Vipul Limited Corporate Presentation

November 2009

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Disclaimer

• This presentation has been prepared by Vipul Ltd. solely for providing information about the Company.

• No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. Neither the company nor any of its respective affiliates, advisers or representatives, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

• The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements”, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ from these forward-looking statements due to a number of factors, including future changes or developments in the Company’s business, its competitive environment, information technology and political, economic, legal and social conditions in India and worldwide. The Company undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.

• This presentation and any information presented herein are not intended to be, offers to sell or solicitation of offers to buy the Company’s equity shares or any of its other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

• The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.

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Introduction

• Vipul Limited is one of India’s leading real estate firms with a strong presence in North India

– The company focuses on real estate development – Residential, Commercial, Integrated Townships, Retail, Hotels & SEZ

– The company has till date developed and delivered 3.6 mn sq. ft. of residential space and 2.75 mn sq. ft. of commercial and retail space

• The company’s current geographical focus for ongoing and upcoming projects is:

– NCR, Bhubaneshwar & Ludhiana

• Vipul Facility Management, also promoted by the Vipul group, offers Integrated Facility Management, Project Management and facility related consultancy

• Vipul has also incorporated NGENOX - an IT enabled services’ company which focuses on design and engineering solutions for smart/intelligent buildings and remote maintenance and facility management services

• Vipul Ltd. is listed on the Mumbai Stock Exchange

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Mission & Vision

Mission

– To honour our commitments every time, effectively and efficiently, and to exceed the expectations of our customers

Vision

– To be a global standard Real Estate Company providing value-added, innovative and customer focused solutions that build happiness

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• Mr. Punit Beriwala, aged 46 years is the Managing Director of Vipul Limited

• He holds a B.Com degree from Kolkata University

• He has over 21 years of experience, of which 8 years have been with Vipul Limited

• He started the business through joint ventures with reputed builders and subsequently ventured out independently

• Ms. Guninder Singh, aged 48 years is the Chief Executive – Real Estate at Vipul Limited

• She holds a B.Arch degree from Punjab University

• She has over 26 years of experience, of which 7 years have been with Vipul Limited

• Previously she has worked with Unitech Ltd.

• Mr. Rakesh Sharma, aged 49 years is the Senior Vice President – Legal & Business Development at Vipul Limited

• He is a Chartered Accountant by profession • He has over 25 years of experience, of which 3

years have been with Vipul Limited• Previously he has worked with Onida, Stanford

Engineering, Silverline Holdings and Tapasya Projects Ltd.

• Mr. Pankaj Agarwal, aged 48 years is the Senior Vice President - Construction at Vipul Limited

• He holds a B.E. degree in Civil Engineering from Shivaji University

• He has over 20 years of experience, of which 6 years have been with Vipul Limited

• Previously he has worked with Shapoorji Palonji and Unitech Limited

• Mr. Atul Banshal, aged 37 years is the Vice President – Finance and Accounts at Vipul Limited

• He is a Chartered Accountant by profession • He has over 13 years of experience, of which 2

years have been with Vipul Limited• Previously he was associated with audit and

consulting firms

• Mr. Parikshit Roy, aged 46 years is the Chief Executive – International Division at Vipul Limited

• He holds a post graduate diploma in management from IIM Kolkata and a B.E. degree in Mechanical Engineering from North Bengal University

• He has over 24 years of experience, of which 4 years have been with Vipul Limited

• Previously he has worked with Honeywell and Johnson Controls Inc.

Management Team

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Mr. Rajesh Kr. Batra

• Mr. Batra, aged 62 years, holds an engineering degree from Waseda University, Tokyo, in Higher Optical Instrumentation

• He has over 26 years of experience as a real estate developer, financial advisor and investor

• He is also a member of Opticians Association and of Optical Instruments sub-committee – Indian Standard Institution

Mr. Kapil Dutta

• Mr. Dutta, aged 53 years, holds an Economic (Hons.) degree

• In the past, Mr. Dutta has worked as CEO - International Olympic Committee - India Office (1983-1997) and as CEO of Ashwini Kumar Consultants Pvt. Ltd..

Mr. Gurjagmeet Singh Baweja

• Mr. Baweja, aged 47 years, did his graduation from Kolkata

• He has been engaged in logistics management for over 2 decades

Mr. Anil Kr. Agarwal

• Mr. Agarwal, aged 55 years, graduated from Patna University

• He was the Chairman cum Managing Director of M/s Elite Leasings Ltd, a Finance & Leasing Company

• He has experience of more than 3 decades in the domain of finance

Board of Directors

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History & Key Milestones

1995

1991

The company was

incorporated as Analysis

Finance Limited

The company was listed on BSE

The group completed execution of its first

commercial properties – The Millennium Plaza

and Global Business Park in Gurgaon

2001

2003

Vipul Infrastructure completed execution of

its first residential projects – Vipul Floors and Vipul Gardens in

Gurgaon

2004

2006

Name of the company was

changed to Vipul Limited

Vipul Ltd. allotted bonus shares in a 1:1

ratio

2007

2007

Wachovia invested funds in the

company for a corresponding

stake of 14.95%

Vipul has established itself as one of the leading real estate developers of North India

Analysis Finance was amalgamated with Vipul

Infrastructure Developers Pvt Ltd. and the latter name was retained

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Summary of Completed Projects

PROPERTY LOCATIONAREA

(Acres)TOTAL AREA

(Mn sq. ft.)

THE MILLENNIUM PLAZA GURGAON 3.07 0.35

GLOBAL BUSINESS PARK GURGAON 8 0.52

GLOBAL ARCADE GURGAON 1.71 0.19

VIPUL SQUARE GURGAON 2.76 0.35

VIPUL PLAZA GURGAON 3 0.46

VIPUL AGORA GURGAON 2.79 0.37

VIPUL TECH SQUARE I GURGAON 3.19 0.51

TOTAL AREA DELIVERED 24.52 2.75

PROPERTY LOCATIONAREA

(Acres)TOTAL AREA

(Mn sq. ft.)

VIPUL FLOORS GURGAON 1.43 0.11

VIPUL GARDENS GURGAON 9.04 0.82

VIPUL GREENS* GURGAON 17.18 1.56#

VIPUL BELMONTE* GURGAON 11.40 1.11#

TOTAL AREA DELIVERED 39.05 3.60

* Extension under development# Including parking

Commercial & Retail

Residential

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Profile of Key Developments - Commercial

Vipul Square, Gurgaon Vipul Plaza, Gurgaon

Vipul Square, Gurgaon

• Located in Sushant Lok-I in Gurgaon• Commercial use development spread over an area of 2.79 acres• Total BUA of 350,000 sq ft over Ground + 10 floors + 2-tier basement parking• Operational and occupied - 100% sold• Key clients include Convergys, Shaw Wallace, IDBI Bank, Oriental Bank of Commerce, GTA,

Genesis PR, ORG Telecom and Blue Dart

Vipul Plaza, Gurgaon

• Located in Sector-54, Suncity, Gurgaon• Mixed use development spread over an area of 3 acres• Total BUA of 460,000 sq ft over Ground + 5 floors• Deck + 3-tier basement parking• Operational and occupied - 100% sold• Key clients include Nortel, NCR Corporation, Navisite, ICICI, Cairn Energy and Salient

Business Solutions Pvt Ltd.

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Profile of Key Developments - Commercial

Vipul Agora, Gurgaon

Vipul Agora, Gurgaon

• Located on MG Road in Gurgaon• Mixed use – Retail + Commercial use development spread over an area of 2.76 acres• Total BUA of 370,000 sq ft over Ground + 4 floors• Deck + 3-tier basement parking• 3 levels of shopping area and 2 atriums with all shops facing the atrium• Operational and occupied - 100% sold• Key clients include Convergys, Deutsche Bank Home Finance and Space Business Centre

Vipul Tech Square I, Gurgaon

• Located on Golf Course Road, Gurgaon• Vipul Tech Square I is spread across 3.19 acres• Total BUA of 510,000 sq ft• Deck + 3-tier basement parking• “Built to Suit” for DELL

Vipul Tech Square-I, Gurgaon

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Profile of Key Developments - Residential

Vipul Gardens, Gurgaon Vipul Greens, Gurgaon Vipul Belmonte, Gurgaon

Vipul Gardens, Gurgaon• Located on Golf Course Road in Gurgaon• 3BR, 4BR, 5BR / Penthouse apartments constituting 820,000 sq ft of BUA• Facilities include power back up, club house, gymnasium, swimming pool, playing courts, billiards, kids play

area etc.Vipul Greens, Gurgaon• Located on Main Sohna Road in Gurgaon• 3BR, 3BR + study, 4BR / Penthouse apartments constituting 1.56 mn sq ft of BUA• Facilities include convention hall, banquet hall, power back up, gymnasium, 3 swimming pools, playing courts,

billiards and kids play area • Possession completed for 1st and 2nd phase, 3rd phase in progress. Project likely to be completed by December

2009Vipul Belmonte, Gurgaon• Located on Golf Course Road in Gurgaon• 3BR, 4BR, 5BR & Penthouse apartments constituting 1.11 mn sq ft of BUA• Facilities include club house, power back up, gymnasium, swimming pool, playing courts, billiards and kids play

area • Possession of 3 towers completed and 3 in process. Project is likely to be completed by Quarter IV, FY 2009

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Sl. No. Name of the Shareholder

No. of Shares

Shares as % of Total No. of Shares

1 WDC Ventures Ltd 8,968,840 14.95

2 Vaishali Arya 15,50,000 2.58

3 Analysis Securities Pvt Ltd 1,482,800 2.47

4 Sunray Ceramics Pvt Ltd 920,200 1.53

5 KSJ Consultants Pvt Ltd 908,996 1.52

6 Essjay Viniyog Pvt Ltd 604,000 1.01

Total 14434836 24.06

Shareholding

Public Shareholders with more than 1% as on 30 Sept ‘09

Shareholding Pattern as on 30 Sept ‘09

Wachovia investment company; Acquired stake in 2007

Note: Promoters have pledged 29.40% of their shares, i.e. 17.38% of the total number of shares

Promoter & Promoter

Group59%Corporate

Bodies13%

Others13%

Foreign Corporate

Bodies15%

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Financial Performance P&L (Consolidated)

Company has been witnessing a decline in margins due to sales being booked before the real estate boom while construction costs being incurred at peak levels

INR Cr FY09 FY08 FY07 FY06Net Sales 420 288 214 157

growth 46% 35% 36%

EBITDA 46 68 67 13growth -63% 2% 398%margin 9% 24% 31% 9%

Other Income 2 5 1 1PAT 18 42 42 8

growth -57% 0% 403%margin 8% 14% 19% 5%

Company has been growing at ~40% y-o-y; FY09 however has been an aberration due to the economic slowdown and resulting impact on Real Estate industry

50100150200250300350400450

FY 06 FY 07 FY 08 FY 09

Net S

ales

(IN

R Cr

)

102030405060708090100

% S

ales

Gro

wth

05

10152025303540

FY06 FY07 FY08 FY09FINANCIAL YEAR

(%) M

argi

ns

Growth Margin

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Financial Performance

Balance Sheet (Standalone)

• As opposed to most other real estate companies in India, Vipul Limited is moderately leveraged

– Book value of D/E is less than 0.5, which suggests that there is room for raising more debt

Rs. in Crs. H1FY10 FY09

SOURCES OF FUNDS12

334

346159

159505

13

15

477

505

Share Capital 12

Reserves Total 353

Total Shareholders Fund 365Secured Loans 215

Total Debt 215Total Liabilities 580APPLICATION OF FUNDSNet Fixed Assets 12

Investments 15

Net Current Assets 553

Total Assets 580

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Ongoing Projects – Snapshot

Part of entire township land parcel of ~150 acres

Part of entire township land parcel of ~108 acres

Commercial only; 0.27 mn of hotel space and 0.16mn of retail space extra

Project Name City Classification Type JDA Sharing

Model

Developer's Share

Land Area(Acres)

Saleable Area

(sq ft)

Ongoing

Vipul Green Gurgaon Residential Apts. Own 100% 17.18 1,296,919

Vipul Belmonte Gurgaon Residential Apts. Own 100% 11.406 963,680

Vipul World Township (L) - I (P) Ludhiana Plots JDA Profit 75% 44.7 1,946,958

Vipul World Township (L) - II (GH) Ludhiana Group Housing JDA Profit 75% 9.95 834,338

Vipul World Township (L) - III (C ) Ludhiana Commercial JDA Profit 75% 5.16 432,682

Vipul Gardens - B Bhubaneshwar Residential Apts. JDA Revenue 82% 9.775 954,102

Vipul VillaNova Gurgaon Residential Apts. JDA Profit 50% 19.525 1,637,230

Vipul Gardens - D Dharuhera Residential Apts. JDA - SPV Profit 33% 13.4 1,059,477

Vipul World Township (G) - I (P) Gurgaon Plots Own 100% 40.35 1,758,564

Vipul World Township (G) - II (PV) Gurgaon Premium Villas Own 100% 25.45 1,105,887

Vipul World Township (G) - III (C ) Gurgaon Commercial Own 100% 3.75 315,486

ACE, Manesar Manesar Commercial JDA - SPV Profit 25% 11.3 275,616

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Vipul Green, Gurgaon

Location

• High rise residential apartments located on the well-connected Sohna Road in Gurgaon

• The Group Housing has convention hall, banquet hall, power back up, gymnasium, 3 swimming pools, playing courts, billiards and kids play area

• Project has been sold out • Construction is in final stages

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Vipul Belmonte, Gurgaon

Location

• High rise residential apartments located on the much sought after Golf Course Road in Gurgaon

• The Group Housing has all the facilities like club house, power back up, gymnasium, swimming pool, playing courts, billiards and kids play area

• Project has been sold out

• Construction is in final stages

• Project is likely to be completed by Quarter 4, F Y 2009

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Vipul World, Gurgaon

Location

• 150 acre township consisting of ‘Tatvam’ Premium Villas, Plots, Independent floors and Commercial

• Located on Sohna Road in Gurgaon

• Tatvam Villas are one of a kind premium villas with each having an independent swimming pool

• All projects have received tremendous response and have been sold to a large extent

• Construction of Tatvam Villas is in full swing

• Plot possession will start by year end

• Commercial Construction started

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Vipul World, Ludhiana

Location

• 108 acre of state-of-art township is a perfect blend of modern infrastructure & elegant lifestyle experience. Aesthetically nestled into manicured gardens, the township would comprise of plots, Premium Apartments and high end commercial complex.

• Located strategically on Ferozepur Road – the only township with direct frontage

• Plots have been launched

• Project development is in Progress

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Vipul Gardens, Bhubaneshwar

Location• High rise residential apartments located

strategically off NH-5, close to A.I.I.M.S.

• One of, if not the only, branded real estate developer in Bhubaneshwar

• City has huge potential due to the large number of students graduating from colleges in the city every year

• Project has been launched and Construction has commenced

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Vipul Gardens, Dharuhera

Location

• High rise residential apartments located on NH-8 in Dharuhera

• Positioned as mid-income housing for those working in the industrial towns of Manesar and Bhiwadi

• Project has been launched and has received fairly good response

• Construction is under way

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Vipul VillaNova, Gurgaon

Location

• High end residential apartments on Golf Course Road

• Project is yet to be launched

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ACE, Manesar

Location

• Mixed use property on NH-8 in Manesar consisting of office block, retail and a hotel

• Leading hotel operator has been tied-up for the hotel

• Construction work is in full swing

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Projects in Pipeline (Existing Land Bank)

Note:1. Projects highlighted in blue are planned to be launched within the next one year

S.No. Location of Property Area (Acres)Nature of the

projectSaleable Area

(Acres) % Of Ownership

1 Sector 71/72, Gurgaon 147 Township 111

26

13

4 Vipul World, Faridabad 3 Commercial 3 100%

5 Vipul World, Faridabad 112 Township 62 100%

6 Vipul SEZ, Nagpur 54 IT SEZ 54 50%

7Hyderabad, Andhra

Pradesh 412 Township 218 100%

8 Group Housing, Kolkata 30 Residential 30 100%

9Orissa Township,

Bhubneshwar 30 Township 16 100%

10Orissa GH & Commercial

Bhubneshwar 4.5Group Housing &

Commercial 4.5 100%

11 Bawal Project 13Group Housing &

Commercial 13 75%

12 Mohali Project 1 Hotel & Commercial 1NA (On 33 year

lease)

13 Siliguri 3 Hotel & Commercial 3 100%

Total 888.5 619.5

50.04%

2Sector 71/72, Gurgaon

52 Residential Plots 50%

3Sector 71/72, Gurgaon

28 Commercial 50.04%

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Location – Sector 71 / 72 Township Project

Project Location

Golf Course Road

Sohna Road

Golf Course Extension Road

Proposed Metro Track

• Project is strategically located on the under construction 90m wide outer peripheral road

• Proposed metro track shall run all along the outer peripheral road

Thank you

Vipul LimitedCorporate officeVipul Tech Square,Golf Course Road,Sec - 43, Gurgaon(Haryana)-122 002

Tel: +91-124-4065500Fax: +91-124-4061000

Vipul LimitedRegistered Office9A, 3rd FloorVasant Square MallSector B, Pocket %Vasant KunjNew Delhi-110070