Faery Estates Private Limited

ICRA has assigned an LBBB+ (pronounced L triple B plus) rating to the Rs. 150.00 crore1 fund based limits of Faery Estates Private Limited (FEPL) †. The long-term rating has been assigned a stable outlook. ICRA has also assigned an A2+ (pronounced A two plus) rating to the Rs. 30.00 crore fund based sub-limits of FEPL’s Rs. 150 crore fund- based limits.

ICRA has also assigned an LAA+ (SO) (pronounced as L double A plus Structured Obligation) rating with a stable outlook to FEPL’s term loans aggregating Rs. 187.50 crore. The letters SO in parenthesis suffixed to a rating symbol stand for Structured Obligation. An SO rating is specific to the rated issue, its terms, and its structure. SO ratings do not represent ICRA’s opinion on the general credit quality of the issuers concerned.

The ratings favorably factor in the presence of SPCL as the project management consultant with overall responsibility for managing the day-to-day operations as well as the marketing and leasing aspects for the project, the demonstrated commitment from SPCL by way of a corporate guarantee towards part of FEPL’s borrowings and branding of the “SP Infocity” project as a Shapoorji Pallonji project. The ratings also factor in the attractive location of the project in Chennai, the fact that the land for the project has been entirely acquired and paid for and the significant leasing progress achieved towards the first block with a strong tenant profile comprising reputed brands like HSBC and Amazon.

The ratings are however constrained by FEPL’s exposure to refinancing risks towards construction loans, the anticipated supply addition in the OMR region which could have an impact on occupancy levels and achievable rentals for the new blocks ,the pending equity infusion of ~Rs. 200 crore from overseas investors towards the remainder of the project and FEPLs anticipated requirement of deficit financing to the tune of Rs. 225 crore to complete construction of the project over the next three years.

Company Profile

The Shapoorji Pallonji Group (SP Group) is currently developing 9 IT/ITeS focused commercial projects - branded as “SP Infocity” - across India (Pune, Chennai, Gurgaon, Manesar, Nagpur, Mohali, Mysore, Kolkata and Durgapur) through various SPVs. Faery Estates Private Limited (FEPL) is the SPV currently constructing the SP Infocity at Perungudi, Off Old Mahabalipuram Road in Chennai. The project is located 2 kms from Tidel Park, 10 kms from the railway station and 13 kms from the airport. Till FY 08, FEPL was entirely held by SPCL; in FY 08, SPCL sold its entire stake in the project to Mauritius-based Carwel Estates Limited and SPCL was retained as the project management consultant with overall responsibility for managing the day-to-day operations as well as the marketing and leasing aspects for the project. February 2011 For further details please contact: Analyst Contacts: Mr. Rohit Inamdar, (Tel. No. +91-124-4545847) [email protected]

Relationship Contacts: Mr. L. Shivakumar, (Tel. No. +91-22-30470005) [email protected]

______1100 Lakh = 1 Crore = 10 million † For complete rating scale and definitions, please refer to ICRA’s website www.icra.in or other ICRA Rating Publications.

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ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. The ICRA ratings are subject to a process of surveillance which may lead to a revision in ratings. Please visit our website (www.icra.in) or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. All information contained herein must be construed solely as statements of opinion and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents

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