­Incorporated in August 2005, Pacifica Builders Private Limited (PBPL) (erstwhile, Pacifica (Chennai Project) Infrastructure Company Private Limited) is a 100% subsidiary of PAC Paddur Limited, Cyprus (PPL). PPL is an investment arm of Pacifica Companies, LLC, USA. The Pacifica group started Indian operations in 2004-05, and undertakes all real estate projects through separate SPVs. PBPL is a SPV established in Chennai to develop an integrated township on 82 acres of land located at Padur, Old Mahabalipuram Road (OMR), Chennai, comprising mainly residential and partially commercial space under the name of ‘Aurum’. Presently, PBPL has developed phase-I and Phase-II is under construction. Phase-II is having three multi-storey towers comprising total 646 residential units with a saleable area of 8.34 lakh square feet. Phase-I is named as ‘Happiness Tower’ and Phase-II is ‘Pride tower’. The Directors include Mr. Rakesh Motilal Israni and Gunjan Rakesh Israni. The registered office of the company is in Ahmedabad Gujarat 380054 India.

­The Pacifica Companies, LLC headquartered in San Diego, California, U.S.A was founded in 1978 by Mr. Ashok Israni. The U.S operations are looked after by Mr. Ashok Israni and Mr. Deepak Israni, whereas Mr. Rakesh Israni is responsible for the group’s Indian operations. The Pacifica group has over four decades of experience in the field of construction and real estate. The group is one of the largest owner and operators of hotels in the United States, with the largest being a 600-room hotel at the Los Angeles International Airport. The group’s hotel portfolio currently consists of owning and operating 42 hotels and resort assets (~6211 rooms) in five states across the U.S., Partnering with strong brands like Marriott International, Intercontinental Hotel Group, and Hilton Hotels and Resorts, and others Pacifica Host Inc., i.e., the hotel management arm of Pacifica Companies. The completed projects by the group comprises of residential townships, hotel projects, bungalows, villas, master planned communities, office and industrial buildings, retail shopping centres, senior housing apartments, single tenant leases, multifamily for rent and sale projects and single-family communities throughout the U.S., Mexico and India. In India, the group is operating majorly in Ahmedabad, Vadodara, Pune, Delhi NCR, Chennai, Hyderabad and Bengaluru. The group as a whole has completed more than 7 million square feet of residential and commercial projects and plans to add further 110 million square feet on-going projects under commercial and residential space.

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­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.