February 22, 2013

Mumbai

ICL Hi - Tech Educational Society

Rating Suspended

Total Bank Loan Facilities Rated	Rs.326 Million
Long-Term Rating	Suspended

(Refer to Annexure 1 for details on facilities)

CRISIL has suspended its rating on the bank facilities of ICL Hi - Tech Educational Society (IHTES). The suspension of ratings is on account of non-cooperation by IHTES with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, IHTES is yet to provide adequate information to enable CRISIL to assess IHTES’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 Society

Formed in 2007, IHTES operates six institutes that provide courses in engineering, architecture, general management and business administration, and hotel management at its 25-acre campus near Ambala. The institutes managed by the society are ICL Institute of Engineering & Technology, ICL Institute of Technical Education, ICL Institute of Pre Engineering, ICL Institute of Management and Technology, ICL Institute of Hotel Management and Catering Technology, and ICL Institute of Architecture & Town Planning. The society is managed by Mr. Sanjeev Chadha with assistance from a qualified team consisting of Mrs. Bindu Chadha, Mr. Sanjiv Kumar Prabhakar, Brig. N P Sharma, and Lt. Col. J S Virk.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Mln)	Rating	Facility	Amount (Mln)	Rating
Overdraft Facility	7.5	Suspended	Overdraft Facility	7.5	CRISIL D
Proposed Long-Term Bank Loan Facility	7.5	Suspended	Proposed Long-Term Bank Loan Facility	7.5	CRISIL D
Term Loan	311	Suspended	Term Loan	311	CRISIL D
Total	326	--	Total	326	--

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February 22, 2013	http://www.crisil.com