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Amrut Distilleries Private Limited April 17, 2021 Ratings Amount Rating Instrument / Facility Ratings (Rs

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Amrut Distilleries Private Limited April 17, 2021 Ratings Amount Rating Instrument / Facility Ratings (Rs Amrut Distilleries Private Limited April 17, 2021 Ratings Amount Rating Instrument / Facility Ratings (Rs. crore) Action Long Term Fund IVR A/ Stable Outlook (IVR 160.00 Assigned based Bank Facilities Single A with Stable Outlook) Short Term Non-Fund 5.00 IVR A1 (IVR A One) Assigned based Bank Facilities 165.00 (Rupees One Total hundred and Sixty- Five Crores Only) Details of Facilities are in Annexure 1 Detailed Rationale: The aforesaid rating assigned to the long term & short-term bank facilities of Amrut Distilleries Private Limited derives comfort from its experienced promoters and management team with established presence along with its established brand in product portfolio. The ratings also note its established relationship with its customers and suppliers, improving operating performance, comfortable gearing level with healthy debt protection parameters and comfortable working capital management. These rating strengths are, however, remain constrained by volatility in its input prices, geographic concentration in revenue profile albeit widespread presence in both domestic and international market, competition from unorganised players and presence in highly regulated Indian alcohol industry. Key Rating Sensitivities: Upward Factors Sustained growth in scale of operations while maintaining profitability. Maintenance of capital structure and improvement in debt protection metrics. Downward Factors Deterioration in scale of operations and/or profitability. Any large debt funded capital expenditure and/or further elongation of the working capital cycle leading to deterioration in the financial risk profile. Adverse Government regulations. 1 List of Key Rating Drivers with Detailed Description Key Rating Strengths Long track record of operations and established brand Established in 1948 by Late Mr. Radhakrishna N Jagdale, ADPL has an operational track record of over seven decades in the IMFL industry. The company started its operations with supplying Dark Rum to defence forces through tie-ups with Canteen Stores Department (CSD) and subsequently embarked into manufacture of grape brandy followed by malt whiskey. At present, ADPL has presence across products segments such as Brandy, Malt Whisky, Vodka and Gin. The Company also manufactures single malt whiskey which is a premium product. All the products are marketed under the brand ‘Amrut’. Long standing presence in the industry has helped the Company establish healthy relationships with both customers and suppliers. The Company is likely to benefit from its established presence and brand name going forward. Healthy financial risk profile The financial risk profile of the company remained healthy with the absence of long-term debt and a comfortable overall gearing ratio as on the last three account closing dates. The Overall Gearing ratio has showed sustained improvement from 1.42x as on March 31, 2018 to 1.25x as on March 31, 2020 on the back of improvement in net worth driven by infusion of equity capital and securities premium to the tune of Rs.0.33cr and Rs.4.67crore in FY19 along with continued accretion of profits to net worth. The tangible net worth of the Company stood at Rs.125.75crore as on March 31, 2020.The debt protection parameters also remained comfortable with an interest coverage ratio of 2.82x and Total Debt/GCA of 7.94x in FY20. The debt protection metrics remained comfortable on the back of continuous increase in EBITDA and PAT levels driven by sustained improvement in scale of operations coupled with stable profitability margins over FY18-20. Key Rating Weaknesses Geographic concentration in revenue profile albeit widespread presence in both domestic and international market 2 ADPL has an established market throughout the country and sells its products across Karnataka, Kerala, West Bengal, Goa, Maharashtra, Gujrat, Chandigarh, among others. The Company also has presence in the international market and exports its products to over 30 countries spanning USA, Europe, Middle East. However, despite having presence both throughout the country and also internationally, the Company derives bulk of its revenue (~ 70% in FY20) from sales in Karnataka and Kerala, implying geographic concentration in revenue profile. Working capital intensive operations The operations of the Company are working capital intensive as reflected in Operating Cycle of 240 days as on March 31, 2020. Further, the operating cycle has registered sustained increase in the three years through FY20 on the back of an increase in receivable days and inventory days. In the domestic market, payment is received in 40-60 days on average while for exports, payment is received within 4 months, resulting in receivable days of over 100 as on March 31, 2020. Further, the inventory days remained high as the Company has to store malt spirit for ageing for around 3 years for single malt whiskey. Vulnerability to regulatory changes in the liquor industry The liquor industry in India is governed by strict government regulations and license regime that differ from state to state. India’s states each have their own regulatory controls on the production, marketing and distribution, and even pricing of alcohol. Further, high taxation and duties also make the industry dynamics complex. The business risk profile thus remains vulnerable to any changes in the license authorisation policy, taxes and duty structure. Analytical Approach: Standalone Applicable Criteria: Rating Methodology for Manufacturing Companies Financial Ratios & Interpretation (Non-Financial Sector) Liquidity – Adequate ADPL has adequate liquidity marked by net cash accruals of Rs.19.85 crore in FY20 as against nil repayment obligations in the absence of any term debt in books. The average 3 utilization of fund based working capital limits for twelve months through January 2021, stood at 83.6%. Liquidity of the company is further supported by unencumbered fixed deposits of ~Rs.87crore as on March 31, 2020. However, the Company’s operations are working capital intensive and the Company availed of a Covid loan of Rs.16crore in June 2020. The current ratio stood at 1.48x as on March 31, 2020. Overall liquidity position of the company is likely to remain adequate over the medium term marked by generation of healthy cash accruals as against minimal repayment obligations on covid loan, absence of any debt funded capex plan and high unencumbered deposits. About the Company Amrut Distilleries Private Limited (ADPL) was founded in 1948 by Late Mr. Radhakrishna N Jagdale as a sole proprietorship concern in the name of Amrut Laboratories, for liquor blending and bottling. The firm was reconstituted as a deemed public limited company in 1988 and subsequently as a private limited company with the current name in 2015. The company started its operations with supplying Dark Rum to defence forces through tie- ups with Canteen Stores Department (CSD) in 1950’s and 60’s. In early 1970’s, the company embarked into manufacture of grape brandy from Bangalore blue grapes and with the experience gained in brandy distillation, it started distillation of malt whiskey in 1980’s. Strived to provide a better product that would meet global requirements, the Company employed the help of whisky experts from Scotland to perfect the processes. At present, ADPL has presence across products segments such as Brandy, Malt Whisky, Vodka and Gin. All the products are marketed under ADPL own brand name “Amrut”. ADPL has one distillery in Kambipura-Bangalore and two units for bottling at Davanagere- Bellary and Palakkad- Kerala. The Company also has three tie-up arrangements for bottling and sale of liquor. Financials (Standalone): (Rs. In Crore) 31-03-2019 31-03-2020 For the year ended / As On (Audited) (Audited) 4 Total Operating Income 270.34 285.61 EBITDA 35.73 36.62 PAT 15.87 18.18 Total Debt 142.80 157.59 Tangible Net worth 110.22 125.75 EBITDA Margin (%) 13.22 12.82 PAT Margin (%) 5.76 6.23 Overall Gearing Ratio (x) 1.30 1.25 *Classification as per Infomerics’ standards. Status of non-cooperation with previous CRA: Any other information: Rating History for last three years: Current Ratings Rating History for the past 3 years (Year 2021-22) Sr. Name of Date(s) & Date(s) & Date(s) & No Instrument/ Amount Rating(s) Rating(s) Rating(s) . Facilities Type outstanding Rating assigned assigned in assigned (Rs. Crore) in 2018- 2020-21 in 2019-20 19 IVR A/ Fund Based - Long 1. 160.00 Stable N.A N.A N.A Cash Credit Term Outlook Non-Fund Short 2. Based Bank 5.00 IVR A1 N.A N.A N.A Term Guarantee Note on complexity levels of the rated instrument: Infomerics has classified instruments rated by it on the basis of complexity and a note thereon is available at www.infomerics.com. Name and Contact Details of the Rating Analyst: Name: Ravi Prakash Tel: (011) 2465 5636 Email: [email protected] About Infomerics: Infomerics commenced rating & grading operations in April 2015 after having spent over 25 years in various segments of financial services. Infomerics is registered with the Securities and Exchange Board of India (SEBI) and accredited by Reserve Bank of India. It is gradually 5 gaining prominence in domestic rating and/or grading space. Infomerics is striving for positioning itself as the most trusted & credible rating agency in the country and is gradually widening its product portfolio. Company’s long experience in varied spectrum of financial services is helping it to fine-tune its product offerings to best suit the market. Disclaimer: Infomerics ratings are based on information provided by the issuer on an ‘as is where is’ basis. Infomerics credit ratings are an opinion on the credit risk of the issue / issuer and not a recommendation to buy, hold or sell securities. Infomerics reserves the right to change, suspend or withdraw the credit ratings at any point in time. Infomerics ratings are opinions on financial statements based on information provided by the management and information obtained from sources believed by it to be accurate and reliable.
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