Rationale

 The rating downgrade and moved the rating for the bank facilities of Hardev Construction Private Limited in the ‘Issuer Not Cooperating’ category. The ratings are denoted as “[ICRA]BB+ (Stable) ISSUER NOT COOPERATION/[ICRA]A4+ ISSUER NOT COOPERATION”. The rating downgrade is because of lack of adequate information regarding Hardev Construction Private Limited’s performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its “Policy in respect of non-cooperation by a rated entity” available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Hardev Construction Private Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite multiple requests by ICRA, the entity’s management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information.