- Unitech Amusement Parks Limited (UAPL) was set up in 2002 as a joint venture to develop an amusement park and shopping mall on land allotted by the Delhi Development Authority. - CRISIL has assigned UAPL an initial rating of 'D' for its bank loan, indicating a high risk of default, due to delays in loan repayments stemming from weak liquidity. - UAPL's liquidity remains weak due to declining revenue from its commercial properties as occupancy rates have fallen, and its amusement park has not generated expected revenue levels since opening.

1. May 2012 CRISIL RATINGS
1
May 11, 2012
Mumbai
Unitech Amusement Parks Limited
Update as on May 11, 2012
This update is provided in continuation of the credit rating report below.
The key rating sensitivity factors for the rating include:
• Timely servicing of debt
CRISIL keeps all its outstanding ratings under continuous surveillance. Accordingly, it seeks
regular updates from companies on the business and financial performance. CRISIL is awaiting
adequate information from Unitech Amusement Parks Ltd (UAPL) to enable it to undertake a
rating review. CRISIL also identifies information availability risk as a key credit factor in the
rating assessment. After the company starts cooperating with the rating process, CRISIL will
take the rating surveillance exercise forward and provide an update about the company’s current
credit quality.
About the Company
UAPL was set up in 2002 by Unitech Ltd and International Amusement Ltd as an equal joint
venture. The company was allotted 62 acres of land by the Delhi Development Authority
(DDA) on a 45-year lease, which can be extended by 45 years, and is renewable after every 5
years. Of the total area, 8 acres can be used for commercial purposes such as a shopping
mall, with a built-up area of about 200,000 square feet; the rest is for purposes such as
amusement park, lake, water park, and parking. The company set up an amusement park in
August 2006, and a shopping mall (Metro Walk) in December 2006.
Please note: This update should not be construed as a rating reaffirmation.

2. May 2010 www.crisilratings.com CRISIL RATINGS
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CREDIT RATING REPORT
CREDIT RATING REPORT
Unitech Amusement Parks
Limited
May 2010
INSTRUMENTS RATED
Rs.1.45 Billion Term Loan^
^ Including Rs.450 Million proposed term loan.
The above bank facilities are from Axis Bank Limited
RATING HISTORY
Date Long-
Term
Fixed
Deposit
Short-
Term
Rating Watch/Outlook
April 26, 2010 D* - - -
* Initial Bank Loan Rating assigned
Rating Driver
• Delay in repayment of term loan due to weak liquidity
Other Credit Weakness and Strength
Weakness
• Weak financial risk profile
• Vulnerability to downturn in end-user retail industry
Strength
• Niche market position in commercial real-estate space
RATINGS
D (Assigned)
Analytical Contacts at
CRISIL:
Gurpreet S Chhatwal
Tel: +91-11-4250 5100
Email: gchhatwal@crisil.com
Pradeep K Aggarwal
Tel: +91-11-4250 5100
Email: paggarwal@crisil.com
CRISIL Rating Desk:
Tel: +91-22-3342 3047/ 3342 3064
Email: CRISILratingdesk@crisil.com
Disclaimer:
CRISIL has taken due care and caution in compilation of
data for this rating rationale, based upon the information
provided by the issuer and also upon information obtained
from sources it considers reliable. However, CRISIL does
not guarantee the accuracy, adequacy or completeness of
any information. CRISIL especially states that it has no
financial liability whatsoever to the subscribers / users /
transmitters / distributors of the rating or the rationale. No
part of this rationale may be published / reproduced in any
form without CRISIL's prior written approval.
A CRISIL rating reflects CRISIL's current opinion on the
likelihood of timely payment of the obligations under the
rated instrument and does not constitute an audit of the
rated entity by CRISIL. A CRISIL rating is not a
recommendation to buy, sell or hold the rated instrument; it
does not comment on the market price or suitability for a
particular investor. All CRISIL ratings are under
surveillance. Ratings are revised as and when
circumstances so warrant. CRISIL Ratings’ rating criteria
are generally available without charge to the public on the
CRISIL public web site, www.crisil.com. For the latest
rating information on any instrument of any company
rated by CRISIL, please contact CRISIL RATING DESK at
CRISILratingdesk@crisil.com, or at (+91 22) 3342 3000.-
09
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available on www.crisil.com/complexity-levels. Investors are advised to refer to the CRISIL Complexity Levels for
instruments that they propose to invest in. Investors can also call the CRISIL Helpline at +91 22 3342 3047 / + 91 22 3342 3064
with queries on specific instruments.

3. May 2010 www.crisilratings.com CRISIL RATINGS
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CREDIT RATING REPORT
Rationale
Unitech Amusement Parks Ltd (UAPL) was set up in 2002 by Unitech Ltd and International
Amusement Ltd as a 50:50 equal joint venture. The company was allotted 62 acres of land by the
Delhi Development Authority (DDA) on a 45-year lease, which can be extended by 45 years, and is
renewable after every five years. Of the total area, 8 acres can be used for commercial purposes, such
as a mall with a built-up area of about 200,000 square feet; the rest is for an amusement park, lake,
water park, and parking. The company set up an amusement park in August 2006 and a mall (Metro
Walk) in December 2006. Group company International Recreation Parks Pvt Ltd (IRPPL), promoted
as joint venture between the same promoters, runs a mall and an amusement park in Noida. IRPPL
has invested Rs.795.7 million as share application money for 100 per cent equity stake in UAPL,
which is held by the same promoters; however, the shares have not been allotted till date.
The rating is driven by UAPL’s:
Delay in repayment of term loan due to weak liquidity
UAPL has delayed its term loan repayments by up to 15 days due to weak liquidity even after the
restructuring of its term loans by the bank. The company had been delaying the repayment of term
loans instalments from April to August 2008 despite support from International Recreation Parks Pvt
Ltd (IRPPL) in the form of inter-corporate deposits (ICD) of Rs.340 million due to its stretched
liquidity. UAPL approached the banker in September 2008 for re-schedulement of its term loan,
which was approved in November 2008. After the re-scheduling, the principal repayment had been
deferred till November 2009 with a ballooning payment structure. UAPL, however, delayed the
interest repayment from February 2009 to November, 2009 even after the restructuring. The company
also delayed the principal repayment in April 2010.
The weak liquidity has been driven by pressure on revenue and cash accruals due to slowdown in
demand for the commercial space and delay in ramping up revenue from the amusement park.
CRISIL believes that UAPL’s liquidity will remain weak over the near to medium term, mainly
driven by pressure on revenue and cash accruals, and high term-debt repayment obligations.
The other credit weakness is as follows:
Weak financial risk profile
UAPL’s weak financial risk profile is driven by pressure on revenue and cash accruals leading to
weak debt protection measures and liquidity in spite of comfortable gearing and net worth base. The
company has funded its project involving an investment of about Rs. 2.8 billion through equity of
about Rs. 1.2 billion, term loan of about Rs. 1.2 billion and remaining through lease rental deposit and
unsecured loan from IRRPL. This has led to comfortable gearing and net worth base estimated at Rs.1
billion and 1.1 times as on March 31, 2010.
UAPL’s revenue and cash accruals are currently under significant pressure due to decline in demand
for its commercial space and delay in ramping up revenue from the amusement park. UAPL started
its mall operations in December 2006 and achieved nearly 100 per cent occupancy in a short period of
time at attractive rates of Rs.100 to Rs.150 per square foot. This was due to high demand for
commercial real estate space because of the ceiling exercise (closure of commercial ventures in
residential areas after the Supreme Court’s order) in Delhi during that period. Subsequently,
however, a change in the law by the Delhi state government and slowdown in the retail segment led
to these occupants making losses. Also, there was a mismatch between the brand present in the mall

4. May 2010 www.crisilratings.com CRISIL RATINGS
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CREDIT RATING REPORT
and demand from the customers in the region where the mall was situated. As a result, these
occupants vacated the shops despite a three-year lock-in period, and decline in lease rental and
common area maintenance charges by up to 25 per cent. The occupancy rate has declined to nearly 80
per cent from 100 per cent.
The company has also not been able to ramp up revenue from the amusement park as reflected in
expected revenue of Rs.130 million in 2009-10 as against investment of more than Rs.1 billion and has
not seen any major ramp up. This resulted in decline in revenue of the company by about 15 per cent
in 2008-09 and expected to be at a similar level in 2009-10 as well. UAPL is likely to continue to incur
losses in 2009-10 with marginal cash accruals. CRISIL expects UAPL’s revenue and cash accruals to
be under pressure over the near to medium term unless it improves its occupancy rate and effectively
increases the lease rental, common area maintenance charges, and ramps up amusement park
revenue. The company also plans to increase the number of rides in its amusement park involving a
capex of about Rs.150 million to Rs.200 million over the next couple of years. Though this will help in
improving revenue from the amusement park, funding for the same is yet to be tied up and may put
further pressure on the company’s financial risk and liquidity profile.
High debt taken for funding the project along with very low cash accruals has resulted in weak debt
protection measures. Its interest coverage and net cash accruals to total debt (NCATD) for 2009-10 are
estimated at 1.7 times and 0.06 times, respectively. These measures are expected to remain weak over
the near to medium term on account of low cash accruals.
Vulnerability to downturn in end-user retail industry
UAPL derives majority of its revenue from leasing out the retail space and revenue from the
amusement park is also, to some extent, dependent on the ability of the mall to higher footfall. The
company has retail space of 0.2 million square feet with a current occupancy rate of 80 per cent. The
company’s revenue is highly dependent on demand for retail space in NCR, which is further
dependent on the economic scenario in the domestic market. After having full occupancy in the
initial months, the company is facing severe vacancy from 2008-09 due to sharp dip in demand for
retail space due to economic meltdown. The company also has to reduce the lease rental for already
leased out space as well as forego the common area maintenance charges. CRISIL believes that the
company’s revenue will remain susceptible to cycles in the domestic economy, which directly affects
demand for retail space in the region.
The above-mentioned weakness is partially offset by the following strength:
Niche market position in commercial real-estate space
UAPL has been allocated 8 acres of land for commercial real estate space but a built-up area of about
200,000 square feet. Therefore, the company has built mall area quite spaciously with large open area
and only a double-storey building, thereby providing a new experience to customers. This is one of
few large malls in northern Delhi. UAPL has also built a large parking area, which avoids traffic
congestion, faced by other malls, even on weekends when footfall is at its peak. There was, however,
a mismatch between demand and preferences of the consumers residing in the northern region of
Delhi; the brands were of a higher segment. Now, with exit of these brands following continued
losses and slowdown in the retail segment, UAPL has been trying to align the brand presence in the
mall with the local customer preferences; this may improve its attractiveness and footfalls.

5. May 2010 www.crisilratings.com CRISIL RATINGS
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CREDIT RATING REPORT
Financial Profile
Financial policy
UAPL has followed a moderate financial policy as reflected in its gearing estimated at about 1.1 times
as on March 31, 2010. Although in gearing increased up to 1.44 times as on March 31, 2008, it has
come down after further equity infusion in the form of share application money by IRPPL. Gearing is
expected to remain comfortable over the medium term in the absence of large debt-funded capex
over the near to medium term.
Derivatives: UAPL has foreign exchange exposure only on import of machinery. As per the current
hedging policy, the company does not hedge its foreign exchange risk through forward contracts
Financial Summary:
For year ending 31-Mar-09 31-Mar-08 31-Mar-07
Net Sales Rs. Million 373 442 92
Operating Income Rs. Million 376 442 92
OPBDIT Rs. Million 140 166 -16
PAT Rs. Million -86 25 -113
Net Cash Accruals Rs. Million 6 99 -92
Equity Share Capital Rs. Million 500 500 500
Tangible Net worth Rs. Million 1020 877 750
Total Debt Rs. Million 1111 1267 939
OPBDIT Margin % 37.2 37.6 -17.7
PAT Margin % -22.8 5.7 -122.4
ROCE % 2.3 4.8 -2.3
PBDIT / Int. & Finance Charges Times 1.05 1.65 -0.29
Net Cash Accruals / Total Debt Times 0.01 0.08 -0.10
Total Debt / Tangible Net worth Times 1.09 1.44 1.25
Total Debt / PBDIT Times 7.94 7.59 -71.51
Current Ratio Times 0.15 0.10 0.10
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CRISIL rating actions are updated online on www.crisil.com