Fitch rates Pawa, loans B-(ind)

Fitch Ratings said it assigned Pawa International Pvt. Ltd. a national long-term rating of B-(ind), along with a B-(ind) rating to its Rs. 175.5 million long-term bank loans and B-(ind)/F4(ind) ratings to its Rs. 150 million fund-based working capital limits.

The outlook is stable.

The ratings reflect the inherent risk in Pawa's business model with investments in risky businesses, such as real estate and stock trading, Fitch said.

There has been a sharp decline in its revenues from the car dealership business over 2009 through 2010, the agency said.

The ratings are supported by Pawa's plans of no major capital expenditure over the medium-term, as most of the expenditures have already been made and revenues have not yet started. Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.