Proposal for Servicesacquisory.com/Uploads/636977541901101772Acquisory... · 2019. 7. 3. ·...
Transcript of Proposal for Servicesacquisory.com/Uploads/636977541901101772Acquisory... · 2019. 7. 3. ·...
Confidential
DELHI/NCR | MUMBAI
Proposal for Services
Confidential
DELHI/NCR | MUMBAI
OUR UNDERSTANDING OF YOUR NEEDS
Rockford is looking for assistance in fitment of weaknesses observed in “Aliens Space Station” project of Aliens
Developers Private Limited so as to fulfill the end objective of preserving and enhancing stakeholders returns and
value from the project
Objective
Support to
ManagementAccuracy\ Validity GAP Fitment
Role
• Sales Monitoring & CRM support :
• Track actual sales velocity vis-à-vis milestone mentioned in the loan or debt agreements in order to
release further disbursements.
• Providing support to customer relationship management (CRM) through setting up of process of
documentation of customer files which includes key documents to be collected at the time of sale
and post sales documents requirements.
• Demand / Sale Invoices support: Providing support w.r.t timely generation of demand / sales invoices
linked with payment plans; establishment of total amount collected and receivables with overdue &
delinquent cases and monthly tracker for demand / sales invoices already raised, to be raised to
customers.
• Banking Operations: Providing support in relation to timely reconciliation of bank accounts, escrow
accounts and reasons for unreconciled items and monthly statement of cash inflows & outflows.
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OUR UNDERSTANDING OF THE PROJECT
Aliens Space StationProject Name
LocationGachibowli -Tellapur,
Hyderabad
Project Type
Saleable Area (lac sq.
ft.)38.49
Developer Share (lac
sq. ft.)33.43
Area Sold (lac sq. ft.) 25.48
Total Units Launched 1,906
Total Units Sold 1,486
No. of Towers / Space
Station13
Residential
• Aliens Developers Private Limited is developing “Aliens Space
Station” (hereinafter referred as ‘’Project’) in Gachibowli -
Tellapur, Hyderabad in the format of G+29 floors (14 stations,
83 Towers, 30 floors) in phased manner.
(Note: “Station 13” is named as Station 14)
• The project “Aliens Space Station” was launched in FY 2006-
07 through Joint Development Agreement (JDA) between
Chilakamaari & Mandada Family (hereinafter referred as
“Landlord”) and Aliens Developers Private Limited (hereinafter
referred as “Developer”) and agreed sharing of completed
construction area in the ratio of 24% (Landlord) and 76%
(Developer) which was revised in FY 2012-13 and agreed as
13% and 87% respectively. Total super builtup area 38.49 lacs
sq. ft. have been shared between the landlord and developer
as 5.06 lacs sq. ft. & 33.43 lacs sq. ft. respectively.
• The Project and building plan has been approved by
Hyderabad Urban Development Authority.
• The Project has been classified into different categories (2
BHK, 2+1 BHK, 3 BHK, DUPLEX and PENT HOUSE) based
on the area and price with the name “Aliens Space Station”. It
offers residential apartments with saleable area ranging from
1,122 sq. ft. to 7,674 sq. ft.
Units under Litigation 180
Sales Value (INR
Crores)831.3
Sales Value (INR
Crores)472.7
Sales Value (INR
Crores)358.6
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SCOPE OF WORK
Our understanding of scope of work is :
• Verification of collections reported by developer with
bank statements through tracking of individual
entries in bank statements, escrow accounts and
monitoring of end use of funds in escrow account
based on RERA compliances
• Verification of receipts for all sold cases (Statement
of Receivables, Amount Received, Cash receipts/
default cases/overdue cases)
• Preparation of cash inflow & outflow to report on
cash flows position of the developer
• Verification of KYC Documents (Pan Card/ Address Proof) for all sold
cases
• Setting up and monitoring of processes w.r.t documentation of
customer files and timely generation of demand as per payment
plans.
• Verify monthly sales MIS provided by the developer with respective
sales agreements / application forms for all sold cases.
• Monitor average realization rate, schemes, payment plans,
• Track actual sales velocity vis-à-vis milestone mentioned in the loan
or debt agreements in order to release further disbursements;
• Monitor monthly collections, as per customer files, CRM package of
the developer, accounting package, escrow statements, bank
statement, sales MIS. Identify and reconcile the differences.
• Quality of sales MIS - Investor sales or end user sales, bank loan
cases, receivables position
• Check for any subvention plan/ assured plan/contingent .
• Verification of cancellation / refund cases and respective liability on
the part of developer
• Verification of transfer cases and respective amount transfer from
one customer account to other with necessary documentation.
• Verification of units under litigation and calculation of liability arises
on account of refund order
Escrow / Outflow MonitoringSales Monitoring & CRM Support
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Monthly cash flow
position based on
collections, receivables
and costs
CRM Support - setting up of process
w.r.t. demand generation, key customer
documents and timeline
Expenses verification –
Whether in line with progress or
not. Obtaining cost recoveries
Reporting whether project
activities and banking
operations are adequately
performed and
monitored
Project governance and
risk management –
Check on project
approvals, RERA and
other compliances
Reporting on contingent
liabilities for the projects
OUR
SOLUTION
OUR SOLUTION
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OUR CUSTOMISED APPROACH Revenu
e
TIME MANAGEMENT & STATUS REPORTING
Project Execution
Project Reporting
• Involvement of subject matter
experts
• Expert knowledge of real estate
• Senior management and
experienced resources
• Weekly status update
Acquisory team
Project Planning
Project Asset Management • Dedicated team of experienced resources (1-2) in real
estate – capable of handling CRM and financial sort
of capability at location of project to adhere timelines
and status update to Rockford
• Single point of contact - Manager
• Weekly issue tracker circulated to the team for
updating the status of the project
• Adhere to stated timelines
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OUR UNDERSTANDING OF REAL ESTATE
Strategic Planning Conceptualization and Design
Acquisitions/Dispositions Property/ Lease Marketing
Strategic Business Alliances
• Project budgeting, forecasting, planning and execution
• Contractor selection• Bidding and tendering• Site development and improvement• Construction monitoring• Project accounting and timelines• Project records and project management• Compliances of local laws and regulations
• Budgeted vs. actual sales price realizations
• Budgeted saleable area and actual area sold
• Leasable Area and Rentals• Exit Rates• Marketing process• Customers relations• Enquiry capturing and records
Sales and MarketingConstruction
Human Resources Information Technology Fixed Assets Management
Financial Accounting Budgeting & MIS Legal & Regulatory
Strategic Management
Core Business Resource Management
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KEY BUSINESS RISK IN REAL ESTATE
Impact Key Business Risks
Significant
Moderate
Minor
• Delay in financial closure• High cost of debt and debt to equity ratio• Lack of execution capability• Pricing uncertainty• Project delays• Compliances to key covenants of the agreement
entered for land owners or government• Significant pre construction cost• Issues in clear land title
• Related party transactions• Non compliances of rules and regulations• Increased cost of construction• Continued uncertainty and impact of
credit crunch• Global economic and market fluctuations• Non achievability of projections• Cash Transactions• Irregular cash flows
• Delay in collection from customers• Inadequate infrastruture• Inappropriate Revenue recognition policy• Agreeing on contract terms which is detrimental
to the Company
• Unsupported Transactions• Volatile input costs of steel and cement• Significant litigation against the promoters
and key employees• Market reputation of the project• Political connections
• Non documented business processes and policies across all business cycles
• Segregation of duties• Non existence of integrated ERP package• Civil cases
• Inadequate Insurance• Inadequate supervision of work vis-à-vis
quality / quantity and usage of materials– will have an impact on cost of project
• Excessive administrative overheads
Medium HighLIKELIHOOD
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Acquisory was incorporated in 2010, by highly credentialed and experienced professionals, from
PricewaterhouseCoopers, Arthur Andersen and Protiviti. The management team among themselves
represent extensive experience in specialized services across M&A Advisory, Asset Management,
Operations & Risk Consulting and Assurance and Regulatory.
We have an appreciation for dynamics of business, operations, transactions and necessary skills to
blend practical business & commercial insights with tax & regulatory knowledge to identify effective
solutions to all business problems. We partner with our clients through the entire business continuum
from identification of the problem, to solution, to implementation.
Our Values
Effective, Practical and Timely solutions for client problems
Demonstrate deep industry knowledge
Be proactive and responsive
Highest professional ethics and standards
Motivate and retain high quality professionals
Focus on innovation and continuous improvement
People Experience
Knowledge Solution
Value Creation
ABOUT THE FIRM
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Our Focus
Acquisory assists clients ranging from global enterprises to small and middle market companies
that are both publicly held or privately owned, as well as large, mid and small-cap private equity
firms, corporate management and boards of directors.
We provides specialist advice for a range of sectors. With a personal, partner-led approach, more
than 35 years of experience have taught us that an understanding of the structure and practices of
your industry is critical to providing the services you need to reach your goals
ABOUT THE FIRM
Real Estate & Construction Private Equity Group
Infrastructure Retail Industry
Manufacturing Telecommunication
Media and Entertainment Insurance
Healthcare and Hospitals Education
Hotel, Hospitality and Leisure Service industry
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Name Qualifications Years
Sumchit Anand CA 20+
Divya Viz CA 18+
Krishan Goyal CA, CS, IRP 16+
Rajarshi Datta MA, MRICS 16+
Varun Kohli CA 11+
Puneet Batra CA - Forensic
Accounting and Fraud
Prevention Expert
10+
Jasmine Agarwal CA 8+
Devashish Goel CA 5+
20+
Services
02
Locations
02
Associate
Locations
10+
Partners &
Directors
100 +
Professionals
250 +
Clients
CORE TEAM and FIRM OVERVIEW
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Corporate Restructuring
Corporate Finance
Operational Due Diligence
Financial Due Diligence
Valuation
Deal
Structuring/Negotiation
M&A Integration
Buy Side / Sell Side
advisory
M&A – Lead
Advisory
Internal Audit
Process Reengineering
Forensics/ Investigation
support
Cost reduction
Working capital
Optimization
Media DAS Audit
IFC Review
Sox Compliance
SOP Development
Operations &
Risk Consulting
Compliances
Accounting & Reporting
Regulatory Compliance
Audits
Financial Audits
FEMA / RBI Regulatory
Compliances
RERA Compliance
Secretarial
Assurance &
Regulatory
Resolution Plan
Data Support
Insolvency Support
Valuation
Audit
Information Memorandum
Insolvency
Management
Incorporation
Strategy Preparation
Fund Raising
Accounting / Secretarial
Payroll & HR Support
Office Support
ERP-Setup
Startup Services
Fixed Assets
Management
Inventory Management
Warehouse Management
Book Keeping
Pre-Audit Assistance
Accounting System Set up
Customized Assignments
as per user requirement
Data Analytics
Mystery Shopping
Ancillary
Services Portfolio Management
Strategic Advice
Finance Management
Dispute Resolution and
litigation Management
Exit advice &
Maximization
of Investors return
Asset
management
SELECT SERVICES
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SERVICE PORTFOLIO – FOR FUNDS/INVESTORS
We bring a structured approach to each and every assignment, with a unique set of objectives,
requiring specific priorities, designed to deliver the best results. With a widespread and detailed
understanding of operations, we are able to rapidly formulate and execute practical solutions in
complex business problems / environments by:
Pre-Investment
Financial Modeling
Lead Advisory
Tax Structuring
Market Assessment
Pre Investment memorandum
Feasibility Statement
During Investment
Due Diligence
Valuation
Background Checks
Pre-disbursement Review
Sales Review
Technical Review
Post-Investment
Investment Monitoring Budgeted Vs Actual,
Compliance etc,
Exits
Forensics
NAV Valuations
Internal audits/Accounting
Investor Reporting
Obtaining in-depth business / industry understanding
Collating all facts and getting them right
Planning and partnering
Analyzing and diagnosing the problem
Identifying practical solutions
Supporting and leading
Establishing a self-sustaining organization
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PRE-INVESTMENT - FINANCIAL MODELING
Develop Models from Scratch
Compilation of historic data
Ratio & Trend Analysis
Management discussion
Analyze parameters
Develop Financial Model
- Assumptions,
- Cost & sales schedule,
- Debt repayment schedule,
- Taxation calculation sheet
- cash flow
Sscenario/Sensitivity Analysis
Model Update
Timely Update of existing model for following:
- Incorporate actual numbers as on date
- Changes in Management assumptions
- Changes in external parameters like Govt. policies or market conditions
Output Sheet
Snapshot of important parameters and key KPI’s
We have expertise in Financial Modelling and equipped for end-to-end solution to corporates for building &
updating the model in timely manner in order to enable the Clients to achieve the desired objective.
Our
Solution
1
2
3
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DURING INVESTMENT – DUE DILIGENCE
We keep ourselves focused on synergies in business and the overall environment in which the business operates to arrive at a viable
merger option and a realistic valuation. At Acquisory we provide the following categories of due diligence consolidated in one report:
Business and Financial
Tax
Operational
Legal (through tie up with specialists)
We work with specialists who possess in-depth industry knowledge and market know-how and identify comprehensive key transaction
risks and concern areas (value destroyers) along with potential upsides (value enhancers).
Transaction specialists with experience on
deal size range of USD 5 mn to USD 10 bn
Dedicated group of specialists
providing end-to-end solutions
Bring industry and geography
perspective and knowledge
Blend transaction, tax, structuring,
valuation and legal competencies
Understand Future
Analyze History
Planning
Deal
issuesEvaluation
issues
Assurance
issues
Looking
ForwardValidate strategic
rationale
Informed valuation
decision
Identify & mitigate key
risks
Identify key going concern/
integration issues
- Understand the business
- Understand the deal drivers
- Agree on expectation
- Desktop research
- Develop information requirement checklists
- Understand assumptions
- Analysis of business drivers
- Consider market research
- Compare with historical data
- Ensure projections are integrated
- Discuss with management
- Financial analysis – get the numbers right
- Quality of earnings and net assets base
- Accounting policies and practices
- Reliability of systems
- Link to audited numbers
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DURING INVESTMENT – VALUATIONS
In our approach to valuation, we focus on determining the intrinsic worth of the asset / business to be valued.
Valuation is not a precise science and requires selection of an appropriate methodology under a suitable approach.
Following are generally accepted approaches:
- Market Approach
- Income Approach
- Cost Approach
Once we have selected an approach based on our analysis and understanding of the business, we adopt a suitable
methodology from amongst those discussed below:
VALUATION METHODOLOGIES
Discounted Cash Flow
Market Multiples
Net Assets
Value
Forecast of the cash flows available to investors is
discounted to present value using an appropriate rate of
return
Uses industry multiple of
comparable companies
operating in similar industry to
determine the value of
investments
Uses book / market value of
the assets to determine the
value available to investors
Final weights are allocated to computed values
from each method as per relevance to arrive at
the computed value
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DURING INVESTMENT – BACKGROUND CHECKS
Background check
Conducting Collecting intelligence Obtaining information Field visit
- Review of records of
Registrar of Companies
(ROC)
- Subscribed database and
internet search
- Media search
- Customers / suppliers
- Business associates
- Competitors
- Ex-employees
- Journalists
- Social and political contacts
- Indian Regulatory bodies
(data as available in the
public domain and other
market sources)
- To gather information about
the company and its
promoters and to determine
the modus operandi in
doing business
To identify
- Promoters and other
interested parties
- Changes in the
shareholding pattern
- Financial standing
- Group performance
- Industry news and reviews
- Review of business
activities (previous and
current)
- Market reputation and
credentials
- Holding and interests in
other entities
- Political connections and
reach
- Opinion and experience
- Any links with the
underworld
- Involvement in civil and
criminal proceedings in
specified jurisdictions
- Reputation with
Government and
investigative authorities
- Character, integrity and
reputation of the company
and the promoter
- Business practices followed
- Any evidence of fraudulent
business dealings
- Family history
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DURING INVESTMENT – PRE-DISBURSEMENT REVIEW
Compliance Check
Identify pre-
disbursement
requirement
Prepare Compliance
checker
Track all Compliances/
Approvals/ CPs as per
the agreement
Red flag issues / area
of non-compliance
Sales and technical
review
Technical risks –
product,
processes,
systems
Cost to Mitigate
Layout Plans
Schedule
Approvals
We bring structural
approach for pre-
disbursement review
via carrying out a
comprehensive list
of sales, technical
and CPs as per
requirement of
agreement.
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Our Asset Management services are the solution to support our private equity clients in meeting their objectives of
maximizing returns. Our services have been designed to address the challenges being faced by investors in
managing the operational, strategic and financial aspects of their investee companies, as they are not able to get
the right management information in time and worried about fraud, misappropriation or misconduct in their investee
companies.
Smart investors know that it is prudent if investments are followed up with a continuous monitoring of key business
risks. Acquisory becomes your eyes and ears on the ground and help you manage such risk factors through our
suite of asset management services.
Our Process
POST INVESTMENT - ASSET MANAGEMENT SERVICE
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ASSET MANAGEMENT SCOPERevenue
Sales
MonitoringCost / Time to
Complete
Escrow/Outflow
Monitoring
Compliance
Including RERABudget, LTV
and Cover
• Verify monthly sales MIS provided by the developer with
respective sales agreements.
• Monitor average realization rate, schemes, payment
plans,
• Track actual sales velocity vis-à-vis milestone mentioned in
the loan or debt agreements in order to release further
disbursements;
• Monitor monthly collections, as per customer files, CRM
package of the developer, accounting package, escrow
statements, bank statement, sales MIS. Identify and
reconcile the differences.
• Quality of sales MIS – Investor sales or end user sales,
bank loan cases, receivables position
Key Steps
Deli
vera
ble
sDetailed sales MIS along
with analysis will be
provided as part of monthly
asset management package
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DELHI/NCR | MUMBAI
Sales
Monitoring
Revenue
Cost / Time to
Complete
Escrow/Outflow
Monitoring
Compliance
Including RERABudget, LTV
and Cover
• Coordinate with technical team of the developer for the
detailed and itemized break up of costs to be incurred;
• Per inputs of technical team (Lender, Acquisory or others),
map actual expenditure based on construction progress
against budget and estimate the cost to be incurred on
completion.
• Monitor admin, marketing and brokerage, office support,
PMC and other costs with respect to budget provided by
the developer.
• Map construction progress (detailed PERT chart, floor
wise, tower wise) vis-a- vis actual progress and
construction completion timelines
Key Steps
Deli
vera
ble
s
Plan Start Actual Start Plan Finish Actual Finish
Excavation XX XX XX XX
Basement XX XX XX XX
- First XX XX XX XX
- Second XX XX XX XX
First Floor XX XX XX XX
Second Floor XX XX XX XX
Plumbing XX XX XX XX
Electrical XX XX XX XX
Fire Fighting XX XX XX XX
AC XX XX XX XX
Lifts XX XX XX XX
- Procurement XX XX XX XX
- Receipt XX XX XX XX
- Installation XX XX XX XX
Time to Finish
Tower 1
We have a panel of technical experts
which we use on AM engagements and
will leverage for technical inputs like
design inputs, QS and other details.
ASSET MANAGEMENT SCOPE
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Sales
Monitoring
Revenue
Cost / Time to
Complete
Escrow/Outflow
Monitoring
Compliance
Including RERABudget, LTV
and Cover
• Track monthly sales and monthly collections as per
sales MIS reconcile with the collections as per escrow
account statements
• Monitor end use of escrow considering Rera
compliances on weekly basis;
• Coordinate with developer and assist lender to release
escrow based on weekly construction plan, comparison
of budgets, compliance with debt agreements and
milestones;
• Release of escrow as per waterfall given in debt
agreements.
Key Steps
Deli
vera
ble
s
Cost / Time to
Complete
Detailed break up of all payments
including name of the contractors and
party linking with budgets and construction
milestones will be provided as part of
monthly asset management package
ASSET MANAGEMENT SCOPE
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Compliance
Including RERA
Sales
Monitoring
Revenue
Cost / Time to
Complete
Escrow/Outflow
MonitoringBudget, LTV
and Cover
• Check and analyze compliances with:
• Debt agreements – monthly dashboard on status of key
covenants compliance with the lenders
• Approvals : status of compliance on approvals – quarterly
basis
• Security package : compliance with security package
mentioned in debt agreements in order to make sure security
is intact.
• Statutory requirements
• Income Tax and GST compliances
• RERA compliances
• Labour laws, safety and other compliances
• Corporate Law compliances
• Escrow agreement compliances
Key Steps
Deliv
era
ble
s
Cost / Time to
Complete
Compliance Dashboard April May June July YTD
- Corporate
- AR, BOD, EGM
- Income Tax
- TDS returns
- TDS Deposit
- GST
Exceptions
- Delay in filings
Rera
- 70% collections in bank
- audit
- filings
- agreements RERA
Actual
ASSET MANAGEMENT SCOPE
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Budget, LTV
and Cover
Compliance
Including RERA
Sales
Monitoring
Revenue
Cost / Time to
Complete
Escrow/Outflow
Monitoring
• Track numbers as per underwritten business plan vs
actual position month on month and identify the reasons
for differences with the management;
• Collate data from management on cash flow position and
debt profile on a group level basis;
• Calculate actual cash flow cover monthly and LTV
quarterly basis. Report to lender.
• Check compliances with debt agreements; highlight to
lender in case of significant variances; report sources
and uses of funds.
• Track market and other news relating to Investee
companies (IC) / Indian promoters
Key Steps
Deliv
era
ble
s
Cost / Time to
Complete
ASSET MANAGEMENT SCOPE
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RECOGNITIONS
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SELECT CLIENTELE
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SELECT CLIENTELE
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ASSET MANAGEMENT CLIENTELE
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SELECT REAL ESTATE CREDENTIALS
Nature of ServiceClient Served
Investment Advisory
Due Diligence SOP Development Asset Management Internal
audit Project Review
Edelweiss X X
Hines X X
Piramal NBFC X X
Phoenix Mills X
Brookfield X X X
Ansal API X X X
KKR X X X
L&T Phoenix X
Clearwater X X X
Oxford properties X X
Rustomjee X X
Emaar MGF X X
Manjeera X X X X X
IL & FS X
Logix X
Trinity Capital X X X X
Sachsen Fonds X X X X
Religare X X X X
Sun Apollo X
BCC Builders X X
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SELECT REAL ESTATE CREDENTIALS
Nature of ServiceClient Served
Investment Advisory
Due Diligence SOP Development Asset Management Internal
audit Project Review
DB Realty X X
HDFC Fund X X X
Brookfield X X
Kalpataru X
IREP X X
Tata Realty X
Kotak Realty X X X X
BCC Builders X X
Kautilya Finance X X X
Reliance Capital X X X
Indiabulls X
Supertech X X
SS Group X X
Saya Homes X
Shri Group X
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WHY ACQUISORY?
Our Strengths
• Ability to serve our clients
anywhere in India and globally
• “One Stop” for all our client needs
• Responsive and put our clients
first
• Ability to staff your projects at a
short notice
• We deliver on our promises and
provide practical solutions
• We want to be your partner in
success and you can pick up the
phone and talk to a partner
anytime
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DELHI/NCR | MUMBAI
PROPOSED FEES
We aim to strengthen a long-term and mutually beneficial professional relationship. We believe in
providing exceptional value for our services and we would ensure that there is no compromise on the
work executed by our team. Our senior management is committed to provide all the necessary expertise
and on-site support, where required and would always be available for any discussions and feedback with
you : We re-iterate our commitment and offer our fee estimate for the project which will be (excluding
OPE’s and taxes) :
Fees and expenses for any additional or unplanned work will be pre-agreed and billed separately. We
will, of course, discuss any changes to the scope with you prior to performing additional work.
While our normal rates would lead to a much higher quote, based on our existing relationship with
Rockford, have discounted our standard rates as an investment in this relationship. We are confident that
at the end of the engagement, we would be able to demonstrate value for the money you spend, by
leveraging our functional skills and our knowledge of best practices in the real estate industry.
Professional Fess (INR) Rs ____________