Original T emplate123

Rating Update
November 10, 2023 | Mumbai

Shri S. M. Autade Private Limited

Update as on November 10, 2023

This update is provided in continuation of the rating rational below.

The key rating sensitivity factors for the rating include:

Upward Factors
• Sustained growth in revenue and maintenance of stable operating efficiency, leading to cash
accrual of over Rs 85 crore on consistent basis
• Maintenance of healthy and diversified order book
• Sustenance of healthy financial risk profile and maintenance of surplus liquidity

Downward Factors
• Sharp dip in revenue or pressure on operating profitability (drop of over 200 basis points)
• Order book to revenue ratio of less than 2.3 times
• Stretched working capital cycle or large, debt-funded capex weakening the financial risk and
liquidity profile

CRISIL Ratings has a policy of keeping its accepted ratings under constant and ongoing monitoring and
review. Accordingly, CRISIL Ratings seeks regular updates from companies on the business and financial
performance. CRISIL Ratings is, however, awaiting adequate information from Shri S. M. Autade Private
Limited (SMAPL) which will enable us to carry out the rating review. CRISIL Ratings will continue provide
updates on relevant developments from time to time on this credit.

CRISIL Ratings also identifies information availability risk as a key credit factor in the rating assessment
as outlined in its criteria ‘Information Availability Risk in Credit Ratings’.

About the Company

SSMAPL was incorporated in March 2014 by Mr Sanjay M Autade, at Solapur, Maharashtra. It took over
the civil construction business of a proprietorship concern, Shri S M Autade, in July 2014. The company is
a registered Class 1 government-approved contractor, and primarily undertakes construction and
maintenance of roads and highways in Karnataka and Maharashtra. Company has recently obtained
registration as civil contractor for roads and buildings (Unlimited Category) in Military Engineering
Services

Please note: This advisory should not be construed as a rating reaffirmation.

Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating
rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings.
However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or
otherwise through any media including websites and portals.

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CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical
rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt
instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially
convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-
backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and
mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating
business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment
trusts (InvITs).

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Please note: This advisory should not be construed as a rating reaffirmation.

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This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') that is
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ratings and other content forming part of the report. The report is intended for the jurisdiction of India only.
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report should rely on their own judgment and take their own professional advice before acting on the report in
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Please note: This advisory should not be construed as a rating reaffirmation.

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CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD)
with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured
Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a
change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the
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Please note: This advisory should not be construed as a rating reaffirmation.

 Rating Rationale
September 08, 2022 | Mumbai

Shri S. M. Autade Private Limited

Rated amount enhanced

Rating Action
Total Bank Loan Facilities Rated Rs.271.5 Crore (Enhanced from Rs.199 Crore)
Long Term Rating CRISIL A-/Stable (Reaffirmed)
Short Term Rating CRISIL A2+ (Reaffirmed)
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale
CRISIL Ratings has reaffirmed its ‘CRISIL A-/Stable/CRISIL A2+’ ratings on the bank facilities of Shri S. M. Autade Private
Limited (SMAPL).

The ratings continue to reflect SSMAPL's established position in the road construction industry, backed by an experienced
management team, a healthy order book position, and a healthy financial risk profile. These strengths are partially offset by
exposure to cyclicality inherent in the construction industry, intensifying competition and large incremental working capital
requirements.
.
CRISIL Ratings has upgraded its ratings on the bank facilities of SMAPL to ‘CRISIL A-/Stable/CRISIL A2+’ from ‘CRISIL
BBB+/Stable/CRISIL A2’ on August 26, 2022.

The upgrade reflects the expectation of sustained improvement in company’s credit risk profile supported by its improving
operating performance and maintenance of healthy financial metrics. SSMAPL reported operating income of Rs 680 crore
and operating margin of about 12.8% in fiscal 2022 against Rs 591 crore and 11.9% respectively in previous fiscal. The
company is expected to record revenue growth of around 10-12% in current fiscal 2023 and has a strong order book which
provides adequate revenue visibility over medium term. Moreover, SMAPL is expected to sustain its operating profitability at
around 12% supported by the economies of scale, price variation clauses in the contracts and higher usage of in-house
equipment and machinery.

Outstanding orders of over Rs 1900 crore majorly from the National Highways Authority of India (NHAI; rated 'CRISIL
AAA/Stable') and Ministry of Road Transport and Highways (MoRTH) provides strong revenue visibility over the medium
term. Although, top orders are at nascent stage of execution, thus entailing moderate execution risks, the same is partly
mitigated by company’s established execution track record and strong counterparties.

Financial risk profile remains healthy marked by sound capital structure and adequate debt protection metrics. Working
capital bank lines remain moderate to highly utilised amid large incremental working capital requirement. Imminent sanction
of additional bank lines should provide cushion in the near-to-medium term.
Key Rating Drivers & Detailed Description
Strengths:
Established market position in the construction industry backed by experienced management team and healthy
order book: SSMAPL has established track record of over 25 years in the construction and maintenance of roads and
highways along with other segments of the industry. The company is a Class-1 government contractor and has successfully
executed road engineering, procurement and construction (EPC) projects in Maharashtra and Karnataka. Over the years,
under experienced management team, the company has developed the technical capability to bid independently for large
contracts from NHAI, MoRTH and state road development agencies. The company has also demonstrated its execution
capabilities by receiving early completion bonus for some of its work orders.

Outstanding orders were healthy at more than Rs 1900 crore as on June 30, 2022, which is ~2.7 times its fiscal 2022
revenue. Of this, almost 80% of the orders are from NHAI and MoRTH which reduces the counter party related risks.

Healthy financial risk profile: Networth and gearing have improved to Rs 190 crore and 0.4 time, respectively, as on
March 31, 2022. The company’s capital structure has remained comfortable reflected in gearing of less than 0.51 time in the
last three fiscals even as total outside liabilities to adjusted networth (TOLANW) ratio continued to be less than 1.55 times.

Operating efficiency is steady with operating margin of over 11.9% and return on capital employed (RoCE) of more than
28% in the three fiscals through 2022. Improving scale and steady and healthy operating profitability results in sizeable
accretion leading to comfortable capital structure despite need-based large capital expenditure (capex) and incremental
working capital requirements.
Furthermore, healthy profitability and cash accrual support debt protection metrics. Interest coverage and net cash accrual
to total debt ratios were estimated at over 8.7 times and 0.9 time, respectively, in fiscal 2022. With estimated steady revenue
growth and healthy cash accrual and the absence of large capex, financial risk profile should remain healthy over the
medium term.

Weakness:
Exposure to cyclicality inherent in the construction industry, competition: Revenue remains susceptible to economic
cycles and investment patterns. Customers mainly comprise government agencies, expenditures of which are directly linked
to the economy. Also, the business is based on successfully bidding for tenders and there has been increasing competition,
primarily in the EPC roads segment, which may impact the operating margin.

SSMAPL has concentrated order book with the top four outstanding orders comprising ~80% of the order book. Further,
over 50% of the orders (in value terms) are at a nascent stage of execution, which partly lead to moderate execution related
risks in the near term.

Moderately large incremental working capital requirement: Though company has controlled working capital cycle
reflected in gross current assets of 93-133 days in the three fiscals through 2022, its incremental working capital
requirements have been large due to sustained scale-up in operation. This has led to moderately high dependence on
working capital bank lines. Timely availability of additional bank lines and effective management of the incremental working
capital requirement remains critical.
Liquidity: Adequate
Expected cash accrual of Rs 70-80 crore per annum over the medium term should comfortably cover the yearly debt
obligation of ~Rs 28 crore and the surplus will support liquidity. Fund-based bank limit of Rs 18 crore was utilised at 80%, on
average, in the 12 months through May 2022, while the non-fund-based limits were utilised at around 90%. Company has
been sanctioned additional working capital bank lines; and the disbursement of these limits should aid the working capital
management in near to medium term. Current ratio remained just adequate at around 1.1 times as on March 31, 2022. The
company maintains surplus liquidity of over Rs 5 crore in the form of bank balances/FDs.
Outlook: Stable
CRISIL Ratings believes SSMAPL will continue to benefit from its established market position, healthy track record and
order book; and comfortable financial risk profile.
Rating Sensitivity Factors
Upward Factors
• Sustained growth in revenue and maintenance of stable operating efficiency, leading to cash accrual of over Rs 85
crore on consistent basis
• Maintenance of healthy and diversified order book
• Sustenance of healthy financial risk profile and maintenance of surplus liquidity

Downward Factors
• Sharp dip in revenue or pressure on operating profitability (drop of over 200 basis points)
• Order book to revenue ratio of less than 2.3 times
• Stretched working capital cycle or large, debt-funded capex weakening the financial risk and liquidity profiles
About the Company
SSMAPL was incorporated in March 2014 by Mr Sanjay M Autade, at Solapur, Maharashtra. It took over the civil
construction business of a proprietorship concern, Shri S M Autade, in July 2014. The company is a registered Class 1
government-approved contractor, and primarily undertakes construction and maintenance of roads and highways in
Karnataka and Maharashtra. Company has recently obtained registration as civil contractor for roads and buildings
(Unlimited Category) in Military Engineering Services
Key Financial Indicators
Particulars Unit 2022 2021
Revenue Rs crore 680.80 590.66
Profit After Tax (PAT) Rs crore 47.70 41.80
PAT Margin % 7.01 7.08
Adjusted gearing Times 0.39 0.51
Interest coverage Times 8.7 14.8
Any other information: Not applicable

Note on complexity levels of the rated instrument:

CRISIL Ratings' complexity levels are assigned to various types of financial instruments. The CRISIL Ratings' complexity
levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL Ratings' 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)

Name of Date of Coupon Maturity Issue size Complexity Rating assigned with
ISIN
instrument allotment rate (%) date (Rs.Crore) level outlook
NA Cash Credit NA NA NA 18 NA CRISIL A-/Stable
NA Bank NA NA NA 180.8 NA CRISIL A2+
 Guarantee
Long Term
NA NA NA Mar-2025 10 NA CRISIL A-/Stable
Loan
Proposed
NA Bank NA NA NA 57.5 NA CRISIL A2+
Guarantee
Proposed
NA Cash Credit NA NA NA 5 NA CRISIL A-/Stable
Limit
Annexure - Rating History for last 3 Years
Start of
Current 2022 (History) 2021 2020 2019
2019
Outstanding
Instrument Type Rating Date Rating Date Rating Date Rating Date Rating Rating
Amount
Fund CRISIL CRISIL CRISIL CRISIL CRISIL CRISIL
Based LT 33.0 26-08-22 01-08-21 06-04-20 28-08-19
A-/Stable A-/Stable BBB+/Stable BBB/Stable BBB/Stable BBB/Stable
Facilities
Non-Fund CRISIL CRISIL CRISIL CRISIL CRISIL
Based ST 238.5 A2+ 26-08-22 A2+ 01-08-21 CRISIL A2 06-04-20 A3+ 28-08-19 A3+ A3+
Facilities
All amounts are in Rs.Cr.

Annexure - Details of Bank Lenders & Facilities

Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee 33.5 HDFC Bank Limited CRISIL A2+
Bank Guarantee 147.5 Bank of Maharashtra CRISIL A2+
Cash Credit 13 Bank of Maharashtra CRISIL A-/Stable
Cash Credit 5 HDFC Bank Limited CRISIL A-/Stable
Long Term Loan 7.5 Bank of Maharashtra CRISIL A-/Stable
Long Term Loan 2.5 HDFC Bank Limited CRISIL A-/Stable
Proposed Bank Guarantee 40 Canara Bank CRISIL A2+
Proposed Bank Guarantee 17.5 Bank of Maharashtra CRISIL A2+
Proposed Cash Credit
2 Bank of Maharashtra CRISIL A-/Stable
Limit
Proposed Cash Credit
3 Canara Bank CRISIL A-/Stable
Limit

This Annexure has been updated on 08-Sep-2022 in line with the lender-wise facility details as on 11-Dec-2021 received from the rated entity.

Criteria Details

Links to related criteria

CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Construction Industry
CRISILs Criteria for rating short term debt

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About CRISIL Ratings Limited (A subsidiary of CRISIL Limited)

CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and
innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans,
certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual
bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured
debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted
several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and
infrastructure investment trusts (InvITs).

CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL Ratings Limited is
registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").

For more information, visit www.crisilratings.com

About CRISIL Limited

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading
ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

CRISIL is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics
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Ratings from CRISIL Ratings are statements of opinion as of the date they are expressed and not statements of fact or
recommendations to purchase, hold or sell any securities/instruments or to make any investment decisions. Any opinions
expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their
issue. CRISIL Ratings assumes no obligation to update its opinions following publication in any form or format although CRISIL
Ratings may disseminate its opinions and analysis. The rating contained in the report is not a substitute for the skill, judgment
and experience of the user, its management, employees, advisors and/or clients when making investment or other business
decisions. The recipients of the report should rely on their own judgment and take their own professional advice before acting
on the report in any way. CRISIL Ratings or its associates may have other commercial transactions with the entity to which the
report pertains.
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agents (collectively, ‘CRISIL Ratings Parties’) guarantee the accuracy, completeness or adequacy of the report, and no CRISIL
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to be reliable, CRISIL Ratings does not perform an audit and undertakes no duty of due diligence or independent verification of
any information it receives and/or relies on in its reports. CRISIL Ratings has established policies and procedures to maintain
the confidentiality of certain non-public information received in connection with each analytical process. CRISIL Ratings has in
place a ratings code of conduct and policies for managing conflict of interest. For details please refer to:
https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html.

Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public website,
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contact the CRISIL Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 1301.

This report should not be reproduced or redistributed to any other person or in any form without prior written consent from
CRISIL Ratings.

All rights reserved @ CRISIL Ratings Limited. CRISIL Ratings is a wholly owned subsidiary of CRISIL Limited.

CRISIL Ratings uses the prefix ‘PP-MLD’ for the ratings of principal-protected market-linked debentures (PPMLD) with effect
from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked
Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject
instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and
Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html