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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 50.05 | ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 34.66 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 0.95 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 85.66 | - | - |
| * The issuer did not co-operate; based on best available information. | |||
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Rating Rationale |
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Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) and the short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 51.00 Cr. bank facilities of Alpine Distilleries Private Limited (ADPL). Further, Acuite has also withdrawn its rating on the long-term bank facility of Rs. 34.66 Cr. of Alpine Distilleries Private Limited (ADPL) without assigning any rating as it is a proposed facility. The rating is now flagged as “Issuer Not-Cooperating” and is based on the best available information.
The withdrawal is in accordance with Acuite's policy on withdrawal of rating as applicable to the respective facility/instrument. The rating is being withdrawn on account of request received from the company, and NOC (No Objection Certificate) received from the bankers. |
| About the Company |
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Incorporated in 2002, Alpine Distilleries Private Limited (ADPL), is a Kolkata based company, engaged in bottling of Indian made Foreign Liquor (IMFL). The company is promoted by Mr. Debasis Mukherjee, Mr. Debraj Mukherjee and IMFL bottling facility in Hooghly (WB) in April 2012 with an installed capacity of 18 lakh cases per annum. From 2019, Mr. Yogesh Jain, Delhi based businessman has invested funds and is presently the major shareholder of the company (64.42 per cent). The total shareholding of the Jain family is around 85.65 per cent. The company bottles and markets well-known brands like “Officer’s Choice”, “Officer’s Choice Blue” and “Old Monk Rum” for prominent liquor manufacturers. As a part of backward integration initiative, the company has set up a grain-based Extra Neutral Alcohol (ENA) plant with an installed capacity of 60 KLPD (20 million litres p.a.) and a co-generation power plant of 3MW. The plant has become operational from December- 2020.
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| Unsupported Rating |
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Not Applicable
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| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
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| Limitation regarding information availability |
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The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavoured to gather information about the entity/ industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
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| Rating Sensitivities |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Outlook: Not Applicable |
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| Other Factors affecting Rating |
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None.
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| Particulars | Unit | FY 24 (Provisional) | FY 23 (Actual) |
| Operating Income | Rs. Cr. | 173.54 | 153.63 |
| PAT | Rs. Cr. | 6.05 | 3.92 |
| PAT Margin | (%) | 3.49 | 2.55 |
| Total Debt/Tangible Net Worth | Times | 0.81 | 0.88 |
| PBDIT/Interest | Times | 2.94 | 2.53 |
| Status of non-cooperation with previous CRA |
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Not Applicable
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| Any other information |
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None
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| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on complexity levels of the rated instrument |
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| * The issuer did not co-operate; based on best available information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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