April 04, 2024 | ||
National Stock Exchange of India | BSE Ltd., | Metropolitan Stock Exchange of |
Ltd., | Phiroze Jeejeebhoy | India Ltd., |
Exchange Plaza, C-1 Block G, | Towers, | Vibgyor Towers, 4th Floor, Plot No. |
Bandra Kurla Complex Bandra [E], | Dalal Street, Fort, | C62, G - Block, Opp. Trident Hotel, |
Mumbai - 400051 | Mumbai - 400 001 | Bandra Kurla, Complex, Bandra (E), |
Mumbai - 400098 | ||
NSE Scrip Symbol: BLS | BSE Scrip Code: 540073 | MSE Scrip Symbol: BLS |
Subject: Intimation of Credit rating | ||
Dear Sir / Madam, |
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, we are enclosing herewith the CRISIL credit rating rationale letter dated April 03, 2024 received by the Company from CRISIL. As per the letter received form CRISIL, the rating reaffirmation are as under:
Total bank loan facilities rated | Rs. 300 Crore |
Long term rating | CRISIL A/Positive (Removed from 'Rating Watch with |
Developing Implications'; Rating Reaffirmed) | |
Short term rating | CRISIL A1 (Removed from 'Rating Watch with Developing |
Implications'; Rating Reaffirmed) |
The aforementioned letters are also available on website of the Company and website of the CRISIL Ratings.
You are requested to take the same on your records.
For BLS International Services Limited
.………………………
Dharak A. Mehta
Company Secretary and Compliance Officer ICSI membership no. FCS12878
Encl: as above
4/4/24, 1:02 PM | Rating Rationale |
Rating Rationale
April 03, 2024 | Mumbai
BLS International Services Limited
Ratings removed from 'Watch Developing'; Ratings Reaffirmed
Rating Action
Total Bank Loan Facilities Rated | Rs.300 Crore |
Long Term Rating | CRISIL A/Positive (Removed from 'Rating Watch with |
Developing Implications'; Rating Reaffirmed) | |
Short Term Rating | CRISIL A1 (Removed from 'Rating Watch with |
Developing Implications'; Rating Reaffirmed) | |
Note: None of the Directors on CRISIL Ratings Limited's Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities
Detailed Rationale
CRISIL Ratings has removed its ratings on the bank facilities and debt instruments of BLS International ServicesLtd (BLS; a part of the BLS International group) from 'Rating Watch with Developing Implications' and has reaffirmed its ratings at 'CRISIL A/CRISIL A1' while assigning a 'Positive' outlook to its long-term rating.
The ratings were placed on developing watch following the corporate announcement madeby BLS on January 15, 2024, that its wholly owned subsidiary - BLS International FZE, UA has entered into a definitive share purchase agreement to acquire 100% stake in iData Danismanlik Ve Hizmet DisTicaret Anonim Sirketi ("iDATA") and its wholly owned subsidiaries for an enterprise value of Euro 50million (~ Rs 450 crore) and additional milestone-based payments. The acquisition was to be funded mainly through internal accrual and available reserves. Furthermore, the transaction was anticipated to be completed in fiscal 2024, subject to government and regulatory approvals.
Having assessed the details of the acquisition and performance of the company (iData) with revenueof around Rs 212 crore during Jan-Oct'23, with earnings before interest, tax, depreciation, and amortization (Ebitda) margin of nearly 61% during the same period, the acquisition is expected to have strong operational and financial synergies for the group. Furthermore, CRISIL Ratings has revised the outlook to 'Positive' with expected improvement in the business risk profile of the group, backed by synergies from the recent acquisition of iData, apart from regular growth, following easing of travel restrictions. Improved contribution from value-added services and better volumes have helped the operating margin improve to 20.69% during the first nine months of fiscal 2024 (15.26% in fiscal 2023) while revenue is projected to record a compound annual growth rate of 33-35% for the four fiscals till 2024. Going forward, timely completion of iData acquisition leading to sustenance of operating margin amidst steady business growth will remain a key monitorable.
The ratings also factor in the company's robust financial risk profile, aided by efficient working capitalmanagement, better accretion to reserves and absence of sizeable debt-funded capital expenditure (capex). Liquidity remains comfortable, backed by healthy net cash accrual, available cushion in bank limit and sizeable unencumbered cash reserves.
The ratings continue to reflect the established market position of the BLS International group in the visa outsourcing services sector, and its robust financial risk profile. These strengths are partially offset by the moderate scale of operations and susceptibility to change in regulations by concerned ministriesof various countries.
Analytical Approach
CRISIL Ratings has combined the business and financial risk profiles of BLS, BLS International FZE (100% subsidiary of BLS), and their step-down subsidiaries. This is because all these entities, collectively referred to as the BLS International group, are under a common management with strongfinancial linkages via equity share capital, revenue sharing, and loans and advances.
Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.
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4/4/24, 1:02 PMRating Rationale
Key Rating Drivers & Detailed Description
Strengths:
Established market position in the visa services business: The three-decade-longexperience of promoters has
helped the group build a strong brand name andmarket position. Over the years, the group has expanded its reach to various countries, and is now present in more than 66 countries, catering to 45-50 clients in the government sector worldwide. It is one of the largest players globally in visa, passport, consular and citizen services.
Revenue is expected to improve to Rs 1,650-1,700 crore during fiscal 2024, from Rs 1,525 crore during fiscal 2023, reflecting year-on-year growth of nearly 11%. CRISIL Ratings believes that the business risk profile shall further improve over the medium term, backed by steady growth in tourism and improved penetration in digital business through onboarding of new customers and incremental business from iData.
Robust financial risk profile: Financial risk profile will continue to strengthen, backed by better accretion to reserves and prudent working capital management. Networth projected in the range of Rs 1,100-1,200 crore as on March 31, 2024 (up from Rs 702crore as on March 31, 2023) provides strong financial flexibility to raise external debt for business requirement, as and when required. With a debt-free capital structure and improving operating margin, debt protection indicators shall also remain strong. In the absence of anydebt-funded capex or acquisition plans, or any stretch in the working capital cycle, financial flexibility is slated to improve.
Weaknesses:
Moderate scale of operations and susceptibility to changes in regulations by the concerned ministries of
various countries: Contracts with diplomatic missions are generally tender based and have certain pre-requisites such as experience in visa outsourcing, a robust credit history, adequate information technology infrastructure, operational expertise, and a strong background check. Thus, non-renewal of contractsat the end of their term or inability to bag new contracts could weaken the revenue profile. Though theestablished market position of the group and subsequent growth in business reported over the years mitigate the aforestated risk, sustenance of growth remains a key monitorable. Fall in demand and/orany unfavorable acquisition could also adversely impact the overall business risk profile.
Limited track record of sustained improvement in operating profitability: Operating margin of thegroup was in the
range of 13-15% over fiscals 2022 and 2023. With better contribution from value- added services, higher volume and change in revenue reporting policy adopted by the group, the margin has improved during the first nine months of fiscal 2024 to 20.69% (April-Dec). Nevertheless, track record of sustained improvement in margin, amidst steady business growth, is limited. Acquisitionof iData, which is a high profitability centre for the group, should boost overall profitability. Sustainability of the same is a key monitorable.
Liquidity: Strong
Liquidity is marked by strong cash accrual, nil bank limit utilisation and prudent working capital management. Cash accrual of Rs 250-270 crore expected per fiscal should cover the incremental working capital expenses and capex/ acquisition plans, in the absence of any term debt obligation over the medium term. Further, sizeable cash reserves (Rs 950-1,000 crore as of February 2024) and strong networth enhance the overall financial flexibility of the group. Current ratio is estimated to be around 89 times as of March 31, 2023.
Outlook: Positive
The BLS International group will continue to benefit from its established market position in the visa services business and its presence across diverse segments including passport, consular and citizenservices.
Rating Sensitivity factors
Upward factors
Sustained growth in revenue, driven by onboarding of new customers and timely renewal of contracts, with steady operating margin of 20-22%, leading to higher-than-expected net cash accrual.
Efficient working capital management ensuring low to nil reliance on external debt and hence, sustenance of robust financial risk profile and liquidity.
Timely completion of iData/any other acquisition, with no cost overrun.
Downward factors
Any large, debt-funded capex or acquisition, weakening the financial risk profile and liquidity.
Drop in cash accrual to Rs 80-90 crore, owing to a decline in operating income and/or margin, or any unfavorable/unrelated business acquisition.
About the Company
Established in 1983, BLS is a specialist provider of visa, passport and attestation services to Indian missions across the world. It serves the diplomatic missions by managing all administrative and non- judgmental tasks related to the entire life cycle of a visa application process.
The company was listed on the Bombay Stock Exchange, National Stock Exchange and Metropolitan Stock Exchange in 2016. BLS is present in over 62 countries either through joint ventures with local players or via wholly owned subsidiaries
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4/4/24, 1:02 PM | Rating Rationale | ||||
(BLS International FZE and others). | |||||
Key Financial Indicators | |||||
As on/for the period ended March 31 | Unit | 2023 | 2022 | ||
Operating income | Rs.Crore | 1516 | 849 | ||
Reported profit after tax | Rs.Crore | 204 | 111.20 | ||
PAT margin | % | 13.39 | 13.1 | ||
Adjusted debt/Adjusted networth | Times | 0.01 | 0.01 | ||
Interest coverage | Times | 90.44 | 64.92 |
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 and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.
CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.
For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN | Name of instrument | Date of | Coupon | Maturity | Issue size | Complexity | Rating assigned | |||||
allotment | rate (%) | date | (Rs.Crore) | levels | with outlook | |||||||
NA | Secured overdraft | NA | NA | NA | 11 | NA | CRISIL A/Positive | |||||
facility | ||||||||||||
NA | Bank guarantee | NA | NA | NA | 192 | NA | CRISIL A1 | |||||
NA | Proposed long-term | NA | NA | NA | 97 | NA | CRISIL A/Positive | |||||
bank loan facility | ||||||||||||
Annexure - List of Entities Consolidated | ||||||||||||
Names of entities consolidated | Extent of consolidation | Rationale for consolidation | ||||||||||
BLS International FZE, (UAE) | Full | Foreign subsidiary of holding company | ||||||||||
BLS International Services, (UAE), | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS International Services Norway AS | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS International Services Singapore PTE. LTD. | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS International Services Canada Inc. | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS International Services Malaysia SDN BHD | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS International Services (UK) Ltd | Full | Foreign subsidiary of BLS International FZE | ||||||||||
Consular Outsourcing BLS Services Inc., USA | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS International Vize Hizmetleri Ltd. Sti., Turkey | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS International Services Ltd., Hong Kong | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS Worldwide (Pty) Ltd, South Africa | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS International Services SRL, Italy | Full | Foreign subsidiary of BLS International FZE | ||||||||||
BLS Liaison Services Ltd, Kenya | Full | Foreign subsidiary of BLS International FZE | ||||||||||
Zero Mass Pvt Ltd | Full | Indian subsidiary of BLS E- Services Pvt Ltd | ||||||||||
BLS E-Services Pvt Ltd | Full | Indian subsidiary of holding company | ||||||||||
BLS E-Solutions Pvt Ltd | Full | Indian subsidiary of holding company | ||||||||||
BLS IT Services Pvt Ltd | Full | Indian subsidiary of holding company | ||||||||||
Starfin India Pvt Ltd | Full | Indian subsidiary of BLS E- Services Pvt Ltd | ||||||||||
BLS Kendras Pvt Ltd | Full | Indian subsidiary of BLS E- Services Pvt Ltd | ||||||||||
Reired BLS International Services Ltd | Full | Indian subsidiary of holding company |
Annexure - Rating History for last 3 Years
Current | |||
Instrument | Type | Outstanding | Rating |
Amount | |||
2024 (History)
Date | Rating |
2023
Date | Rating |
2022
Date | Rating |
2021
Date | Rating |
Start of 2021
Rating
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4/4/24, 1:02 PM
Fund Based
Facilities
LT
108.0
CRISIL
A/Positive
--
Rating Rationale | ||||
CRISIL | CRISIL | |||
23-01-24 | A/Watch | 24-04-23 | 16-06-22 | |
A/Stable | ||||
Developing | ||||
-- | -- | 05-04-22 | ||
CRISIL
A-/Stable
CRISIL
A-/Stable
03-11-21
CRISIL CRISIL A-/Stable BBB+/Stable
-- | CRISIL A2+ |
Non-Fund | CRISIL | CRISIL | CRISIL | CRISIL | CRISIL | |||||||||||||||
Based | ST | 192.0 | 23-01-24 | A1/Watch | 24-04-23 | 16-06-22 | 03-11-21 | CRISIL A2+ | ||||||||||||
A1 | A1 | A2+ | A2+ | |||||||||||||||||
Facilities | Developing | |||||||||||||||||||
-- | -- | -- | 05-04-22 | CRISIL | -- | -- | ||||||||||||||
A2+ | ||||||||||||||||||||
All amounts are in Rs.Cr. | ||||||||||||||||||||
Annexure - Details of Bank Lenders & Facilities | ||||||||||||||||||||
Facility | Amount (Rs.Crore) | Name of Lender | Rating | |||||||||||||||||
Bank Guarantee | 12 | HDFC Bank Limited | CRISIL A1 | |||||||||||||||||
Bank Guarantee | 20 | SBM Bank (India) Limited | CRISIL A1 | |||||||||||||||||
Bank Guarantee | 75 | IndusInd Bank Limited | CRISIL A1 | |||||||||||||||||
Bank Guarantee | 85 | Standard Chartered Bank | CRISIL A1 | |||||||||||||||||
Limited | ||||||||||||||||||||
Proposed Long Term Bank | 97 | Not Applicable | CRISIL A/Positive | |||||||||||||||||
Loan Facility | ||||||||||||||||||||
Secured Overdraft Facility | 11 | Standard Chartered Bank | CRISIL A/Positive | |||||||||||||||||
Limited | ||||||||||||||||||||
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 | ||||||||||||||||||||
CRISILs Criteria for rating short term debt | ||||||||||||||||||||
CRISILs Criteria for Consolidation |
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4/4/24, 1:02 PM | Rating Rationale |
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