Rating Rationale
October 21, 2020 | Mumbai
Meghmani Organics Limited
Ratings Reaffirmed
 
Rating Action
Total Bank Loan Facilities Rated Rs.629 Crore
Long Term Rating CRISIL AA-/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has reaffirmed its ratings on Meghmani Organics Limited (MOL; part of the Meghmani Group) at 'CRISIL AA-/Stable/CRISIL A1+'.
 
The reaffirmation factors the healthy business and financial risk profile of MOL, which is expected to sustain over the medium term.
 
CRISIL also notes that the demerger of the businesses of standalone MOL (i.e) agrochem and pigments into a separate subsidiary, Meghmani Organochem Limited (MOCL); followed by amalgamation of other Business of MOL (Trading and Equity investment in MFL) with its 57% subsidiary, Meghmani Finechem Limited (MFL; rated 'CRISIL A+/Rating Watch with Developing Implications (RWDI)') is yet to get required approvals. Upon receipt of approval both entities will be listed as two separate entities. Eventually MOCL will be renamed as Meghmani Organics Limited. 
 
CRISIL currently consolidates the business and financial risk profiles of both MOL and its subsidiary to arrive at the ratings of MOL. CRISIL notes that the proposed demerger of the MOL and MFL will result in limited financial fungibility between the two entities. However, CRISIL notes that the critical operational synergies, common branding and common promoters between the two entities will remain post demerger also.
 
In event of a demerger, the credit risk profile of MOL on a standalone basis will continue to remain healthy supported by the relatively stable business risk profile of the pigments and agrochemicals divisions. The standalone financial risk profile of MOL is expected to remain strong over the medium term with debt/EBITDA sustaining at less than 1.5 times and interest cover of over 7 times.
 
MOL's performance was temporarily affected in the first quarter of fiscal 2021 owing to COVID-19 related disruptions in operations and impact on volumes in their base chemicals segment. The company's plants were temporarily shut down in March-April 2020, due to COVID-19 restrictions. However, operations have gradually resumed since May, post receipt of necessary approvals from concerned authorities. Moreover, most of MOL's products in the agrochem and pigments segments were under essential services and were not impacted severely. CRISIL expects the group's consolidated revenue to decline marginally in near term due to COVID related disruptions and fall in ECU realizations before growing at a healthy compound annual growth rate (CAGR) of 10-12% over the medium term with scaling up of new capacities. Improving product mix, growing synergies and continued strong backward integration in each business segment will support the group to maintain healthy operating margins at over 20% during this period leading to healthy cash accruals.
 
Group's capital expenditure (capex) is expected to be around Rs 700 crore over fiscals 2021 to 2023 towards expansion ECH units along with a new multipurpose project for expansions in agrochemical business. The Group has successfully commissioned multiple large projects in fiscal 2021 already i.e caustic soda and hydrogen peroxide expansions. The new caustic soda capacity was commissioned in June 2020 and the hydrogen peroxide capacity was commissioned in July 2020. The chloromethane sulphonate (CMS) capacity commissioned (commissioned in July 2019) has also scaled up to around 70-80% capacity utilization levels by September 2020.
 
While this sizeable capex is partly debt-funded, financial risk profile remained healthy marked by gearing of 0.58 times as on March 31, 2020. Capital structure should improve further over the medium term as benefits of capex accrue to the business. While the group has commissioned the large expansions plans, successful commercialization and ramp up of the new capacities will remain a key monitorable over the near to medium term.
 
The ratings continue to reflect the Meghmani group's established market position in the pigments and agrochemicals segments, and diversified revenue in terms of products and end-user industries. The ratings also factor in the significant cost advantage derived from integrated operations, and comfortable financial risk profile. These strengths are partially offset by large working capital requirement, exposure to risks inherent in the agrochemicals sector and cyclicality in the caustic soda segment.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and financial risk profiles of MOL and all its subsidiaries, together referred to as the Meghmani group, as all the entities are under a common management and have operational linkages and fungible cash flow.

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
Strengths: 
* Established market position in the pigments and agrochemical industries
The Meghmani group has an established market position in its principal business segments: pigments and agrochemicals. It is the largest producer of copper phthalocyanine (CPC) blue and is among the top 3 pigment blue players globally, and enjoys long-standing relationship with key customers. In agrochemicals also, the group is among the largest manufacturer of pesticides in India having presence across the value chain in both technical and formulations. The group has more than 30 brands of various pesticides formulations in India.
 
* Diversified revenue profile
The group has diversified revenue streams with an estimated 44% of its revenue came from agrochemicals, 29% from pigments, and 27% from basic chemicals in fiscal 2020. Revenue diversity is further augmented by presence in both domestic (43%) and international markets (57%). Besides, new products in base chemicals, agrochemicals and pigments will add to further diversity in revenue streams.
 
* Integrated operations, leading to cost advantages
The Meghmani group has integrated backwards into manufacturing CPC blue, resulting in considerable savings. In its agrochemicals business, the group has facilities for manufacturing cypermethric acid chloride, meta phenoxy benzaldehyde and meta phenoxy benzyl alcohol, which are key intermediates in crop-protection products, thus reducing reliance on import. In the base chemicals segment too, the group has announced projects for manufacturing value-added products such as hydrogen peroxide, methylene dichloride, ECH, chloroform and carbon tetra chloride from hydrogen and chlorine, which are by-products of existing manufacturing processes. CRISIL believes healthy integration of production facilities will stand the Meghmani group in good stead over the medium term, and profitability will remain healthy above 20%.
 
* Comfortable financial risk profile
The Meghmani group's financial risk profile is supported by adequate networth and gearing.
 
The group has planned a capex of around Rs 700 Cr between fiscals 2021 and 2023, largely towards expansion of ECH in MFL, besides setting up capacity for new products in the agrochemical division. Despite this part debt funded capex, the group's credit metrics are expected to remain adequate on the back of healthy margins, improving cash generation, and scheduled repayment of term debt. Net cash accruals to total debt stood at 0.4 times as on March 31, 2020 and interest cover at 11 times for fiscal 2020.
 
Weaknesses
* Large working capital requirement
The Meghmani group has large working capital requirement as its key businesses are seasonal. A large proportion of agrochemical sales in the domestic market and pigment sales in the overseas market are made in the second and fourth quarters, respectively, of the fiscal. Although export partially offsets dependence on the seasonal domestic agrochemicals market, it exerts pressure on working capital management as the group has to provide credit of 3-4 months to overseas clients, resulting in large receivables. However lower working capital requirements in Chlor Alkali & its Derivatives business partly offsets high GCA in agrochemical and pigments division. Nevertheless, CRISIL believes the Meghmani group's working capital requirement will remain large because of the nature of its business.
 
* Susceptibility to cyclicality in the chlor alkali segment
The chlor alkali industry is intensely competitive and dominated by large players. The top seven players account for close to 50% of the market share. Furthermore, the industry is susceptible to governmental regulations and cyclicality. The profitability of the caustic soda manufacturing companies depends on the prevailing ECU prices. Caustic soda and chlorine prices are volatile. Cyclical downturns or adverse changes in the demand-supply balance may result in lower realisations for caustic soda manufacturers.
 
* Exposure to risks inherent in the agrochemicals sector
The demand for agrochemicals is driven by agricultural production, which depends on monsoon. A substantial area under cultivation in India is still not well irrigated, and depends on the monsoon to meet water requirement. Surplus or inadequate rainfall could affect the Meghmani group's domestic revenue and profitability. Furthermore, the agrochemicals industry is regulated by specific and separate registration processes in different countries. Changes in the export and import policy of these countries will affect Indian agrochemical exporters such as the Meghmani group. Ban on any key molecules will also be a monitorable.
Liquidity Strong

The group's liquidity is strong. It is supported by improving cash generation, expected at Rs 250-350 crore annually, which will suffice to service long term debt obligations of Rs 129 crore in fiscal 2021 and Rs 175 crore in fiscal 2022 and incremental working capital requirements. The group has also tied up long term loans for funding the incremental capex in the Chlor Alkali & its Derivatives business over fiscals 2020 to 2022. The group also has headroom in its fund based working capital limits which have been utilised at an average of 46% over the past twelve months.

Outlook: Stable

CRISIL believes that Meghmani group's business performance will remain healthy over the medium term marked by improving product mix, diversified revenue profile and healthy margins leading to strong cash accruals. Besides, financial risk profile is also expected to remain healthy driven by comfortable capital structure and healthy accretion to reserves, despite large on-going capex plans. MOL's credit profile will also remain stable post demerger due to healthy cash flows, and strong balance sheet on standalone basis as well.

Rating Sensitivity factors
Upward factors
* Sustenance of healthy performance marked by at least 10-15% revenue growth and operating margins sustaining at over 20-22%
* Further strengthening of credit metrics through prudent capex spends and working capital management ' debt/EBITDA of less than 1.2 times on a sustained basis.
 
Downward factors
* Significant moderation in operating performance ' revenues declining by over 8-10% and operating margins deteriorating to less than 10-12% on a sustained basis
* Significant delay ramp up of new capacities or higher than expected debt availed for funding the capex leading to deterioration in credit metrics - debt/EBITDA deteriorating to over 2.5 times.
About the Group

The Meghmani group was established in 1986, promoted by Mr Jayanti Patel, Mr Ashish Soparkar, Mr Natwarlal Patel, Mr Ramesh Patel, and Mr Anand Patel. The group manufactures green and blue pigment products, which are used to manufacture printing ink, plastic, paints, textiles, leather, and rubber. It also manufactures a wide variety of commonly used pesticides for crop and non-crop applications. The latter includes insect control in wood preservation and food grain storage. In July 2009, the group commissioned its caustic soda plant, which has capacity of 187,600 tonne per annum and is powered by a 60-megawatt captive power plant. MOL is listed on the Singapore Stock Exchange, National Stock Exchange of India Ltd, and BSE Limited.
 
In fiscal 2019, MOL gave an exit to the external investor ' International Finance Corporation (IFC) by buying back IFC's 25% stake in MFL for Rs 221.7 Cr. As part of this transaction, MOL infused funds in its fully owned subsidiary - Meghmani Agrochemicals Private Limited (MAPL) which in turn was used to buy IFC's stake. Subsequently, MOL merged MAPL with MFL. As part of the merger transaction, MFL redeemed the non-convertible compulsorily redeemable preference shares (NCRPS) of MAPL amounting to Rs 221.7 Cr using its internal cash accruals. MFL also issued optionally convertible redeemable preference shares (OCRPS) of Rs 210.9 Cr to MOL. These OCRPS are likely to be redeemed over the next 5-7 years post stabilization of MFL's cashflows. 
 
For the first 3 months of fiscal 2021, on a consolidated basis, MOL had revenues of about Rs 428 crore and PAT of Rs 47 crore as compared to revenues of Rs 616 crore and PAT of Rs 78 crore in the corresponding period of the previous fiscal.

Key Financial Indicators Consolidated
Particulars Unit 2020 2019
Revenue Rs Cr 2193 2,088
Profit after Tax (PAT) Rs Cr 289 295
PAT Margin % 13.2 14.1
Adjusted Debt/Adjusted Networth Times 0.58 0.6
Interest Coverage Times 11.46 9.7

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
NA Cash Credit@ NA NA NA 150.0 NA CRISIL AA-/Stable
NA Cash Credit$ NA NA NA 40.0 NA CRISIL AA-/Stable
NA Cash Credit! NA NA NA 80.0 NA CRISIL AA-/Stable
NA Cash Credit NA NA NA 40.0 NA CRISIL AA-/Stable
NA Letter of Credit and Bank Guarantee NA NA NA 50.0 NA CRISIL A1+
NA Letter of Credit and Bank Guarantee^ NA NA NA 40.0 NA CRISIL A1+
NA External Commercial Borrowing NA NA NA 69.0 NA CRISIL AA-/Stable
NA Rupee Term Loan NA NA Sep-2024 86.0 NA CRISIL AA-/Stable
NA Proposed Long Term Bank Loan Facility NA NA NA 74.0 NA CRISIL AA-/Stable
@ Interchangeable between WCDL/EPC/PCFC/PSFC. Interchangeable between Overdraft/ Short Term Loan/Export & Local Bills Discounted/Export Invoice Financing
$ Interchangeable between Working Capital demand loan (WCDL)/Export Packing Credit (EPC)/ Preshipment Credit in Foreign Currency (PCFC)
^ Interchangeable between CC/WCDL/EPC/Foreign Usance Bills Discounting (FUBD)/Foreign Bills Purchased (FBP)/PCFC/Post Shipment Credit in Foreign Currency (PSCFC)/Inland Bills Purchased/ Discounted
! Interchangeable with buyer's credit
 
 
Annexure - List of entities consolidated
Name of entity Extent of consolidation Rationale for consolidation
Meghmani Finechem Limited Full Subsidiary, common management and operational linkages
Meghmani Europe BVBA Full Subsidiary, common management and operational linkages
Meghmani Organics USA Inc Full Subsidiary, common management and operational linkages
PT Meghmani Organics Indonesia Full Subsidiary, common management and operational linkages
Meghmani Overseas FZE Full Subsidiary, common management and operational linkages
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    --    --    --  17-04-18  Withdrawn  15-05-17  CRISIL A1  -- 
Fund-based Bank Facilities  LT/ST  539.00  CRISIL AA-/Stable  07-02-20  CRISIL AA-/Stable  30-09-19  CRISIL A+/Positive  21-09-18  CRISIL A+/Stable  15-05-17  CRISIL A+/Stable  CRISIL A/Positive 
            05-07-19  CRISIL A+/Positive  09-05-18  CRISIL A+/Stable       
            01-07-19  CRISIL A+/Positive  17-04-18  CRISIL A+/Stable       
Non Fund-based Bank Facilities  LT/ST  90.00  CRISIL A1+  07-02-20  CRISIL A1+  30-09-19  CRISIL A1  21-09-18  CRISIL A1  15-05-17  CRISIL A1  CRISIL A1 
            05-07-19  CRISIL A1  09-05-18  CRISIL A1       
            01-07-19  CRISIL A1  17-04-18  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
Cash Credit@ 150 CRISIL AA-/Stable Cash Credit@ 150 CRISIL AA-/Stable
Cash Credit$ 40 CRISIL AA-/Stable Cash Credit$ 60 CRISIL AA-/Stable
Cash Credit! 80 CRISIL AA-/Stable Cash Credit^ 80 CRISIL AA-/Stable
Cash Credit 40 CRISIL AA-/Stable Rupee Term Loan 129 CRISIL AA-/Stable
External Commercial Borrowings 69 CRISIL AA-/Stable Export Packing Credit* 35 CRISIL AA-/Stable
Letter of credit & Bank Guarantee 50 CRISIL A1+ Letter of credit & Bank Guarantee 35 CRISIL A1+
Letter of credit & Bank Guarantee^ 40 CRISIL A1+ Letter of credit & Bank Guarantee! 40 CRISIL A1+
Proposed Long Term Bank Loan Facility 74 CRISIL AA-/Stable Proposed Long Term Bank Loan Facility 100 CRISIL AA-/Stable
Rupee Term Loan 86 CRISIL AA-/Stable - - -
Total 629 -- Total 629 --
@ Interchangeable between WCDL/EPC/PCFC/PSFC. Interchangeable between Overdraft/ Short Term Loan/Export & Local Bills Discounted/Export Invoice Financing
$ Interchangeable between Working Capital demand loan (WCDL)/Export Packing Credit (EPC)/ Preshipment Credit in Foreign Currency (PCFC)
^ Interchangeable between CC/WCDL/EPC/Foreign Usance Bills Discounting (FUBD)/Foreign Bills Purchased (FBP)/PCFC/Post Shipment Credit in Foreign Currency (PSCFC)/Inland Bills Purchased/ Discounted
! Interchangeable with buyer's credit
*Interchangeable between Overdraft/ Short Term Loan/Export & Local Bills Discounted/Export Invoice Financing
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 Chemical Industry
CRISILs Criteria for Consolidation

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