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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » A-/P2 corporate credit ratings for Bairaha Farms PLC

A-/P2 corporate credit ratings for Bairaha Farms PLC

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
RAM Ratings Lanka has assigned Bairaha Farms PLC (Bairaha or the Company) long and short-term corporate credit ratings of A- and P2, respectively. The long-term rating carries a stable outlook.

Bairaha is a holding company with interests in a broad spectrum of poultry farming activities such as chicken processing; the manufacture, distribution and sale of pre-cooked meats; manufacture and sale of supplementary poultry farming products and the operation of hatcheries. Bairaha and its subsidiaries are collectively referred to as the Group. Bairaha’s financial profile is deemed strong, with its gearing ratio standing at 0.12 times as at end-FY Mar 2013.

Bairaha’s cashflow-protection metrics are also considered solid, its funds from operations debt coverage (FFODC) ratio coming in at 1.13 times in FY Mar 2013 and 1.48 times in 1H FY Mar 2014.

Bairaha boasted a strong liquidity position, with its cash and cash equivalents (CCE) of LKR165.93 million serving as a strong buffer against short-term debts amounting to LKR51.53 million as at end-FY Mar 2013. Meanwhile, Bairaha, with an estimated market share of approximately 50% of broiler parent breeder chicks, 18% of day-old chicks and 10% of broiler chicken meat, is a dominant player in the Sri Lankan poultry market.

Bairaha is one of the industry’s most highly-integrated poultry producers and has a strong presence in the processed foods market segment.

The Company is also one of only 3 operators of broiler grandparent farms and hatcheries in the country, thus enabling it to maximise economies of scale and influence pricing. Elsewhere, the growth potential of the local poultry sector also remains encouraging due to an improving market balance, coupled with declining grain and feed costs.

Furthermore, Sri Lanka’s per-capita chicken consumption is expected to rise with higher per capita disposable incomes. Poultry prices will see further support from the government in future, given that the existing price ceiling for poultry products was replaced in the budget for 2014 by a proposed pricing formula that takes into account the overall cost of production. Bairaha is affiliated with Cobb-Vantress Inc. (Cobb) USA, one of the oldest poultry breeding companies globally and a subsidiary of Tyson Foods, Inc. USA, one of the world’s largest processers and marketers of chicken.

The Group is Cobb’s Sri Lankan representative, and is also involved in the export of broiler breeder chicks via an associate. Cobb provides the Group with technical support and guidance on a quarterly basis whilst also providing expert advice on breeding, production and disease prevention.

However, nearly 30-40% of the raw materials for the production of feed for producing broiler meat are currently imported by feed millers in the country. Feed accounts for around 65% of Bairaha’s total production cost.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=95214

Leon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Will the golden days of Biraha be back in near future?? I doubt.

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