Press Release SIDHI SINGRAULI ROAD PROJECT LIMITED September 01, 2022 Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	584.06	ACUITE D | Reaffirmed | Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	584.06	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 584.06 crore bank facilities of SIDHI SINGRAULI ROAD PROJECTS LIMITED (SSRPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company

­SSRPL is a special purpose vehicle (SPV) promoted by sponsor, Gammon Infrastructure Projects Limited. The company was established to upgrade the existing Sidhi-Singrauli highway in Madhya Pradesh from Km 83/4 to Km 195/8 on NH-75-E stretch to a four lane dual configuration. The project road runs on the Sidhi Singrauli section thereby covering a length of ~ 102.60 km. The toll collection project has been awarded by Madhya Pradesh Road Development Corporation Limited (MPRDCL) on Build, Operate and Transfer (BOT) basis for a concessional period of 30 years including a construction period of two years.

Non-cooperation by the issuer/borrower:

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & rev iew of the rating. However, the issuer/borrower failed to submit such information before the due date. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability:

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements despite repeated requests.

Rating Sensitivity

­"No information provided by the issuer / available for Acuite to comment upon."

Material Covenants

­Not Applicable.

Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

Outlook

­­Not Applicable.

Other Factors affecting Rating

­­Not Applicable.

Status of non-cooperation with previous CRA

­None.

Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

Applicable Criteria

• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

Note on Complexity Levels of the Rated Instrument

https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 08 Jun 2021 Term Loan Long Term 584.06 ACUITE D ( Issuer not co-operating*) 06 Mar 2020 Term Loan Long Term 584.06 ACUITE D (Issuer not co-operating*) 26 Dec 2018 Term Loan Long Term 584.06 ACUITE D (Downgraded from ACUITE BB- | Stable) 02 Jan 2018 Term Loan Long Term 584.06 ACUITE BB- | Stable (Reaffirmed) 22 Sep 2016 Term Loan Long Term 584.06 ACUITE BB- | Stable (Reaffirmed) 03 Jun 2015 Term Loan Long Term 584.06 ACUITE BB- | Stable (Assigned) Term Loan Long Term 584.06 ACUITE BB- | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating Punjab National Bank Not Applicable Term Loan Not available Not available Not available 334.06 ACUITE D | Reaffirmed | Issuer not co-operating* Indian Infrastructure Finance Company Limited Not Applicable Term Loan Not available Not available Not available 150.00 ACUITE D | Reaffirmed | Issuer not co-operating* Indian Bank Not Applicable Term Loan Not available Not available Not available 100.00 ACUITE D | Reaffirmed | Issuer not co-operating*

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Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations 022-49294041 aditya.gupta@acuite.in Radhika Kolwankar Analyst-Rating Operations 022-49294065 radhika.kolwankar@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.