
 
Rs.501.60 Crore Bond - Series 2014-B  CRISIL AA-(CE)/Stable (Reaffirmed)
Rs.248.40 Crore Bond - Series 2014-C  CRISIL AA-(CE)/Stable (Reaffirmed)
Rs.644.50 Crore Bond - Series 2014-A** CRISIL AA-(CE)/Stable (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
**Amount outstanding as on March 31, 2014
Detailed Rationale

CRISIL has reaffirmed its 'CRISIL AA-(CE)/Stable' rating on the Rs 1,000 crore enhancement in the long-term bank facilities of Krishna Bhagya Jala Nigam Limited (KBJNL).
 
The rating on the enhanced bank limits factors in the unconditional and irrevocable guarantee from the Government of Karnataka, along with a liquidity undertaking that the company will maintain two months of debt servicing to mitigate any potential risk of delay in receipts of funds from the government.  The ratings reflect the credit risk profile of the state government that benefits from healthy economic management, a superior financial risk profile, and a robust tertiary sector. These strengths are partially offset by moderate socio-economic indicators and dependence on rain for irrigation, thus requiring larger state support during a weak monsoon.
 
For Rs 2,300 crore bank lines (including Rs 1,000 crore enhancement), the company has a defined T-structure (T+30 days) where the designated account will be funded at least one day prior to the due date (T-1 days). The lenders have an option of invoking the guarantee on T+1 day, if it is not funded. Hence, the deemed day of default will be considered as T+31 day, factoring time for the government to meet the obligation after a potential invocation of the guarantee.
 
For the remaining bank loans, KBJNL is not adhering to the defined T-structure (T-25 days) where funds need to be credited in designated account latest by T-02 days, after which guarantee is invoked if shortfall persists. At present, the funds are credited in an escrow account just before the due date (T-day) and the guarantee is not invoked on T-02 day, as per the T-structure. However, liquidity undertaking provided by the company lends comfort.
 
For the rated bonds, the rating continues to factor in the unconditional and irrevocable guarantee from the Karnataka state government, along with a trustee-administered payment mechanism. For the bonds, KBJNL adheres to the T-45 structure, with funds credited to the debt servicing account well before the invocation date of state guarantee.

Analytical Approach

For arriving at its rating, CRISIL has applied its criteria on rating instruments backed by guarantees.

Key Rating Drivers & Detailed Description
Strengths:
* Healthy economic management by the Government of Karnataka:
The state government is committed to ensuring fiscal discipline with healthy liquidity management. The state has revenue surplus through a combination of good tax efforts and prudent expenditure. Gross fiscal deficit has consistently remained below 3% of the gross state domestic product (GSDP) since 2011. Borrowings are mainly to fund capital outlays, thereby ensuring moderate debt levels over the years. The state government has not resorted to any borrowing under the ways and means advances till April 2020, indicating healthy liquidity management.
 
* Financial risk profile of the Government of Karnataka remains comfortable:
The state is self-reliant in terms of revenue with its own tax revenue and non-tax revenue forming around 61% of the receipts. Revenue in fiscal 2020 (revised estimates) however witnessed a decline of 2.5% from the budget estimates mainly on account of lower devolutions from the centre. While State's goods and services tax (GST) collections were also subdued in fiscal 2020, any shortfall in it is being compensated by the central government through higher GST compensation. They continue to exhibit strong control over its committed expenditure (salaries, interest and pension) which is around 40% of revenue expenditure and is significantly lower compared to other states and, thereby, flexibility to increase spending in key focus areas such as education, irrigation and other agricultural activities. The state has maintained revenue surplus of Rs 285 crore for fiscal 2020 (revised estimates) which is in line with budgeted estimates.
 
The borrowings by the state are mainly used to fund productive capital outlays mainly across irrigation and development of roads and bridges. The gross fiscal deficit as a percentage of GSDP is expected to remain at 2.3% based on fiscal 2020 revised estimates, well below Fiscal Responsibility and Budget Management recommended limits. Subsequently, debt-plus-guarantees-to-GSDP remains moderate at 20.5%, which is marginally higher than historical levels.
 
For fiscal 2021, revenue receipts will be lower because of reduction in the state government's share in central taxes to 3.646% as recommended by the Fifteenth Finance Commission, compared to 4.713% recommended for previous fiscals. In addition, tax revenue for the state (accounts for about 58% of revenue receipts), including state GST, state excise, sales tax, stamps and registration duties, and motor vehicle tax, will be lower because of the nationwide lockdown. On the other side, allocations for expenditure, especially in social sectors such as health, sanitation, drinking water, and subsidised distribution of food are expected to go up.
 
* Healthy economic structure of the state government:
The robust tertiary sector accounts for 64% of GSDP, against all-India average of 55%. It is supported by Bengaluru's position as the information technology hub of India, and is the main driver of economic growth for Karnataka. Nominal GSDP has recorded a healthy compound annual growth rate of 12.9% over fiscals 2016-2020.
 
Weaknesses:
* Dependence of the state government on monsoon for irrigation; moderate socio-economic indicators:
A poor monsoon could negatively impact the state's agricultural output, with only 34% of the cropped area being irrigated. The state is taking steps to reduce its vulnerability to the monsoon by investing in irrigation projects. Capital outlays towards irrigation has been increasing with 40% of capital outlays budgeted in fiscal 2021 towards various irrigation and flood control projects, against 35% in fiscal 2020 (revised estimates).
 
Moreover, socio-economic indicators are moderate. Literacy rate is 75% (national average is 74%); the maternal mortality rate is 108 per 1,00,000 births (national average is 130); 21% of the population is below the poverty line (national average is 22%); and the Human Development Index rank is 12 among Indian states. This would necessitate higher social sector expenditure to improve social parameters.
Liquidity Strong

CRISIL believes KBJNL's liquidity is primarily driven by the state government's support and forms a part of the budgetary allocation. The principal and interest obligation for fiscal 2021 stands at around Rs 1,500 crore, which will be serviced using funds released by the state government. The company maintained liquidity of around Rs 1,200 crore in the form of investments and cash and bank balance as on April 2020.

Outlook: Stable

CRISIL believes the state government will maintain its healthy economic management and financial risk profile over the medium term.
 
Rating sensitivity factors
Upward factors:
* Strengthening the state's socio-economic indicators
* Sustained revenue surplus, coupled with fiscal deficit below 3.0% of GSDP
 
Downward factors:
* Consistent increase in fiscal deficit beyond 3.0% of GSDP
* Any reduction in liquidity reserves, maintained by the company, to below 2 months

Adequacy of credit enhancement structure

The guarantee provided by the state government is unconditional, irrevocable, and covers the entire rated amount for bonds, as well as bank loans. Trustee-monitored payment mechanism is in place to ensure timely payment of the interest and principal obligation for bonds. However, for a part of bank loans (Rs 4,975.5 crore) KBJNL is not adherent to the defined T structure. However, the risk is mitigated by KBJNL's liquidity undertaking provided to CRISIL.
 
The state government supports KBJNL through budgetary allocation, which is adequate to cover the interest and principal payments and the operational expenses. With minimal standalone cash accrual, the entire debt servicing is met through budgetary support from the state government. However, the support required by KBJNL from the Karnataka government remains less than 5% of the latter's revenue receipts.

Unsupported ratings:  CRISIL A

CRISIL has introduced 'CE' suffix for instruments having explicit Credit Enhancement feature in compliance with SEBI's circular dated June 13, 2019.

Key drivers for unsupported ratings

For arriving at the unsupported rating, CRISIL has considered the strategic importance of KBJNL for implementation of the Upper Krishna project and achieve irrigation objectives of the state. While the company does not generate sufficient revenue from its own operations, there is a budgetary allocation towards it on instruments backed by state government guarantee, which is adequate to meet interest and principal payments, as well as other operational cash expenses. The rating also takes into account the long track record of timely payments by the state government.

About the Company

KBJNL was incorporated in 1994 to implement irrigation projects under the Upper Krishna project in Karnataka and other irrigation projects approved by the Government of Karnataka. In fiscal 2019, net loss of Rs 296 crore was reported on total income of Rs 1,901 crore, against a net loss of Rs 119 crore on total income of Rs 1,490 crore in fiscal 2018.

Key Financial Indicators - Government of Karnataka (Reported financials)
Particulars Unit 2019 (Accounts) 2017 (Accounts)
Revenue Receipts Rs crore 1,64,979 1,47,000
Revenue Surplus Rs crore (679) 4,517
Gross Fiscal Deficit Rs crore 38,437 31,105
GFD/GSDP % 2.5% 2.37
Debt*+Guarantees/GSDP % 20.0% 19.2
RR/Interest Times 10.7 10.6
*CRISIL adjusted debt
List of covenants

The material covenants of the instruments are as follows:

  1. The company shall
    1. Furnish every year audited/unaudited financial statements within six months from the date of balance sheet
    2. Submit quarterly review/financial information since commencement of the financial year.
  2. The company shall not without the prior approval of the bank in writing:
    1. Effect any change in their capital structure or formulate any scheme of amalgamation or reconstruction
    2. Enter into borrowing arrangement either secured or unsecured with any other bank, financial institution or otherwise, except the credit facilities granted by the bank
    3. Undertake guarantees on behalf of any other company
    4. Create any charge, lien or encumbrance over its undertaking or any other part thereof in favour of any financial institution, bank, company or person other than the bank
    5. Sell, assign, mortgage, alienate or otherwise dispose off any of the assets of the company charged to the banks
    6. Enter into any contractual obligation of a long-term nature affecting the financials to a significant level
    7. Permit any transfer of the controlling interest or make any drastic change in the management set up
  3. Additional funds cannot be raised by the company without prior approval from existing lenders if asset coverage ratio is less than 1 time.
  4. KBJNL to inform the implications of the litigations and corresponding effect on the cash flows against the effect on repayment of term loan.
  5. The company to declare investments in mutual funds or shares, certificate on end use of borrowed funds and unhedged foreign exchange exposure on a quarterly basis.
  6. The capital invested in the business by the proprietor or director should not be withdrawn as long as loans remain outstanding.
  7. The company should keep the bank informed of any event likely to have a substantial impact (adverse variance of 10% or more).
  8. No profits to be withdrawn without meeting the instalment payable under the term loan. Also dividends should only be declared after meeting the bank dues.
  9. No board member should appear in the list of wilful defaulters. In case, the company fails in removing a person whose name appears in the list, the bank can consider it as an event of default and may call up the loan facilities.
  10. During the currency of the loan, the Guarantors will not, without the bank's permission
    1. Effect any change in the capital structure where shareholding of the existing promoters gets diluted or leads to dilution of the controlling stake
    2. Formulate any scheme of amalgamation or reconstruction
    3. Undertake guarantees on behalf of any other company
    4. Effect any drastic change in the management setup

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 Cr)		 Complexity levels Rating Assigned with Outlook
INE990D07304 Bond - Series 2014-B 30-Sep-14
 		 9.13% 30-Sep-24 501.60 Complex CRISIL AA-(CE)/Stable
INE990D07312 Bond - Series 2014-C 31-Dec-14  8.75% 31-Dec-24 248.40 Complex CRISIL AA-(CE)/Stable
INE990D07296 Bond - Series 2014-A** 15-Fe-14
 		 10% 15-Feb-24 644.50 Complex CRISIL AA-(CE)/Stable
NA Term Loan 1 NA NA 30-Mar-21 150 NA CRISIL AA-(CE)/Stable
NA Term Loan 2 NA NA 19-May-21 105.50 NA CRISIL AA-(CE)/Stable
NA Term Loan 3 NA NA 21-Jul-21 250 NA CRISIL AA-(CE)/Stable
NA Term Loan 4 NA NA 06-Aug-21 40 NA CRISIL AA-(CE)/Stable
NA Term Loan 5 NA NA 05-Aug-21 60 NA CRISIL AA-(CE)/Stable
NA Term Loan 6 NA NA 15-Oct-22 350 NA CRISIL AA-(CE)/Stable
NA Term Loan 7 NA NA 12-Jan-23 140 NA CRISIL AA-(CE)/Stable
NA Term Loan 8 NA NA 28-Mar-23 150 NA CRISIL AA-(CE)/Stable
NA Term Loan 9 NA NA 17-Jan-23 230 NA CRISIL AA-(CE)/Stable
NA Term Loan 10 NA NA 28-Mar-23 250 NA CRISIL AA-(CE)/Stable
NA Term Loan 11 NA NA 15-Oct-22 250 NA CRISIL AA-(CE)/Stable
NA Term Loan 12 NA NA 04-Jan-24 250 NA CRISIL AA-(CE)/Stable
NA Term Loan 13 NA NA 29-Mar-24 100 NA CRISIL AA-(CE)/Stable
NA Term Loan 14 NA NA 19-Mar-24 300 NA CRISIL AA-(CE)/Stable
NA Term Loan 15 NA NA 18-Jul-23 250 NA CRISIL AA-(CE)/Stable
NA Term Loan 16 NA NA 15-Sep-23 360 NA CRISIL AA-(CE)/Stable
NA Term Loan 17 NA NA 28-Dec-23 20 NA CRISIL AA-(CE)/Stable
NA Term Loan 18 NA NA 23-Mar-24 220 NA CRISIL AA-(CE)/Stable
NA Term Loan 19 NA NA 24-Sep-22 500 NA CRISIL AA-(CE)/Stable
NA Term Loan 20 NA NA 01-Jan-23 24 NA CRISIL AA-(CE)/Stable
NA Term Loan 21 NA NA 01-Jan-23 476 NA CRISIL AA-(CE)/Stable
NA Term Loan 22 NA NA 25-Sep-24 500 NA CRISIL AA-(CE)/Stable
NA Proposed Term Loan  NA NA NA 24.50 NA CRISIL AA-(CE)/Stable
NA Term Loan 25 NA NA 05-Dec-25 500 NA CRISIL AA-(CE)/Stable
NA Term Loan 25 NA NA 19-Mar-26 300 NA CRISIL AA-(CE)/Stable
NA Term Loan 25 NA NA 19-Mar-26 200 NA CRISIL AA-(CE)/Stable
NA Term Loan 25 NA NA 31-Mar-26 300 NA CRISIL AA-(CE)/Stable
NA Term Loan 26 NA NA 31-Mar-27 500 NA CRISIL AA-(CE)/Stable
NA Term Loan 27 NA NA 31-Dec-26 500 NA CRISIL AA-(CE)/Stable
**Amount outstanding as on March 31, 2014
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
Bond  LT  1394.50
07-07-20  		CRISIL AA-(CE)/Stable  13-01-20  CRISIL AA-(CE)/Stable  29-11-19  CRISIL AA-(CE)/Stable  07-12-18  CRISIL AA-(SO)/Stable  24-08-17  CRISIL AA-(SO)/Stable  CRISIL AA-(SO)/Stable 
            07-09-19  CRISIL AA-(CE)/Stable  16-10-18  CRISIL AA-(SO)/Stable       
            30-07-19  CRISIL AA-(SO)/Stable  22-01-18  CRISIL AA-(SO)/Stable       
            01-03-19  CRISIL AA-(SO)/Stable  02-01-18  CRISIL AA-(SO)/Stable       
Fund-based Bank Facilities  LT/ST  7300.00  CRISIL AA-(CE)/Stable  13-01-20  CRISIL AA-(CE)/Stable  29-11-19  CRISIL AA-(CE)/Stable  07-12-18  CRISIL AA-(SO)/Stable  24-08-17  Provisional CRISIL AA-(SO)/Stable  -- 
            07-09-19  CRISIL AA-(CE)/Stable/ Provisional CRISIL AA-(CE)/Stable  16-10-18  CRISIL AA-(SO)/Stable       
            30-07-19  CRISIL AA-(SO)/Stable/ Provisional CRISIL AA-(SO)/Stable  22-01-18  CRISIL AA-(SO)/Stable       
            01-03-19  CRISIL AA-(SO)/Stable/ Provisional CRISIL AA-(SO)/Stable  02-01-18  Provisional CRISIL AA-(SO)/Stable       
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
Proposed Term Loan 24.5 CRISIL AA-(CE)/Stable Proposed Term Loan 24.5 CRISIL AA-(CE)/Stable
Term Loan 7275.5 CRISIL AA-(CE)/Stable Term Loan 6275.5 CRISIL AA-(CE)/Stable
Total 7300 -- Total 6300 --
Links to related criteria
CRISILs Approach to Financial Ratios
Rating Criteria for State Governments
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support
Understanding CRISILs Ratings and Rating Scales

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