Brief Rationale

DECEMBER 29, 2014 CARE REAFFIRMS THE RATING ASSIGNED TO BANK FACILITIES OF UNIQUEST INFRA VENTURES PVT LTD Ratings Amount Facilities Ratings1 Remarks (Rs. crore) Long/Short-term Bank Facilities 75 CARE AA-/CARE A1+ Reaffirmed [Double A Minus/A One Plus] Total Facilities 75

Rating Rationale The ratings continue to derive strength from the highly resourceful and experienced promoter of UIPL and their committed investment towards funding of existing & new projects and for meeting working capital gap. Being a debt free company with 100% equity-funded growth plan in the medium term also lends comfort to the rating. The rating strengths are partially offset by the initial stage of operations, limited sources of revenue (project development fees) and cash deficit in the initial years at a consolidated level. Going forward, the ability of the management to explore suitable investment opportunities amidst the sluggish economic growth, successful completion of the under-implementation project under UIPL’s joint venture would be the key rating sensitivities.

Background Uniquest Infra Ventures Pvt Ltd (UIPL) is a joint venture (JV) entered into by UEM Group Berhad (UEM) and IDFC Ltd (IDFC) to develop road projects in . UEM is a 100% subsiidary of Khazanah Nasional Berhad (Khazanah), the ultimate holding company. Khazanah, incorporated in 1993 as a public limited company, is the investment holding arm of the Government of Malaysia entrusted to hold and manage the commercial assets of the government and to undertake strategic investments. UEM, through its 100% step down subsidiary - Ghir Investment (Mauritius) Ltd (Ghir) holds 80.10% and IDFC holds the balance 19.90% equity stake in UIPL. The board of Khazanah has approved an initial equity commitment of Rs.530 crore, while the board of IDFC has approved a sum of Rs.300 crore (including investment commitment of Rs.80 crore from IDFC Projects Ltd) for investments in the road projects in India through UIPL. Jetpur Somnath Tollways Pvt Ltd (JSTPL rated CARE BBB), a toll-based road project based in Gujarat is the first such investment for Uniquest. During FY14, UIPL has also acquired 67% stake in Khalghat Tollways Pvt Ltd (KSTL, rated CARE BBB). Subsequently the stake was increased to 74% in July 2014. KSTL is operating a 83 km, four lane toll project (Khalghat to /Maharashtra border section of NH-3 from Km. 84.70 to Km. 167.50) since April 2011.

UIPL has been ranked second in the list of prequalified bidders for 2014 by NHAI and can bid for projects, where the value of each project should not exceed Rs.11,371 crore.

During FY14, UIPL recorded a net loss of Rs. 1.44 crore (as against net loss of Rs.0.96 crore in FY13) on a total income of Rs. 7.11 crore (as against operating income of Rs.9.23 crore in FY13).

Analyst Contact Name: Sudhir Kumar Tel: 011-45333232 Email: [email protected]

1Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications

1 Credit Analysis &Research Limited

Brief Rationale

**For detailedRationale Report and subscription information, please contact us at www.careratings.com

CARE has classified instruments rated by it on the basis of complexity. This classification is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome to write to [email protected] for any clarifications.

Disclaimer: CARE’s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. In case of partnership/proprietary concerns, the rating assigned by CARE is based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors.

2 Credit Analysis &Research Limited

Brief Rationale

CONTACT Head Office

Mr. D.R. Dogra Mr. Rajesh Mokashi Managing Director Dy. Managing Director Mobile: +91-98204 16002 Mobile: +91-98204 16001 E-mail: [email protected] E-mail: [email protected]

Ms. MeenalSikchi Mr. AnkurSachdeva Vice President - Bank Loan & Instrument Rating Vice President - Bank Loan & Financial Services Mobile: +91-9819009839 Mobile: +91-9819698985 E-mail: [email protected] E-mail: [email protected]

CREDIT ANALYSIS & RESEARCH LIMITED Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Tel: +91-22-6754 3456 | Fax: +91-22-6754 3457 | E-mail: [email protected]

Other Office: 503, Kaledonia, Sahar Road, Near Andheri Railway Station, Andheri (E), Mumbai - 400 069 Tel: +91-22-6144 3456 | Fax: +91-22-6144 3556

AHMEDABAD JAIPUR Mr. Mehul Pandya Mr. Harsh Raj Sankhla 32, Titanium, Prahaladnagar Corporate Road, 304, PashupatiAkshatHeights, Plot No. D-91, Satellite, Ahmedabad - 380 015 Madho Singh Road, Near Collectorate Circle, Cell: +91-98242 56265 Bani Park, Jaipur - 302 016. Tel: +91-79-4026 5656 Cell: +91 – 9413969100 E-mail: [email protected] Tel: +91-141-402 0213 / 14 E-mail: [email protected] BENGALURU Mr. Dinesh Sharma KOLKATA Unit No. 1101-1102, 11th Floor, Prestige Meridian II, Ms. Priti Agarwal No. 30, M.G. Road, Bangalore - 560 001. 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) Cell: +91-99000 41975 10A, Shakespeare Sarani, Kolkata - 700 071. Tel: +91-80-4115 0445, 4165 4529 Cell: +91-98319 67110 E-mail: [email protected] Tel: +91-33- 4018 1600 E-mail: [email protected] CHANDIGARH Mr. Sajan Goyal NEW DELHI 2nd Floor, S.C.O. 196-197, Sector 34-A, Ms. Swati Agrawal Chandigarh - 160 022. 13th Floor, E-1 Block, Videocon Tower, Cell: +91 99888 05650 Jhandewalan Extension, New Delhi - 110 055. Tel: +91-172-5171 100 / 09 Cell: +91-98117 45677 Email: [email protected] Tel: +91-11-4533 3200 E-mail: [email protected] CHENNAI Mr. V Pradeep Kumar PUNE Unit No. O-509/C, Spencer Plaza, 5th Floor, Mr. Rahul Patni No. 769, Anna Salai, Chennai - 600 002. 9th Floor, Pride Kumar Senate, Cell: +91 98407 54521 Plot No. 970, Bhamburda, SenapatiBapat Road, Tel: +91-44-2849 7812 / 0811 ShivajiNagar, Pune - 411 015. Email: [email protected] Cell: +91-78754 33355 Tel: +91-20- 4000 9000 HYDERABAD E-mail:[email protected] Mr. Saikat Roy 401, Ashoka Scintilla, 3-6-502, HimayatNagar, Hyderabad - 500 029. CIN - L67190MH1993PLC071691 Tel: +91-40-4010 2030 E-mail: [email protected]

3 Credit Analysis &Research Limited