Ravikumar Distilleries Ltd. is an Indian manufacturer of spirits - whisky, brandy, rum, gin and vodka - operating from a single plant in Puducherry. Founded in 1993 by Mr. R.V. Ravikumar, who still runs the company, it went public in 2010 to fund expansion but has since been shaped by two long shadows: a year-long shutdown when its manufacturing licence was cancelled over a labelling dispute, and a continuing legal fight to recover IPO funds allegedly siphoned away. The recurring approach is a dual-track model - it sells liquor under its own seven brands while also manufacturing for other companies under tie-up agreements, earning from both sides of the same plant. # Business segments A single engine - IMFL manufacturing - that blends and bottles spirits under its own labels and for other brand owners, all from one Puducherry plant. ## 1. IMFL manufacturing: a blender and bottler for itself and others **One integrated plant makes the full spirits range - whisky, brandy, rum, gin and vodka - sold under the company's own brands and produced on contract for other liquor companies.** - **Own brands give it a direct market presence** - the portfolio of seven labels (Capricorn, Jean Brothers, BlackBerry, 2 Barrels, Green Magic, Chevalier and Once More) spans the spirits spectrum, so the company is not dependent on any single category or customer. - **Tie-up manufacturing fills the plant** - the company enters agreements with other liquor companies to manufacture and sell IMFL under their brand names, functioning as a contract packager that earns fees while the brand owner handles marketing. These deals come with deferred payment terms, meaning the company can pay brand owners for trademark use and support services over time rather than upfront. - **In-house formulation knowledge is the core skill** - the company's competitive edge rests on its technical and formulation expertise, a trained workforce, and a well-equipped blending and bottling facility that can produce a wide range of products to different clients' specifications. - **The plant has room to grow** - installed capacity is 14.25 lakh cases per year, roughly double the original 7.2 lakh cases when the plant was built, but after the licence disruption the company is still working to bring production back up to maximum levels. - **It also buys finished liquor for resale** - alongside what it makes, the company purchases stock-in-trade (ready-to-sell bottles) from others, adding a trading layer to its manufacturing base. # Group structure and partners **The company stands alone - no subsidiaries, no joint ventures - but its balance sheet is tangled in disputed investments and related-party loans.** - **A standalone entity with no group** - the company has no subsidiaries, joint ventures or associate companies, operating entirely from its single Puducherry unit. - **A disputed stake in another distiller** - it holds a 38.43% stake in Liquors India Limited, acquired in FY 2011-12, but this investment is locked in multi-forum litigation after the company says it was coerced into an agreement to sell its entire undertaking; the Supreme Court has directed investigating agencies to act. - **Significant loans to related parties** - as of March 2024, the company had lent Rs. 25.44 crore to S.V. Distilleries Private Limited and Rs. 16.41 crore to Liquor India Limited, both unsecured. - **The founder funds the company** - the Managing Director, Mr. R.V. Ravikumar, provides an unsecured loan that stood at Rs. 39.69 crore as of March 2024, making him a key source of working capital. - **A long-running effort to recover IPO money** - SEBI ordered Mr. Anil Agarwal and others in March 2019 to repay Rs. 33.83 crore with 12% annual interest from April 2011 for alleged siphoning of IPO proceeds; the matter remains under appeal.