* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuite has reaffirmed its long-term rating of ‘ACUITE C' (read as ACUITE C) and ‘ACUITE D’ (read as ACUITE D) on the Rs.518.00 Cr bank facilities of HK Toll Road Private Limited. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
HK Toll Road Private Limited (HKTRPL) was incorporated in 2010 as a Special Purpose Vehicle (SPV) by Reliance Infrastructure Limited (RInfra) to implement strengthening and widening of 59.87 km stretch road of Hosur-Krishnagiri on NH-7 located in the state of Tamil Nadu from existing 4 lanes to 6 lanes under Design-Build-Finance-Operate-Transfer (DBFOT) model. The company is 100 percent owned by RInfra. The project was a part of the National Highway Development Project (NHDP) being developed by National Highways Authority of India (NHAI). NHAI undertook development of the road and invited bids from parties interested in Design, Engineering, Finance, Construction, Operation and Maintenance of the Hosur - Krishnagiri section of NH-7 through the international competitive bidding route. The Project is to be executed on a Build-Operate-Transfer (BOT) - toll basis on Design Build Finance Operate and Transfer (DBFOT) pattern under NHDP-Phase V. The director of the company are Mr. Shailendra Hastimal Jain and Amitabh Kumar Jha.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower:
Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
15.61
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Canara Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
280.29
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Punjab National Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
05 Oct 2020
Not avl. / Not appl.
05 Sep 2026
132.17
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
01 Sep 2021
Not avl. / Not appl.
01 Sep 2026
45.51
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
44.42
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
