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|
|
MIRA INFORM REPORT
|
Report No. : |
496092 |
|
Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ALLIED BLENDERS AND DISTILLERS PRIVATE LIMITED (w.e.f. 30.04.2010) |
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|
Formerly Known
As : |
MOONLIGHT BLENDERS AND DISTILLERS PRIVATE LIMITED (w.e.f. 22.07.2009) YOU AND ME PROPERTIES PRIVATE LIMITED |
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Registered
Office : |
394-C, Lamington Chambers, Lamington Road, Mumbai – 400004,
Maharashtra |
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Tel. No.: |
91-22-43001111 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
08.10.2008 |
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|
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Com. Reg. No.: |
11-187368 |
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Capital
Investment / Paid-up Capital : |
INR 467.800 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U15511MH2008PTC187368 |
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IEC No.: [Import-Export Code No.] |
0391129635 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA31012C |
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PAN No.: [Permanent Account No.] |
AAACY3846K |
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|
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACY3846K1ZX |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
The Company is engaged in the business of Manufacturing, Marketing and Distribution of Indian Made Foreign Liqour (IMFL) Products. (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 : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘BKC Enterprises Private Limited’, India and was incorporated on 08th October 2008. The company manufactures and markets whisky, rum, vodka, and brandy in India. Its flagship brand, Officer's Choice, is the largest-selling whisky brand by volume in the world. The company also has other brands such as Officer's Choice Blue whisky, Officer's Choice Black whisky, Kyron, and Lord & Master Brandy, Officer's Choice brandy, Class 21 Vodka, and Jolly Roger rum. For the financial year ended 2017, the company has achieved 12.19% growth in its revenue as compared to previous year revenue but has reported a low profit margin of 0.08%. Ratings take into consideration the healthy financial profile of the company marked by adequate net worth base along with average debt balance sheet profile. Rating also takes into consideration the company’s established track record of business operations on the back of well spared marketing and distribution channels along with established brand image ‘Officer's Choice’ in the segment. Rating also takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. However, rating strength is partially offset as the company sells about 75% of its whisky products through the government regulated-corporation market and the remaining through distributors. Also, it has to annually renew its licence in each state. Any delay in renewal could result in a significant revenue loss. Also, any adverse change in state excise duties could put significant pressure on its EBITDA margin. Payments seems to be regular and as per commitment. In view of aforesaid, the company can be considered for normal business dealings at usual trade terms and conditions. |
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 |
India Rating |
|
Rating |
Long Term Borrowing = A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
15.12.2017 |
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|
|
|
Rating Agency Name |
India Rating |
|
Rating |
Non Fund Based Limits = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
15.12.2017 |
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
31-03-2016.
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 07.03.2018
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 BY
|
Name : |
Mr. Rahul |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-67779777 |
|
Date : |
05.03.2018 |
91-22-43001111 (RINGING)
LOCATIONS
|
Registered Office : |
394-C, Lamington Chambers, Lamington Road, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-43001111 / 67779777 |
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Fax No.: |
91-22-67779725 |
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E-Mail : |
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Website : |
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Corporate Office : |
Ashford Centre, 3rd and 4th Floor, Shankarrao Naram Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-43001111 |
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Fax No.: |
91-22-43001116 |
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E-Mail : |
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Exports/ CSD Office : |
39th Milestone, Narsinghpur Village, Delhi – Jaipur Highway, Gurugram – 122001, Haryana, India |
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Tel. No.: |
91-124-4222750 |
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Fax No.: |
91-124-4210 063 |
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Delhi Regional Sales Office : |
A 61/5, G. T. Karnal Road, Industrial Area, Azadpur, Delhi – 110033, India |
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Manufacturing Units : |
Located At : · Aurangabad, Maharashtra · Gurgaon, Haryana · Bangalore, Karnataka · West Bengal · Tripura |
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Regional Sales Offices : |
Located at: North · Gurugram ·
Chandigarh · Ludhiana ·
Jaipur ·
Dehradun East ·
Kolkata ·
Guwahati · Bhubaneswar ·
Patna South ·
Hyderabad · Bangalore ·
Chennai West ·
Mumbai · Bhopal |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Utpal Kumar Ganguli |
|
Designation : |
Director |
|
Address : |
14, Southend Park, Kolkata, West Bengal, India |
|
Date of Birth/Age : |
13.04.1945 |
|
Qualification : |
F.C.A. |
|
Date of Appointment : |
18.03.2010 |
|
PAN No.: |
AARPG4164A |
|
DIN No.: |
00067083 |
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|
|
|
Name : |
Mr. Deepak Roy |
|
Designation : |
Additional director |
|
Address : |
11, Rambha, 66, Nepeansea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1951 |
|
Qualification : |
B.A (Hons), DMS (USA) |
|
Date of Appointment : |
18.03.2010 |
|
PAN No.: |
AAAPR7703F |
|
DIN No.: |
00178236 |
|
|
|
|
Name : |
Mr. Kishore Rajaram Chhabria |
|
Designation : |
Director |
|
Address : |
Casa Grande, Flat No. 61, Little Gibbs Road No. 2, Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
01.12.1954 |
|
Qualification : |
B Com |
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Date of Appointment : |
18.03.2010 |
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PAN No.: |
AAAPC7988F |
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DIN No.: |
00243244 |
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|
|
|
Name : |
Mrs. Bina Kishore Chhabria |
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Designation : |
Director |
|
Address : |
Casa Grande, Flat No. 61, Little Gibbs Road No. 2, Malabar Hill,
Mumbai- 400006, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1957 |
|
Date of Appointment : |
18.03.2010 |
|
DIN No.: |
00243376 |
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|
|
|
Name : |
Mr. Ramakrishnan Ramaswamy |
|
Designation : |
Director |
|
Address : |
604, Marathon Galaxy - I, L.B.S. Marg, Mulund, Mumbai-400080,
Maharashtra, India |
|
Date of Birth/Age : |
23.09.1965 |
|
Qualification : |
B.Com, A.C.A |
|
Date of Appointment : |
17.07.2015 |
|
DIN No.: |
00773787 |
KEY EXECUTIVES
|
Name : |
Mr. Ritesh Ramniklal Shah |
|
Designation : |
Company Secretary |
|
Address : |
A-401 Nikunj Chhaya Building, End of Mathuradas Road, Kandivali (West), Mumbai-400067, Maharashtra, India |
|
Date of Appointment : |
17.07.2015 |
|
PAN No.: |
AUYPS7535C |
|
|
|
|
Name : |
Mr. Rahul |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
BKC Enterprises Private Limited, India |
|
11318200 |
|
Bina Chhabria Enterprises Private Limited, India |
|
177 |
|
Officers Choice Spirits Private Limited, India |
|
323 |
|
Deepak Roy |
|
461300 |
|
|
|
|
|
Total |
|
11780000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
BKC Enterprises Private Limited, India |
|
34972031 |
|
Bina Chhabria Enterprises Private Limited, India |
|
27969 |
|
|
|
|
|
Total |
|
35000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
3.92 |
|
Promoter - Bodies
corporate |
96.08 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Manufacturing, Marketing and Distribution of Indian Made Foreign Liqour (IMFL) Products. (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
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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 : |
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|
Name : |
Ford,
Rhodes, Parks and Company Chartered Accountants |
|
Address : |
312/313, Sai Commercial
Building, BKS Devshi Marg, Govandi, Mumbai-400088, Maharashtra,
India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFF1843L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
U45202MH2009PTC194091 |
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|
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Subsidiary Companies : |
(ceased to be the subsidiary,
pursuant to NCLT order dated 5th April 2017 approving the scheme
of amalgamation) U15511MH2006PTC274224
|
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Fellow Subsidiary Company : |
U67120MH1988PTC159991 |
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Joint Ventures : |
U15135WB2003PTC096417 |
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|
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : |
U32200MH1938PTC002773
U70100MH2002PTC135761
|
CAPITAL STRUCTURE
After 29.09.2017
Authorised Capital : INR 556.000 Million
Issued, Subscribed & Paid-up Capital : INR 471.133
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20600000 |
Equity Shares |
INR 10/- each |
INR 206.000 Million |
|
35000000 |
Preference Shares |
INR 10/- each |
INR 350.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 556.000 Million
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11780000 |
Equity Shares |
INR 10/- each |
INR 117.800
Million |
|
35000000 |
Preference Shares |
INR 10/- each |
INR 350.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 467.800 Million
|
FINANCIAL DATA
[all figures are
in Rupees 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 |
467.800 |
467.800 |
447.800 |
|
(b) Reserves and Surplus |
2785.016 |
2226.654 |
1718.697 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
3.333 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3256.149 |
2694.454 |
2166.497 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3459.791 |
2530.947 |
1276.850 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
241.260 |
312.628 |
310.057 |
|
(d) long-term
provisions |
185.162 |
151.154 |
142.243 |
|
Total Non-current
Liabilities (3) |
3886.213 |
2994.729 |
1729.150 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
4690.162 |
4690.241 |
2524.560 |
|
(b) Trade
payables |
2089.426 |
1268.316 |
864.476 |
|
(c) Other
current liabilities |
3451.919 |
2850.972 |
1595.782 |
|
(d) Short-term
provisions |
59.551 |
115.936 |
216.013 |
|
Total Current
Liabilities (4) |
10291.058 |
8925.465 |
5200.831 |
|
|
|
|
|
|
TOTAL |
17433.420 |
14614.648 |
9096.478 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6060.404 |
3018.026 |
1763.314 |
|
(ii)
Intangible Assets |
328.723 |
114.942 |
76.633 |
|
(iii) Tangible assets capital
work-in-progress |
676.933 |
464.209 |
253.904 |
|
(iv)
Intangible assets under development |
6.483 |
0.000 |
3.671 |
|
(b) Non-current Investments |
57.236 |
92.980 |
151.932 |
|
(c) Deferred tax assets (net) |
378.154 |
105.399 |
61.728 |
|
(d)
Long-term loans and advances |
816.088 |
247.258 |
762.347 |
|
(e) Other
Non-current assets |
51.708 |
40.562 |
34.222 |
|
Total Non-Current
Assets |
8375.729 |
4083.376 |
3107.751 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1715.913 |
840.495 |
419.399 |
|
(c) Trade
receivables |
3305.490 |
2680.047 |
1620.452 |
|
(d) Cash and
bank balances |
292.064 |
296.566 |
186.219 |
|
(e)
Short-term loans and advances |
3608.069 |
6651.122 |
3709.613 |
|
(f) Other
current assets |
136.155 |
63.042 |
53.044 |
|
Total
Current Assets |
9057.691 |
10531.272 |
5988.727 |
|
|
|
|
|
|
TOTAL |
17433.420 |
14614.648 |
9096.478 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
20123.907 |
17938.110 |
14116.810 |
|
|
Other Income |
100.869 |
104.226 |
43.705 |
|
|
TOTAL |
20224.776 |
18042.336 |
14160.515 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8279.890 |
5717.836 |
3634.085 |
|
|
Purchases of
Stock-in-Trade |
1819.756 |
1911.589 |
1764.232 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(83.997) |
30.716 |
(45.569) |
|
|
Employee benefit expense |
1830.509 |
1565.688 |
1241.359 |
|
|
CSR expenditure |
1.231 |
2.100 |
0.000 |
|
|
Other expenses |
6414.003 |
6831.589 |
5915.490 |
|
|
Exceptional items before tax |
8.286 |
134.519 |
77.900 |
|
|
TOTAL |
18269.678 |
16194.037 |
12587.497 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1955.098 |
1848.299 |
1573.018 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1198.078 |
831.662 |
627.626 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
757.020 |
1016.637 |
945.392 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
715.700 |
203.348 |
128.329 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
41.320 |
813.289 |
817.063 |
|
|
|
|
|
|
|
Less |
TAX |
24.689 |
297.259 |
378.282 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
16.631 |
516.030 |
438.781 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
869.281 |
1021.813 |
0.000 |
|
|
TOTAL EARNINGS |
869.281 |
1021.813 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
345.013 |
430.284 |
3306.980 |
|
|
Capital Goods |
0.000 |
69.182 |
15.444 |
|
|
TOTAL IMPORTS |
345.013 |
499.466 |
3322.424 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(3.96) |
44.53 |
38.40 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
865.711 |
430.320 |
234.418 |
|
Net cash flows from (used in) operations |
2006.891 |
(630.848) |
401.927 |
|
Net cash flows from (used in) operating activities |
1832.108 |
(1122.398) |
208.339 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
59.95 |
54.53 |
41.90 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
6.09 |
6.69 |
8.71 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
75.51 |
60.68 |
58.45 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
1.14 |
2.20 |
3.75 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.28 |
0.51 |
0.75 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.84 |
0.81 |
0.74 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
2.77 |
2.84 |
1.86 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
3.16 |
3.31 |
2.40 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
2.17 |
1.34 |
0.97 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
1.63 |
2.22 |
2.51 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
0.08 |
2.88 |
3.11 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
0.10 |
3.53 |
4.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
0.51 |
19.15 |
20.25 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
0.88 |
1.18 |
1.15 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.71 |
1.09 |
1.07 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.19 |
0.18 |
0.24 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
19.27 |
16.36 |
9.01 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current Assets
/ Total Current Liabilities] |
|
0.88 |
1.18 |
1.15 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in 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 |
447.800 |
467.800 |
467.800 |
|
Reserves & Surplus |
1718.697 |
2226.654 |
2785.016 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
3.333 |
|
Net
worth |
2166.497 |
2694.454 |
3256.149 |
|
|
|
|
|
|
Long-term borrowings |
1276.850 |
2530.947 |
3459.791 |
|
Short term borrowings |
2524.560 |
4690.241 |
4690.162 |
|
Current maturities of
long-term debts |
234.418 |
430.320 |
865.711 |
|
Total
borrowings |
4035.828 |
7651.508 |
9015.664 |
|
Debt/Equity
ratio |
1.863 |
2.840 |
2.769 |
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 |
14116.810 |
17938.110 |
20123.907 |
|
|
|
27.069 |
12.185 |
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 |
14116.810 |
17938.110 |
20123.907 |
|
Profit/ (Loss) |
438.781 |
516.030 |
16.631 |
|
|
3.11
% |
2.88
% |
0.08
% |
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 |
Yes |
|
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 |
Yes |
|
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 |
NOTE: The Registered Office of the company has been shifted from Office No.1
and 2, 1st Floor, Fine Mansion 203, D. N. Road, Opposite Suvidha Restaurant,
Fort, Mumbai – 400001, Maharashtra, India to the present w.e.f. 22.06.2009
STATE OF COMPANY`S
AFFAIRS AND REVIEW OF OPERATIONS:
Over the last financial year, the company has logged sales of 33.2 million cases. In the past 3 years, ABD has grown at a CAGR of 10% which has leapfrogged ABD as India's 3rd largest spirits company and the largest domestic spirits company. The company now has a share of 10% of the IMFL industry.
Officer's Choice Whisky, our flagship brand, achieved sales of 23.42 million cases in FY'17. It is the undisputed market leader in 17 states in India with a 40% market share in the Regular whisky segment.
Officer's Choice Whisky continues to retain the tag of 'The Largest Selling Whisky Brand in the World' conferred by the International Wine and Spirits Magazine (IWSR). The brand has now added another feather in its cap "Reinventing Officer's Choice Whisky: Spoiled for Choice", a case study which traces the brand's rejuvenation from 2008 onwards, has made it to the case study list at the prestigious Harvard Business School.
Officer's Choice Blue touched sales of 7.8 million cases resulting in 13.1% market share in the Deluxe whisky segment. The brand continues to gain consumer heart share with every passing year on the back of strong marketing campaigns and activations. The brand is the presenting sponsor for Mirchi Top 20 - a highly popular radio show with amplification across various media as well as on-ground activations.
The brand has, in keeping with the passions of its target consumers, associated with cricket and football over the past years. It has an association with the Indian Premier League (IPL) in the form of sponsorship tieups with Mumbai Indians and Delhi Daredevils. The brand is also the principal sponsor of 'Calcutta Football League (CFL)'.
Kyron Premium Brandy achieved sales of 0.155 Million cases in FY'17 with a growth of 41% over FY'16. The brand has seen a 2pp growth in share over the past year with strong gains in Kerala and Tamil Nadu.
Officer's Choice Brandy, available only in Tamil Nadu and Kerala, touched sales of 1.16 million cases in FY'17 with a growth of 6%. This is the 3rd millionaire brand in the ABD stable.
The other brands in our portfolio like Officer's Choice Black, Lord and Master Brandy, Class 21 Vodka and Jolly Roger Rum, continue to meet expectations and are making steady progress in their respective markets.
FINANCIAL HIGHLIGHTS
AND CHANGE IN NATURE OF BUSINESS:
The Company is engaged in the business of manufacturing and marketing of IMFL products. There has been no change in the business of the Company during the financial year ended 31st March, 2017.
FY-2017 continued to be a very challenging year for global economy and in particular for the spirits industry in India due to adverse external factors starting with declaration of prohibition in Bihar, change of route to market in Himachal and Punjab, State Government policies in Andhra Pradesh, sudden demonetization announced by the Central Government and Supreme Court judgement on removal of liquor outlets on state and national highways.
Despite the above, the Company has recorded satisfactory performance during the year with re venues of INR 20224.776 Million as compared to INR 18042.336 Million during the previous year. The total expenses during the year were INR 20175.200 Million as compared to INR 17094.500 Million during the previous year.
Consequently, the Company's profit before tax for the year was INR 41.320 Million as compared to the previous year's profit before tax of INR 813.289 Million. After providing for tax, profit after tax for the year was INR 16.631 Million as compared to INR 516.030 Million during the previous year.
The Company has set up India's largest and state of art integrated unit with a distillation and bottling under one roof with a capacity of 8,00,000 lakh cases per month in the State of Telangana, which is by far the single largest market in the Country. The license was converted into Letter of Intent during the year. By setting up this factory, the Company will have distinct cost advantage, especially on bottling charges. The Company will also be in a position to control the entire supply chain since the number of Contract Bottling Units will be reduced from the existing 8 to 1 in the new environment.
MERGERS /
AMALGAMATION AND ACQUISITIONS:
Pursuant to the Scheme of Amalgamation sanctioned by the Hon`ble National Company Law Tribunal, Mumbai Bench vide its order dated 5th April, 2017, Unokoti Bottling and Beverages Private Limited, a wholly owned subsidiary was amalgamated with the Company with effect from the Appointed Date viz., 1st April, 2016.
In terms of the Scheme of Arrangement sanctioned by the Hon`ble National Company Law Tribunal vide order dated 6th April, 2017, the bottle trading, bottling and distillery business of Tracstar Investments Private Limited (TIPL), a fellow subsidiary was demerged and transferred into the Company with effect from the demerger appointed date viz., 1st April 2016.
The Company has also acquired the entire issued, subscribed and paid up equity share capital of Sarthak Blenders and Bottlers Private Limited, an IMFL Blending Bottling Unit situated in village Bahadarpur Saini, Tehsil Roorkee, district Haridwar, Uttarakhand.
With this, the following are wholly owned subsidiaries of the Company :-
1. Unokoti Bottling and Beverage Private Limited
(CIN :U15511TR2006PTC008143)
[ceased to be the subsidiary, pursuant to NCLT order dated 5th April, 2017 approving the Scheme of Amalgamation]
2. NV Distilleries and Breweries (AP) Private Limited
(CIN : U15549DL2007PTC167600)
3. Deccan Star Distillers India Private Limited
(CIN : U15492TG2013PTC090743)
4. Chitwan Blenders and Bottlers Private Limited
(CIN : U15512BR1990PTC004097)
5. Sarthak Blenders and Bottlers Private Limited (Since 26th May, 2017)
(CIN : U15311UP2011PTC044700)
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Other loans and advances |
419.428 |
649.281 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
500.000 |
0.000 |
|
Other loans and advances |
334.063 |
427.711 |
|
|
|
|
|
Total |
1253.491 |
1076.992 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G69563807 |
100138854 |
DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED |
22/11/2017 |
- |
- |
11162949.0 |
Unit 202, 2nd Floor, Campus 3B,RMZ MillenniaBusiness Park, No.143, Dr. M.G.R.Road,PerungudiChennaiTa600096IN |
|
2 |
G69564235 |
100138856 |
DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED |
14/11/2017 |
- |
- |
2000000.0 |
Unit 202, 2nd Floor, Campus 3B,RMZ MillenniaBusiness Park, No.143, Dr. M.G.R.Road,PerungudiChennaiTa600096IN |
|
3 |
G69565208 |
100138857 |
DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED |
14/11/2017 |
- |
- |
2000000.0 |
Unit 202, 2nd Floor, Campus 3B,RMZ MillenniaBusiness Park, No.143, Dr. M.G.R.Road,PerungudiChennaiTa600096IN |
|
4 |
G69563328 |
100138852 |
DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED |
31/10/2017 |
- |
- |
7532460.0 |
Unit 202, 2nd Floor, Campus 3B,RMZ MillenniaBusiness Park, No.143, Dr. M.G.R.Road,PerungudiChennaiTa600096IN |
|
5 |
G69563955 |
100138853 |
DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED |
31/10/2017 |
- |
- |
7532460.0 |
Unit 202, 2nd Floor, Campus 3B,RMZ MillenniaBusiness Park, No.143, Dr. M.G.R.Road,PerungudiChennaiTa600096IN |
|
6 |
G48565576 |
100110186 |
YES BANK LIMITED |
17/03/2017 |
- |
- |
1000000000.0 |
Nehru Centre9th Floor Discovery of India, Dr A B Road WorliMumbaiMH400018IN |
|
7 |
G15398456 |
100054591 |
IDFC BANK LIMITED |
26/08/2016 |
- |
- |
2000000000.0 |
KRM Tower, 8th Floor, No. 1,Harrington Road, ChetpetChennaiTa600031IN |
|
8 |
G05339114 |
100031739 |
LAKSHMI VILAS BANK LIMITED |
17/05/2016 |
- |
- |
1000000000.0 |
Swapna Sadan, Azad Road,Andheri (east)MumbaiMH400069IN |
|
9 |
C81267437 |
10624948 |
The Saraswat Cooperative Bank Ltd |
12/02/2016 |
- |
- |
400000000.0 |
SME Vile Parle Branch, Bholanath Co-op Hsg SocSubhash Road, Vile Parle EastMumbaiMH400057IN |
|
10 |
C75334490 |
10611792 |
Daimler Financial Services India Private Limited |
30/11/2015 |
- |
- |
9585000.0 |
RMZ Millenia Business Park, Campus 3BUnit 201 & 202, 143 Dr. M. G. R. Road, PerungudiChennaiTN600096IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
2046.999 |
458.226 |
|
Guarantees |
443.574 |
108.821 |
|
Other money for which company is contingently liable |
105.000 |
52.500 |
|
Total |
2595.573 |
619.547 |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
PRESS RELEASE
OFFICER’S CHOICE MAKER ALLIED BLENDERS REVIVES IPO
PLAN, EYES YEAR-END LAUNCH
Allied Blenders
and Distillers plans to use the capital from the IPO, which will involve a 10%
stake sale initially with an issue of around INR 10000.000 Million, to trim
debt
March, 07 2018
Bengaluru: Allied Blenders and Distillers Pvt. Ltd (ABD), India’s third largest liquor company, is reviving plans to go public and aims to launch its share offering by the end of 2018 at a rough valuation of around $1.8 billion, a top company executive said.
The company plans to use the capital from the initial public offering (IPO), which will involve a 10% stake sale initially with an issue of around INR 10000.000 Million, to trim debt and set up a malt spirit plant at its existing distillery in Telangana.
“We will definitely do it (the IPO) this year. Work is going on progressively but, of course, we have to keep a watch on the markets,” ABD’s executive vice-chairman Deepak Roy said.
ABD has been planning an IPO for years. In August 2015, it had announced plans to go public over the following 18 months. In 2017, the company had planned to file its red herring prospectus well before the year ended and had mandated JM Financial and Credit Suisse to manage its IPO. JM Financial and Credit Suisse continue to advise ABD on this.
“We felt it prudent to wait because of market conditions, and because our business was impacted by the highway liquor sales ban and demonetisation and everything. Now, things are back to normal and bouncing back,” Roy said.
The liquor industry’s sales were hit in 2017 after the Supreme Court banned the sale of all alcohol near state and national highways leading to a significant, albeit temporary, closure in retail outlets.
And even in 2012, when Roy first spoke about the option of raising capital through an IPO, he stressed that ABD would take that route only when market conditions permitted it to get the valuation it deserves.
“They (ABD) will also not get too much more in terms of debt because they already have a sizeable amount. But it all depends on the market situation and the current financial performance of the company. I doubt their numbers will improve substantially. Large players like Pernod and Diageo get higher margins because of their mix, but ABD’s mix is hugely in favour of the regular segment so their earnings may not improve in a major way going forward,” said Sameer Deshmukh, senior analyst at Reliance Securities.
ABD’s total debt right now stands at around Rs950 crore. Nearly 90% of its revenue comes from sales of its Officer’s Choice brand of whisky and brandy. Officer’s Choice whisky alone is a 33 million cases per year business, and is the world’s largest-selling whisky in volume terms.
Still, ABD’s profitability is not as high as market leaders Diageo Plc-owned United Spirits Ltd (USL) and Pernod Ricard SA. The Officer’s Choice variants either operate in the regular or in the semi-premium price segments. But the higher profit margins come from the premium, super premium and luxury segments that USL and Pernod focus on.
However, ABD has plans in place to change that. It launched a premium blended whisky brand called Sterling Reserve in West Bengal and Haryana. The company expects to spend around Rs40 crore each year over the next two-three years to establish Sterling Reserve, which Roy says has the potential to account for half of ABD’s total profits in just three years.
ABD’s target is to capture 5% market share for Sterling Reserve this year in the premium blended whisky segment. ABD’s master distiller who created Sterling Reserve, Arun Barik, is also the man behind the creation of Officer’s Choice, and the Blender’s Pride and Royal Stag tipples (originally Seagram’s but now part of Pernod’s stable).
The company even acquired a small Scottish distillery called Jardine Crescent to give Sterling Reserve a heritage and a home. But Reliance Securities’ Deshmukh says it will not be an easy segment to crack.
“Consumers are very brand loyal when it comes to liquor and cigarettes so it is that much more difficult to establish a new brand. And the current market leaders in the premium segment will be very protective about their share in the premium space because that is their key strategy,” Deshmukh said.
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 records 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 64.99 |
|
|
1 |
INR 89.91 |
|
Euro |
1 |
INR 80.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHAL |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KJL |
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.