This is an interesting read from a ratings site..
https://www.careratings.com/upload/CompanyFiles/PR/202402140240_Transaction_Solutions_International_India_Private_Limited.pdf
Press Release
Transaction Solutions International India Private LimitedFebruary 05, 2024
Facilities/Instruments Amount (₹ crore) Rating1 Rating ActionLong Term Bank Facilities 314.63(Reduced from 341.93) CARE BBB+; Stable ReaffirmedLong Term / Short Term Bank Facilities 45.93(Enhanced from 30.01) CARE BBB+; Stable / CARE A3+ ReaffirmedDetails of instruments/facilities in Annexure-1.
Detailed Rationale and key rating drivers
The reaffirmation in the ratings assigned to the bank facilities of Transaction Solutions International India Private Limited (TSIPL)continue to derive strength from its experienced management with long track record of operations, reputed client base andrevenue visibility through new contract from State Bank of India (SBI) and ongoing contracts for setting up and manging ATMs(Automated Teller Machine).
The ratings also factor in the growing scale of operations & improved profitability during FY23 (refersto period April 01 to March 31) and H1FY24 (refers to the period April 01 to September 30). The ratings take cognizance ofinfusion of conditional compulsory convertible debentures (CCDs) by Piramal Alternatives in December 2023 and renewal of SBIcontract for further 10 years providing the revenue visibility in the long term.
The ratings, continue to remain constrained by theregulated nature of ATMs business, risk of potential loss arising from cash in transit, theft or other events and competition fromincreasing digital payments. The rating is also constrained by the limited track record of profitability at net level and significantdebt funded CAPEX plans related to SBI contract for setting up 3,375 ATMs and other growth plans.Rating sensitivities:
Factors likely to lead to rating actionsPositive factors• Sustained increase in scale of operations above Rs. 400 crores while maintaining PBILDT margins above 30%.• Ability to generate GCA above Rs. 100 crores on a sustained basis.• Improvement in overall gearing below 1.00 times on a sustained basis.
Negative factors• Decline in scale of operations below Rs. 225 crores with PBILDT margin below 15% on a sustained basis.• Deterioration in overall gearing above 3.50 times and interest coverage below 2 times on a sustained basis.• Any significant or unaccounted liability arising which may impact operations of the company.• Any delay in renewal of the contracts adversely impacting operational performance of the company.Analytical approach: StandaloneOutlook: StableThe stable outlook reflects CARE’s opinion that TSIPL would continue to derive benefits from its experienced promoters withlong track record of operations and its reputed client base.
…… much more information contained from the above link at the start of this post ..
Cheers Anton
This is an interesting read from a ratings site.....
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