Strictly Private and Confidential

Ruparel Realty NCD

Table of Content

Residential Properties

Selected Location

Serial No. Particular Page No

1 Executive Summary 3

2 Company Overview 4

3 Transaction Structure 7

4 Project Details

• Ruparel Ariana

• Ruparel Mirage

10

11

15

5 Project Summary 18

EXECUTIVE SUMMARY

• Issue details

• Issuer: Shree Sukhakarta Developers Pvt Ltd. (A Ruparel Realty group company)

• Amount: INR 65 cr

• Term: 42 months

• Security: Development rights & cash flows of project ‘Ariana’ being developed at Sewri

Mortgage of land & cash flows of project ‘Mirage’ being developed at Bandra

Personal Guarantees of the promoters

Corporate Guarantee & 100% Pledge of Ruparel Developers India Pvt Ltd

(“RDIPL”)

99% Pledge of Issuer

• Security Cover: Minimum of 2 times

• Key features

• A 3.5 year structured bond secured with more than 2 times cover by hard collateral

• Backed by Personal Guarantees of Promoters & Corporate Guarantee of RDIPL

• Secured by two High end residential projects situated at Sewri & Bandra.

Strictly Private and Confidential

Company Overview

Ruparel Overview

• Ruparel Group is promoted by Mr. Amit Mahendra Ruparel & Mr. Milind

Mahendra Ruparel.

• The group started development under the name of M/S Home Builders,

Parent entity of Ruparel Group as a registered partnership established

in 1999

• Till date the group has developed four projects namely Shanti Park,

Ruparel Gardens and Mangaldeep, constructed in and around of Nerul &

Belapur & Sea Homes on Palm Beach road

• Group has shifted its focus to redevelopment projects in Mumbai and

has a project pipe line of 1.30 mn sft of redevelopment projects in

Mahim, Chembur, Dadar, Shivaji Park, Bandra, Girgoan, Lower Parel

and Matunga.

• The is an existing client of Edelweiss and has a proven excellent record

conduct

• Sensing the potential of the group IIFL has also funded Rs 70 cr for two

of his projects under development

• Currently there are 6 approved and under construction projects

ongoing across Bandra, Sewri, Mahim & Navi Mumbai

Ruparel Realty: Project Overview – Current/ Future

Project Name Location Start Date End

Date

Total Saleable

Area in Sq. Ft

Total Revenue

(Rs Cr)

Sold Area in

Sq. Ft.

Unsold Area

in Sq. Ft.

Sea Palace Palm beach road- Navi

Mumbai 2011 2014 104,350 136.00 19,250 85,100

The Ridge Mahim, Mumbai 2013 2015 15,000 24.00 - 15,000

Orion Chembur 2013 2017 210,990 230.00 61,345 149,645

Ariana Sewri, Mumbai 2013 2017 302,320 531.00 51,380 250,940

IRIS Mahim, Mumbai 2013 2016 76,742 191.00 - 76,742

Mirage Bandra, Mumbai 2013 2015 30,000 80.00 - 30,000

Total 739,402 1192.00 131,975 607,427

Location Type of Development Plot Area (sq mtrs) Value (Rs Cr)

Dadar Residential – Redevelopment 944 30.00

Matunga Mixed use – Redevelopment 3911 55.00

Kumbharwada Mixed use – Redevelopment 1300 47.00

Lower Parel Residential – Redevelopment 1700 30.00

Current Projects

Future Projects

Strictly Private and Confidential

Transaction Structure

Transaction Structure

Issuer Shree Sukhakarta Developers Pvt. Ltd.

Guarantors Mr. Amit Ruparel, Mr. Milind Ruparel, Mrs. Minaxi Ruparel, Mr. Mahendra Ruparel

Objectives of Issue

1. Meeting project development expenses 2. General Corporate Purposes

Instrument Privately Placed, Secured Redeemable, Non-Convertible Debentures (NCDs)

Issue Amount Rs 65 cr

Face Value Rs 10,00,000 (Rupees Ten lakh only) per debenture

Issue Date 29th July, 2013

Repayment 12 equal Monthly Installments of 8.31% investment amount commencing from the end of the 30th month i.e. 30th January 2016 till the end of 42nd month i.e. 30th December, 2016

Security 1. Charge over Development Rights of ‘Ariana’ situated at Sewri Mumbai; 2. Charge over 725 sq mtrs ‘Mirage’ situated at Bandra W Mumbai; 3. 99% pledge of shares of Issuer 4. 100% pledge of shares of Project ‘Mirage’ owning company 5. Personal Guarantee of promoters 6. Corporate Guarantee of Ruparel Developers India Pvt Ltd 7. Charge on cash flows of both the projects

Security Cover The Security Cover Ratio shall be maintained at a minimum of 2X

Cash flow Diagram

Sale Proceeds Escrow Account

Waterfall

Payment Schedule

Transaction Structure

• Waterfall

• Payment of Issue related expenses

• Payment of interest on the Debentures

• Reserve for payment of interest on Debentures

equal to Three month interest payment

• Construction cost of project

• Redemption of Debentures

Redemption Dates

% of face Value of the

Debenture to be

redeemed

January 30th, 2016 8.31%

February 28th, 2016 8.31%

March 30th, 2016 8.31%

April 30th, 2016 8.31%

May 30th, 2016 8.31%

June 30th, 2016 8.31%

July 30th, 2016 8.31%

August 30th, 2016 8.31%

September 30th, 2016 8.31%

October 30th, 2016 8.31%

November 30th, 2016 8.31%

December 30th, 2016 8.62%

Total 100.00%

The Issuer have a call option to prepay the issue in

multiples of Rs. 6.5 cr any time after 6 month from the

date of Issue.

Strictly Private and Confidential

Project Details

Ruparel Ariana: Location Overview

Located on Jerbai Wadia Road at Sewri, Mumbai. The project is in close proximity to Parel, Dadar E & Lower Parel. The project has proximity to social & civic infrastructure like hospitals (TATA, Bajaj KEM etc..), schools & colleges. The subject site is very well connected with access to Sewree Station, Elphinstone Rd Station, Monorail Station, Dr Ambedkar Road, Eastern Freeway Etc..

The micro-market is witnessing supply of multiple projects from prominent developers such as Peninsula, Godrej, Bombay Dyeing & L&T

Ruparel Ariana: Location Map

Ruparel Ariana: Project Profile

Details of Project

- An SRA Project with 0.3 mn sq ft of free sale area

- Approx. 240 units of 2 & 3 BHKs

-65 storied RCC structure with 6 levels of car park and two basements

-The first habitable floor starts after the 7th level

Approvals LOI Received.

IOA for full rehab building & CC till plinth received

Sale Building IOA has been received

Start Date May’13

Completion Date June’17 (Expected)

Area Sold till date 51,380 Sq ft

Achieved price (till date) ~Rs. 15,400 per sq ft (All inclusive price)

Construction status Excavation work completed and foundation work in progress

Amenities Home automation through iPad, Indoor pool with jacuzzi cubes, Ayurveda Spa,

Steam & Jacuzzi, Gymnasium, Club Arena, Library, Billiards Room, Golf Simulation

room, Sky deck café, Designer Facade with vertical garden & waterfall

Ruparel Ariana: Site Pics

Ruparel Mirage: Location

Located on Pali Hill. The project is

located in the heart of Bandra W.

This area is a very well established

premium neighbourhood in the city

of Mumbai.

The subject site is off the B R

Ambedkar Road

Owing to lack of availability of open

land, the micro-market witnesses

very limited supply of residential

projects.

Ruparel Mirage: Location Map

Ruparel Mirage: Project Profile

Details of Project A single storey building comprising 16 luxury units

Only Two 3 BHK apartments on each floor

Approvals IOD received for the building

Construction Status Demolition of existing structure ongoing

Start Date June’13

Completion Date June’15 (Expected)

Area Sold Project is yet to be launched

Project Summary

Project Summary Ariana Mirage Total

Saleable Area (Sq. Ft.) 302,320 30,000 332,320

Area Sold (Sq. Ft.) 51,380 - 51,380

Revenue Received from Sold Area (Cr.) 18.00 - 18.00

Revenue to be Received from Sold Area (Cr.) 62.00 - 62.00

Expected Sales Revenue from unsold area (Cr.) 513.00 80.00 593.00

Total Cost of project (Cr.) 264.00 24.00 288.00

Cost incurred (Cr.) 21.00 9.00 30.00

Cost to be incurred (Cr.) 243.00 15.00 258.00

Net Cash flow (Pre Tax) (Cr.) 270.00 65.00 335.00

Disclaimer

This presentation has been prepared on the basis of the information & documents provided by the

Shree Sukhakarta Developers Pvt. Ltd. (“Issuer”). Edelweiss Group (“Edelweiss”) do not take

responsibility for the correctness, completeness and authenticity of the information contained in this

presentation. Edelweiss is under no obligations to update the information or this presentation. The

presentations has been prepared to provide an overview of the transaction and is intended for

information and discussion purposes only and may not contain all the information necessary to make

an decision or do not intend to replace independent professional judgment of the recipient. In making

an decision, the recipient must examine the transaction from all aspect including legal feasibility,

merits and risks involved in such transaction. This presentation shall not be construed as and does not

form part of an offer, nor invitation to offer, nor a solicitation or advice or recommendation to or as

any form of commitment to enter into transaction referred to in this presentation, nor is it an official

or unofficial confirmation of terms. The information contained in this presentation is not investment or

financial product advice and is not intended to be used as the basis for making a decision. No

representation or warranty, express or implied, is made as to the legality, accuracy, completeness or

correctness of the information, opinions and conclusions or reasonableness of any projection,

prospects or return contained in this presentation. The information, conclusion, opinions and

projections contained in the presentation are based upon certain assumptions provided by the Issuer,

existing regulatory regime, current market conditions, future events and conditions and is intended

only to illustrate the transaction under those assumptions (not all of which are specified herein). Such

assumption involve

Disclaimer

known and unknown risks, uncertainties and other factors. Actual events or conditions are unlikely to

be consistent with, and may differ materially from, those assumed. In addition, not all relevant events

or conditions may have been considered in developing such assumptions. Accordingly, actual results

will vary and the variations may be material. The information in this presentation does not take into

account the effects of a possible transaction or transactions or any other event, including with

limitation an actual or potential change of regulatory regime. Edelweiss, its directors, employees or

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