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Rating Rationale John Distilleries Private Limited 18 Nov 2019

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Rating Rationale John Distilleries Private Limited 18 Nov 2019 Rating Rationale John Distilleries Private Limited 18 Nov 2019 Brickwork Ratings reaffirms 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 Rating* (Rs. Cr) Facility Tenure Previous^ Previous Present# Present (02 Nov 2018) Fund Based Term Loan@ 24.92 19.62 BWR A/Stable Long Term BWR A/Stable Reaffirmed Cash Credit 230.00 210.00 Non Fund Based 10.00 10.00 Bank Guarantee BWR A2+ Short Term BWR A2+ Reaffirmed Forward Contract 0.60 0.60 (Rupees Two Hundred Forty Crores and Twenty Two Total 265.52 240.22 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 migrated to Rating Not Reviewed Category on 04 Nov 2019;@Includes undisbursed portion of Rs. 12.00 crs as on 30 Oct 2019 Rating Action/Outlook : The reaffirmation of ratings for the bank loan facilities continues to factor the experience of the promoters in distillery business, strategic alliance with Sazerac Inc. which enables access to Sazerac’s technological expertise and a global portfolio of brands, reputed brand name and strong regional and PAN India presence with market share of ~39.74% in Karnataka and 7.9% in India(in whisky segment). The ratings also reflect the consistent operating performance and moderate gearing and debt protection metrics. The ratings, however, remain constrained by the geographical concentration of revenue, vulnerability to changes in government policy and the regulated nature of prices of end products and key raw materials and exposure to intense competition in Indian Manufactured Foreign Liquor (IMFL) business. www.brickworkratings.com Page 1 of 7 ​ The ‘Stable’ outlook indicates a low likelihood of rating change over the medium term. BWR expects that John Distilleries Private Limited’s business risk profile will be maintained over the medium term. The ​ ​ outlook may be revised to Positive if the company records substantial increase in the scale of operations ​ through geographical diversification and improvement in market share, while maintaining a stable credit profile. The outlook may be revised to Negative if case of any substantial deterioration in the performance ​ of the company, or if there is significant capital expenditure resulting in increase in leverage levels and ​ ​ adversely impacting the coverage indicators and liquidity position. ​ Key rating drivers Credit Strengths ■ Experienced management and established track record :The promoters have experience of over ​ two decades in the distillery industry and are supported by a team of experienced professionals.The promoters are also experienced in other business such as Hotel and Hospitality, real estate & construction business. US-based spirits maker Sazerac Investments Holdings Inc has a 8.75% equity stake in the Company, enabling the company to gain access to Sazerac’s technological expertise and a global portfolio of brands. ■ Well established brand withGeographic and Market diversification: John Distilleries, which was founded in 1996, has 10 manufacturing units in 6 states and one Union Territory in India. JDPL has its presence in 9 States and does business through multiple models like own, lease & tie- up facilities. Its brands, including Original Choice Whisky and Bangalore Malt, are available through more than 15,000 outlets across the country. The company’s super premium brand, PJSM, sells in over 35 countries around the world. The Company has an Indian Made foreign liquor (IMFL) market share of 39.74% in Karnataka and 7.9% in India(in whisky segment). The Company’s major brands are Whisky- Original Choice, Bangalore Malt Whisky, Paul John Single Malt Whisky, Black Pelican Whisky, Brandy- Mont Castle, Roulette and Wines- Goan and Big Banyan. The Company has well established relationships with state beverage corporations, customers and suppliers. ■ Consistent operational performance : Total operating income has improved to Rs. 935.93 crs ​ ​ (income from sale of IMFL, Wines, Spirit and malt of Rs. 905.73 crs, contract bottling operations of ~Rs. 24 crs and royalty income of Rs. 4.14 crs) in FY19 as against Rs. 900.37 crs in FY18. Tangible Net worth was comfortable at Rs. 230.61 crs as on 31 March 2019. Debt:equity was moderate at 1.25 times as on 31 Mar 2019. Debt metrics were adequate as reflected by Interest Service Coverage Ratio of 3.76 times and moderate DSCR of 1.12 times as on 31 March 2019. On a provisional basis, the Company reported revenue of around Rs.477 crs in H1FY20 as against Rs. 442 crs in H1FY19. However, PAT declined to Rs. 15.21 crs in FY19 as against Rs.36.18 crs in FY18 mainly due to ​ provision of Rs. 15.87 crs relating to disallowance of certain expenditure by the IT department, impairment of chitali unit, Maharashtra and rise in Extra Neutral Alcohol (ENA) prices due to ​ Government policy on Ethanol prices. Credit Concerns www.brickworkratings.com Page 2 of 7 ​ ■ Regulatory Risks: The Indian alcohol industry is characterized by high regulation and is primarily ​ regulated by the respective States. Every state has its set of regulations with respect to distribution and retail channels, registration, taxation, and pricing of alcohol. JDPl operates in an intensely regulated environment, thus, cash flow is susceptible to any material change in the regulatory landscape. JDPL derives more than 76% of revenue from Karnataka and more than 17% of revenue from Andhra Pradesh & Telangana State where respective state owned beverage corporations entirely control the distribution. State owned Beverage corporation in negotiations with Indian-made foreign liquor and beer manufacturers, fix a maximum retail price for all products and do not often revise prices, due to which the margins remain vulnerable to fluctuations in input costs. Both export and import of these products are tightly controlled by the state government. The direction or timing of any regulatory changes being difficult to predict, the industry is vulnerable to such unanticipated changes. Any adverse regulatory changes would impact the business risk profile. ​ ■ Volatility in input prices: Profitability is susceptible to prices of raw materials i.e ENA which is derived from sugarcane molasses, hence any fluctuation in the prices of raw materials impact the operating margin. Further, in view of the limited pricing flexibility for its final product (as most of the liquor market is controlled by government distribution channels), the profitability of the company is likely to be affected. During FY20, the Company's operating profitability is expected to be in the similar range of 9-10% due to rise in ENA prices due to Government policy on Ethanol prices. Analytical approach - Standalone While assigning the ratings, BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale). The Company does not have any subsidiaries. Rating Sensitivities The ability of the company to increase its scale of operations with improvement in market share, enhance its profitability, optimally utilize its capacities, strengthen its overall credit profile and manage its working capital efficiently would be the key rating sensitivities. Positive: ● Better-than-estimated operational performance, leading to significant cash accruals vis-a -vis repayments. ● Improvement in business risk profile and market position in the IMFL segment. Negative : ● Weak operational performance, leading to deterioration in debt protection metrics ● Significant debt-funded capex ● Any regulatory shift that can impact operations Liquidity - Adequate: www.brickworkratings.com Page 3 of 7 ​ The Company’s liquidity position is adequate as seen in the working capital utilization of ~85% for the last six months. Current ratio is moderate at 1.43 times as on 31 March 2019. Cash and cash equivalents were around Rs 1.95 Crs as on March 31 2019. Debt obligations are around Rs. 22 crs for FY20 & Rs. 28 crs for FY21 which are expected to be serviced through cash accruals. 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. The Company has entered into a sale agreement with Satyam Distillers Pvt Ltd(SDPL) to sell its rectified spirit, ENA and Techinical Alcohol manufacturing division in Chitali, Maharashtra. This transaction is likely to be concluded in 2020. Financial Performance 31 Mar 2018 31 Mar 2019 Particulars Unit Audited Audited Rs. Total Operating Income Crs 818.35 935.93 Rs. EBIDTA Crs 95.69 112.49 Rs. PAT Crs 36.18 15.21 Rs. Tangible Net worth Crs 220.94 230.61 Rs. Total Debt/TNW Crs 0.97 1.25 Current Ratio Times 0.97 1.43 On a provisional basis, the Company has reported revenue of ~Rs. 477 crs for H1FY20 Key covenants of the rated facilities: The terms of sanction for the bank loan facilities include standard ​ covenants normally stipulated for such facilities.
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