Press Release February 14, 2024 INDUSIND MEDIA AND COMMUNICATION LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	5.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	5.00	-	-

Rating Rationale

Acuité has withdrawn long term facilities without assigning any rating on Rs. 5.00 crore bank facilities of Indusind Media and Communication Limited (IMCL). The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NDC(No Due Certificate) received from the banker. Since the loan availed by the company has been repaid, the rating has been withdrawn.

About the Company

­Indusind Media and Communication Limited (IMCL) was incorporated on February 23, 1995 as unlisted public limited company. IMCL is a Mumbai based company and Mr. Abin Kumar Das is a Chairman of the company. It is a subsidiary of NXTDigital Limited (NDL) and by the order of National Company Law Tribunal (NCLT) dated August 23, 2020, the business undertaking of IMCL consisting of Cable TV and HITS was demerged from IMCL and merged into parent NDL with appointment date of October 01, 2019. Post demerger, the company is currently involved in the following: Passive infrastructure (owned real estate property being rented out to NDL and other companies). Technical division providing technical services to its subsidiaries Holding of investment in subsidiaries who are MSO’s

Unsupported Rating

­Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Liquidity Position

­Not Applicable

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 23 (Actual)	FY 22 (Actual)
Operating Income	Rs. Cr.	25.99	51.27
PAT	Rs. Cr.	2.64	3.59
PAT Margin	(%)	10.16	7.00
Total Debt/Tangible Net Worth	Times	1.97	0.95
PBDIT/Interest	Times	1.35	3.05

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any other information

­None

Applicable Criteria

• 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 • Complexity Level Of Financial Instruments: https://www.acuite.in/view-rating-criteria-55.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 01 Dec 2022 Cash Credit Long Term 5.00 ACUITE BB+ (Downgraded and Issuer not co-operating*) 27 Apr 2022 Term Loan Long Term 129.40 ACUITE A (Withdrawn and Issuer not co-operating*) Proposed Bank Facility Long Term 544.51 ACUITE A (Withdrawn and Issuer not co-operating*) Buyers Credit Long Term 180.55 ACUITE A (Withdrawn and Issuer not co-operating*) Cash Credit Long Term 10.00 ACUITE A (Withdrawn and Issuer not co-operating*) Letter of Credit Short Term 8.57 ACUITE A1 (Withdrawn and Issuer not co-operating*) Cash Credit Long Term 5.00 ACUITE BBB+ (Downgraded and Issuer not co-operating*) Buyers Credit Long Term 43.43 ACUITE A (Withdrawn and Issuer not co-operating*) Cash Credit Long Term 5.00 ACUITE A (Withdrawn and Issuer not co-operating*) Working Capital Demand Loan Long Term 10.00 ACUITE A (Withdrawn and Issuer not co-operating*)

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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 Axis Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple Not Applicable|Withdrawn

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Abhishek Singh Analyst - Rating Operations Tel: 022-49294065 abhishek.s@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 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. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.