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Faery Estates Private Limited 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. PRESS RELEASE Page 1 ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according to their complexity levels is available on the website www.icra.in Disclaimer: ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA Ratings are subject to a process of surveillance, which may lead to revision in ratings. Please visit our website (www.icra.in) or contact any ICRA office for the latest information on ICRA Ratings outstanding. © Copyright, 2011, ICRA Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA 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 PRESS RELEASE Page 2 ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according to their complexity levels is available on the website www.icra.in Disclaimer: ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA Ratings are subject to a process of surveillance, which may lead to revision in ratings. Please visit our website (www.icra.in) or contact any ICRA office for the latest information on ICRA Ratings outstanding. Registered Office ICRA Limited 1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi 110001 Tel: +91-11-23357940-50, Fax: +91-11-23357014 Corporate Office Mr. Vivek Mathur Mobile: 9871221122 Email: [email protected] Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon 122002 Ph: +91-124-4545310 (D), 4545300 / 4545800 (B) Fax; +91-124-4545350 Mumbai Kolkata Mr. L. Shivakumar Ms. Anuradha Ray Mobile: 91-22-30470005/9821086490 Mobile: 91-33-22813158/9831086462 Email: [email protected] Email: [email protected] 3rd Floor, Electric Mansion, Appasaheb Marathe Marg, A-10 & 11, 3rd Floor, FMC Fortuna, 234/ 3A, A.J.C. Bose Prabhadevi, Mumbai - 400 025 Road, Kolkata-700020. Ph : +91-22-2433 1046/ 1053/ 1062/ 1074/ 1086/ 1087 Tel: +91-33-2287 6617/ 8839/ 2280 0008 Fax : +91-22-2433 1390 Fax: +91-33-2287 0728 Chennai Bangalore Mr. Jayanta Chatterjee Mr. Jayanta Chatterjee Mobile: 9845022459 Mobile: 9845022459 Email: [email protected] Email: [email protected] Email: Mr. K. Ravichandran 2 nd Floor. ,Vayudhoot Chambers, Trinity Circle, 15-16 Mobile: 91-44-45964301/ 9940008808 M.G.Road, Bangalore-560001. Email: [email protected] Tel:91-80-25597401/ 4049 Fax:91-80-25594065 5th Floor, Karumuttu Centre, 498 Anna Salai, Nandanam, Chennai-600035. Tel: +91-44-2433 3293/ 94, 2434 0043/ 9659/ 8080, 2433 0724, Fax:91-44-24343663 Ahmedabad Pune Mr. L. Shivakumar Mr. L. Shivakumar Mobile: 9821086490 Mobile: 9821086490 Email: [email protected] Email: [email protected] 907 & 908 Sakar -II, Ellisbridge, 5A, 5th Floor, Symphony, S.No. 210, CTS 3202, Range Hills Ahmedabad- 380006 Road, Shivajinagar,Pune-411 020 Tel: +91-79-26585494, 26582008,26585049, 26584924 Tel : (91 20) 2556 1194 -96; Fax : (91 20) 2556 1231 TeleFax:+91-79- 2648 4924 Hyderabad Mr. M.S.K. Aditya Mobile: 9963253777 Email: [email protected] 301, CONCOURSE, 3rd Floor, No. 7-1-58, Ameerpet, Hyderabad 500 016. Tel: +91-40-2373 5061 /7251 Fax: +91-40- 2373 5152 PRESS RELEASE Page 3 ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according to their complexity levels is available on the website www.icra.in Disclaimer: ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA Ratings are subject to a process of surveillance, which may lead to revision in ratings. Please visit our website (www.icra.in) or contact any ICRA office for the latest information on ICRA Ratings outstanding. .
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