November 20, 2013

Mumbai

Grand Windsor Resorts Limited

Rating Suspended

Total Bank Loan Facilities Rated	Rs.104.7 Million
Long-Term Rating	Suspended
Short-Term Rating	Suspended

(Refer to Annexure 1 for Facility-wise details)

CRISIL has suspended its ratings on the bank facilities of Grand Windsor Resorts Ltd (GWRL). The suspension of ratings is on account of non-cooperation by GWRL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, GWRL is yet to provide adequate information to enable CRISIL to assess GWRL’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

GWRL runs a five-star hotel in Jalandhar (Punjab) as a franchisee of Radisson since 2001. It is promoted by Mr. Gautam Kapoor. The hotel has a total capacity of 62 rooms: 43 executive rooms, seven club rooms, six business class rooms, four deluxe suites, and two Radisson club suites. GWRL operates the hotel according to the guidelines laid down by the Radisson group. The company pays 3 per cent of gross rent receipts as royalty to Radisson for use of the Radisson brand, and another 3.5 per cent of gross rent receipts for marketing and branding activities undertaken by Radisson hotels in India. GWRL does not have to pay royalty on foods and beverages and other services provided to the clients

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Bank Guarantee	30	Suspended	Bank Guarantee	30	CRISIL A3
Cash Credit	15	Suspended	Cash Credit	15	CRISIL BBB-/Stable
Letter of Credit	30	Suspended	Letter of Credit	30	CRISIL A3
Long-Term Loan	29.7	Suspended	Long-Term Loan	29.7	CRISIL BBB-/Stable
Total	104.7	--	Total	104.7	--

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Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818 Mobile: +91- 98192 48980 Email:tanuja.abhinandan@crisil.com Jyoti Parmar Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1835 E-mail: jyoti.parmar@crisil.com	Mohit Makhija Director - CRISIL Ratings Tel: +91-124-672 2000 Email: mohit.makhija@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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November 20, 2013	http://www.crisil.com