|
|
|
MIRA INFORM REPORT
|
Report No. : |
497657 |
|
Report Date : |
16.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SULA VINEYARDS PRIVATE LIMITED (w.e.f. 11.08.2014) |
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Formerly Known
As : |
NASHIK VINTNERS PRIVATE LIMITED NASHIK VINTNERS LIMITED |
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Registered
Office : |
901, Hubtown Solaris, N.S. Phadke Marg, Andheri (East), Mumbai – 400069,
Maharashtra |
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Tel. No.: |
91-22-61280606 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
26.02.2003 |
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Com. Reg. No.: |
11-139352 |
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Capital
Investment / Paid-up Capital : |
INR 146.857 Million |
|
|
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CIN No.: [Company Identification
No.] |
U15549MH2003PTC139352 |
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IEC No.: [Import-Export Code No.] |
0303015039 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCN7126Q |
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|
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is a premium wine producer and supplier of wines. The Company is also engaged in the business of providing hospitality services. (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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 7920000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2003 and is engaged in manufacturing of all types of wines. After the launch of its first wines in 2000, Sula expanded from its original 30 acre family estate in Nashik to approximately 1800 acres across Nashik and the state of Karnataka. Sula introduced grape varietals such as Chenin Blanc, Sauvignon Blanc, Riesling and Zinfandel to India and as of 2013, they hold a market share of almost 70% in the Indian wine Industry. For the FY 2017, the company has achieved 9.89% growth in its revenue as compared to the previous year along with an average profit margin of 2.79%. The sound financial risk profile of the company is marked by adequate net worth base along with strong debt protection due to negligible debt balance sheet profile. The FY 2017 proved to be a challenging year for Sula given the impact of changing market conditions for the industry. This was mainly due to the Supreme Court judgement banning the sale of alcohol within the radius of 500 meters from the national and state highways and re-imposition of LBT in rest of Maharashtra. Payment seems to be regular. In view of aforesaid, the company can be considered for normal business dealings a 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 16.03.2018
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-61280606/ 61280647/
66606685)
LOCATIONS
|
Registered Office : |
901 Hubtown Solaris, N.S. Phadke Marg,
Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-61280606/61280647/66606685 |
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Fax No.: |
91-22-24926064 |
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E-Mail : |
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Website : |
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Winery : |
Gat – 36/2, Govardhan Village, Off. Gangapur – Savargaon Road, Nashik
– 422222, Maharashtra, India |
|
Tel. No.: |
91-253-3027777/701 |
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|
|
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Resorts : |
Survey No. 1, Village Ganghavare, Gangapur, Ganghavare Road, Nashik –
422222, Maharashtra, India |
|
Tel. No.: |
91-253-3027777 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Rajeev Suresh Samant |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Managing Director |
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Address : |
Carmichael House Carmichael Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
21.01.1967 |
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Date of Appointment : |
26.02.2003 |
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PAN No.: |
AQBPS3460R |
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DIN No.: |
00020675 |
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Other Directorship
:
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Name : |
Jehangir Adi Moos |
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Designation : |
Director |
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Address : |
Karai Estate, 4th Floor, A Block, Tardeo Road, Mumbai - 400007, Maharashtra, India |
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Date of Birth/Age : |
21.05.1944 |
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Date of Appointment : |
28.09.2005 |
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PAN No.: |
AADPM2389R |
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DIN No.: |
00020609 |
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Other Directorship
:
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Name : |
Mr. Suresh Anant Samant |
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Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Address : |
Carmichael House Carmichael, Road Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
21.01.1967 |
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Date of Appointment : |
06.03.2003 |
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PAN No.: |
AAFPS8889N |
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DIN No.: |
00114890 |
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Other Directorship
:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Deepak Ishwardas Shahdadpuri |
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Designation : |
Director |
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Address : |
2 Siglap Avenue South, Singapore 456262 SG |
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Date of Birth/Age : |
05.07.1969 |
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Date of Appointment : |
05.10.2005 |
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PAN No.: |
BMRPS2479H |
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DIN No.: |
00444270 |
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Other Directorship
:
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Name : |
Hank Uberoi |
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Designation : |
Director |
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Address : |
321 Upper Mountain Av Mountclair New Jersey 070431015 US |
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Date of Birth/Age : |
10.02.1961 |
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Date of Appointment : |
24.08.2007 |
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DIN No.: |
01807181 |
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Name : |
Kerry Rolf Damskey |
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Designation : |
Director |
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Address : |
422 Woodridge Court, Geyserville California 95441 United States |
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Date of Appointment : |
19.07.2017 |
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DIN No.: |
07793310 |
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Name : |
Mr. Amit Bapna |
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Designation : |
Nominee Director |
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Address : |
1801 18th Floor, Sumer Trinity Tower-I, New Prabhadevi Road, Prabhadevi, Mumbai - 400025, Maharashtra, India |
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Date of Birth/Age : |
20.07.1975 |
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Date of Appointment : |
24.09.2014 |
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PAN No.: |
AAYPB9659A |
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DIN No.: |
00008443 |
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Other Directorship
:
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|
Name : |
Mr. Vishwanathan |
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Designation : |
Nominee Director |
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Address : |
62, Kheam Hock Road, Singapore 298827 SG |
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Date of Birth/ Age : |
16.07.1962 |
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Date of Appointment : |
24.09.2014 |
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DIN No.: |
05219264 |
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Other Directorship
:
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Name : |
Nicholas Peter Y Cator |
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Designation : |
Nominee Director |
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Address : |
R Kerckx 37 Ixelles 1050 Be |
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Date of Birth/ Age : |
27.07.1977 |
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Date of Appointment : |
09.09.2015 |
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DIN No.: |
07068629 |
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Other Directorship
:
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KEY EXECUTIVES
|
Name : |
Ms. Shivani Pardeep Chopra |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 604, A-5 RNA Park CHS. Naga Baba Road Vasi Naka, MMRDA Cly,
Chembur (East), Mumbai - 400071, Maharashtra, India |
|
Date of Birth/Age : |
16.07.1962 |
|
Date of Appointment : |
27.05.2014 |
|
PAN No: |
AGEPC3993L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Rajeev S.Samant |
|
2793020 |
|
Reliance Capital Limited, India |
|
3006833 |
|
Verlinvest S.A, Belgium |
|
1438367 |
|
Confintra S.A, Belgium |
|
1438367 |
|
Verlinvest France S.A, France |
|
1315913 |
|
Visvires Indian Wineries Pte Limited, Singapore |
|
1277276 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
32.51 |
|
Public/Other than promoters (Individual/Hindu Undivided Family-Indian) |
4.39 |
|
Public/Other than promoters [Individual/Hindu Undivided Family-Foreign national (other than NRI)] |
0.52 |
|
Public/Other than promoters (Body corporate) |
62.58 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a premium wine producer and supplier of wines. The Company is also engaged in the business of providing hospitality services. (Registered Activity) |
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Products/ Services : |
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||||
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Brand Names : |
Not Available |
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||||
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Agencies Held : |
Not Available |
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||||
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Exports : |
Not Divulged |
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||||
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Imports : |
Not Divulged |
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|
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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 : |
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|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
701, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai- 400059, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFH2010F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company
: |
Artisan Spirits Private Limited (CIN No.: U15122MH2011PTC222280) |
CAPITAL STRUCTURE
After 25.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20206000 |
Equity Shares |
INR 10/- each |
INR 202.060 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital : INR 147.257
Million
As on 25.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20206000 |
Equity Shares |
INR 10/- each |
INR 202.060 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14685733 |
Equity Shares |
INR 10/- each |
INR 146.857
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
146.857 |
146.857 |
146.797 |
|
(b) Reserves and Surplus |
2612.383 |
2509.621 |
2329.101 |
|
(c) Money
received against share warrants |
11.419 |
10.667 |
10.667 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2770.659 |
2667.145 |
2486.565 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
198.147 |
21.114 |
26.046 |
|
(b) Deferred tax liabilities (Net) |
145.470 |
99.417 |
81.188 |
|
(c) Other long-term
liabilities |
10.400 |
5.850 |
4.650 |
|
(d) long-term
provisions |
48.038 |
44.026 |
31.513 |
|
Total Non-current
Liabilities (3) |
402.055 |
170.407 |
143.397 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1308.610 |
860.617 |
502.330 |
|
(b) Trade
payables |
701.079 |
454.423 |
377.620 |
|
(c) Other
current liabilities |
609.306 |
381.668 |
214.922 |
|
(d) Short-term
provisions |
20.792 |
53.517 |
43.476 |
|
Total Current
Liabilities (4) |
2639.787 |
1750.225 |
1138.348 |
|
|
|
|
|
|
TOTAL |
5812.501 |
4587.777 |
3768.310 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1978.451 |
1570.166 |
1345.866 |
|
(ii)
Intangible Assets |
189.734 |
29.484 |
1.209 |
|
(iii) Tangible assets
capital work-in-progress |
11.990 |
0.000 |
14.070 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
210.055 |
210.055 |
208.194 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
76.825 |
78.705 |
45.212 |
|
(e) Other
Non-current assets |
241.683 |
87.744 |
69.360 |
|
Total Non-Current
Assets |
2708.738 |
1976.154 |
1683.911 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
22.585 |
|
(b)
Inventories |
1375.171 |
1107.143 |
998.262 |
|
(c) Trade
receivables |
1135.751 |
858.839 |
622.139 |
|
(d) Cash and
bank balances |
172.863 |
98.989 |
82.600 |
|
(e)
Short-term loans and advances |
276.902 |
228.303 |
91.859 |
|
(f) Other
current assets |
143.076 |
318.349 |
266.954 |
|
Total
Current Assets |
3103.763 |
2611.623 |
2084.399 |
|
|
|
|
|
|
TOTAL |
5812.501 |
4587.777 |
3768.310 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3679.865 |
3348.457 |
2729.423 |
|
|
Other Income |
14.460 |
13.674 |
21.639 |
|
|
TOTAL |
3694.325 |
3362.131 |
2751.062 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
958.802 |
907.493 |
778.436 |
|
|
Purchases of
Stock-in-Trade |
523.430 |
276.259 |
179.504 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(210.319) |
(95.077) |
(85.368) |
|
|
Employee benefit expense |
514.100 |
440.292 |
358.022 |
|
|
CSR expenditure |
3.150 |
2.999 |
0.000 |
|
|
Other expenses |
1488.842 |
1318.433 |
1105.204 |
|
|
TOTAL |
3278.005 |
2850.399 |
2335.798 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
416.320 |
511.732 |
415.264 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
111.894 |
67.504 |
28.894 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
304.426 |
444.228 |
386.370 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
119.011 |
96.166 |
89.089 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
185.415 |
348.062 |
297.281 |
|
|
|
|
|
|
|
Less |
TAX |
82.656 |
135.183 |
110.432 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
102.759 |
212.879 |
186.849 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
955.444 |
777.915 |
599.900 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed / Interim Dividend on Equity Shares |
0.000 |
29.371 |
7.340 |
|
|
Tax on proposed / Interim Dividend |
0.000 |
5.979 |
1.494 |
|
|
Balance
Carried to the B/S |
1058.203 |
955.444 |
777.915 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
7.00 |
14.50 |
12.87 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
52.967 |
4.932 |
3.941 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
307.111 |
215.208 |
173.743 |
|
Net cash flow from operating activity |
237.802 |
121.789 |
105.363 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
112.65 |
93.62 |
83.20 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
3.24 |
3.90 |
4.39 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
172.64 |
140.12 |
143.88 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.30 |
0.46 |
0.42 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.19 |
0.32 |
0.31 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.50 |
0.39 |
0.31 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.56 |
0.33 |
0.21 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.95 |
0.66 |
0.46 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.79 |
0.60 |
0.55 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.72 |
7.58 |
14.37 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
2.79 |
6.36 |
6.85 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.77 |
4.64 |
4.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
3.71 |
7.98 |
7.51 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.18 |
1.49 |
1.83 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.65 |
0.86 |
0.95 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.48 |
0.58 |
0.66 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.62 |
6.04 |
3.63 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.18 |
1.49 |
1.83 |
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 |
146.797 |
146.857 |
146.857 |
|
Reserves & Surplus |
2329.101 |
2509.621 |
2612.383 |
|
Money received against share
warrants |
10.667 |
10.667 |
11.419 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2486.565 |
2667.145 |
2770.659 |
|
|
|
|
|
|
Long-term borrowings |
26.046 |
21.114 |
198.147 |
|
Short term borrowings |
502.330 |
860.617 |
1308.610 |
|
Current maturities of
long-term debts |
3.941 |
4.932 |
52.967 |
|
Total
borrowings |
532.317 |
886.663 |
1559.724 |
|
Debt/Equity
ratio |
0.214 |
0.332 |
0.563 |
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 |
2729.423 |
3348.457 |
3679.865 |
|
|
|
22.680 |
9.897 |
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 |
2729.423 |
3348.457 |
3679.865 |
|
Profit/ (Loss) |
186.849 |
212.879 |
102.759 |
|
|
6.85
% |
6.36
% |
2.79
% |
ABRIDGED
BALANCE SHEET (CONSILIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
146.857 |
146.857 |
|
(b) Reserves and Surplus |
|
2587.760 |
2499.218 |
|
(c) Money
received against share warrants |
|
11.419 |
10.667 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
2746.036 |
2656.742 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
198.147 |
21.114 |
|
(b) Deferred tax liabilities (Net) |
|
145.470 |
99.416 |
|
(c) Other long-term
liabilities |
|
10.400 |
5.850 |
|
(d) long-term
provisions |
|
48.328 |
44.177 |
|
Total Non-current
Liabilities (3) |
|
402.345 |
170.557 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
1308.610 |
860.617 |
|
(b) Trade
payables |
|
706.711 |
463.964 |
|
(c) Other
current liabilities |
|
616.615 |
383.571 |
|
(d) Short-term
provisions |
|
20.809 |
53.528 |
|
Total Current
Liabilities (4) |
|
2652.745 |
1761.680 |
|
|
|
|
|
|
TOTAL |
|
5801.126 |
4588.979 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
2021.235 |
1615.706 |
|
(ii)
Intangible Assets |
|
189.822 |
29.601 |
|
(iii) Tangible assets
capital work-in-progress |
|
11.990 |
1.900 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.191 |
0.191 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
93.043 |
92.650 |
|
(e) Other
Non-current assets |
|
241.683 |
87.744 |
|
Total Non-Current
Assets |
|
2557.964 |
1827.792 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1421.690 |
1124.657 |
|
(c) Trade
receivables |
|
1202.450 |
873.693 |
|
(d) Cash and
bank balances |
|
183.514 |
101.702 |
|
(e)
Short-term loans and advances |
|
300.315 |
344.082 |
|
(f) Other
current assets |
|
135.193 |
317.053 |
|
Total
Current Assets |
|
3243.162 |
2761.187 |
|
|
|
|
|
|
TOTAL |
|
5801.126 |
4588.979 |
PROFIT
& LOSS ACCOUNT (CONSILIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
3793.171 |
3362.635 |
|
|
Other Income |
|
6.627 |
12.627 |
|
|
TOTAL |
|
3799.798 |
3375.262 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
982.568 |
912.452 |
|
|
Purchases of
Stock-in-Trade |
|
589.602 |
276.259 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(225.422) |
(95.102) |
|
|
Employee benefit expense |
|
518.887 |
445.025 |
|
|
CSR expenditure |
|
3.150 |
2.999 |
|
|
Other expenses |
|
1523.788 |
1325.962 |
|
|
TOTAL |
|
3392.573 |
2867.595 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
407.225 |
507.667 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
111.894 |
67.504 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
295.331 |
440.163 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
124.133 |
101.468 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
171.198 |
338.695 |
|
|
|
|
|
|
|
Less |
TAX |
|
82.656 |
135.183 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
88.542 |
203.512 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
6.03 |
13.86 |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
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 |
NOTE: The registered office of the company has been shifted
from 3rd Floor, A Wing, Todi Estate, Sun Mill Compound, Lower Parel (West), Mumbai –
400013, Maharashtra, India to the present address. 01.10.2015
COMPANY OVERVIEW
The Company is a premium wine producer and supplier of wines. The Company is also engaged in the business of providing hospitality services.
From FY 2015-16, Artisan Spirits Private Limited has become 100% subsidiary of the Company. Artisan Spirits Private Limited is principally engaged in the business of grape based brandies.
BUSINESS PERFORMANCE
During the year, total revenue touched INR 3694.300 Million, EBITDA was INR 416.300 Million and PAT was INR 102.800 Million. Revenue grew by 9.88% over the previous year, EBITDA by (18.64%) and PAT by (51.73%).
FY17 proved to be a challenging year for Sula given the impact of changing market conditions for alcobev industry. This was mainly due to the Supreme Court judgement banning the sale of alcohol within the radius of 500 meters from the national and state highways and re-imposition of LBT in Rest of Maharashtra.
However the Company maintained its rank as Indias #1 wine producer in value as well as volumes and market share continue to hold strong above 65%. Their main focus the Elite and Premium segments, grew by 21.8% and 7.3% respectively.
They also launched Indias first 100% Chardonnay sparkling wine - Brut Chardonnay during the New Year. This is a limited edition wine and is available only through their Hospitality outlet.
Responding to the increasing market demand, they launched Magnum variant of Brut Tropicale, Dindori Shiraz Pint, Chenin Blanc and pint of Cabernet Shiraz.
Having successfully ventured into premium grape brandy segment with Janus and J, they took a step further in the world of spirits and launched a premium whiskey Eclipse. Cognac cask aged from the House of Sula, Eclipse embodies the exceptional heritage of French spirit making. In FY17, it was launched in Andhra Pradesh, Telangana, Delhi, Pondicherry, Goa and Daman.
Revenue from sale of imported goods witnessed a remarkable YoY growth of 87% mainly driven by Remy and WGS brands. The growth was supported by opening up of SEZ channel across the country. Further, Drambiue, Don Alejandro, Le Grand, Antica Sambuca, Volare and Pitu Cachaca were some of the successful additions to the Sula Selections portfolio in FY17.
Their hospitality business continued its impressive growth with total visitors for the year being over 260,000 implying they are amongst the most visited wineries globally. 10th edition of Sulafest was well received with more than 13,000 visitors. They started 7 new rooms besides their existing Sky Villa the total campus now being termed as Beyond. They started 2 new restaurants Little Italy and Soma in place of Soleil. Amphitheatre capacity was enhanced to accommodate more guests during events. Also over 90% of their Tasting Room wine sales were of Elite/Premium brands resulting in 21% growth of Elite brand sales and this trend is expected to continue. Addition to this they have won the national level award by DelWine for Best Wine Tourism Winery in India.
This year they also launched the countrys first heritage winery resort in Nashik The Source at Sula. The resort showcases an exquisite Tuscan theme and opens up to the stunning views of the vineyards. The Source at Sula has 23 unique rooms, including the gorgeous Tower Suite and four
charming close to nature Tree Houses. With this milestone achieved, Hospitality segment will witness surge in its revenue lost due to the closure of Beyond by Sula in FY17.
They were awarded the prestigious title of Best contribution to Wine and Spirits Tourism by Drinks Business Awards 2016. Dindori Shiraz was selected as the Editors Choice by Wine Enthusiast for 2 consecutive years.
They successfully completed the biggest acquisition in Indian wine industry by acquiring Heritage Winery, the leading producer of value wines in South India and a leader in wine tourism of Karnataka. The winery is strategically located at the Bangalore-Mysore Highway. The winery is equipped with a fully operational unit and other facilities like wine shop, restaurant, tasting room, grape stomping and vineyards. They have also acquired land adjoining to the winery, which will support their future expansion plan. This acquisition will provide us their own base of production in Karnataka and will help us continue with the leadership position in wine tourism in the state.
The 2017 harvest was very good and started early this year in December. They planted 225 acres of new vineyards during the year. They increased their tank capacity at Domain Dindori by 2.2 lakh litres.
Sustainability remains a strong focus for the Company as they strive to reduce their power and water consumption for every case produced. They added capacity of 400KW rooftop solar in FY17. All their waste water is recycled for further use in landscaping and vineyards.
They continue to support the development of their nearby communities through targeted CSR efforts such as water conservation, desilting of ponds and filling nearby reservoirs to capacity in order to ensure minimum impact to their farmers in the rest of the year. Their tree plantation drives continues successfully with a survival rate of 96% as part of their environmental conservation efforts.
The company continues to maintain a very competitive weighted average cost of borrowing at 8.16%
They continue to remain a strong presence on online platforms such as Instagram where they able to connect with their target audience which has been growing at almost 300% YoY. Their online campaigns have also driven high media engagement at their hospitality outlets. They organized Indias first travelling wine and spirits road show Globe in the Glass which showcased their entire portfolio to the Indias leading Trade and F&B personnel.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred sales tax loan |
14.591 |
21.114 |
|
Short-term
borrowings |
|
|
|
Working capital loans from banks |
40.000 |
15.000 |
|
Total |
54.591 |
36.114 |
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G47873377 |
100108122 |
KOTAK MAHINDRA BANK LIMITED |
22/06/2017 |
- |
370000000.0 |
27BKC, C 27, G Block Bandra Kurla Complex, Bandra (East), Mumbai Maharashtra 400051 India |
|
2 |
G58290917 |
100129465 |
CITI BANK N.A. |
31/12/2016 |
- |
20000000.0 |
First International Financial Centre, 9th Floor Plot No. C-54 and 55, BKC, Bandra (East) Mumbai MAHARASHTRA 400051 INDIA |
|
3 |
G56190234 |
10621351 |
CITI BANK N.A. |
15/01/2016 |
15/06/2017 |
400000000.0 |
First International Financial Centre, 9th Floor Plot No. C-54 and 55, BKC, Bandra (East) Mumbai MAHARASHTRA 400051 INDIA |
|
4 |
G10468999 |
10471281 |
KOTAK MAHINDRA BANK LIMITED |
13/01/2014 |
23/08/2016 |
400000000.0 |
27BKC, C 27, G Block Bandra Kurla Complex, Bandra (EAST), Mumbai MAHARASHTRA 400051INDIA |
|
5 |
B85107399 |
10449286 |
The Saraswat Co-Operative Bank Limited |
16/08/2013 |
- |
1157749.0 |
Rasec Dadar Branch, Laxman Zulla1st Floor, 50, Ranade Road, Dadar (West) MUMBAI MAHARASHTRA 400028 INDIA |
|
6 |
B78813912 |
10434992 |
The Saraswat Co-Operative Bank Limited |
19/06/2013 |
- |
2880564.0 |
Rasec Dadar Branch, Laxman Zulla1st Floor, 50, Ranade Road, Dadar (West) MUMBAI MAHARASHTRA 400028 INDIA |
|
7 |
B78815172 |
10434994 |
The Saraswat Co-Operative Bank Limited |
19/06/2013 |
- |
921376.0 |
Rasec Dadar Branch, Laxman Zulla1st Floor, 50, Ranade Road, Dadar (West) MUMBAI MAHARASHTRA 400028 INDIA |
|
8 |
B78820768 |
10435000 |
The Saraswat Co-Operative Bank Limited |
19/06/2013 |
- |
1023069.0 |
Rasec Dadar Branch, Laxman Zulla1st Floor, 50, Ranade Road, Dadar (West) MUMBAI MAHARASHTRA 400028 INDIA |
|
9 |
B74457177 |
10423814 |
The Saraswat Co-Operative Bank Limited |
12/04/2013 |
- |
2163000.0 |
Rasec Dadar Branch, Laxman Zulla1st Floor, 50, Ranade Road, Dadar (West) MUMBAI MAHARASHTRA 400028 INDIA |
|
10 |
B71993315 |
10415534 |
Saraswat Bank |
28/02/2013 |
- |
1711468.0 |
Rasec Dadar Branch, Laxman Zulla1st Floor, 50, Ranade Road, Dadar (West) MUMBAI MAHARASHTRA 400028 INDIA |
CONTINGENT
LIABILITIES: (As on 31.03.2017)
Bank guarantees issued by banks to excise and various other authorities is INR 82.687 Million (previous year INR 76.590 Million).
Outstanding export obligation under EPCG scheme is INR 25.203 Million (previous year INR 68.778 Million).
Corporate guarantee provided to bank for contractual obligation of grape farmers amounting to INR 31.500 Lakh (previous year INR 31.500 Million).
Disputed liability is in respect of Provident fund at Nashik of INR NIL (P.Y. INR 9.221 Million). The Company has made a provision for the said liability during the year.
Additional bonus liability for the financial year 2014-15 is INR 1.005 Million (Previous Year INR 1.005 Million).
The Maharashtra State Excise Department had issued a show cause / demand notice dated 21st February, 2009 for INR 199.961 Million (previous year INR 199.961 Million) for the excise duty allegedly collected by the Company from its customers after the remission of excise duty by the State Government i.e. during the period 2001-02 to 2007-08, but which was not remitted to the Government. On a Special Leave Petition (SLP) being filed by the various affected parties the Supreme Court vide its order dated 11th September, 2013 directed wine manufacturers to file a detailed reply to the demand notices issued by the State Excise Department along with documentary proof evidencing the fact that no excise duty has been collected from customers during such period.
As per the directions of the Supreme Courts (vide its order dated 11th September 2013), written statements were filed before the Collector (Dept. of State Excise), Nashik on 16th December, 2014 and on 23rd February, 2015.
In such SLP the Government of Maharashtra and the State Excise Department have submitted their respective affidavits stating that no excise duty has been recovered from the consumers and therefore the question of refunding excise duty to the State Government does not arise. The Company has also obtained a legal opinion in this matter and which strongly supports the Company's contentions that no liability is expected on this account.
Management is of the view that above matters are not likely to have any impact on the financial position of the Company.
Estimated amount of contracts pending to be executed on capital account and not provided for (Net of Advances) is INR 12.405 Million (previous year INR 19.197 Million)
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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 64.93 |
|
UK Pound |
1 |
INR 90.72 |
|
Euro |
1 |
INR 80.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
SUD |
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.