Champagne Indage Ltd.

A toast to good times!

Champagne Indage Limited (CIL) - India’s largest wine manufacturer - is on

a high growth trajectory. CIL has expanded its production capacity, which will
enable it to enjoy tax breaks and improve its margins. Introduction of wine
coolers (Sinn) and entry into beer segment will add to the company’s revenues
FY05 onwards. Recent policy initiatives to classify wine under the agro
processing industry will augment its prospects. Established brands like
Chantilli, Riviera and Marquise De Pompadour gives it the armory to exploit
the growing Indian fondness for wines. We recommend investors to BUY the
stock at current levels (CMP Rs34.5) with a 3-year holding perspective.

Analyst
Nishant Jadav 5675 4479 July 2004
(nishant@indiainfoline.com)

Dealing
(+91 22) 2685 0505
Sandeepa Arora 5540 9033
Biren Patel 5540 8601

IT’S ALL ABOUT MONEY, HONEY!

 Champagne Indage - A toast to good times!

Investment Rationale
Recommendation Long Term Buy Dominant position in Indian wine market
CMP Rs 34.5 CIL is a pioneer in the Indian wine industry with a market share of 71%. The company
52 week H/L Rs 47.8/7.5 has a dominant presence in all sub segments namely white, red, sparkling and rosy
Market Cap Rs 230mn wines with a virtual monopoly in the sparkling wine category. It was the first company
in India to introduce champagne under the brand name “Marquise De Pompadour”.
Share Holding Pattern % Exhibit 1: Wine Industry Segmentation
Promoters 60.28
Institutional Investors 14.15 3%
12%
Other Investors 5.71
General Public 19.86
14%
Share Price Chart

71%

Champagne Grover Sula Others

Source: Company reports, India Infoline estimates

Indian wine industry poised for growth

The Indian wine industry is in its nascent stage. The per capita consumption of wine in
India is only 10ml per annum, compared to 100liters per year in Argentina and 65liters
per year in the European countries.

The Indian wine industry has been growing at 22% annually, over the last ten years.
Awareness of the benefits of wine drinking is on the rise and wine is gradually becoming
a part of the urban Indian lifestyle. Rising disposable incomes of the Indian population
and exposure to new cultures is adding to the growing consumption. Even on a
conservative basis, we expect the industry to maintain growth rate at current levels.

Production capacity doubled in April 2004

CIL had two wineries with an installed capacity of 1.8mn liters; both situated in
Narayangaon in Maharashtra. The company recently set up a third winery at the same
location, for a total investment of Rs74mn. This winery, with a capacity of about
1.7mn liters, is one of the most modern wineries of the world. Commercial operations
have commenced at the third winery from March 2004 and full benefits will materialize
in FY05.

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 Champagne Indage - A toast to good times!

Entry into the beer segment

To capitalize on its established network of warehouses and common dealer network,
CIL has ventured into beer marketing. CIL targets the large Indian domestic beer
market having a size of about 85mn liter cases in volume terms and Rs7bn in value
terms. The new venture will be launched in two phases. The first year of operations
will cover 15 states in India constituting 84% of the total national consumption of
about 85mn liter cases. Under phase two next year, the reach will increase to embrace
the entire country.

The company also intends to cater to the demand from Indian restaurants in Europe
and North America, where taste for Indian beer in picking up.

The total advertisement expenditure planned for this project is Rs50mn, which will
generate sales of 0.8mn cases and revenues of Rs120mn. We expect beer business
to contribute Rs15mn to the PBT in FY05.

With its entry into beer and into other alcohol segments later on, CIL will become a
complete alcoholic beverages company. This complete value proposition will take
CIL far ahead of its competitors in the wine industry.

Introducing concept of wine coolers

CIL has recently launched fruity wines of different flavors called ‘wine coolers’. The
drink -available in smartly packaged pint bottles- is branded as ‘Sinn’. The idea
behind ‘Sinn’ is to introduce wine to starters who will eventually migrate to red and
white wine.

Launched initially in Goa, the company now wants to introduce ‘Sinn’ in Mumbai by
July 2004. Positioned as an alternative to beer and rum cooler ‘Bacardi Breezer’,
CIL is targeting sales of 3mn cases and revenue of Rs100mn from this brand in
FY05. We expect ‘Sinn’ to generate PBT of Rs10mn in FY05.

Brands are the company’s key assets

CIL’s key asset is the brand equity earned by the company’s wine over the years. It
owns a portfolio of 64 wine brands. The top brands among different wine categories
are:
Wine classification Brand name
Entry level Hammer / Figuieira
Popular Vin Ballet / Riviera
Premium Chantilli
Estate Varietals Ivy Range
Sparkling Marquise De Pompadour / Ivy Brut / Joie

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 Champagne Indage - A toast to good times!

CIL’s wines enjoy a strong brand image not only in the domestic market but also
overseas. During the initial stages of its operations, the company spent a lot of efforts
in developing a positive image for its wines. CIL regularly participates in international
wine competitions. CIL’s wines have so far won 7 bronze and 1 gold medals at The
International Wine & Spirit Competition, London. Such international acclaims enhance
its brand’s popularity.

Price positioning ensures larger reach

CIL’s portfolio of 64 brands is priced in such a way that they target different income
groups. Ranging from wine coolers (Sinn) priced at Rs30 per bottle to premium segment
priced over Rs500, the company claims to offer wine for everyone and every occasion.
Wine classification Brand name Average price range (Rs)
Wine coolers Sinn 30
Entry level Hammer / Figuieira 50-110
Popular Vin Ballet / Riviera 190-300
Premium Chantilli / Reserves 390-500
Estate Varietals Ivy Range 460-500
Sparkling Marquise De Pompadour / Ivy Brut / Joie 375-600
International brands Bottled in origin 600-1,000

Group presence in hotel business provides marketing platform

The Indage Group’s presence in the hospitality business is marked by their company
‘Indage Hotels’. Indage Hotels owns some of the most renowned restaurants, pubs
and lounges in Mumbai. This unique chain of elite hotels provides the correct ambiance,
opportunity and target audience to promote its wines. The emphasis of these places is
to give the consumer the perfect wining and dining experience. Forward integration of
such kind gives CIL a chance to strengthen its brand image and improve brand loyalty.
The existing units of the company are:
Name Hotel type Location
Athena Lounge and restaurant Colaba
Sin Café Bistro Bar Breach Candy
Sky Restaurant and Bar Juhu
Indage Banquets Catering service 3 branches in Mumbai

Some of the upcoming units of the hotel company are as follows:

Name Location
Athena Bangalore, Delhi
Zaha Mumbai
Tantra Mumbai
Mimosa Kemps Corner
Others Pune, Hyderabad, Delhi and Mumbai

Indage Hotels is a highly visible profit making company, which will immensely help the
winemaking efforts of CIL. Overall it is a unique proposition wherein the company
has raw materials, production and brand portfolio of its own to top the marketing
network.
July 06, 2004 4
 Champagne Indage - A toast to good times!

Raw material risk hedged

Grapes are the key raw material in the production of wines. For a wine manufacturer,
uninterrupted supply of grapes is a must to ensure smooth production. CIL is hedged
against this risk through a long term and exclusive arrangement with group company
Champagne Vineyards Limited (CVL) for purchasing grapes.

CVL, incorporated in 1982, was earlier in the business of viticulture, production and
exports of wines. After the restructuring of the Indage group in 1997, CVL’s wineries
were hived off to CIL and the former now focuses only on viticulture. 100% of CVL’s
grape production in Narayangaon is purchased by CIL for its wineries situated in the
same area. This backward integration provides a strategic advantage for CIL in the
form of guaranteed raw material supply, efficient logistics management and lower
procurement costs.

Export revenues expected to record healthy growth

CIL is one of the major wine exporting companies in India. The company already has
a presence in USA, Japan, UK, Switzerland, Germany and other European countries.
It now plans to venture into new markets like North America, Europe and South
America. CIL will also be exporting its brands ‘Soma Reserve’ and ‘Mist of Sahyadri’
to Sweden, where it was successfully test marketed.

CIL has tie-ups with leading Indian cuisine restaurants overseas for promoting its wines.
It has also started a contract-bottling unit in Germany. Under this arrangement, the
company will be exporting wine in bulk to Germany where it will be bottled and marketed.
Earlier, due to capacity constraints and growing domestic demand, CIL was not in a
position to focus on the export market. It was exporting wines on a very small scale,
just to keep the market alive and maintain its brand awareness abroad. With additional
capacity from the third winery, exports should see a healthy boost this year. However
the domestic market remains the key focus area for the company given its huge potential.

Likely changes in wine import regulations may cut competition

Currently, wines attract basic customs duty of 150% and additional duty of 75% to
150% depending on the value of the brand. As per a circular issued by the Director
General of Foreign Trade in May 2003, the hotel industry was allowed to import spirit
and wine upto 5% of their foreign exchange earnings. This had a negative impact on
the domestic wine industry as the players had to face competition from duty free imports,
which were 4-5 times cheaper. This exemption is likely to be removed in the forthcoming
budget in light of the complaints from industry players as well as consumers, to whom
the benefit of duty exemption was not passed on.

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 Champagne Indage - A toast to good times!

Favorable government policies

Recognizing the benefits of wine consumption, the Indian Government has put more
emphasis on the development of the wine industry. The Maharashtra State government
recently announced excise and sales tax reduction for new wineries in the state, after it
classified wine as an agro-based product. The excise benefits arising to CIL from its
newly set up plant in Maharashtra, is expected to be about Rs25mn. This implies
lower costs of operations for the company.

The regulatory structure in other states is also encouraging. For example, Uttar Pradesh
government has permitted sale of wines in all recognized grocery outlets. We expect
favorable government policies to be announced, especially those relating to distribution
and taxes. This will increase wine consumption by making it more accessible and
affordable.

July 06, 2004 6

 Champagne Indage - A toast to good times!

Issues of concern
Impending equity dilution
To finance its foray into new markets and products, CIL is planning to raise Rs220mn
via issue of Optionally Convertible Debentures (OCDs). The maturity period of this
4% coupon paying debt is 18 months. In the event of redemption, a premium of 4%
shall be paid. The conversion price of the OCDs is fixed at 10x EPS of FY05. We
accept the dilution in equity to the extent of 25%.

The proceeds of the issue will be used for the following purposes:
Purpose Amount (Rs mn)
Working capital required:
• Beer marketing 50
• Sinn 40
Setting up new winery 74
Long term borrowing replacement 90
Total 254

Increasing competition will reduce market share

Wine production and marketing is a lucrative business and thus we expect more players,
both Indian and Foreign, to set up shops in the country. Gradually, the market share of
CIL will slip lower from current 71%. Rapid product innovation and enhancing brand
loyalty will be critical. The company may have to compromise on profit margins in
order to maintain the leadership position by the company.

Illiquid stock with high impact costs

CIL has a small equity base of Rs66.7mn (6.7mn shares of Rs10 each) and a low
floating stock (40%). The scrip is listed only on the Mumbai Stock Exchange (BSE).
The stock has a low liquidity, with average daily trading volumes of 15,000 shares in
the last few months.

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 Champagne Indage - A toast to good times!

Company background
Champagne Indage Limited (CIL) is India’s leading wine producing company with
71% market share. CIL has been instrumental to a large extent in developing the
wine industry in India. It produces white, red, sparkling and rosy wines of many
varieties. Apart from the domestic market, the company also exports its wines to
USA, Japan, UK, Switzerland, Germany and other European countries. CIL has
three wineries located in Narayangaon, Maharashtra with an aggregate capacity of
3.5mn liters of wine per annum.

Management
CIL is a professionally managed company promoted by Mr. S. G. Chougule. The
Chougule family holds almost 60% of the company’s equity capital. Mr. S. G. Chougule
is assisted by his son Ranjit Chougule to manage the company’s operations. Mr.
Ranjit, who is currently the Executive Director of the company, is an MBA in Finance
with over 7 years of experience in the industry.

Board of Directors
Name Category
S.G.Chougule, Chairman Promoter Non Executive Director
R.S.Chougule Promoter Executive Director
A.B.Shah Independent Non Executive Director
J.B.D’souza, Vice-Chairman Independent Non Executive Director
Haresh.G.Desai Independent Non Executive Director
G.G.Desai Independent Non Executive Director
Antione Merlaut Independent Non Executive Director
Michael Wilkomm Independent Non Executive Director
Sohrab R. Framjee Independent Non Executive Director
Le Saux Thierry Independent Non Executive Director
Mulidhar N. Chaini Independent Non Executive Director

Grape cultivation
The viticulture activities of CIL are located in Narayangaon amidst the Sahyadri Valley
in Maharashtra. Located at an altitude of 700-800Mt, the soil of Narayangaon is lime
rich and chalky and the climate is tropical, which ensures growth of quality grapes with
high yields. The vines in the region have two vegetative periods in a year. The harvesting
of grapes is undertaken in February/March.

The location of the vineyards by the company was undertaken after an extensive all
India survey by a team of experts from France. In the last two decades, CIL has
developed over 600 acres of captive vineyards and over 1,200 acres of contract
farming. It has developed 39 classic varieties and 20 families of grapes so far. Apart
from this, 65 additional varieties are under experimentation in its R&D division. A
wide range of grape varieties will help CIL to introduce new wines at a rapid pace.

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 Champagne Indage - A toast to good times!

Going ahead, CIL plans to develop organic grapes with the help of Biotech techniques.
A specially set up Biotech Lab is already exploring the idea. The company is planning
to augment it’s grape cultivation through contract farming in Himachal Pradesh.

Wine production process

Crushing

Fermentation

Maturation

Bottling

Crushing: The grapes are hand picked and transferred to the crusher. The crusher
punchers the grapes and transfers it to a de-juicer which separates the pulp from the
juice. While the skin, stems and other remains from the crushing are used as manure,
the juice is sent for fermentation.

Fermentation: The grape juice is first chilled in a combination of stainless steel tanks
and oak barrels and then fermented by adding yeast. This process is called the first
fermentation of wine and it takes about 8 weeks.

Maturation: The first fermentation wine is further stored in tanks and/or oak barrels
for 6-8 months for maturation.

Bottling: Once the mature wine is ready, it is stabilized through cold treatment. After
testing the stability of the wine, it then is filtered to screen the balance fine particles.
The filtered wine is then packed in bottles, which are washed internally and externally
with double filtered water to remove bacteria and germs if any.

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 Champagne Indage - A toast to good times!

Peer profile
CIL is the oldest wine manufacturing company in India. Key players in the industry,
apart from CIL, are Grover Wines and Sula Wines. CIL’s production capacity is 5-7
times higher than the other two players’ capacities. Even after a delayed entry, Sula
wines has increased its popularity and gained significant market share. CIL will have
to constantly innovate, introduce new products and build on its brand equity to maintain
its market share.
Company Promoter Yrs of operations Capacity(liters) Market share(%)
Champagne Indage Mr. S. G. Chougule 20 3,500,000 71
Grover Mr. Kanval Grover 10 500,000 14
Sula Mr. Rajeev Samant 4 670,000 12

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 Champagne Indage - A toast to good times!

Key Financial Highlights

Period FY02 FY03 FY04 FY05P FY06P
(12) (12) (12) (12) (12)
Fully Diluted EPS (Rs) 1.3 2.3 3.3 7.6 9.9
EPS (Rs) 1.8 3.2 4.4 10.2 9.9
Div per share 0.0 1.0 1.2 1.9 2.1
Book value per share 40.6 40.3 44.2 52.1 71.5
P/E 19.9 10.9 7.8 3.4 3.5
P/BV 0.9 0.9 0.8 0.7 0.5
OPM (%) 11.3 19.9 21.9 18.1 18.8
PAT % 5.3 9.0 11.6 12.9 14.0
ROCE 6.4 10.8 11.3 14.0 15.7
RONW 4.4 7.9 10.0 19.5 13.8
Debt / Total equity 0.75 0.74 0.77 1.03 0.22
Dividend Payout Ratio 0.0 33.0 30.6 21.6 24.4
No. of equity shares (in mn) 6.4 6.5 6.7 6.7 8.9

Projected Income Statement

Period FY02 FY03 FY04 FY05P FY06P
(Rs mn) (12) (12) (12) (12) (12)
Net Sales 217 229 254 525 623
Operating expenses (193) (183) (198) (430) (506)
Operating profit 25 46 56 95 117
Other income 4 4 3 4 4
PBIDT 29 49 59 99 121
Interest (14) (20) (18) (17) (17)
Depreciation (6) (6) (5) (8) (8)
Profit before tax (PBT) 10 23 36 74 95
Tax - (1) (3) (6) (8)
Profit after tax (PAT) 10 22 34 68 87
Extraordinary/prior period items 2 (2) (4) - -
Adjusted profit after tax (APAT) 11 21 29 68 87

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 Champagne Indage - A toast to good times!

Projected Balance Sheet

Period FY02 FY03 FY04P FY05P FY06P
(Rs mn) (12) (12) (12) (12) (12)
Sources
Share Capital 64 65 67 67 89
Reserves 196 198 228 281 545
Net Worth 260 263 294 348 634
Loan Funds 194 194 228 358 138
Total 454 457 522 706 772
Uses
Gross Block 183 185 255 265 275
Accd Depreciation (28) (32) (37) (45) (54)
Net Block 155 153 218 220 222
Total Fixed Assets 155 153 218 220 222
Investments 12 14 16 18 18
Total Current Assets 365 361 374 648 757
Total Current Liabilities (82) (74) (86) (180) (224)
Net Working Capital 284 287 288 468 533
Def Revenue Expenditure 3 3 - - 0
Total 454 457 522 706 772

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 Champagne Indage - A toast to good times!

Valuation
We expect the topline to double in FY05 on back of contribution from Sinn and beer
sales apart from a healthy growth in the existing wines segment. The overall OPM will
fall due to lower margins in the beer business. The stock is attractively valued and
trades at lower than book value of Rs40 per share (as on 31st March 2003). CIL is
trading at a P/E multiple of 3.4x FY05P EPS of Rs10.2 per share and 3.5x FY06P
diluted EPS of Rs9.9 per share. The EPS for FY06 is calculated after assuming equity
dilution arising from full conversion of 18 month OCDs to be issued in FY05.

Dilution assumption
We have assumed 100% conversion of the Rs220mn issue of OCDs. The conversion
price of the OCDs is fixed at 10x times EPS of FY05. The EPS for FY05 is Rs10 as
per our estimates. The conversion price thus comes up to Rs100 per share.

The capital structure will thus change as follows:

Conversion Price (Rs) 100
Issue size (Rs mn) 220
Addition in equity capital (Rs mn) 22
Addition to share premium (Rs mn) 198
Addition in equity capital (mn) 2.2
Current equity capital (Rs mn) 67
Current equity capital (mn) 6.7
New equity capital (Rs mn) 88.7
New equity capital (mn) 8.9
% dilution 24.8

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 Champagne Indage - A toast to good times!

Sales and operating profit estimates

We have assumed growth of 20% in the wines segment, much in line with the industry.
The operating margin in this segment is likely to increase on account of duty exemptions
marred partially by lower price realization. We expect Sinn to gain market share and
grow at the rate of 25% in FY06.
Categories Sales
FY04 FY05P FY06P
Wine 254 305 366
% growth yoy 10.9 20.0 20.0
Beer - 120 132
% growth yoy - - 10.0
Sinn - 100 125
% growth yoy - - 25.0
Total 254 525 623
% growth yoy 10.9 106.6 18.7

Categories Operating profit

FY04 FY05P FY06P
Wine 56 70 88
OPM (%) 22.0 23.0 24.0
Beer - 15 17
OPM (%) - 12.5 12.5
Sinn - 10 13
OPM (%) - 10.0 10.0
Total 56 95 117
OPM (%) 22.0 18.1 18.8

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 Champagne Indage - A toast to good times!

About the Indian wine industry

The share of wine in the total alcoholic beverages market in India is a mere 0.14%,
with total consumption of 1.36mn liters per annum. Consumption of beer is the highest
with a 52.6% market share followed by distilled spirits at 47.3%. Low awareness and
high pricing compared to the other two categories makes wine a low market share
category.

Exhibit 2: Alcohol consumption in India (% share)

Distilled spirits Wine

47.28% 0.14%

Beer
52.58%
Source: Company reports, India Infoline estimates

From a total consumption of 1.36mn liters in FY00, the Indian wine industry has
grown to 2mn liters in FY04. The percentage of imported wine to total wine
consumption in the country has gradually decreased from 56% in FY00 to 39% in
FY04. Most of the importers of wine are five star hotels, embassies and other such
institutions. The imported wine segment is fragmented with over 1,000 labels from
various manufacturers on offer. French wine is the most imported wine in the country.

Exhibit 3: Wine consumption in India (mn liters)

1.36 1.46 1.64 1.86 2.03

100%
80% 49 44 39 39
56
60%
40%
51 56 61 61
20% 44

0%
FY00 FY01 FY02 FY03 FY04
Domestic (%) Imported (%)

Source: Company reports, India Infoline estimates

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 Champagne Indage - A toast to good times!

As per classification based on the type of wine consumed, red wine has the largest
market share (45% of total wine consumed). White wine stands second with a market
share of 40%, followed by sparkling wine (13%) and rose wine (2%).

Exhibit 4: Classification based on type of wine

2%
13%

45%

40%

Red wine White wine Sparkling wine Rose wine

Source: Company reports, India Infoline estimates

Consumption of wine is unevenly spread across the country. Although wine is sold in
around 20 cities in India, 4 cities namely Mumbai, Delhi, Goa and Bangalore contribute
to almost 70% of the total wine consumption. Lack of availability has limited the
expansion to other parts of the country.

Exhibit 5: Geographical classification

6%
8% 31%

15%

40%

Mumbai Dehli Goa Bangalore Rest of India

Source: Company reports, India Infoline estimates

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 Champagne Indage - A toast to good times!

Duty structure in the wine industry

Levy of excise duty on wines in India is the domain of the State government. The
excise rates thus vary across the country as each State decides the rates after considering
its revenue targets and other factors. While the excise duty on wines has been exempted
in some States like Maharashtra, it is very high in some others.

The customs duty on imported wines ranges from 150% to 175%. High customs duty
prevents cheap imports and promotes development of the domestic industry. The duty
structure on imported wines in the last three years is as follows:
Items Additional Duty(CVD)(%) Customs Duty(%)
2001-02 2002-03 2003-04 2001-02 2002-03 2003-04
Wines having CIF price up to 100 75 75 100 100 100
US$25 for a case of 9 liters
(12 bottles of 750ml)
Wines having CIF price 100 50 50 100 100 100
exceeding US$25
for 9 liters case

Industry outlook
The growing Indian urban population with rising disposable incomes is the key growth
driver for the wine industry. Consumption of wines will also get a boost if the benefit of
duty exemptions in Maharashtra is passed on to consumers through price reductions.
Positive government outlook towards the sector will go a long way in developing the
industry. Going ahead, the industry is likely to witness entry of many local and foreign
players. This will help widen the market further. We expect the industry to maintain the
current growth rate on a conservative basis.

July 06, 2004 17

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