MIRA
INFORM REPORT
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Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHAMPAGNE INDAGE
LIMITED |
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Registered Office : |
Indage House, 82,
Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.10.1985 |
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Com. Reg. No.: |
11-37618 |
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CIN No.: [Company
Identification No.] |
U74999MH1985PLCO37618 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC09686F |
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PAN No.: [Permanent
Account No.] |
AAAC11335D |
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Legal Form : |
Public Limited Liability Company. The
company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers and
Marketers of Wines. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9196185 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
After a difficult
times in financial years, the company has been doing well and also capable to
acquire and manage overseas companies. Financial position of the company is good.
Payments are correct and as per commitments. The company is
doing very well. It can be considered good for any normal business dealings
at usual trade terms. |
LOCATIONS
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Registered Office/ F. D. Department : |
Indage House, 82,
Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India |
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Tel. No.: |
91-22-24988167 /
24988168 / 24938718 / 24932298/ 66547932-37 |
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Fax No.: |
91-22-24930036/
66547940/ 24913435 |
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E-Mail : |
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Website : |
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Administrative
Office : |
F. D. Department,
33-B, Krishnamai, Sir Pockhnamai, Sir Pochkhanwala Road, Worli, Mumbai - 400 030, Maharashtra, India |
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E-Mail : |
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Factory [Winery] : |
Village – Yedgam,
Post Narayangaon, Taluka – Junnar, District Pune – 410 504, Maharashtra,
India |
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Vineyards : |
D-107, T.T.C Industrial
Area, Shiravane Village, Navi Mumbai, Maharashtra, India D-42, T.T.C
Industrial Area, Turbhe Village, Navi Mumbai, Maharashtra, India Gharwala Estate,
Swami Vivekanand Road, Jogeshwari (West), Mumbai, Maharashtra, India F – 15, Nand Dham
Industrial Estate, Marol Maroshi Road, Andheri (East), Mumbai – 400 059,
Maharashtra, India Datta Colony,
2103-E, Pune Bangalore Road, Kolhapur – 416 003, Maharashtra, India 74, Bhosari Industrial Estate, Pune – 411 026, Maharashtra, India |
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Branches : |
Located at : Goa, Pune, New
Delhi, Kolkata, Secunderabad, Jaipur and Chandigarh |
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North Zone Office : |
Office No.
211/214, 2nd Floor, Suneja Tower – 1, Janakpuri District Centre,
Delhi – 110 058, India. |
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Tel No. : |
91-11-41589814 |
DIRECTORS
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Name : |
Mr. S G Chougule |
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Designation : |
Chairman |
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Name : |
Mr. J B Dsouza |
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Designation : |
Vice Chairman |
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Name : |
Mr. G G Desai |
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Designation : |
Director |
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Name : |
Mr. A B Shah |
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Designation : |
Director |
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Name : |
Mr. H G Desai |
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Designation : |
Director |
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Name : |
Mr. R S Chougule |
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Designation : |
Managing Director |
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Name : |
Mr. S R Framjee |
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Designation : |
Director |
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Name : |
Mr. M N Chaini |
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Designation : |
Director |
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Name : |
Mr. Michael Willkomm |
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Designation : |
Director |
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Name : |
Mr. Le Saux Thierry |
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Designation : |
Director |
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Name : |
Mr. Antione Merlaut |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Girish V. Kirkinde |
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Designation : |
Company Secretary |
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Audit Committee
: |
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Name : |
Mr. G. G. Desai |
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Designation : |
Chairman |
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Name : |
Mr. J. B. D’Souza |
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Designation : |
Member |
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Name : |
Mr. H. G. Desai |
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Designation : |
Member |
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Name : |
Mr. S. R. Framjee |
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Designation : |
Member |
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Name : |
Mr. A. B. Shah |
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Designation : |
Member |
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Shareholders /
Investors Grievances Committee : |
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Name : |
Mr. S. G. Chougule |
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Designation : |
Chairman |
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Name : |
Mr. J. B. D’Souza |
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Designation : |
Member |
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Name : |
Mr. A. B. Shah |
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Designation : |
Member |
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Remuneration
Committee |
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Name : |
Mr. J. B. D’Souza |
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Designation : |
Chairman |
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Name : |
Mr. S. G. Chougule |
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Designation : |
Member |
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Name : |
Mr. G. G. Desai |
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Designation : |
Member |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Marketers of Wines |
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Products : |
Product Item
Code Sparking Wine 22041000 Still Red Wine 22042101 Still White Wine 22042102 |
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Exports : |
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Countries : |
U.K., Sweden, Switzerland,
Germany, Canada, Bhutan, Nepal, Sri Lanka, Mauritius, New Zealand, Japan and
U.S.A |
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Imports : |
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Countries : |
Germany, France,
Australia and Italy |
PRODUCTION STATUS (As on 31.03.2007)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Wines |
Liters |
NA |
7557100 ltrs |
8761361 ltrs |
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GENERAL
INFORMATION
|
Suppliers : |
·
Crystal
Collection, Maker Tower, 42-1, Cuffe Parade, Mumbai – 400 005, India ·
Alert Packaging
House, 344, A-Z Industrial Estate, G. K. Marg, Lower Parel, Mumbai – 400 013,
India ·
Owen
Broakways India Limited, Thapar House, 124, Janpath, New Delhi – 110 001,
India ·
Vishal
Enterprises, 15, Satyam Industrial Estate, Subhas Road, Jogeshwari (East),
Mumbai – 400 060, India ·
More &
Lad Bros., At & Post Deorastre, Tal. Palus, Dist. Sangli – 410 303,
Maharashtra, India ·
Lucky
Printers, 40, Mehta Industrial Estate, Liberty Garden Cross Road, Malad
(West), Mumbai – 400 064, India ·
Quality Products,
89, Mistry Industrial Estate, Cross Road MIDC, Andheri (East), Mumbai – 400
093, India ·
Steel Art
Engineering Works, R-510, Rakale MIDC, TTC Industrial Area, New Mumbai – 400
701, India ·
Shree
Gobbindo Glass Works Limited, Ramrajantala Road, Post-Saniragachi, Howrah,
Calcutta – 711 104, West Bengal, India ·
Microlift
India Private Limited, 23, Vardhaman Complex, LBS Marg, Vikhroli (West),
Mumbai – 400 083, India |
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Customers : |
·
Hindustan
Petroleum Corporation Limited, Refinery Division, Mumbai ·
Hotel
Shalini Palace, Kolhapur, Maharashtra ·
Bharat
Petroleum Corporation, Limited, Mumbai ·
Jalna
Sahakari Sakhar Karkhana Limited, Jalna, Maharashtra ·
Mitsui
and Company, Mumbai ·
V.
S. C. and R. S. C. Private Trust, Mumbai ·
Mumbai
Electric Supply and Transport undertaking,
Mumbai ·
Niphad
Sahakari Sakhar Karkhana Private Limited, Niphad, Maharashtra ·
Champagne
India Limited, Narayangaon, Pune, Maharashtra ·
Shirpur
Sahakar Sakhar Karkhana Limited, Dhule, Maharashtra ·
Vighnahar
Sahakari Sakhar Karkhana Limited, Ambegaon, District - Pune, Maharashtra ·
Ajinkyatara
Sahakari Sakhar Karkhana Limited, Shahunagar, Satara, Maharashtra ·
Ahmedabad
Advance Mills Limited, Mumbai ·
Kirloskar
Pneumatics Company Limited, Pune, Maharashtra ·
City
Industrial Development Corporation of Maharashtra Limited, Mumbai ·
Concast
(India) Limited, Mumbai ·
The
Raymond Woollen Mills Limited, Thane, Maharashtra ·
Indian
Railway Construction Company Limited, New Delhi ·
Karamchand
Thaper and Brothers Limited, Calcutta, West Bengal ·
Qatar
Armed Forces: Government of Qatar, Arabian Gulf ·
The
Shriram Sahakari Sakhar Karkhana Limited, Babdeo, Nagpur, Maharashtra ·
Nippon
Engineering Industries, Maneck Nagar, Tumsar ·
Hyundai
Corporation, South Korea (I I L) Associated with Gammon India Limited, Mumbai ·
Champagne
Indage Limited, Winery ·
Bayer
(India) Limited, Thane, Maharashtra ·
Electronics
Corporation of India Limited, Hyderabad, Andhra Pradesh ·
Nhava
Sheva Port Authorities, Mumbai ·
Sandoz
India Limited, Thane, Maharashtra ·
Maharashtra
State Electricity Board, Thane, Maharashtra ·
Maharashtra
State Road Transport Corporation, Mumbai ·
Special
Steels Limited, Mumbai ·
Ar-Ex
Laboratories Private Limited ·
Air
India, Mumbai ·
Gujarat
Glass (Piramal Group), Division of Nicholas Laboratories (India) Limited,
Mumbai ·
Electro
Pneumatics and Hydraulics (I) Private Limited, Mumbai ·
Gaylord
Bakery, Mumbai ·
Balmer
Lawrie and Company Limited, Mumbai ·
Pradeep
Metals Private Limited, Thane, Maharashtra ·
Lupin
Agrochemicals India Limited, Mumbai ·
Madalsa
Agro Industries, Mumbai ·
Pidilite
Industries Limited, Mumbai ·
Balmer
Lawrie Van Leer Limited, Mumbai ·
Positive
Packaging Industries Private Limited, Mumbai ·
Accuprint
Systems Private Limited ·
Omni
Industrial Packaging Private Limited, Mumbai ·
The
Hong Kong and Shanghai Banking Corporation Limited, Mumbai |
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No. of Employees : |
300 |
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Bankers : |
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Financial Institution : |
Rabo India
Finance Private Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sorab S.
Engineers and Company Chartered
Accountants |
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Address : |
Ismail Building, 381,
Dr. D. N. Road, Fort, Mumbai – 400 001 |
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Subsidiaries : |
Indage Hotels
Limited |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12142621 |
Equity Shares |
Rs. 10/- each |
Rs. 121.426 millions |
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Add : |
Equity Share Warrants |
Rs. 10/- each |
Rs. 325.788 millions |
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TOTAL |
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Rs. 447.214 millions |
(Out of above
74400 are allotted as fully paid up pursuant to Employee Stock Option Scheme
without payment being received in cash. Equity Share Warrants)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
447.214 |
117.901 |
69.651 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1392.023 |
776.427 |
243.880 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1839.237 |
894.328 |
313.531 |
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LOAN FUNDS |
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1] Secured Loans |
420.171 |
336.811 |
346.726 |
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2] Unsecured Loans |
169.685 |
123.025 |
164.331 |
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TOTAL BORROWING |
589.856 |
459.836 |
511.057 |
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DEFERRED TAX LIABILITIES |
35.151 |
25.891 |
19.070 |
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TOTAL |
2464.244 |
1380.055 |
843.658 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1127.956 |
426.092 |
337.692 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
10.712 |
69.842 |
68.619 |
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ADVANCES AGAINST RETAIL INITIATIVES |
440.500 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
867.862
|
551.173
|
397.747 |
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Sundry Debtors |
534.038
|
391.287
|
100.918 |
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Cash & Bank Balances |
34.066
|
13.635
|
13.533 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
247.188
|
117.995
|
47.248 |
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Total
Current Assets |
1683.154
|
1074.090
|
559.446 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
798.078
|
189.969
|
122.099 |
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Total
Current Liabilities |
798.078
|
189.969
|
122.099 |
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Net Current Assets |
885.076
|
884.121
|
437.347 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2464.244 |
1380.055 |
843.658 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1240.078 |
685.949 |
362.029 |
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Increase / [Decrease] in stock of Finished
Goods & Work in progress |
267.831 |
162.234 |
77.644 |
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Other Income |
6.992 |
9.932 |
3.026 |
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Total Income |
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Profit/(Loss) Before Tax |
279.171 |
154.682 |
60.226 |
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Provision for Taxation |
45.741 |
46.713 |
5.307 |
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Profit/(Loss) After Tax |
233.430 |
107.969 |
54.919 |
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Earnings in Foreign Currency : |
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Export Earnings |
68.114 |
25.900 |
54.994 |
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Commission Earnings |
0.000 |
0.000 |
0.000 |
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Other Earnings |
0.000 |
0.000 |
0.000 |
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Total Earnings |
68.114 |
25.900 |
54.994 |
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Imports : |
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Raw Materials |
42.938 |
28.047 |
7.377 |
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Stores & Spares |
0.000 |
0.000 |
0.000 |
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Capital Goods |
90.742 |
22.107 |
22.203 |
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Others |
23.861 |
4.028 |
10.392 |
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Total Imports |
157.541 |
54.182 |
39.972 |
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Expenditures : |
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Cost of Goods Sold |
397.687 |
154.231 |
94.986 |
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Manufacturing Expenses |
222.127 |
114.773 |
68.971 |
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Administrative Expenses |
120.481 |
63.053 |
48.143 |
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Selling and Marketing Expenses |
254.274 |
223.460 |
56.285 |
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Sales Tax & Service Tax |
95.389 |
81.035 |
38.293 |
|
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Salaries, Wages, Bonus, etc. |
85.519 |
46.587 |
26.858 |
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Interest |
41.828 |
29.942 |
41.894 |
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Depreciation & Amortization |
18.425 |
10.350 |
7.040 |
|
Total Expenditure |
1235.730 |
723.431 |
382.470 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 1st
Quarter |
31.09.2007 2nd Quarter
|
31.12.2007 3rd Quarter |
31.03.2008 4th Quarter |
|
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|
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Sales Turnover |
157.700 |
296.100 |
764.100 |
599.800 |
|
Other Income |
0.800 |
3.000 |
12.500 |
65.800 |
|
Total Income |
158.500 |
299.100 |
776.600 |
665.600 |
|
Total Expenditure |
90.600 |
202.700 |
513.300 |
403.500 |
|
Operating Profit |
67.900 |
96.400 |
263.300 |
262.100 |
|
Interest |
24.700 |
20.900 |
36.900 |
57.600 |
|
Gross Profit |
43.200 |
75.500 |
226.400 |
204.500 |
|
Depreciation |
11.200 |
11.600 |
11.500 |
11.900 |
|
Tax |
2.800 |
8.600 |
23.000 |
47.300 |
|
Reported PAT |
24.800 |
52.400 |
188.200 |
133.600 |
KEY RATIOS
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.44 |
0.82 |
1.27 |
|
Long Term Debt-Equity Ratio |
0.04 |
0.09 |
0.13 |
|
Current Ratio |
1.37 |
1.32 |
1.08 |
|
Fixed Assets |
1.61 |
1.74 |
1.24 |
|
Inventory |
1.81 |
1.53 |
1.06 |
|
Debtors |
2.77 |
2.95 |
4.22 |
|
Interest Cover Ratio |
4.73 |
3.70 |
2.35 |
|
Operating Profit Margin(%) |
29.07 |
30.61 |
29.79 |
|
Profit Before Interest And Tax
Margin(%) |
27.64 |
29.18 |
27.93 |
|
Cash Profit Margin(%) |
19.65 |
16.30 |
16.51 |
|
Adjusted Net Profit Margin(%) |
18.22 |
14.87 |
14.64 |
|
Return On Capital Employed(%) |
20.57 |
19.61 |
15.44 |
|
Return On Net Worth(%) |
19.51 |
18.15 |
18.42 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
:
The company was
originally incorporated under the name and style of Indage India Limited. The name of the company was subsequently
changed to present w.e.f. 20th June, 1998.
The company is a
Pioneer of French-Style wines in India.
The company
produces a variety of exquisite still and sparkling wines. These wines have
been marketed in India and abroad with dramatic success.
Subject exports delectable wines.
PERFORMANCE
As a result of a
variety of strategic initiatives, the Company has achieved significant
operational progress in the financial year under review. In the Indian wine
industry, the superior value proposition of the Company's products, coupled
with focused efforts to enhance efficiencies has resulted in CIL's delivering
higher stakeholder value. We are pleased to mention that the Company's Gross
sales rose 80.78% to an all-time record level over the previous year. The
profit for the year before tax was Rs. 279.17 million as against Rs. 154.68
million in the previous year registering an increase of approximately 80%. The
Profit after tax for the year was Rs. 233.43 million as against Rs. 107.96
million in the previous year recording an increase of about 116%.
AWARDS
AND ACCLAIM
The Company is the market leader and the largest producer of wines in India
with 32 principal brands under its fold. The Company's excellence has received
worldwide acknowledgement and acclaim in the form of numerous awards and
honours as under
Wine Style Asia Award 2006 Singapore:
|
Product
name |
Nature
of award/acclaim |
|
Chantilli Merlot |
Silver |
|
Chantilli Chenin Blanc |
Silver |
|
Chantilli Chardonnay |
Silver |
The International Wine and Spirit Competieon, U.K.
a) In the year 2006:
|
Product
name |
Nature
of award/acclaim |
|
Chantilli Chenin Blanc |
Bronze |
|
IVY Viognier |
Bronze |
|
Mist of SahyadriShiraz |
Bronze |
|
Mist of Sahyadri Chardonnay |
Bronze |
|
Omar Khayyam (Export Brand) |
Bronze |
b) In the year 2007 till date:
|
Product
name |
Nature
of award/acclaim |
|
Omar Khayyam Brut |
Silver (Best in class) |
|
Tiger Hill Cabernet Sauvignon-2006 |
Bronze |
|
Tiger Hill Syrah-2006 |
Bronze |
|
Chantilli Shiraz-2006 |
Bronze |
|
Chantilli Chardonnay-2006 |
Bronze |
The Florida International Wine Challenge, U.S.A.:
a) In the year 2006:
|
Product
name |
Nature
of award/acclaim |
|
Marquise De Pompadour |
Bronze |
|
Chantilli Chardonnay |
Bronze |
|
Chantilli Merlot |
Bronze |
b) In the year 2007 till date:
|
Product
name |
Nature
of award/acclaim |
|
Ivy Brut |
Bronze |
|
Indage Vineyards Chardonnay |
Bronze |
|
Indage Vineyards Merlot |
Bronze |
|
Tiger Hill Merlot |
Bronze |
|
Chantilli Cabernet Sauvignon |
Bronze |
|
Ivy Shiraz |
Bronze |
The Indy International Wine Competition 2006, U.S.A.:
|
Product
name |
Nature
of award/acclaim |
|
Marquise De Pompadour |
Bronze |
|
Chantilli Merlot |
Bronze |
|
Chantilli Cabernet Sauvignon |
Bronze |
The Decanter World Wine Award U.K.:
a) In the year 2006:
|
Product
name |
Nature
of award/acclaim |
|
Indage Vineyard Merlot Reserve |
Bronze |
b) In the kear 2007 till date:
|
Mist of Sahyadri Cabernet Sauvignon 2006 |
Commended |
|
Ivy Brut |
Commended |
DIVIDEND:
For the year ended 31st March, 2007, the Board of Directors has recommended a dividend
of 21% (18% in the previous year) on the enhanced share capital aggregating to
Rs.25.50 million. The dividend together with the tax on dividend if approved at
the ensuing Annual General Meeting will absorb a sum of Rs. 29.11 million
(previous year Rs.21.17 million).
SUBSIDIARIES:
During the year under review, the Company acquired 53% stake in Seabuckthorn
Indage Ltd. (SIL) making SIL as Company's Subsidiary. During the year 2006-07
the sales and other income of SIL was Rs.191.79 million (previous year Rs.
15.19 million) and Profit after tax of Rs.1.92 million (previous year Rs. 0.01
million).
SEABUCKTHORN is a fruit that grows in the icy heights of Himalayas. SIL's
business plan includes developing an in house world-class RandD facilities to
develop and manufacture wide range of Seabuckthorn based products at its
integrated facilities proposed to be located in North India. SIL plans to
venture into Seabuckthorn based products in fields of Foods and Beverages,
Cosmetics, Pharmaceuticals in a phased manner. SIL has launched in the first
phase, various brands Seabuckthorn based fruit beverages. Presently.
Leh Berry. the
Seabuckthorn Fruit Nectar, a premium beverage, ii sated as No.3 brand of the
country m the fruit juice category.
A statement pursuant to Section 212 of the Companies Act, 1956 in respect of
SIL and its Audited Accounts for the year ended 31st March, 2007 together with
the reports of Directors' and Auditors' thereon are annexed herewith and forms
the part of this Annual Report.
FUTURE
PROSPECTS
While the consumers across the
world continue to favour value for money offerings and demand quality products
at competitive rates, there is a significant and growing opportunity for niche
and high value offerings.
Happily, CIL is
strongly positioned in both these areas. The Company's capacity expansion is
expected to complete during the year 2007-08 at its Narayangaon unit and also
in Himachal Pradesh. In addition, the consolidated figures would be further
improved considering the expected enhanced sales from its subsidiaries, SIL and
TWPL.
The Company possesses a strong product range, superior processes, a well
established distribution network and a great set of enthusiastic and motivated
people, all requirements for continued sector outperforming growth
notwithstanding the increased competition with domestic and foreign players
entering the fast growing domestic wine market. Barring unforeseen events, the
Board of Directors is confident that the Company's performance would be further
improved during the year 2007-08.
DIRECTORS:
Mr. A.B. Shah, Mr. G.G. Desai and Mr. Antoine Merlaut, Directors are retiring
by rotation at the ensuing Annual General Meeting and being eligible offer
themselves for re-appointment. In terms of Clause 49 of the Listing Agreement
with BSE, the details of these Directors are given in the accompanying
Corporate Governance Report.
FIXED ASSETS:
Land
Building
Plant and Machinery
Electrical Installation
Vehicles
Furniture and Fixture
Office and Factory Equipment
Bore Well
Capital W.I.P
Agricultural Assets
Long Term Deposit (Premises)
AS PER WEBSITE
Champagne Indage to unveil resto-bars
Sudha
Menon
PUNE,
Jan. 31
SPARKLING
wine people Champagne Indage Ltd are all set to add some high spirits to
nightlife in Bangalore and Delhi.
Party
animals in these cities can look forward to some excitement with Indage Hotels,
the company that looks after the group's food and beverages business now all
set to take its trendy restaurant and lounge bar, Athena, to these
destinations.
The
company has also pulled off a minor industry coup, roping in London
restaurateur Robert Newmark who runs the well-known Beach, Blanket, Babylon
restaurant chains, to take the resto-bar, which spawned half a dozen look-alikes
from competitors in Mumbai city alone, to London city. Athena is also set to
make a splash in London city's party circuit when it opens this summer in the
upmarket Picadilly Circus, the Chief Operating Officer, Mr Vikrant Chougule,
told Business Line.
"The
way Athena has developed, it can fit comfortably into the party circuit in any
part of the world," Mr Chougule said. Athena, incidentally, was started by
the Indage group as a chic spot where Mumbai city's bold, beautiful and the
plain well-heeled could get together to partake of some of the world's best
wine brands.
Athena
at London will be a 1,35,000 sq. ft. property which will, by all indications,
include a menu comprising the best of Indian and world cuisine and a fairly
large watering hole for London's famed week-end revellers.
Bangloreans
who have tired of their ususal pubbing scenes and watering holes can look
forward to heading towards a new hangout in March when the Athena opens. While
details are not available about the way the Athena theme will be interpreted
for party-goers in the city, Mr Chougule says the 9,000 sq. ft. Bangalore
outlet will feature its plush Buddha lounge bar and replicate the food and
beverages outlet to the extent possible.
Indage
Hotels is also scouting for a place to kick off operations in Delhi and sources
maintain that the company is negotiating with at least three five-star hotel
properties including the Radisson, as the venue for the Athena. "They hope
to tie up a location in Delhi by May," Mr Chougule said.
Meanwhile,
the company is right now gearing up for the debut of its second FandB outlet in
Mumbai, this time in the suburbs. Mr Chougule said the company would inaugurate
a 10,000 sq. ft., contemporary beach-front resto-pub on the Juhu sea face by
April this year. "It will be an outdoor kind of lively pub with lots of
live cooking, contemporary cuisine and good wines," Mr Chougule said.
Champagne
Indage plans image makeover
Sunday, 18 September , 2005, 12:00
Mumbai: What really motivates people in India to
consume alcohol... is it a tool for socialization or is it a sure-fire way of
getting high? An overwhelming majority, as per consumer studies conducted by
Champagne Indage Limited, the largest producer of wine in India, suggested it
was the latter.
Champagne Indage had
its task pretty much cut out. With a basket of wines - red, white and the
sparkling variety - the company was hard pressed to find a formula to take wine
to the Indian masses, given the perception that one does not get high with
wine. Added to that was the elitist image that goes with wines such as
champagne and the "costly drink perception'.
"That is till
they hit upon the idea of giving an apple-to-apple comparison on the price vs
alcohol front. They decided to come out with red, white and sparkling wine at
below Rs 100 and launched Vino at Rs 92 and a four per cent sales tax for 750
ml. With 12.5 per cent alcohol content, this compared favourably against some
of India's semi-premium whiskies at Rs 190 and a 20 per cent sales tax,"
Ranjit Chougule, Managing Director, Champagne Indage Limited, told Business
Line.
Simultaneously,
Champagne Indage is building its case against beer, with the popular strong
beer, with eight per cent alcohol content, costing Rs 55 per 650 ml. Against
this, the company has positioned the 500-ml Vino bottles at Rs 48. If stress is
also on wine being a healthier drink, minus the potbelly in case of beer.
"It is a
multi-pronged strategy with wine being made available in PET bottles for the
first time and more significantly, the cork giving way to screwed on caps. It
is a fallacy that corks allow the wine to `breathe'. World over, many wineries
are turning to screw caps, including some of the most expensive wines from the French
majors," Chougule said.
The company will
follow up Vino with an even lower priced wine, Hammer, in less than a month. A
port wine, Hammer, will have an alcohol content of 18 per cent and will be
priced at Rs 75.
Hammer, too will
come in red, white and sparkling versions. Though port wine, normally, does not
have the sparkling version, Hammer will have sparkling wine, that too in red,
quite popular in Australia.
Champagne Indage,
that had a sales of Rs 375 millions in the last fiscal, is looking to top Rs
800 millions this year with incremental growth coming from fresh products and
extended varieties of existing products.
Champagne Indage to
acquire Loxton winery for $60 mn
Champagne Indage
Limited (CIL), one of the leading wine companies in India, will acquire
Australian Vintage's Loxton winery for $60 million (Rs.2.4 billion) in an all
cash transaction.
The deal would be
completed in the next six months. The acquisition of the winery will increase
the total production capacity of CIL from the existing 32 million litres (3.5
million cases) to 122 million litres (13.5 million cases) per year.
It will also allow
the company to enter wider price points within Australia as well as major
markets of Australian wine such as the UK, Europe, the US and India.
Loxton, situated
in Riverland, south Australia, is the fifth largest winery in Australia. It has
an annual crushing capacity of over 80,000 tons and an annual capacity of 90
million litres and is configured to handle smaller batches of more premium
fruit, sourced predominantly from the Riverland vineyards.
Ranjit S.
Chougule, managing director of CIL said: 'This powerful acquisition will drive
greater value to key stakeholders including end consumers, and partners of CIL.
With an existing market share of 75 percent, the purchase of Loxton is meant to
be part of a larger strategy of going global'.
The company had
made a similar Australian acquisition by buying out Thachi wines a year ago.
With vineyards spread
over 2,500 acres, CIL has its facilities in Narayangaon, Nasik in Mahatrashtra
and Himachal Pradesh with 20 varieties under commercial plantation and over 137
varieties under nursery cultivation.
It has also
recently launched a domestically produced vodka brand called 'Just' and
'Carrera xxx' rum.
CHIN Details
Champagne
Indage Limited produces and sells wines in India and internationally. It offers
red, white, and sparkling wines under various brands, including Chantilli
Merlot, Chantilli Chenin Blanc, Chantilli Chardonnay, Chantilli Cabernet
Sauvignon, Indage Vineyards, Tiger Hill, Mist of Sahyadri Shiraz, Omar Khayyam,
Marquise De Pompadour, IVY Brut, IVY Viognier, and Ivy Shiraz. Champagne Indage
exports its products to the United States, the United Kingdom, Japan,
Switzerland, Germany, and other European countries. The company was
incorporated in 1985 and is based in Mumbai, India.
Founded in 1985
Transaction
Type
Date Target
Merger/Acquisition
Darlington Wines Limited
May 19, 2008
Champagne Indage
to buy Aussie wine firm:
MUMBAI: Making its second acquisition in Australia, Champagne Indage,
India’s largest wine manufacturer, on Wednesday said it has identified another
wine maker in Australia, which could more than its total capacity to 14 million
cases a year.
Although it didn’t identified the company or disclose the acquisition
price, reports auggested that Loxton Winery was the target company, to be
acquired for about $60 million.
Loxton operates a 40000 tonne winery.
Early last year, Champagne Indage paid about $10 million to acquire
Tandou Wines, which has a capacity to produse 3 million cases annually.
Champagne Indage
set to acquire Loxton:
MUMBAI: Mumbai based wine company Champagne Indage has announced its
intention to buy Australia’s Loxton Winery for $60 million.
Champagne Indage in a statement issued here said the company buy Loxton
Winery owned by Vintage Australia and Austflavour business through its
subsidiary Indage Holdings.
The purchase adds to its 21000-tonne Monash winery, bought for $10
million from agricultural company Tandou a year ago, to bulk wine for botting
in export destinations in India, the United States and the United kingdom, said
the statement.
Directors:
Mr. A.B. Shah, Mr. G.G. Desai and Mr. Antoine Merlaut, Directors are retiring
by rotation at the ensuing Annual General Meeting and being eligible offer
themselves for re-appointment. In terms of Clause 49 of the Listing Agreement
with BSE, the details of these Directors are given in the accompanying
Corporate Governance Report.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|