December 17, 2013

Mumbai

Shree Ashtavinayak Cine Vision Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.315 Million
Long-Term Rating	Suspended
Short-Term Rating	Suspended

(Refer to Annexure 1 for details on facilities)

CRISIL has suspended its ratings on the bank facilities of Shree Ashtavinayak Cine Vision Limited (SACVL). The suspension of ratings is on account of non-cooperation by SACVL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SACVL is yet to provide adequate information to enable CRISIL to assess SACVL’s ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria ‘Information Availability Risk in Credit Ratings’

About the Company

SACVL, incorporated in 2001, is a film production house and also undertakes distribution and exhibition of films. It is managed by Mr. Dhilin Mehta, who acquired the company from its original promoter, Mr. Amit Behl. SACVL has produced 13 films so far, and distributed 32 films. The company raised funds through initial public offering in December 2006 by issuing 3,728,000 equity shares at Rs.160 per share. The proceeds of Rs.596.4 million were utilised to fund film production. In December 2009, the company raised Rs.3.25 billion through a global depository receipt issue. The majority of the proceeds were given as advances to SACVFZE for film production.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Bank Guarantee	20	Suspended	Bank Guarantee	20	CRISIL D
Cash Credit	255	Suspended	Cash Credit	255	CRISIL D
Proposed Long-Term Bank Loan Facility	40	Suspended	Proposed Long-Term Bank Loan Facility	40	CRISIL D
Total	315	--	Total	315	--

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Tanuja Abhinandan Communications and Brand Management CRISIL Limited Phone: +91-22- 3342 1818 Email:tanuja.abhinandan@crisil.com Shweta Ramchandani Communications and Brand Management CRISIL Limited Phone: +91 22 3342 1886 Email: shweta.ramchandani@crisil.com	Vasudevan R Director - CRISIL Ratings Phone: +91-44-6656 3100 Email:vasudevan.r@crisil.com	Timings: 10.00 am to 7.00 pm Toll free number: 1800 267 1301 Email:CRISILratingdesk@crisil.com

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Last updated: May, 2013

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December 17, 2013	http://www.crisil.com