RATING RATIONALE
30Aug2022

Global Vectra Helicorp Ltd

Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 55.00 Crs. of Global Vectra Helicorp Ltd

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(23 Aug 2021)
Present
Fund Based 10.00 10.00 Long Term BWR BB+/Stable
Downgrade
BWR BB + /Stable
Reaffirmation
(1.00) (0.00)
25.00 5.00 Short Term BWR A4+
Downgrade
BWR A4 +
Reaffirmation
Non Fund Based 35.00 40.00 Short Term BWR A4+
Downgrade
BWR A4 +
Reaffirmation
Grand Total 70.00 55.00 (Rupees Fifty Five Crores Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure


RATING ACTION / OUTLOOK

Brickwork Ratings reaffirms the rating for the Bank Loan Facilities of Rs.55.00 Crs of Global Vectra Helicorp Ltd. at BWR BB+/A4+(Stable). 

The ratings continue to derive comfort from the experienced promoters and management team of GVHL, moderate networth base and gearing levels, and long-term contracts with reputed clients. However, these strengths are partially offset by the modest scale of business operations, weak debt coverage indicators and customer concentration risk.

The Stable 'Outlook' is on account of BWR's expectation that the financial risk profile of the Company will be maintained over the medium term.

KEY RATING DRIVERS

Credit Strengths:


Credit Risks:

ANALYTICAL APPROACH - Standalone

BWR has principally relied upon standalone audited results up to FY22, Q1FY23 unaudited result, projections upto FY24, publicly available information and clarifications/information provided by the management. 

The Company has adopted the IND AS116 for operating leases from FY20. However, for the analytical approach, the financials are adjusted as per IND AS17.

RATING SENSITIVITIES

Positive: If the Company manages to improve its revenue, profitability, debt coverage indicators and efficiently manage its working capital, it could result in a positive rating action.

Negative: Deterioration in the scale of operation, key financial metrics, and increase in losses would be negative for ratings.

LIQUIDITY INDICATORS - Adequate

The liquidity position of the Company is adequate as its adjusted current ratio as on March 31, 2022, stood low at 1.67x. The Company had Cash & bank balance of Rs.7.00 Crs as on 31 July 2022 and its CC utilization for the last 11 months period is around 56%. The Company is expected to generate Cash accruals of Rs.Rs.35.00 Crs and Rs.41.00 Crs against the principal repayments of Rs.18.73 Crs and Rs.22.83 Crs in FY23 & FY24 respectively.

ABOUT THE ENTITY

Global Vectra Helicorp Limited (GVHL) is a Mumbai, Maharashtra based company engaged in providing chartered helicopter services with a fleet of 8 owned and 18 leased helicoptors. (16 on operating lease and 2 on finance lease). GVHL offers offshore transportation services to the Oil and gas sector. The company has operations in both East & West coasts serving blue chip companies such as ONGC, Reliance Petroleum, British Gas, Gujarat State Petroleum Corporation etc.

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 21-22
(Audited)
FY 20-21
(Audited)
Operating Revenue Rs.Crs. 332.07 295.33
EBITDA Rs.Crs. 45.58 24.81
PAT Rs.Crs. -5.44 -29.28
Tangible Net Worth Rs.Crs. 106.35 113.81
Total Debt/TNW Times 1.90 1.93
Current Ratio Times 0.58 0.49

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating (2022) 2021 2020 2019
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 10.00
BWR BB+/Stable
(Reaffirmation)
23Aug2021
BWR BB+Stable
(Downgrade)
NA
NA
17Jul2019
BWR BBBStable
(Reaffirmation)
0.00
NA
13Mar2021
BWR BBB-Negative
(Downgrade)
NA
NA
NA
NA
Fund Based ST 5.00
BWR A4+
(Reaffirmation)
23Aug2021
BWR A4+
(Downgrade)
NA
NA
NA
NA
0.00
NA
13Mar2021
BWR A3
(Downgrade)
NA
NA
NA
NA
Non Fund Based ST 40.00
BWR A4+
(Reaffirmation)
23Aug2021
BWR A4+
(Downgrade)
NA
NA
17Jul2019
BWR A3+
(Reaffirmation)
0.00
NA
13Mar2021
BWR A3
(Downgrade)
NA
NA
NA
NA
Grand Total 55.00 (Rupees Fifty Five Crores Only)
Rating Advisory, as on 12Mar2022
Press Release, as on 12Mar2022
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Prashant Sahadev Mondkar

Ratings Analyst Board : +91 22 2831 1426, +91 22 2831 1439 prashant.sm@brickworkratings.com

Chintan Dilip Lakhani

Director- Ratings chintan.l@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Global Vectra Helicorp Ltd
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 IndusInd Bank Cash CreditSanctioned 10.00 _ 10.00
Sub-Limit (Overdraft) Sanctioned (0.00)
2 IndusInd Bank Bill Discounted (BD)Sanctioned _ 5.00 5.00
3 IndusInd Bank Bank GuaranteeSanctioned _ 40.00 40.00
4 Standard Chartered Bank Foreign Bill DiscountingSanctioned _ _ 0.00
Total 10.00 45.00 55.00
TOTAL (Rupees Fifty Five Crores Only)
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About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 12,000 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.

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