|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 500.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 500.00 | - | - |
|
Rating Rationale |
| Acuite has withdrawn its rating from the Rs.500.00 Cr proposed NCD's of the Dish Infra Services Private Limited (DISPL) at the request of the company as the NCD's were not placed. |
| About Company |
| Incorporated in 2014, Dish Infra Services Private Limited is wholly owned subsidiary of Dish TV India Limited (DTIL). From April 1, 2015, onwards, under the scheme of demerger, infrastructure & support business of DTIL was transferred to DISPL. The scheme enabled the management to streamline the Group’s operations wherein DTIL shall focus on branding and distribution while DISPL shall focus on DTH related infrastructure and service-related aspects. The Group together is engaged in providing direct-to home satellite television services |
| About the Group |
| DTIL is a Noida based company and is a pioneer in the direct to home (DTH) industry in India with the launch of their services in 2003. The company was incorporated in 1988 as the technical arm of the Essel group. DTIL also provides DTH infrastructure support services via its group companies Dish Infra Private Limited (DIPL) and C&S Medianet Private Limited (CMPL). Further, the Dish Group expanded its reach overseas via Dish TV Lanka Private Limited (DLPL). However, with effect from September 28, 2022, Dish Group has divested its entire stake in DLPL. In 2018, Videocon d2h Limited amalgamated with DTIL with the intent to expand the market share of the amalgamated entity along with improvement in the quality of services. The company along with its subsidiaries forms the business group, hereinafter referred to as “Dish Group” comprising of Dish TV India Limited, Dish Infra Services Private Limited, C&S Medianet Private Limited. |
| Unsupported Rating |
| None |
| Analytical Approach |
| Not Applicable |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Not Applicable |
| Key Rating Drivers |
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Applicable |
| Rating Sensitivities |
| Not Applicable |
| All covenants |
| Not Applicable |
| Liquidity Position |
| Not Applicable |
| Outlook: Not Applicable |
| |
| Other Factors affecting Rating |
| Not Applicable |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 2261.85 | 2802.49 |
| PAT | Rs. Cr. | (1683.54) | (1867.23) |
| PAT Margin | (%) | (74.43) | (66.63) |
| Total Debt/Tangible Net Worth | Times | (0.09) | 1.57 |
| PBDIT/Interest | Times | 3.41 | 5.14 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any Other Information |
| None |
| Not Applicable |
|
• 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 • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm |
| Note on Complexity Levels of the Rated Instrument |
| In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
|
| |
|
|
||||||||||||||||||
|
|
Contacts |
|
|
|
About Acuité Ratings & Research |
