Press Release

IRB Westcoast Tollway Limited (Revised)

(Formerly IRB Westcoast Tollway Private Limited)
April 04, 2020
Ratings
Facilities Amount (Rs. crore) Rating1 Rating Action
CARE BBB (CE); Stable [Triple B
Long term Bank 1,006.00
(Credit Enhancement); Reaffirmed
Facilities@ (Reduced from 1404.83)
Outlook:Stable]
Total Facilities 1,006.00 (Rupees One Thousand and Six Crore Only)
Details of instruments/facilities in Annexure-1
@Backed by Irrevocable and unconditional Corporate Guarantee from IRB Infrastructure Developers Ltd to the effect that it
shall (a) pay the shortfall between the Obligations and Termination payment in case of termination of concession agreement;
(b) provide an interest-free unsecured loan to meet shortfall in debt obligations on and from COD till DSCR of 1.10 is reached,
(Such loan shall be without recourse to Lenders/other FIs/banks and on terms acceptable to Lenders)

Unsupported Rating 2 CARE BBB- (Triple B Minus)

Note : Unsupported Rating does not factor in the explicit credit enhancement

Detailed Rationale & Key Rating Drivers for the credit enhanced debt

The rating assigned to the bank facilities of IRB Westcoast Tollway Limited (IWTL) is based on the credit enhancement in the
form of proposed Irrevocable and unconditional Corporate Guarantee from IRB Infrastructure Developers Ltd to the effect
that it shall (a) pay the shortfall between the Obligations and Termination payment in case of termination of concession
agreement; (b) provide an interest-free unsecured loan to meet shortfall in debt obligations on and from COD till DSCR of
1.10 is reached, (Such loan shall be without recourse to Lenders/other FIs/banks and on terms acceptable to Lenders).

CARE also notes that IWTL is now a part of the private InvIT (IRB Infrastructure Trust) having IRB and affiliates of Government
of Singapore Investment Corporation (known as GIC) as its unit-holders and IWTL has utilized Rs.400 crore (of the total funds
of Rs.3753 crore brought in by GIC) towards prepayment of the long term bank facilities of IWTL.
The rating remains sensitive to any steep decline in the credit profile of the credit enhancement provider, IRB as well as any
non-adherence to the structured payment mechanism.

Detailed Rationale & Key Rating Drivers of the Credit Enhancement provider: IRB Infrastructure Developers Limited (IRB)
The credit perspective of IRB continues to derive strength from the experience of promoters in the Build, Operate and
Transfer (BOT) road projects, strong order book position, in-house project execution capability resulting in healthy
profitability margin, demonstrated financial flexibility and moderate liquidity profile. Further, the credit profile also gets
strengthened by deleveraging through InvIT.
InvIT structure allows the upstreaming of surplus cash flows to the sponsor which provides financial flexibility in making
investment decisions.
In August, 2019 IRB announced transfer of nine of its SPVs into Private InvIT with IRB holding 51% and Affiliates of
Government of Singapore Investment Corporation (GIC) 49%. All the requisite approvals are in place such as SEBI registration,
approval from NHAI as well as NOC from lenders. Subsequently, all the nine SPVs are transferred to Private InvIT.
Additionally, cognizance is also taken of the receipt of funds from GIC amounting to Rs. 3753 crore in February, 2020 out of
which Rs. 3,000 crore is utilized towards reducing debt in five of its SPVs which will subsequently improve cash flow positions
in these SPVs going forward and the balance of Rs. 647 crore will be brought in as per the progress in the construction
activity.

1
Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications
2
As stipulated vide SEBI circular no SEBI/ HO/ MIRSD/ DOS3/ CIR/ P/ 2019/ 70 dated June 13, 2019. As per this circular, the
suffix ‘CE’ (Credit Enhancement) is assigned to the ratings with explicit external credit enhancement, against the earlier used
suffix ‘SO’ (Structured Obligation).
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 Press Release

The rating also considers the impact of the receipt of Mumbai-Pune Expressway project which has recently been awarded to
IRB for a concession period of 10 years and 2 months and also the deferment of premium obligations for Ahmedabad-
Vadodara project by Delhi High Court until its arbitration is resolved improving cash flow positions.
The credit perspective is, however, tempered by large exposure to project SPVs leading to moderate debt protection metrics
as well as delays in the execution in five of its SPVs leading to cost overrun. Besides, rating continue to factor high capital
intensity of in-house Engineering, Procurement and Construction (EPC) projects and subsequent refinancing risk arising out of
the long gestation period of investments and medium-term loans being used to fund/support such investments; contingent
liabilities in the form of the corporate guarantees extended towards debt raised at the project level.
The ability of the underlying operational special purpose vehicle (SPV)’s to achieve satisfactory growth in the toll revenue and
timely completion of the projects under construction within the cost envisaged constitute the key credit monitorables.

Key Rating Drivers of IRB Westcoast Tollway Limited (IWTL)

The unsupported rating to IWTL takes into account the issuance of provisional completion certificate and eligibility to toll for
partial length of 141 km on all three toll plazas as against a total project length of 189.60 Km.
The rating derives strength from the strong parentage of IRB in the Built, Operate and Transfer (BOT) road projects,
favourable location of the stretch with availability of 100% Right of Way (RoW), significant debt reduction due to prepayment
of debt and Debt Service Reserve Account (DSRA) forming part of initial project cost.
The rating however is tempered by delay in completion of the project leading to cost overrun, inherent revenue risk related
to toll based projects and movement in the interest rates impacting debt coverage indicators. Ability of the company to
execute the balance project as per revised timeline leading to 100% toll rates, achieve envisaged traffic, any variation in the
credit profile of the credit enhancement provider as well as non-adherence to any covenants as per the sanction letters or
credit enhancement documents constitutes the key rating sensitivities.

Rating Sensitivities (IRB)

Positive Sensitivities
 Significant improvement in the operational performance of BOT projects
 Increase in the operating profit, significant reduction in borrowings thereby improving Total Debt/PBILDT below 4.5x
level
 Timely collection of receivables by Modern Road Makers Pvt Ltd (EPC and O&M contractor of IRB Group)
 Significant receipt of claim proceeds from Ahmedabad Vadodara project

Negative Sensitivities
 Significant traffic underperformance as against estimated
 Elongation of working capital cycle leading to increased reliance on working capital borrowings
 Higher than expected equity support required in ongoing and future projects as well as Mumbai-Pune project
 Sustained weakening in TOL/TNW ratio above 5.40x
 Weakened operational performance against as envisaged as well as low inflow of orders

Outlook:- Stable

Detailed description of the key rating drivers of IRB, Guarantor

Key Rating Strengths
Experienced Promoters: The promoter and CMD of the group, Mr Virendra D. Mhaiskar has more than two decades of
experience in the infrastructure sector especially roads. Besides, he is well-supported by experienced professionals, having
more than a decade’s experience in their respective fields. As on February 2020, IRB has a portfolio of fully owned 3 BOT and
1 HAM assets aggregating to around 1,356 lane kms; 51% holding in a Private InvIT(IRB Infrastructure Trust) which has 9 BOT
projects, of which 4 projects are in the operational BOT space and 5 are under tolling and construction aggregating in total to
around 5,892 lane kms. IRB also owns holding of 16% as a sponsor in a public InvIT (IRB InvIT Fund) which has 7 BOT projects
in its portfolio of around 4,055 lane kms.
In February 2020, the IRB has received letter of acceptance from MSRDC for Mumbai-Pune Expressway on TOT Model with
concession period of 10 years and 2 months and the toll collections have already started from March 01, 2020.

In-house project execution capability resulting in healthy profitability margins: Engineering Procurement, Construction
(EPC) and Operation & Maintenance (O&M) works for IRB’s SPVs are carried out by Modern Road Makers Limited MRML,

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rated CARE A; Stable). IRB’s policy of low dependence on subcontracting for order execution (approximately 10-15% of total
order book) enabled the company to maintain healthy construction PBILDT margin as against its peers.

Strong order book providing healthy revenue visibility: The group has a record of maintaining a strong order book of an
average of 11,000 crore in last four years with a CAGR of 15% in construction revenue between FY16 to FY19. During the
month of October, 2019 the NHAI terminated two of the HAM projects costing Rs. 3,000 crore due to delay in land
acquisitions. This resulted into decline in the order book to that extent. With the current order book position of Rs. 6801
crore as on December, 2019, the timely completion of the above projects shall provide healthy revenue visibility for IRB over
next 1 to 2 years as the construction for the projects are carried out in-house. Subsequently, growth in the toll revenue
combined with the growth in the profitable construction business remains crucial from the credit perspective for IRB.

Financial flexibility through InvIT structure: IRB launched its first InvIT in May, 2017. As on December, 2019, it transferred
seven assets of its operational road BOT Projects to its InvIT and received upfront cash of ~ Rs.2200 crores and a 15% stake in
the Trust. This enabled the Company to deleverage by paying off debt of Rs. 3,000 crore.
On August, 2019 IRB announced investment from GIC of Rs. 4,400 crore in nine of its BOT projects. As on March, 2020 IRB
has already transferred these nine assets under Private InvIT. As a part of the transaction GIC is 49% stakeholder in the
private InvIT and IRB owns 51% stake and also have management control in the private InvIT. InvIT structure helps in
upstreaming of surplus cash flows to the sponsors from the beginning of operations, providing flexibility in managing
investment requirements. Further Private InvIT set up with GIC has helped the company reduce its equity requirements in
the ongoing under-construction projects.

Moderate working capital management: Engineering Procurement, Construction (EPC) and Operation & Maintenance
(O&M) works for IRB’s SPVs are carried out by Modern Road Makers Limited. During FY19, the collection period for MRM has
increased to 107 days and subsequently 162 days for 9MFY20. Accordingly the Gross current assets (GCA) days have also
increased mainly on the back of funding cost overrun requirements in ongoing construction projects which has impacted the
group’s working capital cycle. This reflects the working capital intensity of the overall IRB Group.
Additionally the investment advances to net worth increased to 0.62x as on December, 2019 as against 0.36x as on March,
2019. Therefore, timely collection of receivables by Modern Road Makers Pvt Ltd (EPC and O&M contractor of IRB Group)
would be the key rating monitorable.

Key Rating Weaknesses

Revenue risks associated with toll based road projects: Historically, the linkage of toll hike to WPI partially compensated for
low traffic growth to an extent. However, after 2008, the toll rates are derived according to a formula which is 3% plus 40%
of average WPI. In FY19, BOT income increased by 15% Y-o-Y on account of pick up in the toll collection operations at
Solapur-Yedashi, Kaithal-Rajasthan, Udaipur-Rajathan Border, Gulabpura-Chittorgarh and Kishangarh-Gulabpura. Stretches
such as Mumbai-Pune and Ahmedabad – Vadodara have been the major contributors to the toll revenue. Uptick in the
economic activity shall have direct bearing on the traffic growth on key stretches in IRB’s portfolio and the same remains one
of the key monitorable.

Moderate execution risk: As on December 31, 2019 IRB has six under construction projects; there exists moderate execution
risk. There are delays in the execution of construction work in five of its SPVs. There has been cost overrun in these projects
which has been funded by IRB’s internal accruals. However, considering the scale and commitment towards the above
projects, the timely achievement of COD as well as reimbursement of claims from the Authority would be the key rating
monitorable.

Moderate debt protection metrics: The overall gearing level as on March 2019 was 2.68x which has increased to 2.81x as on
Dec 2019. This is mainly due to increase in the drawls for under-construction projects. Although the debt reduction to the
extent GIC funds of Rs 3000 crore has taken place in five of its SPVs, high funding requirements towards Mumbai-Pune TOT
project is expected to keep the debt levels elevated. Therefore, higher than expected equity support required in ongoing and
future projects constitute key rating monitorables.

Liquidity : Adequate
IRB at consolidated level has cash and cash equivalent of Rs. 2,444 crore as on December, 2019. However, major cash and
bank balances are encumbered towards margin money requirement, resulting into moderate liquidity. The average unutilized
portion of fund based limit to the extent of 12% provides additional liquidity. As on March, 2019 the current portion of long
term debt stood at Rs. 874 crore was payable in FY20. However, in line with the arrangement under GIC deal, the debt to the
extent of Rs. 3,000 crore has been prepaid against the five SPVs which are part of nine SPVs transferred to Private InviT.

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Analytical approach: Guarantor’s Assessment

Credit Enhanced Debt: IRB Consolidated (List of entities consolidated for IRB is attached as Annexure 4).
Irrevocable and unconditional Corporate Guarantee from IRB Infrastructure Developers Ltd to the effect that it shall (a) pay
the shortfall between the Obligations and Termination payment in case of termination of concession agreement; (b) provide
an interest-free unsecured loan to meet shortfall in debt obligations on and from COD till DSCR of 1.10 is reached, (Such loan
shall be without recourse to Lenders/other FIs/banks and on terms acceptable to Lenders)
Un-supported: Standalone

Applicable Criteria
Criteria on assigning ‘outlook’ and ‘credit watch’ to Credit Ratings
CARE’s Policy on Default Recognition
Rating Methodology – Toll Road Projects
Rating Methodology-Construction Sector
Rating Methodology: Consolidation and Factoring Linkages in Ratings
Criteria for Rating Credit Enhanced Debt
Financial Ratios – Non-Financial Sector

About the Credit Enhancement provider - IRB Infrastructure Developers Limited (Guarantor)
IRB Infrastructure Developers Limited (IRB), incorporated in 1998, is an established integrated surface transportation
infrastructure company with expertise in development of BOT Toll Road Projects. The company's business segments are toll
roads, construction, airport development and real estate. As on February 2020, IRB has a portfolio of fully owned 3 BOT
(Ahmdabad-Vadodara, Thane-Ghodbunder and Pune-Nashik) and 1 HAM (Vadodara-Kim) assets aggregating to around 1,356
lane kms; 51% holding in a Private InvIT which has 9 BOT projects, of which 4 projects are in the operational BOT space and
5 are under tolling and construction aggregating in total to around 5,892 lane kms. The total road length under portfolio
stood at 11,303 lane km with 2,982 lane km operational and 4,266 lane km under development. All 12 BOT projects are
generating revenues. IRB also owns holding of 16% as a sponsor in a public InvIT (IRB InvIT Fund) which has 7 BOT projects in
its portfolio of around 4,055 lane kms.
 In August, 2019 IRB announced transfer of nine of its SPVs into Private InvIT with IRB holding 51% and Affiliates of
Government of Singapore Investment Corporation(GIC) 49%. All the requisite approvals are in place such as SEBI
registration, approval from NHAI as well as NOC from lenders. Subsequently, all the nine SPVs are transferred to Private
InvIT. The EPC and O&M contracts will continue to be with IRB at the capacity as the project manager.
 Accordingly on February 25, 2020 IRB received first tranche of investment of Rs. 3,753 crore from GIC and the balance
commitment will be invested on the progress of construction of the under-construction projects. The allotment of units
to the investors completed on February 26, 2020. Subsequently on February 26 2020 and February 27 2020 IRB repaid
the debt of Rs. 3,000 crore under five of its SPV’s. Post the allotment of units, IRB holds 51% and GIC holds 49% stake in
the Private InvIT.
 Additionally, the NCDs amounting to Rs. 1,400 crore issued on a private placement basis (50% subscribed by GIC, while
the balance 50% by Modern Road Makers Limited (MRML)) in December, 2019 were redeemed at par on March 03,
2020 and there are no outstanding NCDs as on date.

About the Company – IRB Westcoast Tollways Limited (IWTL)

IWTL is a wholly-owned special purpose vehicle promoted by IRB to implement the four-laning of Goa / Karnataka Border
(Karwar) to Kundapur section of NH-17 from Km 93.70 to Km 283.30 (approximately 189.60 km) in the state of Karnataka on
Design, Build, Finance, Operate and Transfer basis. IWTL has signed the Concession Agreement (CA) with National Highway
Authority of India (NHAI, rated CARE AAA) on March 23, 2013, for a period of 28 years ending on March 03, 2042. The project
has been bid on the receipt of lowest grant from NHAI, i.e., Rs.536.22 crore. The scheduled four-laning date was on 28th
August 2016.
As per LIE report for the month ended January 2020, due to reasons beyond the control of Concessionaire and attributable to
authority and/or other Government agencies, Authority had approved to shift the date of Milestone - III on March 09, 2017
(the same was achieved on March 17, 2017) and the completion time of entire project till August 28, 2017. Subsequently,
NHAI principally approved 2nd interim extension of time for completion of project by February 28, 2019. Further, as per the
report, the company has submitted application to NHAI for 3rd interim extension of time for completion of entire project up
to December 31, 2020. NHAI’s Approval for the extension is awaited.

Meanwhile Provisional completion certificate has been issued by Independent Engineer (IE) for project length of 141 km
vide letter dated January 31, 2020 and tolling has commenced at all 3 toll plaza locations. As per LIE report, till January

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2020, the Company has achieved a physical progress of 87.11% and financial progress 90.65% as against planned physical and
financial progress of 100%.

IWTL is a part of the nine assets being transferred to a private InvIT to be held by IRB and GIC in the ratio of 51:49.

Covenants of rated instrument / facility: Detailed explanation of covenants of the rated facilities is given in Annexure-3

Brief Financials of IRB Consolidated (Rs. crore) FY18 (A) FY19 (A)
Total operating income 5836.07 6880.54
PBILDT 2834.79 3117.06
PAT 919.66 849.97
Overall gearing (times) 2.44x 2.68x
Interest coverage (times) 2.90x 2.77x
A: Audited; Note: Financials are classified as per CARE’s internal standards

Brief Financials of IWTL (Rs. crore): Not Applicable, Project Stage (Company has commenced tolling from February 2020).

Status of non-cooperation with previous CRA: Not Applicable

Any other information: Not Applicable

Rating History for last three years: Please refer Annexure-2

Annexure-1: Details of Facilities

Name of the Date of Coupon Maturity Size of the Issue Rating assigned
along with Rating
Instrument Issuance Rate Date (Rs. crore) Outlook

Fund-based - LT-Term - - - 1006.00 CARE BBB (CE);

Loan Stable

Un Supported Rating- - - - 0.00 CARE BBB-

Un Supported Rating
(Long Term)

Annexure-2: Rating History of last three years

Sr. Name of the Current Ratings Rating history
No.
Instrument/Bank Type Amount Rating Date(s) & Date(s) & Date(s) & Date(s) &
Outstanding Rating(s) Rating(s) Rating(s) Rating(s)
Facilities assigned in assigned in assigned in assigned in
(Rs. crore) 2019-2020 2018-2019 2017-2018 2016-2017

1. Fund-based - LT- LT 1006.00 CARE - 1)CARE 1)CARE 1)CARE

Term Loan BBB (CE); BBB (SO); BBB (SO); BBB (SO);
Stable Stable Stable Stable

(26-Mar- (08-Mar- (30-Dec-

19) 18) 16)

2. Un Supported LT 0.00 CARE - - - -

Rating-Un BBB-
Supported Rating
(Long Term)

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Annexure-3: Detailed explanation of covenants of the rated facilities

Name of the Detailed explanation

Instrument
A. Financial covenants
i Debt: Equity 2.02:1
ii DSCR DSCR shall at no point fall below 1.00 during first 7 years of operations and thereafter not below 1.1 during
the currency of loans
B. Non-financial covenants
Debt Service The Company shall ensure creation & maintenance of all reserves required to be maintained pursuant to
reserve provisions of Facility Agreement and financing documents including Debt Service Reserve. Debt Service
Account Reserve Amount shall mean at any time and from time to time the average one quarter aggregate amount
(DSRA) of principle amount of the loans and interest thereon due to lenders reckoned as Rs. 45 crore as per
estimated Project Cost.
Put/Call  The Lenders shall have an unconditional and irrevocable right to call upon the borrower to prepay the
option outstanding obligations at the end of 15th Fiscal Year from the date of Initial Disbursement by giving 90
days prior notice to the borrower and thereafter till the Final Settlement Date. The borrower shall prepay
the entire outstanding obligations to the lenders, without the payment of any prepayment premium, upon
the Lenders exercising such right.
 Likewise, the borrower shall have the right to exercise its call option on the Lenders and prepay the
outstanding obligations at the end of 15th Fiscal Year from the date of Initial Disbursement to the
satisfaction of the lenders, without payment of any prepayment premium, by giving 90 days prior notice to
lenders.
ECB Limit The borrower shall have the option to raise an amount not exceeding 25% of the facility by way of ECB/FCL
to substitute the Available Lender’s commitment adequate hedging risk mitigation amortization and any
other term acceptable to lenders. In an event, the borrower has tied up the ECB facility post the financial
close, then the available lenders commitment shall stand reduced on a pro rata basis or mutually agreed
between the lenders, subject to maximum reduction of 25% of total debt. The reduction would be in
proportion to the assistance sanctioned by each of the lenders or as mutually agreed between the lenders.
The overall window available to borrower, for availing the ECB facility, shall be upto maximum of 12 months
from SFLD or as may be approved by the lenders. The raising of debt by way of ECB facility shall be subject
to certain conditions as per Facility Agreement.

Annexure-4: List of entities consolidated

Proportion of ownership interest
Principal nature
S.No. Name Of Entitty either directly or indirectly
of activity
As on 31.03.19 As on 31.03.18
Subsidiaries (Direct and indirect)
1 Ideal Road Builders Private Limited (IRBPL) Road Infrastructure 100% 100%
2 Mhaiskar Infrastructure Private Limited (MIPL) Road Infrastructure 100% 100%
3 Modern Road Makers Private Limited (MRMPL) Road Infrastructure 100% 100%
4 Aryan Toll Road Private Limited (ATRPL) Road Infrastructure 100% 100%
5 ATR Infrastructure Private Limited (ATRFL) Road Infrastructure 100% 100%
6 IRB Infrastructure Private Limited (IRBFL) Road Infrastructure 100% 100%
7 Thane Ghodbunder Toll Road Private Limited (TGTRPL) Road Infrastructure 100% 100%
8 IDAA Infrastructure Limited (IDAA) (upto May 8, 2017) Road Infrastructure - -
9 Aryan Infrastructure Investments Private Limited Real Estate 100% 100%
(AIIPL)
10 NKT Road and Toll Private Limited (NKT) Road Infrastructure 100% 100%
11 MMK Toll Road Private Limited (MMK) (Subsidiary of Road Infrastructure 100% 100%
IRBPL)
12 IRB Surat Dahisar Tollway Limited (upto May 8, 2017) Road Infrastructure - -
13 IRB Kolhapur Integrated Road Development Company Road Infrastructure 100% 100%
Private Limited (IRBK)
14 Aryan Hospitality Private Limited (AHPL) Hospitality 100% 100%

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Proportion of ownership interest

Principal nature
S.No. Name Of Entitty either directly or indirectly
of activity
As on 31.03.19 As on 31.03.18
15 IRB Sindhudurg Airport Private Limited (IRBSA) Airport 100% 100%
development
16 IRB Pathankot Amritsar Toll Road Limited (IRBPA) (upto Road Infrastructure - -
September 28, 2017)
17 IRB Talegaon Amravati Tollway Limited (IRBTA) (upto Road Infrastructure - -
May 8, 2017)
18 IRB Jaipur Deoli Tollway Limited (IRBJD) (upto May 8, Road Infrastructure - -
2017)
19 IRB Goa Tollway Private Limited (IRB Goa) Road Infrastructure 100% 100%
20 IRB Tumkur Chitradurga Tollway Limited (IRBTC) (upto Road Infrastructure - -
May 8, 2017)
21 IRB PS Highway Private Limited (formerly known as Road Infrastructure 100% 100%
MRM Highways Private Limited) (IRBPS)
22 IRB Ahmedabad Vadodara Super Express Tollway Road Infrastructure 100% 100%
Private Limited (IRBAV)
23 MRM Mining Private Limited (Formerly "J J Patel Road Infrastructure 100% 100%
Infrastructural and Engineering Private Limited")
(Subsidiary of MRMPL)
24 IRB Westcoast Tollway Private Limited (IRB Westcoast) Road Infrastructure 100% 100%
25 MVR Infrastructure and Tollways Limited (MVR) (upto Road Infrastructure - -
May 8, 2017)
26 Solapur Yedeshi Tollway Private Limited (SYTPL) Road Infrastructure 100% 100%
27 Yedeshi Aurangabad Tollway Private Limited (YATPL) Road Infrastructure 100% 100%
28 Kaithal Tollway Private Limited (KTPL) Road Infrastructure 100% 100%
29 AE Tollway Private Limited (AETPL) Road Infrastructure 100% 100%
30 IRB PP Project Private Limited (formerly known as Road Infrastructure 100% 100%
Zozila Tunnel Project Private Limited) (IRBPP)
31 Udaipur Tollway Private Limited (UTPL) w.e.f Oct 6, Road Infrastructure 100% 100%
2016
32 CG Tollway Private Limited (CGTPL) w.e.f October 18, Road Infrastructure 100% 100%
2016
33 Kishangarh Gulabpura Tollway Pvt Limited (KGTPL) Road Infrastructure 100% 100%
w.e.f January 12, 2017
34 Modern Estate - Partnership Firm Real Estate 100% 100%
35 VK1 Expressway Private Limited (VK1) w.e.f April 17, Road Infrastructure 100% 100%
2018
36 IRB Hapur Moradabad Tollway Private Limited (IRBH) Road Infrastructure 100% 100%
w.e.f April 18, 2018

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Note on complexity levels of the rated instrument: 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 care@careratings.com
for any clarifications.

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About CARE Ratings:

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agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an External Credit
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expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies
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Disclaimer
CARE’s ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not
recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security.
CARE’s ratings do not convey suitability or price for the investor. CARE’s ratings do not constitute an audit on the rated
entity. CARE has based its ratings/outlooks 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
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whatsoever to the users of CARE’s rating.

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ratings may see volatility and sharp downgrades.

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