Rating Rationale
November 07, 2017 | Mumbai
Kridhan Infra Limited
Ratings Withdrawn
 
Rating Action
Total Bank Loan Facilities Rated Rs.24 Crore
Long Term Rating CRISIL B-/Stable (Withdrawal)
Short Term Rating CRISIL A4 (Withdrawal)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has withdrawn its ratings on the bank facilities of Kridhan Infra Limited (KIL) on the request of the company and receipt of a no-dues certificate from its banker. The rating action is in line with CRISIL's policy on withdrawal of its bank loan ratings.

About the Company

KIL (formerly, Readymade Steel India Ltd) was established in 2006 as a joint venture by Mr Anil Agrawal (25% share); Bengaluru-based Krishna Triveni Ltd (25% share); and CSC Holdings Ltd (50% share), a leading Singapore-based geotechnical engineering company. In 2007, Mr Agrawal acquired the stake of the other partners, and inducted Ms. Krishna Devi Agrawal, his mother, as a shareholder in KIL. 

Key Financial Indicators
Particulars Unit 2017 2016
Revenue Rs crore 68.81 55.92
Profit after tax (PAT) Rs crore 0.96 1.30
PAT Margins % 1.33 2.27
Adjusted debt/Adjusted networth Times 0.31 0.17
Interest coverage Times 1.04 1.20

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of instrument Date of
Allotment
 
Coupon
Rate (%)
 
Maturity date Issue
Size
(Rs. Cr)
Rating Assigned
with Outlook
NA Cash Credit NA NA NA 17.02 Withdrawal
NA Letter of Credit NA NA NA 6 Withdrawal
NA Term Loan NA NA NA 0.98 Withdrawal
Annexure - Rating History for last 3 Years
  Current 2017 (History) 2016  2015  2014  Start of 2014
Instrument Type Quantum Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund-based Bank Facilities  LT/ST  18  Withdrawal    No Rating Change    No Rating Change  30-06-15  CRISIL B-/Stable    No Rating Change  Suspended 
Non Fund-based Bank Facilities  LT/ST  Withdrawal    No Rating Change    No Rating Change  30-06-15  CRISIL A4    No Rating Change  Suspended 
Table reflects instances where rating is changed or freshly assigned. 'No Rating Change' implies that there was no rating change under the release.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Cash Credit 17.02 Withdrawal Cash Credit 17.02 CRISIL B-/Stable
Letter of Credit 6 Withdrawal Letter of Credit 6 CRISIL A4
Term Loan .98 Withdrawal Term Loan .98 CRISIL B-/Stable
Total 24 -- Total 24 --
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings
The Rating Process
Understanding CRISILs Ratings and Rating Scales

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