Original T emplate123

Rating Update
December 28, 2023 | Mumbai

Jaipur Golden Transport Co Private Limited

Update as on December 28, 2023

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

The key rating sensitivity factors for the rating include:

Upward factors:

• Revenue increasing by 25% and operating margin of over 3%, leading to higher cash accrual
• Sustenance of the working capital cycle

Downward factors:

• Decline in revenue by 10% and operating margin falling below 1%

• Large, debt-funded capital expenditure weakening the capital structure
• Steep increase in working capital requirement constraining liquidity and financial risk 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 Jaipur Golden Transport
Co Private Limited (JGTCL; part of the Jaipur Golden group) 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 group

Incorporated in 1953 and based in Delhi, JGTCL is promoted by Mr S Makhan Singh, Mr Tulsi Dass
Khanna, Mr Sardari Lal Bahri, and Mr Murari Lal Bahri. The company is managed by the third-generation
successors (16 family members) of the founders. JGTCL has expanded its scope of activities and has
emerged as a leading comprehensive logistics services provider. Its services include parcel, express
cargo, third-party logistics, warehousing solutions, freight forwarding, and bulk transport across the
country. Jaipur Golden Transport Company (Regd) and Jaipur Golden Transport Company (Org) are also
engaged in the transport business, and are managed by descendants of the founding members.

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.

About CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global Company)

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 leading, agile and innovative global analytics company driven by its mission of making markets
function better.

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of
growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers
through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks,
analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

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please visit www.crisil.com.

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

DISCLAIMER

This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') that is
provided by CRISIL Ratings Limited ('CRISIL Ratings'). To avoid doubt, the term 'report' includes the information,
ratings and other content forming part of the report. The report is intended for the jurisdiction of India only.
This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in
the report is to be construed as CRISIL Ratings providing or intending to provide any services in jurisdictions
where CRISIL Ratings does not have the necessary licenses and/or registration to carry out its business activities
referred to above. Access or use of this report does not create a client relationship between CRISIL Ratings and
the user.

We are not aware that any user intends to rely on the report or of the manner in which a user intends to use the
report. In preparing our report we have not taken into consideration the objectives or particular needs of any
particular user. It is made abundantly clear that the report is not intended to and does not constitute an
investment advice. The report is not an offer to sell or an offer to purchase or subscribe for any investment in
any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the
entity to which the report pertains. The report should not be the sole or primary basis for any investment
decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).

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.

Neither CRISIL Ratings nor its affiliates, third-party providers, as well as their directors, officers, shareholders,
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CRISIL Ratings may receive compensation for its ratings and certain credit-related analyses, normally from
issuers or underwriters of the instruments, facilities, securities or from obligors. Public ratings and analysis by
CRISIL Ratings, as are required to be disclosed under the regulations of the Securities and Exchange Board of
India (and other applicable regulations, if any), are made available on its website, www.crisilratings.com (free of
charge). Reports with more detail and additional information may be available for subscription at a fee - more
details about ratings by CRISIL Ratings are available here: www.crisilratings.com.

CRISIL Ratings and its affiliates do not act as a fiduciary. While CRISIL Ratings has obtained information from
sources it believes 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.

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

Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public
website, www.crisilratings.com. For latest rating information on any instrument of any company rated by CRISIL
Ratings, you may contact the CRISIL Ratings desk at [email protected], 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

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

 Rating Rationale
November 22, 2022 | Mumbai

Jaipur Golden Transport Co Private Limited

Rating outlook revised to 'Negative'; Ratings reaffirmed

Rating Action
Total Bank Loan Facilities Rated Rs.37 Crore
CRISIL BBB/Negative (Outlook revised from 'Stable';
Long Term Rating
Rating Reaffirmed)
Short Term Rating CRISIL A3+ (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 revised its outlook on the long-term bank facilities of Jaipur Golden Transport Co Private Limited (JGTCL;
part of the Jaipur Golden group) to ‘Negative’ from ‘Stable’ while reaffirming the ‘CRISIL BBB’ rating and has reaffirmed its
‘CRISIL A3+’ rating on the short-term bank facility.

The outlook revision reflects the weakening in the business risk profile of the Jaipur Golden group with revenue lagging the
pre-pandemic level despite the revival in the logistics industry. Further, the revenue levels are expected to remain in the
range of Rs 350-400 crore over medium term with companies focus remaining on retails business segment. JGTCL had a
negative operating margin in the past three fiscals on account of inability to pass on higher diesel prices. Although the margin
at the group level improved in fiscal 2022, it has been low till September 2022 this fiscal and is estimated to remain around
1% over medium term. Sustenance of operating margins and improvement in scale of operations will be a key monitorable
over the medium term.

The ratings continue to reflect the established presence of the Jaipur Golden group and its comfortable financial risk profile.
These strengths are partially offset by modest operating margin resulting from low negotiating power, and the impact of
competition on demand and price flexibility.
Analytical approach
CRISIL Ratings has combined the business and financial risk profiles of JGTCL, Jaipur Golden Transport Co (Regd), and
Jaipur Golden Transport Co (Org). This is because all the entities, collectively referred to as the Jaipur Golden group, are
under a common management, and have strong operational linkages in the form of resource sharing and common
customers.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key rating drivers and detailed description

Strengths:
Established presence in the logistics industry: The promoters' experience of over four decades, strong understanding
of the market dynamics and healthy relationships with clients and suppliers should continue to support the business. The
group has an established market position with a fleet of over 200 own trucks and over 1,000 trucks of associated
operators, and a pan-India presence through 400 branches and 300 associates.

Comfortable financial risk profile: Networth and gearing were healthy, estimated at Rs 61.5 crore and 0.18 time,
respectively, as on March 31, 2022. The capital structure is expected to remain stable despite low accretion to reserve on
account of subdued profitability. Debt protection metrics should remain above average over the medium term—interest
coverage and net cash accrual to total debt ratios are expected over 20 times and 0.5 time, respectively, in fiscal 2023.

Weaknesses:
Modest operating margin resulting from low negotiating power: Operating margin was 1.84% in fiscal 2022 and is
expected to remain low at ~1% in fiscal 2023 on account of rising diesel prices and labour cost, and weak negotiation
power amid intense competition. The operating margin has been low compared with the industry average of 6-7%.

Intense competition impacting demand and price flexibility: The road freight transport industry has a large number of
players because of low entry barriers, leading to high price competition. Moreover, lack of product differentiation among
players limits bargaining power with customers. Large, organised players providing value-added services such as
warehousing, containerised movement and supply chain management, are able to negotiate favourable better freight
contracts and have better pricing flexibility. Also, rail freight will gain pace with the partial commissioning of the dedicated
freight corridor by the fourth quarter of fiscal 2023, impacting demand for road freight.
Liquidity: Adequate
Liquidity of the Jaipur Golden group remains adequate with nil debt against estimated annual net cash accrual of over Rs
5 crore. JGTCPL has sufficient cushion in bank lines, which were utilised just 6.23% on average in the 12 months through
September 2022. Free cash and bank balance of Rs 8.36 crore as on March 31, 2022, also supports liquidity.
Outlook: Negative
CRISIL Ratings believes the business risk profile of JGTCPL will remain vulnerable to revenue growth and sustenance of
operating margin.
Rating sensitivity factors
Upward factors:
Revenue increasing by 25% and operating margin of over 3%, leading to higher cash accrual
Sustenance of the working capital cycle

Downward factors:
Decline in revenue by 10% and operating margin falling below 1%
Large, debt-funded capital expenditure weakening the capital structure
Steep increase in working capital requirement constraining liquidity and financial risk profile
About the group
Incorporated in 1953 and based in Delhi, JGTCL is promoted by Mr S Makhan Singh, Mr Tulsi Dass Khanna, Mr Sardari Lal
Bahri, and Mr Murari Lal Bahri. The company is managed by the third-generation successors (16 family members) of the
founders. JGTCL has expanded its scope of activities and has emerged as a leading comprehensive logistics services
provider. Its services include parcel, express cargo, third-party logistics, warehousing solutions, freight forwarding, and bulk
transport across the country. Jaipur Golden Transport Company (Regd) and Jaipur Golden Transport Company (Org) are also
engaged in the transport business, and are managed by descendants of the founding members.
Key financial indicators (Standalone)
As on / for the period ended March 31 2022 2021
Operating income Rs crore 241.66 217.06
Reported profit after tax (PAT) Rs crore 0.94 (4.75)
PAT margin % 0.33 (1.91)
Adjusted debt/Adjusted networth Times 0.31 0.47
Interest coverage Times (2.75) (4.15)

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)

Name of Date of Coupon Maturity Issue size Complexity Rating assigned
ISIN
instrument allotment rate (%) date (Rs crore) level with outlook
NA Bank Guarantee NA NA NA 2 NA CRISIL A3+
NA Cash Credit NA NA NA 20 NA CRISIL BBB/Negative
Proposed Cash
NA NA NA NA 15 NA CRISIL BBB/Negative
Credit Limit

Annexure – List of entities consolidated

Names of entities consolidated Extent of consolidation Rationale for consolidation
Jaipur Golden Transport Co Pvt Ltd Full Strong operational and financial linkages
Jaipur Golden Transport Co (Regd) Full Strong operational and financial linkages
Jaipur Golden Transport Co (Org) Full Strong operational and financial linkages

Annexure - Rating History for last 3 Years

2022
Current 2021 2020 2019 Start of 2019
(History)
Outstanding
Instrument Type Rating Date Rating Date Rating Date Rating Date Rating Rating
Amount
Fund
CRISIL CRISIL CRISIL CRISIL CRISIL
Based LT 35.0 -- 27-10-21 28-07-20 24-04-19
BBB/Negative BBB/Stable BBB/Negative BBB/Negative BBB/Negative
Facilities
 CRISIL
-- -- -- -- 05-04-19 BBB/Negative --

Non-Fund
CRISIL
Based ST 2.0 CRISIL A3+ -- 27-10-21 28-07-20 CRISIL A3+ 24-04-19 CRISIL 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 2 Kotak Mahindra Bank Limited CRISIL A3+
Cash Credit 20 Kotak Mahindra Bank Limited CRISIL BBB/Negative
Proposed Cash Credit Limit 15 Not Applicable CRISIL BBB/Negative

This Annexure has been updated on 09-Feb-23 in line with the lender-wise facility details as on 19-Jan-23 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
CRISILs Criteria for Consolidation

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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.

About CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global Company)

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 leading, agile and innovative global analytics company driven by its mission of making markets function better.

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of
innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses
that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and
data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK

CRISIL PRIVACY NOTICE

CRISIL respects your privacy. We may use your contact information, such as your name, address and email id to fulfil your request and service your
account and to provide you with additional information from CRISIL. For further information on CRISIL's privacy policy please visit www.crisil.com.

DISCLAIMER

This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') that is provided by
CRISIL Ratings Limited ('CRISIL Ratings'). To avoid doubt, the term 'report' includes the information, ratings and other content
forming part of the report. The report is intended for the jurisdiction of India only. This report does not constitute an offer of
services. Without limiting the generality of the foregoing, nothing in the report is to be construed as CRISIL Ratings providing
or intending to provide any services in jurisdictions where CRISIL Ratings does not have the necessary licenses and/or
registration to carry out its business activities referred to above. Access or use of this report does not create a client
relationship between CRISIL Ratings and the user.

We are not aware that any user intends to rely on the report or of the manner in which a user intends to use the report. In
preparing our report we have not taken into consideration the objectives or particular needs of any particular user. It is made
abundantly clear that the report is not intended to and does not constitute an investment advice. The report is not an offer to
sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind to
enter into any deal or transaction with the entity to which the report pertains. The report should not be the sole or primary
basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in
the US).

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.

Neither CRISIL Ratings nor its affiliates, third-party providers, as well as their directors, officers, shareholders, employees or
agents (collectively, 'CRISIL Ratings Parties') guarantee the accuracy, completeness or adequacy of the report, and no CRISIL
Ratings Party shall have any liability for any errors, omissions or interruptions therein, regardless of the cause, or for the
results obtained from the use of any part of the report. EACH CRISIL RATINGS PARTY DISCLAIMS ANY AND ALL EXPRESS OR
IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE. In no event shall any CRISIL Ratings Party be liable to any party for any direct, indirect,
incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses
(including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the
report even if advised of the possibility of such damages.

CRISIL Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or
underwriters of the instruments, facilities, securities or from obligors. Public ratings and analysis by CRISIL Ratings, as are
required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations,
if any), are made available on its website, www.crisilratings.com (free of charge). Reports with more detail and additional
information may be available for subscription at a fee - more details about ratings by CRISIL Ratings are available here:
www.crisilratings.com.

CRISIL Ratings and its affiliates do not act as a fiduciary. While CRISIL Ratings has obtained information from sources it believes
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,
www.crisilratings.com. For latest rating information on any instrument of any company rated by CRISIL Ratings, you may
contact the CRISIL Ratings desk at [email protected], 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