Press Release EROS INTERNATIONAL MEDIA LIMITED September 05, 2023 Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	465.00	ACUITE C | Reaffirmed | Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	465.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs.465.00 Cr 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.

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.

All Covenants

­Not Applicable

Liquidity Position

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

Outlook

­Not Applicable

Other Factors affecting Rating

­Not Applicable

Key Financials

Particulars	Unit	FY 22 (Actual)	FY 21 (Actual)
Operating Income	Rs. Cr.	373.13	271.38
PAT	Rs. Cr.	(9.17)	(180.86)
PAT Margin	(%)	(2.46)	(66.64)
Total Debt/Tangible Net Worth	Times	0.85	1.52
PBDIT/Interest	Times	3.36	1.06

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

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

­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.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 11 Jun 2022 Packing Credit Long Term 24.00 ACUITE C (Downgraded and Issuer not co-operating*) Working Capital Term Loan Long Term 30.00 ACUITE C (Downgraded and Issuer not co-operating*) Term Loan Long Term 5.00 ACUITE C (Downgraded and Issuer not co-operating*) Proposed Bank Facility Long Term 0.48 ACUITE C (Downgraded and Issuer not co-operating*) Cash Credit Long Term 20.00 ACUITE C (Downgraded and Issuer not co-operating*) Cash Credit Long Term 73.50 ACUITE C (Downgraded and Issuer not co-operating*) Term Loan Long Term 3.50 ACUITE C (Downgraded and Issuer not co-operating*) Bills Discounting Long Term 17.50 ACUITE C (Downgraded and Issuer not co-operating*) Bills Discounting Long Term 28.00 ACUITE C (Downgraded and Issuer not co-operating*) Term Loan Long Term 36.64 ACUITE C (Downgraded and Issuer not co-operating*) Packing Credit Long Term 34.50 ACUITE C (Downgraded and Issuer not co-operating*) Working Capital Term Loan Long Term 8.77 ACUITE C (Downgraded and Issuer not co-operating*) Packing Credit Long Term 11.00 ACUITE C (Downgraded and Issuer not co-operating*) Cash Credit Long Term 1.50 ACUITE C (Downgraded and Issuer not co-operating*) Cash Credit Long Term 100.00 ACUITE C (Downgraded and Issuer not co-operating*) Cash Credit Long Term 35.00 ACUITE C (Downgraded and Issuer not co-operating*) Bills Discounting Long Term 14.00 ACUITE C (Downgraded and Issuer not co-operating*) Bills Discounting Long Term 13.00 ACUITE C (Downgraded and Issuer not co-operating*) Term Loan Long Term 4.50 ACUITE C (Downgraded and Issuer not co-operating*) Term Loan Long Term 4.11 ACUITE C (Downgraded and Issuer not co-operating*) 21 Sep 2020 Bills Discounting Long Term 58.50 ACUITE B | Stable (Assigned) Working Capital Term Loan Long Term 38.77 ACUITE B | Stable (Assigned) Cash Credit Long Term 230.00 ACUITE B | Stable (Assigned) Term Loan Long Term 5.00 ACUITE B | Stable (Assigned) Term Loan Long Term 4.50 ACUITE B | Stable (Assigned) Proposed Bank Facility Long Term 0.48 ACUITE B | Stable (Assigned) Term Loan Long Term 3.50 ACUITE B | Stable (Assigned) Bills Discounting Long Term 14.00 ACUITE B | Stable (Assigned) Term Loan Long Term 4.11 ACUITE B | Stable (Assigned) Term Loan Long Term 36.64 ACUITE B | Stable (Assigned) Packing Credit Long Term 69.50 ACUITE B | Stable (Assigned)

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Annexure - Details of instruments rated

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

Contacts

Analytical Details	Contact Details
Aditya Gupta Vice President - Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Suman Paul Analyst - Rating Operations Tel: 022-49294065 suman.paul@acuite.in	Contact Details Mob: +91 8069217456 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.