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Paramount Communications Ltd. — Capital/Financing Update 2024
Apr 5, 2024
59350_rns_2024-04-05_d90b19a4-78ff-438a-a3f3-fe51c7c0cb2a.pdf
Capital/Financing Update
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RASHI GOEL
Digitally signed by RASHI GOEL Date: 2024.04.05 14:58:19 +05'30'
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ICRA Limited
Ref: ICRA/ Paramount Communications Limited/05042024/1
Date: April 05, 2024
Mr. Sanjay Aggarwal
Chairman and Chief Executive Officer
Paramount Communications Limited
KH-433, Maulsari Ave, West End Greens, Rangpuri, New Delhi, Delhi 110037
Dear Sir,
Re: ICRA-assigned Credit Rating for Rs. 150.00 crore Bank Facilities of Paramount Communications Limited
Please refer to your Rating Agreement requesting ICRA Limited (“ICRA”) to assign Rating to the Bank Facilities of Rs. 150.00 crore of your company. The Rating Committee of ICRA, after due consideration, has assigned a long-term rating of [ICRA] BBB- (pronounced ICRA triple B minus) to the captioned Bank Facilities. The Outlook on the long-term rating is Stable . For Rating definition(s), please refer to ICRA website at www.icra.in.
In any of your publicity material or other document wherever you are using the above Rating(s), it should be stated as [ICRA]BBB-(Stable).
The aforesaid Rating(s) will be due for surveillance any time before March 27, 2025 . However, ICRA reserves the right to review and/or, revise the above Rating(s) at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Rating(s). Therefore, request the lenders and Investors to visit ICRA website at www.icra.in for latest Rating(s) of the Company.
The Rating(s) are specific to the terms and conditions of the Bank Facilities as indicated to us by you, and any change in the terms or size of the same would require a review of the Rating(s) by us. In case there is any change in the terms and conditions or the size of the rated Bank Facilities, the same must be brought to our notice before the Bank Facilities is used by you. In the event such changes occur after the Rating(s) have been assigned by us and their use has been confirmed by you, the Rating(s) would be subject to our review, following which there could be a change in the Rating(s) previously assigned. Notwithstanding the foregoing, any increase in the over-all limit of the Bank Facilities from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.
The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated Bank Facilities availed/issued by your company.
The Rating(s) assigned to the Bank Facilities of your Company shall require revalidation if there is any change in the size of the rated Bank Facilities.
Building No. 8, 2[nd] Floor, Tower A DLF Cyber City, Phase II Gurugram – 122002, Haryana
Tel.: +91.124 .4545300 CIN : L749999DL1991PLC042749
Website: www.icra.in Email: [email protected] Helpdesk: +91 9354738909
Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41
R A T I N G ● R E S E A R C H ● I N F O R M A T I O N
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ICRA Limited
You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s), or occurrence of any significant development that could impact the ability of the company to raise funds such as restriction imposed by any authority from raising funds through issuance of debt securities through electronic bidding system. Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded.
We look forward to your communication and assure you of our best services.
With kind regards,
Yours sincerely,
For ICRA Limited
PRASHAN Digitally signed by PRASHANT VASISHT T VASISHT Date: 2024.04.05 11:51:49 +05'30'
Mr. Prashant Vasisht
Senior Vice President [email protected]
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ICRA Limited
Appendix -A
Instrument Details
| nstrument Details | |||
|---|---|---|---|
| Details of Bank Limits Rated by ICRA | Amount(Rs. crore) | Rating | Rating Assigned on |
| Unallocated Limits | 150.00 | [ICRA]BBB-(Stable) | March 28,2024 |
| Total | 150.00 |