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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 40.00 | ACUITE D | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 40.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) on the Rs. 40.00 crore bank facilities of Phantom Films Private Limited (PFPL). The rating is flagged as ‘Issuer Not Cooperating’ and is based on best available information , and is on account of information risk
Rationale for revision of ratings The revision in rating is led by delay in instances of overdue in cash credit account (rated by ACUITE) as reported by the lender under the CIBIL Suit filings and credit bureau information reports. |
| About the Company |
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PFPL is based of Mumbai, was incorporated in 2011. The company is engaged in the business of production of feature films, television serials & commercials, distribution of movies in the domestic market and syndication of library content. The company was founded by three renowned film directors, Mr. Anurag Kashyap, Mr. Vikramaditya Motwane and Mr. Vikas Bahl along with producer Mr. Madhu Mantena. The company operations are currently managed by Mr. Anurag Kashyap, Mr. Vikramaditya Motwane and Mr. Madhu Mantena's company ‘Mad Man Ventures’. The Reliance Big Entertainment Private Limited also hold 50 percent stake in PFPL.
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| Non-cooperation by the issuer/borrower: |
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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 noncooperation by the issuer along with an unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating has been flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies. |
| Limitation regarding information availability: |
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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
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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated requests.
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| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Material Covenants |
| None |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Outlook |
| Not applicable |
| Status of non-cooperation with previous CRA |
| Not applicable |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| 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 |
| 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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