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Pincon Spirit Limited

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Pincon Spirit Limited
Company typePublic[1]
BSE: 538771
NSE: PINCON
IndustryAlcoholic beverages
Founded29 July 1978; 46 years ago (1978-07-29) in Calcutta, West Bengal, India
Headquarters
Kolkata, West Bengal
,
India
Area served
Bengal, Karnataka and Sikkim
Key people
Monoranjan Roy & Sarmistha Chatterjee (L.I. Partner)[2]
ParentPSL Group
Websitepinconspirit.in

Pincon Spirit Limited (PSL),[3] formerly Sarang Viniyog Ltd.,[4] incorporated in 1978, is an Indian company that manufactures industrial alcohol, Indian-made foreign liquor (IMFL), country liquor and desi darus.[5] Monoranjan Roy serves as the chairman and managing director of the company.[6] It is listed with the Bombay Stock Exchange (BSE),[7][8][9] the National Stock Exchange (NSE)[10][11] and the Securities and Exchange Board of India.[12]

History

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Pincon Spirit Limited was incorporated in 1978 as Sarang Viniyog Limited in Calcutta, West Bengal. In that year, the company was listed with Calcutta Stock Exchange issuing 99,300 equity shares. In 2004, Jevan Equipments & Spares and Plant Dealers Limited were acquired and merged with the company.[13] In the 2000s, the company continued acquiring shares of Paul Distributors Private Limited, Priya Laboratories Limited and Yours Laboratories Pvt Ltd. and formed PSL Group comprising the subsidiaries. In 2009 the company entered into an agreement with National Industrial Corporation for the manufacturing of IMFL under the brand name Pincon XXX Rum and Pincon No. 1 Whisky.[14] It had a turnover of Rs. 50 crores in 2010.[15] In August 2011, the company was changed to Pincon Spirit Limited. In that year, the company launched two new products, King's Coin Whisky and Pincon King's Coin Vodka.[4] In 2012 the company launched two more products, Ruby Gold XO Brandy and Royal Pride Whisky.[4] In 2013, the company crossed a turnover of Rs. 300 crores[4] and its brand was registered with Odisha State Beverage Corporation, the government of Uttarakhand and Jharkhand state.[16] During the year, it launched a whisky under a new brand name, Highland Blue Whisky, and acquired sole distributorship right of Fashion Vodka, a premier brand of vodka in West Bengal. In 2014, it started manufacturing the country liquor called Pincon Bangla No. 1, after the acquisition of the country spirit plant of Nation Industrial Corporation Limited.[17] The company also launched Pincon Ultra Force XXX Jamaican Rum and Ruby Gold Orange Flavour Gin in 2015.[4][18] In 2016, the company acquired Bacchus Enterprises Limited which is engaged in the business of Indian-made Indian liquor (IMIL) and Indian-made foreign liquor (IMFL) in Ludhiana.[19][20] In May 2017, the company charted out a capex of Rs. 300 ($30 million) through the issuance of foreign currency convertible bonds in London Stock Exchange.[21][22] The Chairman of the Group Monoranjan Roy was arrested[2] on 2 November 2017 in ponzi scam[23][24] as it is alleged that public money in the company was siphoned leaving the company in huge debt.

Operations

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Pincon Spirit Limited is involved in the manufacturing, bottling and distribution of Indian-made foreign liquor and country spirits and markets its products under the brand name of Pincon.[25] It is also involved in the refining, packaging, and wholesale distribution of fast moving consumer goods. In 2015, the company took major initiatives investing Rs. 400 crores to expand its business operation by setting up new plants and increasing the production capacity of existing units as well as marketing its products in the south and northern part of the country.[26][27] Currently the company has business activities in the states of West Bengal, Odissa, Jharkhand, Uttarkhand, Haryana, and Karnataka.[28] It plans to expand its operation in Kerala, Puducherry, Goa and Tamil Nadu.[28][29] In March 2016, Pincon acquired Singapore-based Orbitol Solutions, to export its brands in South East Asian markets.[30]

IMFL brands

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Pincon Spirit manufactures whisky, rum, desi daru, vodka, gin and edible oil.[31][32]

Distilleries and units

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PSL has manufacturing units at eight locations in West Bengal.[33] It is currently expanding its operation in Karnataka, Odisha, Jharkhand, Uttarakhand and Northeastern states.[34][35]

References

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  1. ^ "Pincon Spirit Limited". 14 June 2017.
  2. ^ a b "Pincon Spirits' Chairman Monoranjan Roy arrested in Rs56 crore scam; Company fails to update SEBI and Exchanges".
  3. ^ "Pincon Spirit Ltd (PINS.NS) Company profile". Reuters. Retrieved 14 June 2017.
  4. ^ a b c d e "Company History - Pincon Spirit Ltd". The Economic Times. Retrieved 14 June 2017.
  5. ^ "Kolkata-based Pincon Spirits to invest Rs 400 crore in 2 years". The Economic Times. 24 April 2015. Retrieved 12 June 2017.
  6. ^ "Pincon to raise $30 million through FCCBs". Business Line. 10 January 2017. Retrieved 14 June 2017.
  7. ^ "Pincon Spirit lists on Bombay Stock Exchange". The Economic Times. 14 November 2014. Retrieved 12 June 2017.
  8. ^ "Pincon Spirit Ltd". Bombay Stock Exchange. Retrieved 12 June 2017.
  9. ^ "Pincon Spirits gets BSE listing". The Hindu. 14 November 2014. Retrieved 12 June 2017.
  10. ^ "Pincon Spirit Ltd(NSE:PINCON)". Google Finance.
  11. ^ "Pincon Spirit Stock Price, Share Price".
  12. ^ "PINCON SPIRIT LIMITED - Sebi" (PDF). Securities and Exchange Board of India. Retrieved 14 June 2017.
  13. ^ "Pincon Sprit Ltd - Company History". Business Standard.
  14. ^ "Pincon Spirit plans to tap liquor market in WB". 26 November 2014. Retrieved 14 June 2017.
  15. ^ "Information memorandum of Pincon Spirit Ltd" (PDF). Bombay Stock Exchange. Retrieved 14 June 2017.
  16. ^ "Pincon Spirit approves 1:1 bonus share issue". The Economic Times. 17 August 2015. Retrieved 14 June 2017.
  17. ^ "Pincon Spirit Ltd. Company History and Annual Growth". Retrieved 14 June 2017.
  18. ^ "Tollywood actress Raima Sen unveils Ultra Force Premium XXX Jamaican Rum and Ruby Gold Orange Gin". 4 May 2015. Retrieved 14 June 2017.
  19. ^ "Pincon Spirit signs MoU for taking over Bacchus Enterprises". Business Standard. 30 September 2016. Retrieved 14 June 2017.
  20. ^ "Pincon Spirit signs pact to acquire Bacchus Enterprises". India Infoline. 30 September 2016. Retrieved 14 June 2017.
  21. ^ "Pincon Spirits to raise up to $30 million via FCCBs". Mint. 7 January 2017. Retrieved 14 June 2017.
  22. ^ "Pincon charts Rs. 300 cr capex". Business Line. 28 May 2017. Retrieved 14 June 2017.
  23. ^ "Charge sheet filed in Pincon group scam". 29 January 2018.
  24. ^ "Pincon Group scam: Masterminds diverted investors' money to fund liquor business". 4 November 2017.
  25. ^ "Pincon Spirit gets approval for liquor plant in West Bengal". Zee News. 9 January 2015. Retrieved 14 June 2017.
  26. ^ "Pincon show". The Telegraph. 8 August 2015. Archived from the original on 21 September 2015. Retrieved 14 June 2017.
  27. ^ "Pincon to spend Rs 400cr". The Telegraph. 28 July 2015. Archived from the original on 7 August 2015. Retrieved 14 June 2017.
  28. ^ a b "Pincon charts Rs 300 crore capex, to issue $30 million masala bonds". The Economic Times. 28 May 2017. Retrieved 12 June 2017.
  29. ^ "Kerala an important state for liquor since it relies heavily on tourism: Arup Thakur, CFO, Pincon Spirits". The Economic Times. 29 September 2016. Retrieved 14 June 2017.
  30. ^ "Pincon Spirit acquires Singapore-based Orbitol Solutions". 3 March 2016. Retrieved 12 June 2017.
  31. ^ "Brands".
  32. ^ a b "Pincon Spirit gets approval for liquor plant in West Bengal". 9 January 2015. Retrieved 12 June 2017.
  33. ^ "Contact Us".
  34. ^ "Pincon Spirit gets shareholders' nod to invest Rs 400 crore in next 2 years". 28 July 2015. Retrieved 12 June 2017.
  35. ^ "Pincon Spirit plans Rs. 400 cr investment". The Hindu. 28 July 2015. Retrieved 12 June 2017.
  36. ^ "Pincon Spirit intimates of increase in production capacity". 20 April 2017.
  37. ^ "Pincon Spirit raises Asansol plant production capacity". 21 April 2017. Retrieved 14 June 2017.
  38. ^ "Packaging prop for Pincon". The Telegraph. 24 April 2015. Archived from the original on 29 April 2015. Retrieved 14 June 2017.
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