October 17, 2013

Mumbai

Kaushalya Infrastructure Development Corporation Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.740 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 Kaushalya Infrastructure Development Corporation Ltd (KIDC). The suspension of ratings is on account of non-cooperation by KIDC with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KIDC is yet to provide adequate information to enable CRISIL to assess KIDC’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

KIDC was set up in 2001 for undertaking projects in infrastructure development, such as construction of roads, bridges and industrial undertakings. The company has undertaken several projects in roads, highways, with the Government of West Bengal and the National Highway Authority of India (NHAI). Mr. Ramesh Kumar Mehra is the chairman and founder of KIDC. His son, Mr. Prashanth Mehra, is the managing director and looks after the day-to-day operations of the company.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Bank Guarantee	340	Suspended	Bank Guarantee	340	CRISIL A4+
Cash Credit	400	Suspended	Cash Credit	400	CRISIL BB+/Stable
Total	740	--	Total	740	--

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Last updated: May, 2013

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October 17, 2013	http://www.crisil.com