Brickwork Ratings reaffirms the ratings for the Non-Convertible Debentures of Crores of Crescent Amity Realtors Private Limited (CARPL).

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1 Rating Rationale Crescent Amity Realtors Private Limited 27 Sep 2018 Brickwork Ratings reaffirms the ratings for the Non-Convertible Debentures of Crores of Crescent Amity Realtors Private Limited (CARPL). Particulars Instrument Issue Date Previous ( Crores) Present ( Crores) Coupon Maturity Date ISIN Particulars Rating History (Sept,2017) Present Rating* NCD Tranche-1 Trance th Dec th June 2018 Proposed Proposed %-14% 30th Dec th March 2024 INE419Y07011 INE419Y07029 [Pronounced as BWR Single B] Assigned [Pronounced as BWR Single B] Reaffirmed Total (INR Ninety Crores Only) *Please refer to BWR website for definition of the ratings Rationale: The rating continues to factor, inter alia, the promoters experience in executing real estate projects in Mumbai; location of the current SRA projects named Centrico at Malad (West) & Myra at Malad (East) in Mumbai; sales and construction status of project Centrico where in 55% of the saleable area has been sold and 35% of the construction has been completed. The rating is however constrained by the fact that, construction of project Myra is yet to commence; few critical regulatory approvals are still pending for both the projects; promoters having negligible equity contribution in the projects Sep 2018

2 Description of Key Rating Drivers Credit Strengths: Experienced Promoters: The shareholders Mr Jigar Vora & Mrs Jyoti Vora have an experience of more than a decade in the real estate industry. They are supported by a team of qualified professionals in running the business. Favourable Location: The projects are located in Malad area of the suburbs of Mumbai, which is one of the key residential hubs of the city. Excellent connectivity and proximity to large retail space & hotel makes the location attractive. Status of project Centrico: Launched in 2016, Centrico has been able to sell 55% of the saleable area, around 35% of construction of the project has been completed. The future sales velocity of the company would be mainly dependent upon the revival of demand in the sector. Credit Risks: Nascent Stage Of Project Myra: Project Myra is at its nascent stage with demolition work of the existing buildings in the progress and few approvals are under process. The construction shall start after the completion of the demolition work. Project Execution Risk: The company is still awaiting a few critical approvals which if not achieved in time shall lead to delay in the projects with cost overruns. Negligible equity contribution: The cost of construction of both the projects Myra and Centrico, are being funded through debt and customer advance with negligible equity contribution from the promoters. Analytical Approach For arriving at its ratings, BWR has applied its rating methodology as detailed in the Rating Criteria detailed below (hyperlinks provided at the end of this rationale). Rating Outlook: Stable BWR believes the Crescent Amity Realtors Private Limited business risk profile will be maintained over the medium term. The Stable outlook indicates a low likelihood of rating change over the medium 2 27 Sep 2018

3 term. Going forward, progress of construction, approvals, sales velocity and selling price of the both the projects will be key rating sensitivity. About the Company Crescent Amity Realtors Pvt Ltd (CARPL) was incorporated in The shareholders of the company are Mr. Jigar Vora (40.84% share) and Ms. Jyoti Vora (58.84% share). Currently it is undertaking SRA project named Centrico at Malad, Mumbai. The other SRA project Myra will be undertaken by group company M/s Amity Constructions. M/s Amity Constructions is partnership firm of Mr. Jigar Vora and Ms. Jyoti Vora with 50% stake of each partner. Project Centrico has 1 sale tower of 40 residential floors with saleable area 2.42 lac sq ft and 1 rehab tower of 23 floors. Total project cost is estimated at Rs Cr. Till Aug 18, 55% of the saleable area has been sold and 33% of the construction cost has been incurred. Project Myra has 1 sale tower of 50 floors with saleable area 4.81 lac sq ft and 1 rehab tower of 23 floors. Total project cost is estimated at Rs Cr. Construction of the project is yet to commence however around 8% of the area has been sold. Key Financial Indicators: Key Parameters Units Result Type Audited Audited Operating Revenue Cr PAT Cr Tangible Net worth Cr Total Debt/Tangible Net worth Times Current Ratio Times Sep 2018

4 Rating History for the last three years S.No Instrument Current Rating (2018) Rating History Type (Long Term/ Short Term) ( Crs) Rating NCD Long Term [Reaffirmed] [Assigned] NA NA Total ( Ninety Crores Only) Status of Non-cooperation with other CRA: NA Hyperlink/Reference to applicable Criteria General Criteria Approach to Financial Ratios For any other criteria obtain hyperlinks from website Analytical Contacts Bal Krishna Piparaiya CGM-Ratings analyst@brickworkratings.com Media media@brickworkratings.com Relationship Contact bd@brickworkratings.com Phone: For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media. Note on complexity levels of the rated instrument: 4 27 Sep 2018

5 BWR complexity levels are meant for educating investors. The BWR complexity levels are available at Investors queries can be sent to About Brickwork Ratings Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency, accredited by RBI and empaneled by NSIC, offers Bank Loan, NCD, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. BWR is accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. Brickwork Ratings has Canara Bank, a leading public sector bank, as its promoter and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations. BWR has rated debt instruments/bonds/bank loans, securitized paper of over 13,22,500 Cr. In addition, BWR has rated over 7000 MSMEs. Also, Fixed Deposits and Commercial Papers etc. worth over 62,000 Cr have been rated. BWR has rated over 30 PSUs/Public Sector banks, as well as many major private players. BWR has a major presence in ULB rating of nearly 102 cities DISCLAIMER Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented as is without any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reasons Sep 2018