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CRISIL has assigned its ‘D/P5’ ratings to Kondapur Towers Pvt Ltd’s (KTPL’s) bank facilities. The ratings reflect the delay by KTPL in paying the interest on its term loan caused by its weak liquidity.
About the Company
KTPL was incorporated in November 2006 for the construction of a residential complex in Hyderabad (Andhra Pradesh). KTPL was set up as a special-purpose vehicle by Bharat One Project Pvt Ltd (holding a share of 97.21 per cent) based in Port Louis (Mauritius) and Indian promoters—Eco Care Projects Pvt Ltd, Shri Alluri Sitarama Raju, and Shri Tatineni Venkata Krishna (collectively holding a share of 2.79 per cent). KTPL’s is executing a residential project Iconia at Kondapur in Hyderabad; the project will be completed in three phases. The first phase of the project is scheduled for completion in December 2011.
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Media Contacts
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Analytical Contacts
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CRISIL Rating Desk
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Mitu Samar
Head, Market Development & Communications
CRISIL Limited
Tel: +91-22- 3342 1838
Email: msamar@crisil.com
Tanuja Abhinandan
Market Development & Communications
CRISIL Limited
Tel: +91-22-3342 1818
Email: tabhinandan@crisil.com
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Gurpreet S Chhatwal
Director - CRISIL Ratings
Tel: +91-11-4250 5100
Email: gchhatwal@crisil.com
Sunil Sureka
Senior Manager - CRISIL Ratings
Tel: +91-33-2289 1949
Email: ssureka@crisil.com
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Email: CRISILratingdesk@crisil.com
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