sample report_greenfield case
DESCRIPTION
Rating report sampleTRANSCRIPT
CRISIL SME Ratings
XXX
CRISIL Rating: SME 5
'Below Average'
Indicates the level of creditworthiness, adjudged in relation to other SMEs
Report Date Valid Till
October 23, 2013 October 22, 2014
Important Notice
The rating is a one-time exercise and the rating will not be kept under surveillance. This rating is valid for one
year from the report date, subject to no significant changes/events occurring during this period that could
materially affect the business or financial parameters of the organisation as mentioned in the report. CRISIL,
however, recommends that the user of the rating seeks a review of the rating if the organisation experiences
significant changes/events during this period which could impact the organisation/its rating.
The rating and this report are based on the information provided to CRISIL by the organisation and/or
obtained by CRISIL from sources it considers reliable including published annual reports, management
meetings, industry data and discussions with bankers, customers and suppliers. CRISIL does not guarantee
the accuracy, adequacy or completeness of any information on which the rating and the report are based
and is not responsible for any errors or omissions for the results/opinions obtained from the use of the rating
or the rating report. The rating does not constitute an audit of the organisation by CRISIL. The rating is also
not a recommendation to enter into or not enter into any transaction with the organisation. CRISIL reserves
the right to disclose the organisation’s rating and the rating report to Government and/or Regulatory
Authorities/Courts of Law if required to do so.
It is especially stated that CRISIL, its Directors, Rating Committee members, employees and others
associated with the rating assignment do not have any financial liability whatsoever including but not limited
to attorney’s or consultant’s fees to the users of this rating or this rating report. No part of this report may be
reproduced by any means without CRISIL’s prior written approval.
1
Index
CRISIL SME RATING ........................................................................................................................................ 2
KEY RATING DRIVERS .................................................................................................................................... 3
BUSINESS AND MANAGEMENT ........................................................................................................ 3
FINANCIAL ............................................................................................................................................. 3
FACT SHEET ..................................................................................................................................................... 4
BUSINESS PROFILE ......................................................................................................................................... 6
BUSINESS DESCRIPTION .................................................................................................................... 6
PROJECT DETAILS ................................................................................................................................ 6
PROJECT COST ...................................................................................................................................... 9
IMPLEMENTATION SCHEDULE ....................................................................................................... 10
PROJECT CONSULTANTS .................................................................................................................. 12
INFRASTRUCTURE AND UTILITIES ................................................................................................ 12
INDUSTRY OVERVIEW ...................................................................................................................................13
OWNERSHIP AND MANAGEMENT ...............................................................................................................14
PROMOTERS’ PROFILE ...................................................................................................................... 14
OWNERSHIP PATTERN ...................................................................................................................... 14
GROUP COMPANIES AND FIRMS .................................................................................................... 15
FINANCIAL PROFILE ......................................................................................................................................16
PROJECTIONS OF THE COMPANY .................................................................................................. 16
ASSUMPTIONS OF THE PROJECTIONS ........................................................................................... 17
PROPOSED BANKING FACILITIES .................................................................................................. 19
SITE VISIT ........................................................................................................................................................20
2
CRISIL SME RATING
CRISIL SME Definition
Rating
SME 5 SME 1 Highest
indicates SME 2 High
'Below Average' SME 3 Above Average
level of credit worthiness SME 4 Average
adjudged in relation to SME 5 Below Average
other SMEs SME 6 Inadequate
SME 7 Poor
SME 8 Default
3
KEY RATING DRIVERS
BUSINESS AND MANAGEMENT
Strengths � Management having up to 31 years of experience in the same line of business.
� Management contract with XXX: XXX is an established brand name in the hospitality industry. It currently has 22 operating hotels across 14 destinations in India. The management contract is for technical consultancy, operations, and marketing services which will ensure quality of the services rendered and stability of revenues in the long run.
Risk factors � Business certainty: Ability of the management to achieve its projections and maintain a growth trajectory is yet to be demonstrated. Moreover, inability of the company to achieve the following would adversely impact profitability which in turn would affect timely debt servicing;
o Accomplishment of estimated room occupancy rates and room tariffs
o Employment of personnel at the estimated salaries and wages � Expected pressure on margins due to intense competition from other
hotels in the vicinity.
FINANCIAL
Risk factors � The financial closure has not been attained, thus leading to high degree of financial risk as all the projected banking facilities have not yet been sanctioned. Moreover, the feasibility of the project is highly dependent on the ability of the management to raise funds from external debt and accordingly execute the project in a timely manner.
� Moderate credit protection measures as reflected in the project debt-to-equity ratio (not including promoter loans) of 2.55 times and project debt service coverage ratio (average) of 1.63 times.
4
FACT SHEET Name of the company XXX
Year of incorporation 2004
Proposed month and year of commencement of commercial operations
April 1, 2016
Legal status Private limited company
Legal history There has been no change in the constitution, business, and management of the company since inception.
Registered with Registrar of Companies, Kolkata, West Bengal
Registration number XXX dated July 23, 2004
SSI Registration number Not applicable
Managing Director XXX
Category of entrepreneur General
Listed at Not applicable
Registered office address
XXXX Email: XXXX
Administrative office address
XXXX
Proposed service facilities
XXXX
Proposed number of employees
Particulars No. of workers
General Manager 1
Chief Chef 1
Duty General Managers (one for each of the following) � Food and Beverages � Maintenance/service � Finance � Human resources � Sales and Marketing � Administration
6
Managers/Supervisors 8
Accounts Manager 2
Electrical/Mechanical personnel 3
Air conditioner (AC) personnel 3
Administrative personnel 4
Receptionists 4
Front desk personnel 4
Kitchen Department personnel 20
Maintenance personnel 20
House Keeping personnel 25
Food and Beverages personnel 30
Sales and Marketing personnel 10
Drivers 5
Sweepers and others 10
5
Security Guards 10
Total 166
Certifications and awards None
Brands None
Key project details1 Particulars Value
Project cost (Rs. lakh) 7,121.85
Term loan (Rs. lakh) 3,500.00
Promoters’ contribution – equity (Rs. lakh) 1,371.85
Preference shares (Rs. lakh) 2,250.00
Working capital limits (Rs. lakh) Nil
Debt to equity (times) (not including promoters loans and working capital as debt)
2.55
Repayment of loan (years) 7
DSCR (average) (times) 1.63
Pay-back period (years) Data awaited
Internal rate of return (per cent) 12.00
Break-even point (per cent) 55.59
Note:
� Statutory compliance is not applicable as the company would commence its commercial operations in April 2016. The company will be paying its statutory dues from the current financial year, 2016-17.
1 As provided by the management in the project report.
6
BUSINESS PROFILE
BUSINESS DESCRIPTION
Nature of business : Services
Industry : Hotel
Industry prospects : Strong
Degree of competition : High; entry barriers are low
Customer profile : Retail customers and corporate clients
PROJECT DETAILS
� The company plans to set up a 4-Star hotel which will be known as XXX in Kolkata, West Bengal. The
hotel is located at about 8 kilometres (km) from Kolkata railway station and 10 km from airport. � The company has entered into a management contract
2 with ‘Royal Orchid Hotels’ to manage the
operations of the hotel. � Majority of room tariff revenues are expected to be generated through corporate clients and the
remaining through walk-in clients. � The proposed hotel will have 11 floors + basement and ground floor. � The proposed room mix and other facilities are as under:
Type Number
Suites 8
Super Deluxe rooms 104
Total 112
o The hotel will have one banquet hall. The capacity of which would be 600 guests. o The hotel will also have one lounge bar, one multi cuisine restaurant, one coffee shop, a
swimming pool, and a health club. o All the rooms will be fully furnished air conditioned rooms which will be equipped with basic
amenities including liquid colour display (LCD) television, refrigerators, and telephone with local and international calling facility, attached bathrooms, and twenty four hours room service.
o Other amenities would include wireless fidelity (wi-fi) and broadband connectivity, safe deposit lockers, saloon and parlour, laundry services, doctor on call, courtesy airport pickup, travel desk, valet parking facility, tea-coffee maker in rooms, and money changer.
� The proposed hotel will have adequate waste treatment facilities with garbage hold room where the garbage will be collected and the local municipal authority will lift the garbage for disposal. The sewage will be treated in a sewage treatment plant and waste water will be recycled for gardening and air conditioning purpose.
2 Under a management a contract operator hired to run the hotel receives remuneration from the owner in
the form of service fee and operating expenses are borne by the owner while the operator establishes operational procedures and is responsible for the day to day functioning o the hotel. Residual income/loss is borne by the owner.
7
Background of Royal Orchid Hotels3
Royal Orchid Hotels is an Indian hospitality chain established by Mr. Chender K Balijee. In 1973, the first hotel by the company, Royal Orchid Harsha (now Ramada) was started in Bengaluru. At present the company operates 22 business and leisure hotels across 14 destinations in India under the brands ‘Royal Orchid’ in the premium segment, 'Royal Orchid Central' and ‘Regenta’ in the mid market segment and ‘Royal Orchid Suites’ in the extended stay segment (service apartments). Hotels under operation (as of March 2013)
3 Source: CRISIL research
8
About the management contract with Royal Orchid Hotels
• The rated company has a management contract with Royal Orchid Hotels.
• The operating term for the agreement will be a period of 12 years which can be further extended to successive periods of 5 years each.
• Royal Orchid Hotels will provide technical consultancy, operational, and marketing services. Pursuant to the agreement, the rated company will pay a service fee equivalent to 9.50 per cent of the gross operating income
4 for the term of the agreement. Service tax as per the applicable government
regulations would be borne by the rated company.
• Royal Orchid Hotels will raise an invoice on the basis of the gross operating income reported in the previous month and the rated company will make payment within 10 days of receipt of such invoice.
Marketing: � Royal Orchid Hotels will provide the marketing service to the rated company through its chain of regional
marketing offices, hotel sales offices, and head quarters. � Royal Orchid Hotels will provide planning inputs for the development of marketing plans and strategies. � Hotel booking and reservation services will be provided through guest contact centre and use of central
reservations system of Royal Orchid Hotels.
4 Gross operating income refers to revenues from each kind of the operations of the hotel and all its facilities
including without limitations all revenues from guests including ‘no show’ and early departure charges, licensees, concessionaires, recreation areas, health club, offices, apartments, galleries, shops, shopping arcade, and salons in the hotel.
9
PROJECT COST
Application of funds
Planned Per cent
Incurred until
October 23, 2013
Means of finance
Planned Per cent
Invested until
October 23, 2013
Amount (Rs.
Lakh)
Amount (Rs.
Lakh)
Amount (Rs.
Lakh)
Amount (Rs.
Lakh)
Cost of land 355.00 4.98
Cost civil work and structure, mechanical, electrical, and plumbing (MEP), kitchen and back of the house, interiors designing/fit out, and other fixed assets
5,475.33 76.88 Data awaited
Promoter’s equity contribution
1,371.85 19.26 Data awaited
Pre-operative expenses 1,000.00 14.04 Preference shares
2,250.00 31.60
Contingency 291.52 4.10 Term loan from Small Industries Development Bank of India
3,500.00 49.14
Total 7,121.85 100.00 - Total 7,121.85 100.00 -
Notes: � The company plans to commence commercial operations from April 2016.
� The company has applied for the term loan. However, the same has not yet been sanctioned.
10
IMPLEMENTATION SCHEDULE
Activity Scheduled month the year of
commencement Scheduled month and year of
completion
Acquisition of land Already acquired -
Construction work October 2013 July 2014
Interior designing, colouring, decorating, lighting, and other work related interior and exterior of the hotel modelling
August 2014 January 2016
Placement of orders for plant and machinery, AC kitchen equipment, and other fixed assets
October 2014 December 2014
Installation, erection, commission, and other technical activities
March 2015 February 2016
Trial run/checking of AC, kitchen equipment, and other technical matters of the hotel
February 2016 March 2016
Commercial production April 2016
Notes:
� The pilling work has been completed and the basement work has commenced.
� The building plan has already been sanctioned by the Bidhan Nagar Municipality Authority. The
company has also acquired the necessary approvals for commencing the construction work.
� Due to the Urban Land Ceiling Act, the lands have been purchased in the name of the sister concern
companies/firms which are:
Plot
No.
Seller Buyer Area [in katha5
(K) and
chittacks (CH)]
Price (Rs.
Lakh)
Sales deed
date
B Seller: Ratneswar
Pramanick
Confirming party:
Gouranga Modak, R K
Enterprises
XX 7K 70.00 October 15,
2007
A1
and
B1
Seller: Bhubaneswar
and Ratneswar
Pramanick
Confirming party:
Gouranga Modak, R K
Enterprises
XX 7K (5K for A1
and 2K for B1)
70.00 October 12,
2007
C1
and
B2
Seller: Rameswar and
Ratneswar Pramanick
Confirming party:
Gouranga Modak, R K
XXX C1 – 4K, 8CH
B2 – 2K, 8CH
70.00 October 15,
2007
5 1 katha is 267.60 square metres.
11
Enterprises
C Seller: Rameswar and
Ratneswar Pramanick
Confirming party:
Gouranga Modak, R K
Enterprises
XXX 7K 70.00 October 12,
2007
D Seller: Bhubaneswar
and Ratneswar
Pramanick
Confirming party:
Gouranga Modak, R K
Enterprises
xxx 6K, 8 CH 70.00 October 12,
2007
12
PROJECT CONSULTANTS
The company has already identified the consultant for the different services and the agreements have been made with them. The list of the consultants with their respective service details is:
Consultant for Name of the consultant
Project Management Focis Project Management Consultants Private Limited
Architect Sanon Sen and Associates Private Limited
MEP ABL Hospitality (P) Limited
Kitchen and back of the office ATN Consultants
Interior Designing VPCPL
Hotel Technical Services Royal Orchid Hotels Limited
Hotel Management and Operation Royal Orchid Hotels Limited
INFRASTRUCTURE AND UTILITIES
Availability of land � The company has acquired land admeasuring 34K and 8CH.
Construction � The construction began in October 2013 and is likely to be completed by July 2014. However, the commercial operations are likely to start from April 2016.
Availability of power � The hotel requires 200 kilo-volt-ampere (KVA) of power. � The rated company will receive electricity from the state electricity board. � Once the commercial operations begin, the rated company will have a
back-up generator set up.
Availability of water � The land acquired has one bore well.
Availability of manpower � Royal Orchid Hotels will appoint all the employees on behalf of the rated company as Royal Orchid Hotels has knowledge of the skills and expertise required in the hospitality industry.
� Royal Orchid Hotels will conduct training and development activities for all the employees on need-basis.
Clearances � The company was registered with the Registrar of Companies, West Bengal.
� The company has obtained necessary project approval from Department of Tourism, West Bengal.
� The company has received the required license under Shop and Establishment Act, 1948.
� The company has also received height clearance from Airport Authority and No Objection Certificate (NOC) from Fire and Safety.
� Few of the necessary permissions and sanctions from the Municipal authorities are under process and expected to be completed in 2015.
13
INDUSTRY OVERVIEW6 Industry characteristics: Travel destinations may be classified into two categories - business and leisure. Under both categories, hotels exhibit cyclicality, seasonality, and different patterns of occupancy. Hotels in business destinations show greater sensitivity to the macroeconomic environment, whereas hotels in leisure destinations bear a sharper correlation to events such as terror attacks and health-related travel advisories. The two are not mutually exclusive as some business destinations also have their fair share of leisure travelers and vice versa. The demand dynamics of the two segments are quite different, and can be discussed under the following headers: Cyclicality: � The hospitality sector is cyclical in nature. During positive cycles, the industry witnesses periods of
sustained growth and sees healthy average room rates (ARRs) and occupancy rates (ORs). This trend continues until the economy undergoes a downturn or there is excess supply in the sector.
� Usually, occupancy rates begin to decline when a recession sets in and this is followed by a decline in ARRs. In the recovery phase, occupancy rates start to move up, and subsequently, ARRs also start increasing.
Seasonality: � The nature of demand in the hotels industry is seasonal. However, the trend in ORs shows a significant
variation in business and leisure destinations. � Though the peak season for both business and leisure destinations is the same (January-March), during
the remainder of the year they exhibit a markedly different behaviour. While business destinations maintain relatively constant ORs (albeit 5.00 to 10.00 per cent lower than the January to March period) from April to November. However in December, ORs exhibit a sharp correction in business destinations, as this period coincides with the international holiday period.
� Leisure destinations on the other hand witness low ORs (around 54.00 per cent) during the May to October period, while occupancy is good (above 70.00 per cent) during the December holiday period.
Average length of stay (ALOS) and occupancy patterns: � The demand for hotel rooms in business destinations is generally concentrated around weekdays. As a
result, ORs are generally lower on weekends. � The ALOS in business hotels is usually in the range of two to two and a half nights with low levels of
double occupancy (that is, fewer occasions where more than one person shares a hotel room). Conversely, hotels in leisure destinations enjoy higher ORs on weekends, and generally have a higher average length of stay of around two to three nights. The incidence of double occupancy is also higher in leisure destinations.
6 Source: CRISIL research
14
OWNERSHIP AND MANAGEMENT
PROMOTERS’ PROFILE
Photographs
awaited
Promoter's name : XXX
Age : 48 years
Qualification level : Postgraduate
Designation / responsibilities : Managing Director/Overall management
Relevant experience : 20 years with Bower Bar and Restaurant and Flavours of India
Personal liquid net worth : Rs.75.76 lakh as on October 23, 2013
Promoter's residence address : XXX
Ownership of residence : Owned
Vehicles used : Data awaited
Photographs awaited
Promoter's name : XX
Age : 76 years
Qualification level : Graduate
Designation / responsibilities : Director/Overall management
Relevant experience : 31 years with Bower Bar and Restaurant and Flavours of India
Personal liquid net worth : Rs.75.76 lakh as on October 23, 2013
Personal net worth of the promoters is as disclosed by the management and not certified.
OWNERSHIP PATTERN
Shareholding pattern as on: March 31, 2013
Name of the shareholder Relationship with promoter Share in capital (%)
X Managing Director 50.00
Y Father 23.39
Z Mother 17.74
XX Friend 8.87
Total 100.00
Note: � X and XX are only the shareholders in the company and do not form a part of the board of management.
15
GROUP COMPANIES AND FIRMS
Name of the group
company / firm
Business Year ended Net sales PAT Net
worth/
Capital
Total
debt
XYZ Amounts in Rs. Lakh
ABC - 31-Mar-13 68.32 -9.15 121.09 21.58
DEF - 8.72 5.96 55.79 Nil
GHI Hospitality
services
Data awaited
PAT: Profit after tax
Notes:
� XXX operates one restaurant under the name Flavours of India and two hotels under the name of
Utsav and Flavours Inn, respectively.
� XX were formed solely for the acquisition of land.
16
FINANCIAL PROFILE
PROJECTIONS OF THE COMPANY
3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Financials Proj. Proj. Proj. Proj. Proj. Proj. Proj. Proj. Net Sales Rs. lakh 2,091.01 2,395.16 2,724.49 3,080.77 3,465.87 3,639.16 3,821.12 4,012.18
Operating Income Rs. lakh 2,230.41 2,554.84 2,906.12 3,286.15 3,696.93 3,881.77 4,075.86 4,279.66
OPBDIT Rs. lakh 869.86 996.39 1,133.38 1,281.59 1,441.80 1,513.89 1,589.58 1,669.06
RPAT Rs. lakh 12.37 140.49 278.52 424.12 577.83 672.05 768.70 859.37
Net Cash Accruals Rs. lakh 404.07 532.19 670.22 815.82 969.53 1,063.75 1,160.40 1,251.07
Equity Share Capital Rs. lakh 3,621.85 3,621.85 3,621.85 3,621.85 3,621.85 3,621.85 3,621.85 3,621.85
Adjusted Net worth Rs. lakh 3,634.21 3,774.70 4,053.22 4,477.34 5,055.17 5,727.24 6,495.92 7,355.30
Adjusted Total Debt Rs. lakh 3,296.80 3,000.05 2,719.72 2,399.41 2,132.15 1,857.24 1,568.43 1,498.84
Ratios
OPBDIT / Operating Income % 39.00 39.00 39.00 39.00 39.00 39.00 39.00 39.00
APAT/Operating Income % 0.55 5.50 9.58 12.91 15.63 17.31 18.86 20.08
APBIT/(Adjusted Debt + Adjusted Net worth) % 9.17 8.82 10.95 13.04 14.93 15.19 15.31 15.10
OPBDIT/Interest & Finance Charges Times 1.89 2.51 3.44 4.90 7.43 11.96 26.91 395.51
APBDIT/Interest & Finance Charges Times 1.89 2.51 3.44 4.90 7.43 11.96 26.91 395.51
Net Cash Accruals / Adjusted Debt Times 0.07 0.10 0.13 0.18 0.22 0.26 0.30 0.33
Adjusted Debt / Adjusted Net Worth Times 4.01 3.44 2.76 2.09 1.56 1.18 0.90 0.73
Current Ratio Times 2.17 0.96 0.67 0.58 0.51 0.46 0.44 0.44
DSCR Times 1.88 2.34 3.04 4.12 6.00 9.41 20.65 297.46
Note: The financial projections enclosed in this report are those that have been prepared by the company’s management. Notwithstanding, CRISIL has assigned the rating based on its own sensitivity of these projections.
17
ASSUMPTIONS OF THE PROJECTIONS
� The company plans to commence commercial operations in April 2016. � The company plans to operate at 55.00 per cent capacity in the first year of operations and the same
would be increased by 5.00 per cent per annum. � The average room rate (average realisation per room per day) has been assumed at Rs.6,200 and the
same is likely to increase by 5.00 per cent year-on-year. � Income from food, beverages, and laundry has been assumed at 50.00 per cent of room income and
other miscellaneous income has been assumed at 10.00 per cent of room income. � Assumption of the expenses is as follows:
Particulars Per cent of total income
Food and Beverages 30.00
Room up-keep 4.00
Power and fuel 6.00
Salary and wages 7.00
Repair and maintenance 1.50
Sales, administrative, and other expenses 3.00
Payment to Royal Orchid Group 9.50
� Repayment schedule for the term loan is:
Year 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023 3/31/2024
Balance at the end of the year (Rs. lakh)
3,250.00 2,750.00 2,250.00 1,750.00 1,250.00 750.00 250.00 -
Repayment (Rs. lakh)
- 250 500 500 500 500 500 250
Total interest
459.84 396.56 329.06 261.56 194.06 126.56 59.06 4.22
� The moratorium period has been assumed as six months. � The rate of interest has been assumed at 13.50 per cent per annum. The repayment would be 28 equal
quarterly instalments. � Depreciation has been charged as per the provisions of the Companies Act, 1956 under the straight line
method. Details regarding the rates assumed are awaited. � Reason for stagnant operating margins year-on-year is awaited.
18
CONTINGENT LIABILITIES Not applicable
AUDITORS Data awaited
19
PROPOSED BANKING FACILITIES
Name of the bank Length of
relationship
Facilities
availed
Type of facility Loan amount
sanctioned
Rate
(%)
XXXX 3 months Term loan Fund-based limit Rs.3,500.00
lakh -
Notes:
� The term loan has not yet been sanctioned by the bank.
� The rate of interest would be decided once the loan is sanctioned.
20
SITE VISIT Awaited
THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK
CRISIL SME Ratings Contacts Head Office CRISIL House Central Avenue Hiranandani Business Park Powai, Mumbai 400 076 Tel: +91 22 3342 3000 / 8400 Fax: +91 22 3342 3757 Contact: Mr. Avinash Gidwani E-mail: [email protected] Mr. Sujit Agrawal E-mail: [email protected] Mr. Avinash Jha E-mail: [email protected] Mr. Sudhir Narayan E-mail: [email protected]
Pune 1187/17, Ghole Road Shivaji Nagar Pune 411 005 Tel: +91 20 4018 1900 Fax: +91 20 4018 1930 Contact: Mr. Prashant Borole E-mail: [email protected] Mr. Rahul Prasad E-mail: [email protected] Mr. Uday Revankar E-mail: [email protected] Mr. Rahul Nigam E-mail: [email protected] Mr. Shriganesh Pardhi E-mail: [email protected]
Ahmedabad 706, 7th Floor, Venus Atlantis Vejalpur, Near Reliance Petrol Pump Anandnagar to Prahladnagar Road Satellite, Ahmedabad 380 015 Tel: +91 79 4024 4500 Fax: +91 79 4024 4520 Contact: Mr. Arunraj Rajmohan E-mail: [email protected]
Gurgaon Plot no: 46, Sector : 44 Opposite Provident Fund Office Gurgaon, Haryana : 122 003 Tel: +91 124 672 2402 Fax: +91 124 672 2001 Contact: Mr. Kunal Raman E-mail: [email protected] Mr. Chayan Gulati E-mail: [email protected]
Hyderabad 3
rd Floor, Uma Chamber
Plot no 9 & 10, Nagarjuna Hills, Punjagutta, X Road Hyderabad 500 082 Tel: +91 40 2335 8103/05 Fax: +91 40 2335 7507 Contact: Mr. Mansur Basha E-mail: [email protected] Mr. Rahul Deshpande E-mail: [email protected]
Chennai Thapar House, Mezzanine Floor 43/44, Montieth Road, Egmore Chennai 600 008 Tel : +91 44 6616 3100 Fax: +91 44 2854 7531 Contact: Mr. B. Venugopal E-mail: [email protected] Mr. Harikrishnan A E-mail: [email protected]
Bengaluru W 101, Sunrise Chambers 22, Ulsoor Road, Bengaluru 560 042 Tel: +91 80 2558 0899 Fax: +91 80 2559 4801 Contact: Mr. Ravikiran Apte E-mail: [email protected] Mr. Prashant Menon E-mail: [email protected] Kolkata HORIZON, 4th Floor, Block B 57, Chowringhee Road Kolkata 700 071 Tel: +91 33 2289 1949/4011 8200 Fax: +91 33 2283 0597 Contact: Mr. Sambit Das E-mail: [email protected] Ms. Jhumur Chowdhury E-mail: [email protected] Mr. Abhishek Kumar E-mail: [email protected] Mr. Abhik Sen E-mail: [email protected]
Hubli Unit No. 53 and 54 2nd floor, Eureka Junction Above Hubli Scan Centre, Opp. Revankar Comfort T.B. Road, Hubli 580 029 Tel: +91 836 2256 777 Mr. Kashiraya Kadaganchi E-mail: [email protected]
Coimbatore New No. 750-7, Old No. 1055-6 1st Floor, Gowtham Centre Opp. Nilgiri Nest, Avinashi Road Coimbatore 641 018 Tel: +91 422 224 4559 Contact: Mr. Abraham L E-mail: [email protected]
Surat 811, 8th Floor, Rajhans Complex Opp. J K Tower, Ring Road Surat 395 002 Tel: +91 261 400 2230 Contact: Mr. Piyush Revdiwala E-mail: [email protected]
Nashik 1, Deep Aarti Apartments Opp. Bohora Park, Gangapur Road Nasik 422 002 Contact: Mr. Pratik Shukla E-mail: [email protected]
Jaipur C/14/13, 1
st Floor, Shopping Centre
Swarn Path Mansarovar, Jaipur 302 020 Phone: +91 141 302 1688/81 Contact: Mr. Vikas Banthia E-mail: [email protected] Jamshedpur Office No 7 Meghdeep Building, 2
nd Floor
“Q” Road, Bistupur, P.S. Bistupur Jamshedpur, Singhbhum (East) Jharkhand 831 001
Phone: +91 657 654 5958
Mr. Abhishek Kumar
E-mail: [email protected] Raipur 323, 3
rd Floor, Crystal Arcade
Lodipara Chowk, Shankar Nagar Road Raipur 492 001 Tel: +91 771 409 9997 Contact: Mr. Yash Naidu E-mail: [email protected] Indore Office No 160, 1
st Floor , Orbit Mail,
A. B. Road, Indore 452 010 Tel: +91 731 3931386 Contact: Mr Nikhil Soni E-mail: [email protected] Ludhiana Sai Tower 202, Industrial Area Ludhiana 141 003 Tel: +91 161 501 1575 Contact: Mr. Munish Dhawan E-mail: [email protected] Mr. Abhinandan Sharda E-mail: [email protected] Mr. Sudhir Rana E-mail: [email protected] Kochi 40/2908, F-14, 4th Floor Penta Menaka, Marine Drive Kochi 682 031 Phone +91 484 237 3337 Contact: Mr. Martin George Email: [email protected] Vadodara 509, Centre Point, R.C.Dutt Road Alkapuri, Vadodara 390 007 Tel: +91 265 3025 946 Contact: Mr Devesh Kemkar E-mail: [email protected] Visakhapatnam Cabin No.S-5, Vishaka Business Centre, 46-19-5, Manda Vari Street, Dondaparthy, Visakhapatnam 530 016 Tel: +91 891 6661 770 Contact: Mr. Kanuparthy Vamsi E-mail: [email protected]
CRISIL House, Central Avenue, Hiranandani Business Park Powai, Mumbai 400 076 Phone: +91 22 3342 3000 Fax: +91 22 3342 3001 Email: [email protected] www.crisil.com