Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 465.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Total Outstanding 465.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs. 465.00 crore bank facilities of Eros International Media Limited (EIML). The rating continues to be flagged as “Issuer Not Cooperating” and is based on best available information.

About the Company

­Mumbai basied Eros International Media Limited (EIML) was incorporated in 1994 as Rishima International Private Limited, later, the name was changed to Eros Multimedia Private Limited in the year 2000 and was primarily engaged in home entertainment distribution in the domestic market. In 2008, the company was renamed Eros International Media Private Limited, and was further converted to a public limited company in 2009 and was listed on the BSE in 2010. The company is promoted by Mr. Sunil Lulla and family, who have over four decades of experience in the Indian Film Industry.
 
Unsupported Rating

­Not Applicable
 
Non-cooperation by the issuer/borrower:

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
 
Limitation regarding information availability:

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
 
Rating Sensitivity

­"No information provided by the issuer / available for Acuite to comment upon."
 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook

­Not Applicable
 
Other Factors affecting Rating

­None
 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 680.63 373.13
PAT Rs. Cr. (119.78) (9.17)
PAT Margin (%) (17.60) (2.46)
Total Debt/Tangible Net Worth Times 0.18 0.48
PBDIT/Interest Times (0.64) 1.11
Status of non-cooperation with previous CRA

­Not Applicable
 
Any other information

­None
 
Applicable Criteria
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
05 Sep 2023 Cash Credit Long Term 20.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Working Capital Term Loan Long Term 30.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 36.64 ACUITE C (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 100.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Bills Discounting Long Term 28.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
PC/PCFC Long Term 24.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Working Capital Term Loan Long Term 8.77 ACUITE C (Reaffirmed & Issuer not co-operating*)
PC/PCFC Long Term 34.50 ACUITE C (Reaffirmed & Issuer not co-operating*)
Bills Discounting Long Term 17.50 ACUITE C (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 4.11 ACUITE C (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 35.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Bills Discounting Long Term 13.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
PC/PCFC Long Term 11.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 3.50 ACUITE C (Reaffirmed & Issuer not co-operating*)
Bills Discounting Long Term 14.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 1.50 ACUITE C (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 73.50 ACUITE C (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 5.00 ACUITE C (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 4.50 ACUITE C (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 0.48 ACUITE C (Reaffirmed & Issuer not co-operating*)
11 Jun 2022 Cash Credit Long Term 20.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Working Capital Term Loan Long Term 30.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Term Loan Long Term 36.64 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Cash Credit Long Term 100.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Bills Discounting Long Term 28.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
PC/PCFC Long Term 24.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Working Capital Term Loan Long Term 8.77 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
PC/PCFC Long Term 34.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Bills Discounting Long Term 17.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Term Loan Long Term 4.11 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Cash Credit Long Term 35.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Bills Discounting Long Term 13.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
PC/PCFC Long Term 11.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Term Loan Long Term 3.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Bills Discounting Long Term 14.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Cash Credit Long Term 1.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Cash Credit Long Term 73.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Term Loan Long Term 5.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Term Loan Long Term 4.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
Proposed Long Term Loan Long Term 0.48 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE B | Stable)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Indian Overseas Bank Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 28.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 17.50 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 73.50 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 35.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Indian Overseas Bank Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 24.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 34.50 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.48 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.50 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.50 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.11 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 36.64 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
State Bank of India Not avl. / Not appl. Working Capital Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 30.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Indian Overseas Bank Not avl. / Not appl. Working Capital Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.77 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

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