Rating Rationale John Distilleries Private Limited 30 Oct 2020

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Rating Rationale John Distilleries Private Limited 30 Oct 2020 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Tenure Previous Previous Present# Present (18 Nov 2019) Fund Based Term Loan 19.62 19.62 Long Term BWR A/Stable Withdrawn Cash Credit 210.00 210.00 Non Fund Based Bank Guarantee 10.00 10.00 Short Term BWR A2+ Withdrawn Forward 0.60 0.60 Contract (Rupees Two Hundred Forty Crores and Twenty Total 240.22 240.22 Two Lakhs Only) *Please refer to BWR website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of the bank loan facilities are available in Annexure I; Rating Action/ Withdrawal : Brickwork ratings (BWR) has withdrawn the ratings based on the request of the company for withdrawal and no dues certificate from the Lender, post repayment of the Bank Loans.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with extant regulatory guidelines and BWR Rating Withdrawal Policy, ratings for the bank loan facilities of JDPL are withdrawn as there is no amount outstanding against the rated facilities.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 ​ www.brickworkratings.com Page 1 of 3 ​ ​ ​ 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] www.brickworkratings.com Page 2 of 3 ​ ​ ​ 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 For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media. About Brickwork Ratings : Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] ​ registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. BWR has rated over 11,400 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partners. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations. DISCLAIMER Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented “as is” without any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reasons. www.brickworkratings.com Page 3 of 3 ​ ​ ​.
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