This document summarizes a proposed private placement of secured redeemable non-convertible debentures by Shree Sukhakarta Developers Pvt Ltd, a subsidiary of Ruparel Realty group. The issuance would be for INR 65 crores over 42 months to fund two residential projects, Ariana in Sewri and Mirage in Bandra. The debentures would be secured by mortgages on the land and cash flows of the two projects, along with personal guarantees of the promoters and corporate guarantee of Ruparel Developers India Pvt Ltd. The transaction structure, project details, financials and risks are provided.
This document summarizes a proposed private placement of secured redeemable non-convertible debentures by Shree Sukhakarta Developers Pvt Ltd, a subsidiary of Ruparel Realty group. The issuance would be for INR 65 crores over 42 months to fund two residential projects, Ariana in Sewri and Mirage in Bandra. The debentures would be secured by mortgages on the land and cash flows of the two projects, along with personal guarantees of the promoters and corporate guarantee of Ruparel Developers India Pvt Ltd. The transaction structure, project details, financials and risks are provided.
This document summarizes a proposed private placement of secured redeemable non-convertible debentures by Shree Sukhakarta Developers Pvt Ltd, a subsidiary of Ruparel Realty group. The issuance would be for INR 65 crores over 42 months to fund two residential projects, Ariana in Sewri and Mirage in Bandra. The debentures would be secured by mortgages on the land and cash flows of the two projects, along with personal guarantees of the promoters and corporate guarantee of Ruparel Developers India Pvt Ltd. The transaction structure, project details, financials and risks are provided.
This document summarizes a proposed private placement of secured redeemable non-convertible debentures by Shree Sukhakarta Developers Pvt Ltd, a subsidiary of Ruparel Realty group. The issuance would be for INR 65 crores over 42 months to fund two residential projects, Ariana in Sewri and Mirage in Bandra. The debentures would be secured by mortgages on the land and cash flows of the two projects, along with personal guarantees of the promoters and corporate guarantee of Ruparel Developers India Pvt Ltd. The transaction structure, project details, financials and risks are provided.
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 29 th 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 42 nd month i.e. 30 th 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 30 th , 2016 8.31% February 28 th , 2016 8.31% March 30 th , 2016 8.31% April 30 th , 2016 8.31% May 30 th , 2016 8.31% June 30 th , 2016 8.31% July 30 th , 2016 8.31% August 30 th , 2016 8.31% September 30 th , 2016 8.31% October 30 th , 2016 8.31% November 30 th , 2016 8.31% December 30 th , 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 7 th level Approvals LOI Received. IOA for full rehab building & CC till plinth received Sale Building IOA has been received Start Date May13 Completion Date June17 (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 caf, 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 June13 Completion Date June15 (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 agents, nor any other person do not accept any liability for any loss arising from the use of the information contained in this presentation. Before making a decision, the recipient should consult its advisers or consider the appropriateness of the transaction, objectives and financial circumstances. Edelweiss is neither acting as an adviser nor in a fiduciary capacity in respect of transaction referred to in the presentation. Edelweiss makes no representation and gives no advice in respect of any financial, tax, legal or accounting or any other matter connected with the transaction. The information contained in the presentation is proprietary to Edelweiss and is not to be copied or reproduced or given (in whole or in part) or otherwise distributed to any other third party without the written permission of Edelweiss. Edelweiss does not accept any liability whatsoever for any direct or consequential loss arising from any use of this presentation and the information, opinions and materials contained in this presentation. Recipients are advised to exercise caution in relation to the contents of this presentation. If recipient is in doubt about any of the contents of this document, the recipient should obtain independent professional advice.