The Pakistan Credit Rating Agency Limited

Rating Report
Report Contents
1. Rating Analysis
Engro PowerGen Thar (Pvt.) Limited 2. Financial Information
3. Rating Scale
4. Regulatory and Supplementary Disclosure

Rating History
Dissemination Date Long Term Rating Short Term Rating Outlook Action Rating Watch
23-Sep-2021 AA- A1 Stable Maintain -
25-Sep-2020 AA- A1 Stable Upgrade -
29-Oct-2019 A A1 Stable Maintain -
29-Apr-2019 A A1 Stable Maintain -
27-Dec-2018 A A1 Stable Maintain -
27-Jun-2018 A A1 Stable Maintain -
22-Dec-2017 A A1 Stable Maintain -
21-Jun-2017 A A1 Stable Maintain -
30-Dec-2016 A A1 Stable Initial -

Rating Rationale and Key Rating Drivers

Engro Energy Limited (EEL) along with China Machinery & Engineering Corporation (CMEC) has set up first Thar coal based
(2 x 330 MW) power plant (Complex) - Engro Powergen Thar (Pvt.) Limited (EPTL). Since its COD in July’19, EPTL is
running its operations smoothly and sustainably and achieving operational benchmarks. The primary fuel is Thar Coal; however,
the plant can accommodate imported coal. A 30-year coal supply agreement is signed with Sindh Engro Coal Mining Company
(SECMC), which is operating a coal mine in Thar Block-II. The coal mine’s COD was July-19. Company's both units were
successfully connected to and are providing electricity to the grid. During the period from Jan’21 to June’21 company provided
~2,052GWh of electricity to the national grid and recorded sales revenue of PKR ~37,866mln along with Net Profit (N.P) of
PKR 7,004mln in 1HCY21 (1HCY20: N.P ~PKR 6,651mln). The financial strength and experience in the energy chain of the
sponsoring companies – EEL and CMEC – is positive to the ratings. EPTL has built its own financial strengths in a short span of
time by adding to its equity base, consistent profitability and improved FCFOs support the timely repayment of debt and its
leveraging as at end June’21: 70.5% (End Dec’20: 74.5%). Curtailed policy rates support the bottom line of the company and
help to improve the coverage to stand at 3.8x in 1HCY21 (CY20: 3.1x). Company reported FCFO of PKR ~12,877mln as at end
June’21 and have strong cash base of PKR ~16,323mln. Strong cash position and un-utilized short term borrowing lines depicts
healthy financial position of the company. The onshore EPC contract is with CERIECO and offshore EPC contract is with
CMEC. Comfort is drawn from the experience of these contractors and the involvement of Pakistan and Chinese governments,
as this project comes under CPEC. Going forward, the Company’s main focus would be to keep the plant operational. Power
purchase agreement is with CPPA-G, which will, upon plant’s availability as per contract, provide capacity payments even if no
off take by power purchaser. The Government of Pakistan has given payment guarantee against dues from CPPA-G. The
business risk of the company is mitigated as the company has successfully produced electricity on the specifications of Thar
coal, which is being used for the first time. Furthermore, the use of CFB Boiler by the Company largely covers the risk of
varying lignite quality.

The management’s ability to effectively manage EPC risks and COD provides comfort. Trend in operational profitability would
bode well for rating. The availability of Thar Coal is critical. External factors such as any changes in the regulatory framework
may impact the ratings.

Disclosure
Name of Rated Entity Engro PowerGen Thar (Pvt.) Limited
Type of Relationship Solicited
Purpose of the Rating Entity Rating
Applicable Criteria Methodology | Independent Power Producer Rating(Jun-21),Criteria | Correlation Between Long-term
& Short-term Rating Scales(Jun-21),Criteria | Rating Modifiers(Jun-21)
Related Research Sector Study | Power(Jan-21)
Rating Analysts Saadat Mirza | [email protected] | +92-42-35869504

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 Power
The Pakistan Credit Rating Agency Limited
Profile

Plant Engro PowerGen Thar (Pvt.) Limited is operating 2 x 330 MW Coal-based Power Plant. The Company is a special purpose vehicle under Engro Energy Limited
(EEL). The project, which comes under the CPEC corridor is the first indigenous coal based Power Plant of Pakistan in Thar Block–II, Sindh.
Tariff EPTL has been provided a levelized tariff of 8.5015 US¢ per KWh. The tariff is indexed to the Pakistan Rupee-US Dollar exchange rate, Pakistan CPI inflation,
LIBOR, KIBOR and US CPI inflation. Principal and interest repayments, ROE, Insurance, Fixed and Variable O&M costs are part of the escalable (adjustable)
component.
Return On Project EPTL's key source of earnings would be the revenue generated through sale of electricity to the Power Purchaser, CPPA-G. The IRR of the project, as
agreed with NEPRA, is 20%. The ROE of the project is at 30.65%.
Ownership

Ownership Structure EPTL's majority ordinary shares are owned by Engro Energy Limited (EEL) (50.1%) and China Machinery Engineering Company (CMEC) (35%).
The remaining stake is owned by Habib Bank Limited (HBL) (9.5%) and Liberty Mills Limited (LML) (5.4%). Additionally, Preference shares equivalent to USD 85mln
all are subscribed by CMEC.
Stability Stability in the IPPs is drawn from the agreements signed between the company and power purchaser. However, Company's association with Engro group,
China Manufacturing & Engineering Company and Habib Bank Limited will continue to provide comfort.
Business Acumen Sponsor groups have significant experience in the power, coal mining, textile, banking and engineering contracting solutions and services.
Financial Strength Company’s sponsors have the ability and showed the willingness to support the entity both on a continuing basis, and support in times of crisis.
Additionally, the financial strength of the sponsors is considered strong as the sponsors have well diversified profitable businesses.
Governance

Board Structure EPTL's Board of Directors (BoD) comprises nine members, including the CEO. Five members represent EEL including CEO, three CMEC and one
HBL. The board members have diverse experience from different industries.
Members’ Profile The board members have diversified experience with CEO having experience of the company. Mr. Ahsan Zafar Syed is the Chairman of BoD with
over 22 years of professional experience in different functions and designations.
Board Effectiveness The BOD has two sub-committees called Audit committee and Board Compensation Committee.
Financial Transparency A.F Ferguson & Co. is the external auditor of the company. The auditor has given an unqualified opinion on the financial statements year ending
as at 31st December 2020.
Management

Organizational Structure IPPs are generally featured by a flat organizational structure, mainly comprising finance and technical staff, while the engineering, construction
and operations of the plant are outsourced.
Management Team The management team is headed by Mr. Syed Manzoor Hussain Zaidi appointed as CEO on 1st August 2019. Mr. Manzoor is associated with Engro
group since 2014. He has over ten years of experience as an Investment Banker before joining Engro Powergen Thar (Pvt) Limited as General Manager in 2014. He
played a vital role in achieving the Financial Close of EPTL in 2016. The CFO and the GM-Technical report to the CEO.
Effectiveness The management of EPTL is mostly engaged in the finance related activities. The operations and maintenance of the plant have been outsourced to O&M
contractor, Engro Energy Services Limited, which is a 100% owned subsidiary of Engro Energy Limited for a period of 5 years.
Control Environment The company maintains an adequate MIS which helps management to keep track of all operations and liaison with O&M operator.
Operational Risk

Power Purchase Agreement The electricity generated will be sold to Central Power Purchasing Agency - (CPPA-G) under a 30 year Power Purchase Agreement (PPA).
Further, the obligations of the power purchaser are guaranteed by the Government of Pakistan. Moreover, a stable revenue stream is also ensured through the minimum
guaranteed capacity charge (the component of the tariff received irrespective of electricity production).
Operation And Maintenance EPTL has an O&M contract with Engro Energy Services Limited which is a 100% owned subsidiary of Engro Energy Limited for a period
of 5 years. The O&M operator ensures adherence of the plant to meet minimum performance benchmarks.
Resource Risk The Coal Supply Agreement of EPTL is with Sindh Engro Coal Mining Company for 30 years where SECMC will provide 320,000 tonnes coal per
month. The Agreement is an exclusive contract by which EPTL will be allowed to use the substitute coal (Imported coal) only in case of non-availability of coal by the
Supplier.
Insurance Cover The Company has attained reasonable insurance cover for operational period for Property, Plant & Equipment physical damage, third party liability, and
business interruption affecting the profits. Additionally, Marine, Terrorism/Political Violence, and Excess Third Party Liability Insurances are also held.
Performance Risk

Industry Dynamics Owing to newly installed plants, Pakistan’s energy mix is shifting towards Solar/Gas/and coal from Furnace Oil and other expensive sources. As on
June-21, installed capacity of electricity reached 37,183 MW, which was 38,619 MW at end June-20. There was an increase of 508MW new power projects including
CPEC from coal and renewable sources and this will increase further in coming years. Government is devising Indicative Generation Capacity Expansion Plan for 2021-
2030. Which encapsulates the power generation additions required to meet the future energy and power demand of NTDC. In order to meet the demand of energy by the
year 2030, a generation capacity of 53,315MW is proposed through a mix of thermal power plants, indigenous resource based power plant and renewable energy power
plants. Further, during FY21, the Government has been successful in revising the power purchase agreements with the consultation of IPPs operating under different
policies, in the larger interest of the country.
Generation The plant generated a total of 2,052 GWH of electricity during 1HCY21 (1HCY20: 2,176 GWH).
Performance Benchmark The required availability for Engro Powergen under the PPA is 82.5% during first five years and 85.5% for next 25 years. Meanwhile, the
required efficiency of the plant is 37%. The company's actual availability and efficiency remained above than the benchmarks.
Financial Risk

Financing Structure Analysis Debt financing constitutes 75% of the project cost i.e. USD 831mln. The USD facility between the China Development Bank and Engro
Powergen Thar is for USD 621mln with a tenure of 14 years with semiannual payments. The local debt facility is between a consortium of multiple local banks, with HBL
as the lead arranger, and Engro Powergen Thar for USD 210mln with a tenure is of 14 years with semiannual payments. Ratio of foreign to local financing is 75:25.
Liquidity Profile At end June'21, total receivables of the company stood at PKR 39,889mln (CY20: PKR 37,104mln). As circular debt continues to be an issue for
companies operating in power sector. Consequently, IPPs have to manage their liquidity requirements from short-term borrowings. EPTL, in its power purchase
agreement with CPPA-G will receive capacity payments, given the plant meets contract availability, even if no off take by the power purchaser.
Working Capital Financing Along with increase in receivables company manages to stretch its trade payable days and its net cash cycle surged to 67days (End Dec'20:
44 days). EPTL has successfully issued a Sukuk of PKR 3bln in August-2019 to meet its working capital financing from a consortium of investors, led by Meezan Bank
Limited. Additionally, the company has arranged working capital lines of PKR 5,000mln of which PKR 3,500mln remain unutilized.
Cash Flow Analysis The company's debt service coverage [FCFO / Gross Interest +CMLTD] stood at 1.6x at end 1HCY21. During 1HCY21, free cash flows from
operations (FCFO) stood at PKR 12,877mln (CY20: PKR 27,410mln, 1HCY20: PKR 14,014mln).
Capitalization The Company has a moderately leveraged capital structure. The debt to equity ratio is 70.5%.

Engro PowerGen Thar (Pvt.) Limited Sep-21

Rating Report www.PACRA.com
 0 0 0 Financial Summary
0 0 0 PKR mln
Financial Summary
The Pakistan Credit Rating Agency Limited PKR mln
Engro Powergen Thar Pvt Ltd Jun-21 Dec-20 Dec-19 Dec-18
Power 6M 12M 12M 12M

A BALANCE SHEET
1 Non-Current Assets 134,564 137,319 140,293 104,221
2 Investments - - - -
3 Related Party Exposure 92 224 2,550 -
4 Current Assets 68,491 58,938 39,613 4,718
a Inventories 666 430 246 -
b Trade Receivables 39,889 37,104 24,952 -
5 Total Assets 203,147 196,482 182,456 108,939
6 Current Liabilities 38,430 33,119 37,892 2,514
a Trade Payables 27,161 23,324 20,407 -
7 Borrowings 116,081 121,731 116,733 89,801
8 Related Party Exposure - - - -
9 Non-Current Liabilities - - - -
10 Net Assets 48,635 41,632 27,832 16,624
11 Shareholders' Equity 48,635 41,632 27,832 16,624

B INCOME STATEMENT
1 Sales 37,866 80,053 36,436 -
a Cost of Good Sold (26,958) (56,158) (24,796) -
2 Gross Profit 10,908 23,895 11,639 -
a Operating Expenses (325) (559) (276) (38)
3 Operating Profit 10,583 23,337 11,363 (38)
a Non Operating Income or (Expense) 286 784 270 -
4 Profit or (Loss) before Interest and Tax 10,869 24,121 11,633 (38)
a Total Finance Cost (3,862) (10,311) (5,505) -
b Taxation (4) (10) (5) (1)
6 Net Income Or (Loss) 7,004 13,800 6,124 (39)

C CASH FLOW STATEMENT

a Free Cash Flows from Operations (FCFO) 12,877 27,410 13,472 (74)
b Net Cash from Operating Activities before Working Capital Changes 9,915 18,002 4,973 (3,922)
c Changes in Working Capital 1,419 (17,757) 894 334
1 Net Cash provided by Operating Activities 11,333 245 5,867 (3,588)
2 Net Cash (Used in) or Available From Investing Activities (1,042) 97 (26,301) (34,395)
3 Net Cash (Used in) or Available From Financing Activities (4,809) 3,023 24,631 37,516
4 Net Cash generated or (Used) during the period 5,482 3,365 4,197 (467)

D RATIO ANALYSIS
1 Performance
a Sales Growth (for the period) -5.4% 119.7% -- N/A
b Gross Profit Margin 28.8% 29.8% 31.9% N/A
c Net Profit Margin 18.5% 17.2% 16.8% N/A
d Cash Conversion Efficiency (FCFO adjusted for Working Capital/Sales) 37.8% 12.1% 39.4% N/A
e Return on Equity [ Net Profit Margin * Asset Turnover * (Total Assets/Sh 29.3% 34.4% 27.6% N/A
2 Working Capital Management
a Gross Working Capital (Average Days) 188 143 252 N/A
b Net Working Capital (Average Days) 67 43 48 N/A
c Current Ratio (Current Assets / Current Liabilities) 1.8 1.8 1.0 1.9
3 Coverages
a EBITDA / Finance Cost 3.8 3.1 2.8 N/A
b FCFO / Finance Cost+CMLTB+Excess STB 1.6 1.5 0.8 N/A
c Debt Payback (Total Borrowings+Excess STB) / (FCFO-Finance Cost) 5.9 6.4 13.3 -1215.3
4 Capital Structure
a Total Borrowings / (Total Borrowings+Shareholders' Equity) 70.5% 74.5% 80.7% 84.4%
b Interest or Markup Payable (Days) 28.5 23.1 165.7 N/A
c Entity Average Borrowing Rate 5.5% 7.3% 4.5% 0.0%
 Scale – Credit Rating

Credit Rating
Credit rating reflects forward-looking opinion on credit worthiness of underlying entity or instrument; more specifically it covers relative ability to honor
financial obligations. The primary factor being captured on the rating scale is relative likelihood of default.

Long-term Rating Short-term Rating

Scale Definition Scale Definition
A1+ The highest capacity for timely repayment.
Highest credit quality. Lowest expectation of credit risk. Indicate exceptionally strong
AAA A strong capacity for timely
capacity for timely payment of financial commitments A1
repayment.
AA+ A satisfactory capacity for timely
Very high credit quality. Very low expectation of credit risk. Indicate very strong repayment. This may be susceptible to
AA A2
capacity for timely payment of financial commitments. This capacity is not significantly adverse changes in business,
vulnerable to foreseeable events. economic, or financial conditions.
AA- An adequate capacity for timely repayment.
A3 Such capacity is susceptible to adverse
A+ changes in business, economic, or financial
High credit quality. Low expectation of credit risk. The capacity for timely payment of The capacity for timely repayment is more
A financial commitments is considered strong. This capacity may, nevertheless, be susceptible to adverse changes in business,
vulnerable to changes in circumstances or in economic conditions. A4
economic, or financial conditions. Liquidity
A- may not be sufficient.
BBB+ Short-term Rating
Good credit quality. Currently a low expectation of credit risk. The capacity for timely A1+ A1 A2 A3 A4
BBB payment of financial commitments is considered adequate, but adverse changes in AAA
circumstances and in economic conditions are more likely to impair this capacity. AA+
BBB- AA
BB+ AA-
Moderate risk. Possibility of credit risk developing. There is a possibility of credit risk
A+
developing, particularly as a result of adverse economic or business changes over time;
BB A
however, business or financial alternatives may be available to allow financial

Long-term Rating
commitments to be met. A-
BB- BBB+
B+ BBB
High credit risk. A limited margin of safety remains against credit risk. Financial BBB-
B commitments are currently being met; however, capacity for continued payment is BB+
contingent upon a sustained, favorable business and economic environment. BB
B- BB-
CCC B+
Very high credit risk. Substantial credit risk “CCC” Default is a real possibility.
B
Capacity for meeting financial commitments is solely reliant upon sustained, favorable
CC B-
business or economic developments. “CC” Rating indicates that default of some kind
appears probable. “C” Ratings signal imminent default. CCC
C CC
C
D Obligations are currently in default. *The correlation shown is indicative and, in certain
cases, may not hold.

Outlook (Stable, Positive, Rating Watch Alerts to the Suspension It is not Withdrawn A rating is Harmonization A
Negative, Developing) Indicates possibility of a rating change possible to update an withdrawn on a) change in rating due to
the potential and direction of a subsequent to, or, in opinion due to lack termination of rating revision in applicable
rating over the intermediate term in anticipation of some material of requisite mandate, b) the debt methodology or
response to trends in economic identifiable event with information. Opinion instrument is underlying scale.
and/or fundamental indeterminable rating should be resumed in redeemed, c) the rating
business/financial conditions. It is implications. But it does not foreseeable future. remains suspended for
not necessarily a precursor to a mean that a rating change is However, if this six months, d) the
rating change. ‘Stable’ outlook inevitable. A watch should be does not happen entity/issuer defaults.,
means a rating is not likely to resolved within foreseeable within six (6) or/and e) PACRA finds
change. ‘Positive’ means it may be future, but may continue if months, the rating it impractical to surveill
raised. ‘Negative’ means it may be underlying circumstances are should be considered the opinion due to lack
lowered. Where the trends have not settled. Rating watch may withdrawn. of requisite
conflicting elements, the outlook accompany rating outlook of information.
may be described as ‘Developing’. the respective opinion.

Surveillance. Surveillance on a publicly disseminated rating opinion is carried out on an ongoing basis till it is formally suspended or withdrawn. A
comprehensive surveillance of rating opinion is carried out at least once every six months. However, a rating opinion may be reviewed in the
intervening period if it is necessitated by any material happening.

Note. This scale is applicable to the following methodology(s): Entities Instruments

a) Broker Entity Rating a) Basel III Compliant Debt Instrument Rating
b) Corporate Rating b) Debt Instrument Rating
c) Financial Institution Rating c) Sukuk Rating
d) Holding Company Rating
e) Independent Power Producer Rating
f) Microfinance Institution Rating
g) Non-Banking Finance Companies
(NBFCs) Rating

Disclaimer: PACRA has used due care in preparation of this document. Our information has been obtained from sources we consider to be
reliable but its accuracy or completeness is not guaranteed. PACRA shall owe no liability whatsoever to any loss or damage caused by or resulting
from any error in such information. Contents of PACRA documents may be used, with due care and in the right context, with credit to PACRA.
Our reports and ratings constitute opinions, not recommendations to buy or to sell.

The Pakistan Credit Rating Agency Limited June 2020

 Regulatory and Supplementary Disclosure
(Credit Rating Companies Regulations,2016)

Rating Team Statements

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