September 13, 2012

Mumbai

Eldeco Housing and Industries Limited

Ratings suspended

Total Bank Loan Facilities Rated	Rs. 139 Million
Long-Term Rating	Suspended
Short-Term Rating	Suspended

(Refer to Annexure 1 for details on facilities)

CRISIL has suspended its ratings on the bank facilities of Eldeco Housing and Industries Limited

(EHIL). The suspension of ratings is on account of non-cooperation by EHIL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, EHIL is yet to provide adequate information to enable CRISIL to assess EHIL’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

EHIL was promoted by Mr S K Garg in 1985 to undertake real estate development in the Lucknow and Kanpur regions of UP. The company is part of the Eldeco group, which is present in real estate development across UP. Development in the National Capital Region is being handled by group company, Eldeco Infrastructure and Properties Ltd. Another group company, Eldeco Buildwell Ltd, handles development in the Agra region. EHIL was listed on the Bombay Stock Exchange in 1985.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Mln)	Rating	Facility	Amount (Mln)	Rating
Bank Guarantee	100	Suspended	Bank Guarantee	100	CRISIL A2+
Overdraft Facility	29	Suspended	Overdraft Facility	29	CRISIL A-/Stable
Proposed Short-Term Bank Loan Facility	10	Suspended	Proposed Short-Term Bank Loan Facility	10	CRISIL A2+
Total	139	--	Total	139	--

Media Contacts	Analytical Contacts	CRISIL Rating Desk
Shweta Ramchandani Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1886 E-mail: shweta.ramchandani@crisil.com Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818 Email: tanuja.abhinandan@crisil.com	Subodh K Rai Senior Director - CRISIL Ratings Tel: +91-0124-672 2000 Email: subodh.rai@crisil.com Mohit Makhija Director - CRISIL Ratings Tel: +91-0124-672 2000 Email: mohit.makhija@crisil.com	Tel: +91-22-3342 3047/3342 3064 Email:CRISILratingdesk@crisil.com

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Last updated: April 30, 2012

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