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| 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| Bank Loan Ratings | 5.00 | Not Applicable | Withdrawn | - |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| Total Withdrawn | 5.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn the long term rating on the Rs.5.00 Cr. bank facilities of NDL VENTURES LIMITED (ERSTWHILE NXTDIGITAL LIMITED). The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NDC received from the banker. It has been withdrawn without assigning any rating since the loan availed by the company has been repaid. |
| About the Company |
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NDL Ventures Limited previously known as NXTDigital Limited was incorporated in 1985 as ‘Mitesh Mercantile & Financing Limited’ in the state of Maharashtra. It was promoted by T.K. Mondal, A.K. Das and S. Pal & Associates. The company was initially engaged in financing activity and after going through various transitions over the years, is currently involved in media and communication business. The company is involved in distributing TV signals through a dual delivery platform consisting of traditional terrestrial fiber route and ‘Headend in the Sky’ (HITS) satellite platform. The company operates under the brand name ‘INDigital and NXTDigital’ respectively. In addition to television services, the company also provides broadband and internet services through one of its subsidiary; ONEOTT Intertainment Limited, under brand name ‘ONE Broadband’. The geographical presence of internet services is spread across 14 cities. Currently the directors of the company are Ms. Bhumika Batra, Mr. Sudhanshu Kumar Tripathi, Mr. Amar Chintopanth, Mr. Munesh Narinder Khanna, Mr. Anil Harish and Mr. Sachin Pillai.
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| About the Group |
| Hinduja Group was founded in 1914 by late Shri Parmanand Deepchand Hinduja and is currently managed by Mr. Ashok P Hinduja (holding 50%), one of the four Hinduja brothers and Mrs. Harsha Hinduja (holding 50%). The group has global presence across 30 countries and is one of the largest diversified groups having presence in Automotive, Oil & Gas, Banking & Finance, IT & BPO, Power, Media, Real Estate and Healthcare amongst others. The companies of the Hinduja group have demonstrated an ability to mobilize funds and refinance their existing debt from various banks and large non-banking finance companies at competitive rates. Acuité believes that NXT’s credit profile will continue to be supported by strong financial flexibility of Hinduja Group of companies. |
| 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 |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 0.00 | 69.30 |
| PAT | Rs. Cr. | 0.27 | (88.99) |
| PAT Margin | (%) | 0.00 | (128.41) |
| Total Debt/Tangible Net Worth | Times | 0.00 | 0.00 |
| PBDIT/Interest | Times | 0.00 | 0.00 |
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• 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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm |
| Note on complexity levels of the rated instrument |
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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
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