|
|
|
MIRA INFORM REPORT
|
Report No. : |
505128 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
GROVER ZAMPA VINEYARDS LIMITED |
|
|
|
|
Registered
Office : |
Anand Bhavan Siddarth College Building, 1st Floor, D No. Road, Mumbai – 400023, Maharashtra |
|
Tel. No.: |
91-22-30859162 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
04.11.1988 |
|
|
|
|
Com. Reg. No.: |
11-049515 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 164.308 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01100MH1988PLC049515 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG3592Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is primarily engaged in the business of production and distribution of wines, brandy and other liquors. (Registered activity) |
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|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1988 and it is engaged in the business of cultivating, planting, importing and exporting of grapes for producing wine, brandy and other liquors. For the financial year 2017, the company has achieved a fair growth of 6.55 % in its revenue as compared to its previous year and has shown improved profitability margin during the year. The company possesses moderate financial risk profile marked by negative reserve level, unfavourable gap between trade payables and receivables. Rating gets constrained on account of high working capital intensity and exposure to intense competition and government regulation in wine-making industry. However, these rating weakness gets partially offset by extensive experience and long track record of its promoters in the industry. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = B |
|
Rating Explanation |
Risk-prone-quality and carries very high credit risk. |
|
Date |
24.03.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
24.03.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 21.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE: 91-8805000822
Tel. No.: 91-22-30859153 / 30859141 /
30859162 – Incorrect
Mobile No.: 91-9272232358 – Not Working
LOCATIONS
|
Registered Office : |
Anand Bhavan Siddarth College Building, 1st Floor, D No. Road, Mumbai – 400023, Maharashtra, India |
|
Tel. No.: |
91-22-30859162 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
107 and 108 Arcadia, NCPA Lane, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-30859141 |
|
E-Mail : |
|
|
|
|
|
Nashik Office : |
Gat No. 967/1026, At Post Sanjegaon, Taluka Igatpuri, Nashik – 422402,
Maharashtra, India |
|
|
|
|
Bangalore Office : |
63, Raghunathapura, Devanahalli Road, Doddaballapur, Bangalore –
561203, Karnataka, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Amit Bapna |
|
Designation : |
Nominee Director |
|
Address : |
1801, 18th Floor, Sumer Trinity Tower-I, New Prabhadevi
Road, Prabhadevi, Mumbai 400025, Maharashtra, India |
|
Date of Appointment : |
28.08.2012 |
|
DIN No.: |
00008443 |
|
|
|
|
Name : |
Mr. Kapil Kanwal Grover |
|
Designation : |
Wholetime Director |
|
Address : |
Flat no 12 -A Mistry Manor, 62-A Nepean Sea Road, Mumbai -
400006, Maharashtra, India |
|
Date of Birth/Age : |
19.05.1956 |
|
Qualification : |
CA MBA |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AABPG0105B |
|
DIN No.: |
00032106 |
|
|
|
|
Name : |
Mr. Karan Kanwal Grover |
|
Designation : |
Director |
|
Address : |
78, Kunj Society, Alkapuri, Vadodara - 390007, Gujarat,
India |
|
Date of Appointment : |
14.02.2018 |
|
DIN No.: |
00032156 |
|
|
|
|
Name : |
Mr. Arvind Murlidhar Uplenchwar |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 101/201, Alcazar Supreme Pallacio, New D.P Road,
Near Pan Card Club, Baner, Pune – 411045, Maharashtra, India |
|
Date of Appointment : |
08.06.2012 |
|
DIN No.: |
00142114 |
|
|
|
|
Name : |
Mr. Deepak Roy |
|
Designation : |
Director |
|
Address : |
11 Rambha 66 Napean Sea Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Appointment : |
08.06.2012 |
|
DIN No.: |
00178236 |
|
|
|
|
Name : |
Mr. Ravinder Kumar Jain |
|
Designation : |
Director |
|
Address : |
303 B, Bakhtavar Building, Shahid Bhagat Singh Road
Opposite Colaba Post Office, Colaba, Mumbai - 400005, Maharashtra, India |
|
Date of Birth/Age : |
25.03.1947 |
|
Qualification : |
ENGINEER MBA |
|
Date of Appointment : |
21.03.2012 |
|
PAN No.: |
AAKPJ9850F |
|
DIN No.: |
00652148 |
|
|
|
|
Name : |
Mr. Nilesh Upendra Jani |
|
Designation : |
Director |
|
Address : |
C - 203, Anmol CHS SV Road, Goregaon West, Mumbai –
400062, Maharashtra, India |
|
Date of Appointment : |
08.06.2012 |
|
DIN No.: |
01638820 |
|
|
|
|
Name : |
Mr. Lav Ramji Chaturvedi |
|
Designation : |
Nominee Director |
|
Address : |
Golden Rays, 403-04 Shastri Nagar, Andheri (West), Mumbai
– 400053, Maharashtra, India |
|
Date of Appointment : |
01.02.2016 |
|
DIN No.: |
02859336 |
|
|
|
|
Name : |
Mr. Vishwanathan |
|
Designation : |
Nominee Director |
|
Address : |
62 Kheam Hock Road Singapore 298827 SG |
|
Date of Birth/Age : |
16/07/1962 |
|
Qualification : |
MBA |
|
Date of Appointment : |
08.06.2012 |
|
PAN No.: |
AAOPV3628H |
|
DIN No.: |
05219264 |
|
|
|
|
Name : |
Edouard Jean Pierre Labruyere |
|
Designation : |
Director |
|
Address : |
57 Rue De La Liberte-71000 Macon, France Macon France
71000 |
|
Date of Appointment : |
12.04.2016 |
|
DIN No.: |
07490303 |
KEY EXECUTIVES
|
Name : |
Mrs. Vidhi Bharat Kothari |
|
Designation : |
Company Secretary |
|
Address : |
Bhangwadi, Dharmesh Mansion, Kalbadevi Road, Mumbai –
400002, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1987 |
|
Date of Appointment : |
09.11.2015 |
|
PAN No.: |
AOSPK4905N |
|
|
|
|
Name : |
Mrs. Shilpa Sandip Rane |
|
Designation : |
Chief Finance Officer |
|
Address : |
C/104, Harshgiri CHSL, Shiv Vallabh Cross Road, Rawal Pada Dahisar East, Mumbai – 400068, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1975 |
|
Date of Appointment : |
12.05.2017 |
|
PAN No.: |
AIFPR3155G |
|
|
|
|
Name : |
Khokali Chandramohan Vivek |
|
Designation : |
Chief Executive Officer |
|
Address : |
No 20/3, Nirmal, P Kalinga Rao Road, Bengaluru – 560027, Karnataka, India |
|
Date of Appointment : |
16.03.2018 |
|
PAN No.: |
AAXPV2594B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Equity Shareholders |
|
No. of Shares |
|
Hindustan Export and Import Corporation Limited |
|
3978874 |
|
Quintela Assets Limited |
|
2742462 |
|
Reliance Corporate Advisory Service Limited |
|
2354132 |
|
Visvires Indian Wineries Pte Limited |
|
2285313 |
|
Deepak Roy |
|
1055286 |
|
Marble Arch Investments PCC Limited |
|
1026231 |
|
Ravinder Kumar Jain |
|
841305 |
|
Savera Vincom Private Limited |
|
570823 |
|
Ammex Limited |
|
219842 |
|
Ausom Enterprises Limited |
|
207101 |
|
Michel Rolland |
|
128000 |
|
Divraj Jain |
|
70484 |
|
Aditya Jain |
|
70486 |
|
Suhrid Deorah |
|
42065 |
|
Neeraj Deorah |
|
14022 |
|
Diwakar Agencies Private Limited |
|
11516 |
|
Accra Investment Private Limited |
|
19593 |
|
SNS Overseas Private Limited |
|
2599 |
|
Total |
|
15640134 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Ausom Enterprises Limited |
|
97619 |
|
Reliance Corporate Advisory Service Limited |
|
693093 |
|
Total |
|
790712 |
Equity Share Break up (Percentage of Total Equity)
As on 19.07.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided Family
– Indian) |
12.22 |
|
Promoter - Bodies
corporate |
25.44 |
|
Public – (Individual/ Hindu
Undivided Family – Indian) |
1.17 |
|
Public – (Individual/ Hindu
Undivided Family – Foreign national (Other than NRI) |
0.82 |
|
Public - Bodies corporate |
60.35 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is primarily engaged in the business of production and distribution of wines, brandy and other liquors. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Badari Madhusudhan and Srinivasan Chartered Accountants |
|
Address : |
GC Alsa Glenridge 32, Langford Road, Bangalore – 560025, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB6539M |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives |
U51900MH1945PTC004630 |
|
|
|
|
Others : |
U01403KA2007PTC042002 |
CAPITAL STRUCTURE
As on 19.07.2017
Authorised Capital : INR 199.850
Million
Issued, Subscribed & Paid-up Capital : INR 171.191 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18996000 |
Equity Shares |
INR 10/- each |
INR 189.960 Million |
|
989000 |
Preference Shares |
INR 10/- each |
INR 9.890 Million |
|
|
Total |
|
INR 199.786
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15640134 |
Equity Shares |
INR 10/- each |
INR 156.401
Million |
|
790712 |
Preference Shares |
INR 10/- each |
INR 7.907 Million |
|
|
Total |
|
INR 164.308
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
164.308 |
164.308 |
164.308 |
|
(b) Reserves and Surplus |
(23.949) |
(212.874) |
(67.964) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
140.359 |
(48.566) |
96.344 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
509.386 |
509.514 |
214.941 |
|
(b) Deferred tax liabilities (Net) |
23.581 |
22.544 |
55.538 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
20.030 |
15.172 |
10.802 |
|
Total Non-current Liabilities
(3) |
552.997 |
547.230 |
281.281 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
309.062 |
208.073 |
200.225 |
|
(b) Trade
payables |
159.178 |
115.284 |
99.945 |
|
(c) Other
current liabilities |
44.546 |
48.403 |
70.315 |
|
(d) Short-term
provisions |
0.000 |
0.049 |
0.095 |
|
Total Current
Liabilities (4) |
512.786 |
371.809 |
370.580 |
|
|
|
|
|
|
TOTAL |
1206.142 |
870.473 |
748.205 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
213.998 |
214.855 |
205.647 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.041 |
0.021 |
0.021 |
|
(c) Deferred tax assets (net) |
296.032 |
22.544 |
55.538 |
|
(d)
Long-term loans and advances |
19.581 |
32.690 |
24.353 |
|
(e) Other
Non-current assets |
10.752 |
14.156 |
14.156 |
|
Total Non-Current
Assets |
540.404 |
284.266 |
299.715 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.300 |
|
(b)
Inventories |
395.418 |
336.148 |
294.505 |
|
(c) Trade
receivables |
219.364 |
187.015 |
116.040 |
|
(d) Cash and
bank balances |
13.595 |
18.962 |
10.382 |
|
(e)
Short-term loans and advances |
7.982 |
15.942 |
10.427 |
|
(f) Other
current assets |
29.379 |
28.140 |
16.836 |
|
Total
Current Assets |
665.738 |
586.206 |
448.490 |
|
|
|
|
|
|
TOTAL |
1206.142 |
870.473 |
748.205 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
577.744 |
542.220 |
351.158 |
|
|
Other Income |
26.795 |
20.922 |
17.366 |
|
|
TOTAL |
604.539 |
563.142 |
368.524 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
232.761 |
220.306 |
143.582 |
|
|
Purchases of
Stock-in-Trade |
7.803 |
4.603 |
3.613 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(70.215) |
(34.655) |
(46.876) |
|
|
Employee benefit expense |
124.542 |
118.310 |
106.391 |
|
|
Expenditure on production, transportation and Other expenditure pertaining to exploration and production activities |
0.045 |
0.758 |
0.000 |
|
|
CSR expenditure |
0.000 |
0.000 |
0.000 |
|
|
Other expenses |
331.850 |
345.179 |
265.003 |
|
|
TOTAL |
626.786 |
654.501 |
471.919 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
(22.247) |
(91.359) |
(103.395) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
39.030 |
33.682 |
26.866 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(61.277) |
(125.041) |
(130.261) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
22.435 |
19.384 |
28.461 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(83.712) |
(144.425) |
(158.722) |
|
|
|
|
|
|
|
Less |
TAX |
(273.557) |
0.068 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
189.845 |
(144.493) |
(158.722) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
46.075 |
45.097 |
49.520 |
|
|
TOTAL EARNINGS |
46.075 |
45.097 |
49.520 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.556 |
0.660 |
0.000 |
|
|
Components and spare
parts |
0.886 |
0.635 |
0.000 |
|
|
Capital Goods |
2.847 |
5.825 |
0.456 |
|
|
TOTAL IMPORTS |
4.289 |
7.120 |
0.456 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
12.14 |
(9.24) |
(9.660) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Net cash flows from (used in) operations |
(45.838) |
(232.822) |
(121.681) |
|
Net cash flows from (used in) operating activities |
(45.838) |
(232.822) |
(150.046) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
138.59 |
125.89 |
120.61 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.63 |
2.90 |
3.03 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
241.52 |
187.09 |
247.83 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.06) |
(0.27) |
(0.35) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.10) |
(0.43) |
(0.50) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.85 |
1.01 |
0.78 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
5.83 |
(14.78) |
4.31 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
3.65 |
(7.66) |
3.85 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.52 |
(4.42) |
2.13 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(0.57) |
(2.71) |
(3.85) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
32.86 |
(26.65) |
(45.20) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
15.74 |
(16.60) |
(21.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
135.26 |
297.52 |
(164.75) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.30 |
1.58 |
1.21 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.53 |
0.67 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.12 |
(0.06) |
0.13 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
4.98 |
4.37 |
2.53 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.30 |
1.58 |
1.21 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
164.308 |
164.308 |
164.308 |
|
Reserves & Surplus |
(67.964) |
(212.874) |
(23.949) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Net
worth |
96.344 |
(48.566) |
140.359 |
|
|
|
|
|
|
Long-term borrowings |
214.941 |
509.514 |
509.386 |
|
Short term borrowings |
200.225 |
208.073 |
309.062 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
415.166 |
717.587 |
818.448 |
|
Debt/Equity
ratio |
4.309 |
(14.776) |
5.831 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
351.158 |
542.220 |
577.744 |
|
|
0.000 |
54.409 |
6.552 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
351.158 |
542.220 |
577.744 |
|
Profit/ (Loss) |
(158.722) |
(144.493) |
189.845 |
|
|
(45.20
%) |
(26.65
%) |
32.86
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE OF THE COMPANY:
The Company showed good progress during 2016-17 inspite of tough market conditions due to demonetization and news of liquor license ban on Highways. GZVL however registered good growth in top markets like Karnataka, Mumbai and Delhi. Several key markets showed decline including Kerala and Goa. Stock allocation and investment was directed towards potential and most profitable markets. Due to increase in price and shift towards the premium mix especially with a strong growth in sparkling wine category, the Company achieved overall value growth of around 10% at the last year volumes.
They achieved a strong organic growth in distribution across Pan India. The domestic footprint has extended to 22 markets. Distribution was further strengthen with over 10% increase in distribution points, consequently, building block for stronger growth opportunity in 2017-18.
Sourcing of premium quality grapes remained a challenge. Due to shortage of premium grapes the market saw an increase of grape price by 10%. Bulk wine was procured to meet the requirements of the sales. Subsequently, this could be a serious challenge in coming years. The cost of grape procurement from market is going up as there is strong competition to procure premium quality grapes. India's first super premium wine "Insignia" was launched at INR 5000. The wine was introduced in Magnum only pack and sold by invitation at our Bangalore winery. Sparkling wine sales from Bangalore winery was also started this year. The same was well received by consumer and trade.
The Company has won 30 international awards which helped with further penetration in domestic as well as International markets. It has been awarded 11 medals at “The Decanter Asia Wine Awards 2016” and 2 awards at “Decanter World Wine Awards 2016”. GZVL also won 6 awards at “The Hong Kong International Wine and Spirits Challenge 2016”. They participated again this year at “Sakura Japan Women’s Wine award 2016 and 2017” where GZVL won 4 and 3 awards respectively. Most accolades were awarded to Vijay Amritraj Reserve collection Red, Vijay Amritraj Reserve Collection White, Chêne Grande Réserve, Soirée Brut, La Réserve, Art Collection Sauvignon Blanc and Cabernet Shiraz.
The Company did several activations across the country and generated PR value. Over 329 activations across PAN India that included 198 consumer and 131 Food and Beverage trade events/tasting sessions were conducted.
GZVL has increased its international footprints to 27 countries. The key new markets include Mauritius, Canada and Sri Lanka. Good growth was registered in top 3 Markets: France, Japan and UK.
In view of the growth in the business and foreseeing the future business opportunities Company has decided to recognize the Deferred Tax Assets as it’s anticipated future taxable profits are going to be sufficient to offset the losses or the tax credit on carried forward losses.
Several initiatives were taken to both reduce and control expenses.
STATE OF THE
COMPANY’S AFFAIR / FUTURE OUTLOOK
There is still a huge disparity between the consumption of wine and spirits in India. Wine is expected to grow by 20% as projected by Industry experts for next decade. Consumers are experimenting more with wine due to greater exposure due to travel, education or media. There is an increase in demand in key cities. With the same optimization, GZVL has put a plan of 30% growth in volumes. This is possible with stable socio-political and economy environment. However the year started with a liquor license ban along state Highways which resulted in drop on alcobev business across several markets. Inspite of this rough start, things are expected to be settled within Q1 and Industry possibly would show good growth during next 3 quarters. The wine segment continues to remains very competitive due to small Industry base. Majority of wineries were engaged in trade and consumer offers even upto 50% rebates or marketing support or a mix of both in order to get business. Since GZVL operated with the approved market schemes that was much lower than the market average, some key accounts were lost during the period.
GZVL will be focusing more on Land Lease and Management agreements with land owners and farmers. GZVL ownership/control on agricultural land is highly recommended for maintaining high quality and sell premium segment. Company plans to continue experimenting with new varietals and styles of winemaking.
As GZVL will be celebrating 25 years of winemaking, various initiatives for brand building and to gratify our consumers will be taken. The Company will be releasing a special celebration pack of sparkling wine to mark this celebration.
Strong measures will be taken to reduce fixed cost of the company in order to achieve healthier bottom line.
The key focus will remain on the premium brands like Insignia, Chene, Soiree, Vijay Amritraj Reserve Collection and La Reserve. Company intends to further grow its width of distribution and market penetration for premium segment to get better per case realization. With financial back up for Capex and Opex, GZVL is all set to achieve over 20 % YOY growth during the fiscal 2017-18.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Partly convertible debentures intercorporate |
508.937 |
508.937 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans and advances from directors |
131.099 |
55.620 |
|
Total |
640.036 |
564.557 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
B45039393 |
10131258 |
YES BANK LIMITED |
03/11/2008 |
20/06/2012 |
- |
92500000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
2 |
A31166176 |
10084924 |
CANARA BANK |
26/12/2007 |
- |
- |
40000.0 |
NO.19/7, MARUTHI MANSIONCUNNINGHAM ROADBANGALOREKA560052IN |
|
3 |
A31166853 |
10084925 |
CANARA BANK |
26/12/2007 |
- |
- |
40000.0 |
19/7, MARUTHI MANSIONCUNNINGHAM ROADBANGALOREKA560052IN |
|
4 |
B42093302 |
10084087 |
YES BANK LIMITED |
01/12/2007 |
16/05/2012 |
- |
92500000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
5 |
A28808657 |
10080496 |
CANARA BANK |
16/11/2007 |
- |
- |
790000.0 |
19/7, MARUTHI MANSIONCUNNINGHAM ROADBANGALOREKA560052IN |
|
6 |
Y10328075 |
90225284 |
CANARA BANK |
10/10/2003 |
- |
- |
4400000.0 |
VAJYANTNAGARVIJNOREMHIN |
|
7 |
Y10328061 |
90225270 |
CANARA BANK |
11/07/2003 |
- |
- |
3000000.0 |
VASANTNAGARBANGALOREMHIN |
|
8 |
Y10328030 |
90225239 |
CANARA BANK |
28/02/2003 |
- |
- |
9000000.0 |
VASANTNAGARBANGALOREMHIN |
|
9 |
Y10328019 |
90225228 |
CANARA BANK |
20/12/2002 |
- |
- |
2500000.0 |
VASANTNAGARBANGALOREMHIN |
|
10 |
G49457542 |
90225150 |
Canara Bank |
11/08/2001 |
28/06/2017 |
- |
210000000.0 |
No.19/7, Maruthi MansionCunningham RoadBangaloreKA560052IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Counter Guarantees given by banks to Customs against which deposit receipts pledged |
15.608 |
15.608 |
|
Demand raised by income tax authorities for the assessment year 2008-2009. Second appeal was pending before ITAT. ITAT during the latest hearing has directed the CIT (A) for remand report. ITAT order awaited |
0.000 |
0.975 |
|
CIT (A) appeal order for the assessment year 2009-10 has been received vide order no. CIT(A)-2/IT/125/2013-14 dt.26.02.2016 and the order is in favor of the Company, except tax amount of INR 2.307 Million (as per the Order giving effect to CIT(A)’s Order dt.10.05.2016 issued by ITO Ward 1(1)(4), Mumbai) against which Company has filed appeal before the ITAT Mumbai. |
2.307 |
2.307 |
|
Demand raised by Delhi VAT Department for the financial year 2007-08. Appeal order received on 09/05/2017 and decided in favor of Company. |
0.000 |
7.425 |
|
Demand raised by Maharashtra Value Added Tax on Vallee De Vin Private Limited (Transferor Company under amalgamation which had filed appeal) for the FY 2008-2009 towards Penalty INR 0.051 Million Interest INR 0.088 Million (Out of the demand INR 0.050 Million has been paid) |
0.138 |
0.138 |
|
Maharashtra State Excise as per the invoice dated. 14/05/2010 for the period from 28/05/2008 to 04/02/2009 |
1.756 |
1.756 |
|
Duty on unfulfilled export obligation (excluding penalties, if any) |
164.707 |
154.054 |
|
Duty on unfulfilled export obligation under EPCG (VDV) - (excluding penalties, if any) |
8.858 |
8.301 |
|
Corporate Guarantee provided to bank for contractual obligation of grape farmers |
23.045 |
17.668 |
|
Demand raised by Maharashtra Value Added Tax for the year 2012-13 for VAT demand INR 1.225 Million (including interest of INR 0.497 Million) and CST INR. 2.618 Million. Company has filed the appeal against the said order. |
3.843 |
Nil |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Factory equipments
- Emission reduction equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Plantations
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
INR |
|
US Dollar |
1 |
INR 65.68 |
|
|
1 |
INR 93.98 |
|
Euro |
1 |
INR 81.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
NSR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.