October 29, 2013

Mumbai

Shree Venkatesh Buildcon Private Limited

Rating Suspended

Total Bank Loan Facilities Rated	Rs.375 Million
Long-Term Rating	Suspended

(Refer to Annexure 1 for details on facilities)

CRISIL has suspended its rating on the bank facility of Shree Venkatesh Buildcon Private Limited (SVBPL). The suspension of ratings is on account of non-cooperation by SVBPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SVBPL is yet to provide adequate information to enable CRISIL to assess SVBPL’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

Incorporated in 2010, SVBPL is promoted by Mr. Ankush Asbe. The company is part of the Venkatesh group based in Pune (Maharashtra) and is engaged in residential real estate development in the city. The group started undertaking real estate development in 2000-01 (refers to financial year, April 1 to March 31) and has completed around nine residential real estate projects. The group has booked revenues of around Rs.1.7 billion over the past four years. The group has three other ongoing projects that are being executed in other group entities. Currently, SVBPL is developing two residential projects — Lake Vista and Venkatesh Sharvil — with 653 flats and 186 flats, respectively. Construction of both the projects started in December 2010 and is expected to be completed by December 2013.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Cash Credit	375	Suspended	Cash Credit	375	CRISIL BB+/Stable
Total	375	--	Total	375	--

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Last updated: May, 2013

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October 29, 2013	http://www.crisil.com