Rating Rationale John Distilleries Private Limited 30 Oct 2020

Brickwork Ratings withdraws the ratings for the Bank Loan Facilities of Rs. 240.22 crs of John Distilleries Private Limited (hereafter referred to as JDPL or the Company)

Particulars Amount (Rs. in Crs) Rating* Facility Tenure Previous Previous Present# Present (18 Nov 2019) Fund Based Term Loan 19.62 19.62 Long Term BWR A/Stable Withdrawn Cash Credit 210.00 210.00 Non Fund Based Bank Guarantee 10.00 10.00 Short Term BWR A2+ Withdrawn Forward 0.60 0.60 Contract (Rupees Two Hundred Forty Crores and Twenty Total 240.22 240.22 Two Lakhs Only) *Please refer to BWR website www.brickworkratings.com/ for definition of the ratings ; #Details of the bank loan facilities are available in Annexure I;

Rating Action/ Withdrawal :

Brickwork ratings (BWR) has withdrawn the ratings based on the request of the company for withdrawal and no dues certificate from the Lender, post repayment of the Bank Loans. Hence, in accordance with extant regulatory guidelines and BWR Rating Withdrawal Policy, ratings for the bank loan facilities of JDPL are withdrawn as there is no amount outstanding against the rated facilities.

About the Company John Distilleries Private Limited was incorporated in 1996 in Bangalore, Karnataka. The company is engaged in the manufacturing, packaging, distribution, marketing and sales of Indian Made Foreign Liquor, spirits, wine, malt and industrial alcohol. JDPL has its presence in Six states and One Union Territory and does business through both owned and leased facilities. It has also entered into agreements for third party manufacture. Exports( ~1.70% of revenue) are to Europe, Middle East & Africa. The company is promoted by Mr.Paul P John who holds 91.25% of equity and 8.75 % of equity is held by Sazerac Investments Holdings Inc.

Status of non-cooperation with previous CRA: Not Applicable

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Any other information: Not applicable

Rating History for the last three years (Including withdrawal and suspended): Current Rating (30 Oct 2020) Rating History Sl. Facility Type Amount 2019 2018 2017 No. Rating (Rs Crs) 18 Nov 2019 30 Oct 2017 1 1. 12 Apr 2018 Term Loan 19.62 BWR A/ Stable Long BWR A-/ term BWR A/ Stable 2 Stable Cash Credit 210.00 2. 02 Nov 2018 BWR A/Stable Withdrawn 1. 12 Apr 2018 3 Bank 10.00 Guarantee Short BWR A2+ Term BWR A2+ BWR A2+ Forward 4 0.60 Contract 2. 02 Nov 2018 BWR A2+ (Rupees Two Hundred Forty Crores and Twenty Two Lakhs Total 240.22 Only) Initially rating of BWR BBB-/Stable/A3 was assigned on 19 Nov 2012 for the bank loan facilities of Rs. 152.35 crs; Subsequently the rating was upgraded to BWR BBB/Stable/A3+ for the bank loan facilities of Rs. 202.50 crs on 04 Oct 2013; further the ratings of Rs.176.44 crs was reaffirmed at BWR BBB/Stable/A3+ on 05 Nov 2014 and the ratings of Rs. 190.22 crs were upgraded to BWR BBB+/Stable/A2 on 03 Dec 2015. The ratings of Rs.208.22 crs were upgraded to BWR A-/Stable / A2 on 28 Nov 2016.

Complexity Levels of the Instruments For more information, visit www.brickworkratings.com/download/ComplexityLevels.pdf Hyperlink/Reference to applicable Criteria ● General Criteria ● Manufacturing Companies

● Approach to Financial Ratios ● Short Term Debt

Analytical Contacts

Saakshi Kanwar Rajee R Manager- Ratings Senior Director - Ratings Board: +91 80 4040 9940 Ext: 364 B: +91 80 4040 9940 [email protected] [email protected]

1-860-425-2742 I [email protected]

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John Distilleries Private Limited

Annexure I : Details of Rated Bank Loan Facilities

Bank Name Facilities Long Term Short Term Total (Rs. Cr) (Rs. Cr) (Rs. Cr) Cash Credit 210.00 - 210.00 Term Loan 19.62 - 19.62 South Indian Bank Bank Guarantee - 10.00 10.00 Forward Contract - 0.60 0.60 Total 229.62 10.60 240.22

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