Press Release

Primatel Fibcom Limited

December 19, 2022
Ratings
Facilities/Instruments Amount (₹ crore) Rating1 Rating Action
CARE B; Stable; ISSUER Rating continues to remain
NOT COOPERATING* under ISSUER NOT
Long Term Bank Facilities 18.00 (Single B; Outlook: Stable COOPERATING category and
ISSUER NOT Revised from CARE B+; Stable;
COOPERATING*) (Single B Plus; Outlook: Stable)
CARE A4; ISSUER NOT
Rating continues to remain
COOPERATING*
Short Term Bank Facilities 17.50 under ISSUER NOT
(A Four ISSUER NOT
COOPERATING category
COOPERATING*)
35.50
Total Bank Facilities (₹ Thirty-Five Crore and
Fifty Lakhs Only)
Details of instruments/facilities in Annexure-1
*Issuer did not cooperate; Based on best available information

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 30, 2021, placed the rating(s) of Primatel Fibcom Limited (PFL)
under the ‘issuer non-cooperating’ category as PFL had failed to provide information for monitoring of the rating and had not
paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PFL continues to be non-cooperative
despite repeated requests for submission of information through e-mails, phone calls and a letter/email dated August 16, 2022,
August 26, 2022, September 05, 2022.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.’s opinion is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution
while using the above rating(s).

The ratings have been revised on account of non-availability of requisite information. The revision also considers the decline in
scale of operations and continuing net loss in FY22 over FY21.

Detailed description of the key rating drivers

Please refer to PR dated September 30, 2021

Analytical approach: Standalone

Applicable Criteria
Policy in respect of Non-cooperation by issuer
Policy on default recognition
Criteria on assigning outlook and credit watch

About the Company

Primatel Fibcom Limited (PFL) (formerly Prima Telecom Limited), established in March 1995 is promoted by Delhi based Lalit
Suri group (promoters of Subros Ltd and the Lalit group of hotels). Suri group has diversified business interest in sectors
including auto ancillary, auto dealership, hospitality, aviation, education etc. PTL operates under two divisions viz.
manufacturing of telecom networking products and manufacturing of shelters for telecom back bone infrastructure.
Under its telecom networking products, it manufactures telecom networking equipment which includes telecom access products
such as routers, radios, modems, multiplexer etc. which are used in providing last-mile connectivity.
Brief Financials (₹ crore) FY21 (A) FY22 (A) H1FY23 (Prov.)
Total operating income 82.65 35.04 NA
PBILDT -6.29 4.94 NA
PAT -8.57 -1.33 NA
Overall gearing (times) NM 6.83 NA
Interest coverage (times) NM 0.31 NA
A: Audited, Prov.: Provisional, NA – Not available, NM: Not Meaningful

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Complete definition of the ratings assigned are available at www.careedge.in and other CARE publications

1 CARE Ratings Limited

 Press Release

Status of non-cooperation with previous CRA: CRISIL has continued the rating assigned to the bank facilities of PFL under
Issuer Not Cooperating category vide press release dated June 24, 2022 on account of its inability to carry out a review in the
absence of the requisite information from the company.

Any other information: Not Applicable

Rating History for last three years: Please refer Annexure-2

Covenants of rated instrument/facility: Please refer Annexure-3

Complexity level of various instruments rated for this company: Please refer Annexure-4

Annexure-1: Details of instruments/facilities

Coupon Size of the
Name of the Date of Maturity Rating Assigned along with
ISIN Rate Issue
Instrument Issuance Date Rating Outlook
(%) (₹ crore)
Fund-based - LT- CARE B; Stable; ISSUER NOT
- - - 18.00
Cash Credit COOPERATING*
Non-fund-based - ST- CARE A4; ISSUER NOT
- - - 17.50
BG/LC COOPERATING*
*Issuer did not cooperate; based on best available information

Annexure-2: Rating history for the last three years

Current Ratings Rating History
Date(s) Date(s) Date(s) Date(s)
Name of the and and and and
Sr. Amount
Instrument/Ban Typ Rating(s) Rating(s) Rating(s) Rating(s)
No. Outstandin Rating
k Facilities e assigned assigned assigned assigned
g (₹ crore)
in 2022- in 2021- in 2020- in 2019-
2023 2022 2021 2020
1)CARE BB
1)CARE (CWN)
B+; Stable; (26-Mar-
CARE B; Stable; ISSUER 21)
Fund-based - LT- ISSUER NOT NOT
1 LT 18.00 - -
Cash Credit COOPERATING COOPERAT 2)CARE
* ING* BBB-;
(30-Sep- Stable
21) (05-May-
20)
1)CARE A4
1)CARE A4;
(CWN)
ISSUER
CARE A4; (26-Mar-
NOT
Non-fund-based - ISSUER NOT 21)
2 ST 17.50 - COOPERAT -
ST-BG/LC COOPERATING
ING*
* 2)CARE A3
(30-Sep-
(05-May-
21)
20)
*Issuer did not cooperate; based on best available information

Annexure-3: Detailed explanation of the covenants of the rated instruments/facilities: Not Applicable

Annexure-4: Complexity level of various instruments rated for this company

Sr. No. Name of Instrument Complexity Level
1 Fund-based - LT-Cash Credit Simple
2 Non-fund-based - ST-BG/LC Simple

Annexure-5: Bank lender details for this company

To view the lender wise details of bank facilities please click here

Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity.
Investors/market intermediaries/regulators or others are welcome to write to care@careedge.in for any clarifications.

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 Press Release

Contact us

Media Contact
Mr. Mradul Mishra
Contact no.: +91-22-6754 3596
Email ID – mradul.mishra@careedge.in

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Ms. Shachee Vyas
Contact No.: +91-79-4026 5665
Email ID – shachee.tripathi@careedge.in

Relationship Contact
Ms. Swati Agarwal
Contact no.: +91-11-45333237
Email ID – swati.agrawal@careedge.in

About CARE Ratings Limited:

Established in 1993, CARE Ratings Ltd. is one of the leading credit rating agencies in India. Registered under the Securities and
Exchange Board of India (SEBI), it has also been acknowledged as an External Credit Assessment Institution (ECAI) by the
Reserve Bank of India (RBI). With an equitable position in the Indian capital market, CARE Ratings Limited provides a wide
array of credit rating services that help corporates to raise capital and enable investors to make informed decisions backed by
knowledge and assessment provided by the company.
With an established track record of rating companies over almost three decades, we follow a robust and transparent rating
process that leverages our domain and analytical expertise backed by the methodologies congruent with the international best
practices. CARE Ratings Limited has had a pivotal role to play in developing bank debt and capital market instruments including
CPs, corporate bonds and debentures, and structured credit.

Disclaimer
The ratings issued by CARE Ratings Limited are opinions on the likelihood of timely payment of the obligations under the rated instrument and
are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. These ratings
do not convey suitability or price for the investor. The agency does not constitute an audit on the rated entity. CARE Ratings Limited has based
its ratings/outlooks based on information obtained from reliable and credible sources. CARE Ratings Limited does not, however, guarantee the
accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions and the results obtained from the use
of such information. Most entities whose bank facilities/instruments are rated by CARE Ratings Limited have paid a credit rating fee, based on
the amount and type of bank facilities/instruments. CARE Ratings Limited or its subsidiaries/associates may also be involved with other
commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE Ratings Limited is,
inter-alia, based on the capital deployed by the partners/proprietor and the current financial strength of the firm. The rating/outlook may
undergo a change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial
performance and other relevant factors. CARE Ratings Limited is not responsible for any errors and states that it has no financial liability
whatsoever to the users of CARE Ratings Limited’s rating.
Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of
payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp
downgrades.

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