Credit rating agency, CARE has revised rating of Saregama’s long term bank facilities worth Rs 17 crore to ‘A’ from ‘BBB+’. The rating agency has revised rating of company’s short term bank facilities worth Rs 1 crore to ‘A1’ from ‘A3+’. The revision in the ratings factors in improvement in financial performance and comfortable capital structure in FY14 (refers to the period April 01 to March 31) with nil debt-equity ratio as on Sep.30, 2014 and availability of adequate liquid investments along with increased opportunities in the digital space business thus enabling SIL to efficiently monetize its extensive music library.
Saregama India (SIL), belonging to the Kolkata-based RP-Sanjiv Goenka Group, was formerly known as the Gramophone Company of India. Earlier the company was primarily engaged in creation and distribution of music in physical formats and currently it possesses a music library of more than three lakh songs. Over the years the company has expanded its business and forayed into distribution of music in the digital mode, production of TV serials, event management, and artiste management.
