Urs Giger, DVM, Dipl ACVIM, Dipl ECVIM, Dipl ECVCP, DrMedVet
Maria-Elisabeth Krautwald-Junghanns, Prof, Dr.med.vet, Dipl ECZM (Avian)
Lennox, DVM, Dipl ABVP (Avian, Companion Mammal), Dipl ECZM
David Sanchez-Migallon Guzman, LV, MS, Dipl ECZM (Avian, Small Mammal), Dipl ACZM
reported a profit after tax (PAT) of Rs.1.0 million on net sales of Rs.57.0 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of Rs.0.8 million on net sales of Rs.58.5 million for 2008-09.
DIPL has a strong position in the premium vodka market in India through Smirnoff, which has a strong brand image as a premium drink for the youth.
DIPL has a weak financial risk profile, marked by high gearing and weak debt protection metrics because of operating losses.
DIPL's presence is limited to the premium segment of the industry, which forms less than 10 per cent of the total Indian-made foreign liquor (IMFL) industry.
CRISIL believes that DIPL will maintain its market position on the back of its established brands, and the operational and financial support it receives from Diageo.
ICRA also reaffirmed the short-term rating assigned to the INR30m non-fund-based bank facility of DIPL at A4+.
The reaffirmed ratings factor in the high cost structure of DIPL's current operations on account of the limited vertical integration, a highly fragmented TMT market leading to stiff competition and the cyclicality inherent in the steel business.
The ratings however take into account DIPL's position as a large capacity player in the TMT market of Andhra Pradesh with an established brand name, a favourable demand outlook for construction steel and DIPL's reputed customer base.