MIRA INFORM REPORT

Report No. :	354637
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	BRIGADE ENTERPRISES LIMITED
Registered Office :	29th and 30th Floor, World Trade Center, 26/1, Brigade Gateway, Dr. Rajkumar Road, Malleswaram – Rajajinagar, Bangalore – 560055, Karnataka
Tel. No.:	91-80-41379200
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	08.11.1995
Com. Reg. No.:	08-019126
Capital Investment / Paid-up Capital :	Rs.1127.400 Million
IEC No.:	0799016411
CIN No.: [Company Identification No.]	L85110KA1995PLC019126
TAN No.: [Tax Deduction & Collection Account No.]	BLRB00957F
PAN No.: [Permanent Account No.]	AAACB7459F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in carrying on the business of real estate development, leasing, hospitality and related services. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 37616000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is the flagship company of the Brigade group, it was incorporated during the year 1995. It has a fine track record. For the financial year 2015, the company has healthy operational activity marked by impressive top line growth along with decent sales turnover, achieved a profitability margin of 7.3%. Further, the company has fine financial risk profile marked by diversified revenue profile along with experienced promoters scale. Trade relations reported as fair. Business is active. Payments terms are regular. In view of vast experience of the promoters and directors, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Bank Facilities = “A”
Rating Explanation	Adequate degree of safety and low credit risk.
Date	September, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-CO-OPERATIVE (Tel No.:91-80-41379200)

LOCATIONS

Registered Office/ Corporate Office :	29th and 30th Floor, World Trade Center, 26/1, Brigade Gateway, Dr. Rajkumar Road, Malleswaram – Rajajinagar, Bangalore – 560055, Karnataka, India
Tel. No.:	91-80-41379200
Fax No.:	91-80-22210784
E-Mail :	omprakash@brigadegroup.com enquiry@brigadegroup.com
Website :	www.brigadegroup.com
Branch Office:	Located At: Mysore Chennai Dubai Mangalore Cochin Hyderabad

DIRECTORS

As on 31.03.2015

Name :	Mr. Mysore Ramachandrasetty Jaishankar
Designation :	Managing Director
Address :	Shanthiniketan, 15/3-1, Palace Road, Bangalore - 560052, Karnataka, India
Date of Appointment :	08.11.1995
DIN No.:	00191267
Name :	Ms. Githa Shankar
Designation :	Whole-Time Director
Address :	No. 15/3-1, Shanthi Niketan, Palace Road, Vasanth Nagar, Bangalore - 560052, Karnataka, India
Date of Appointment :	08.11.1995
DIN No.:	01612882
Name :	Mr. Srinivasa Murthy
Designation :	Director
Address :	355, 1st E Cross, 6th Block, 2nd Phase, BSK 3rd Stage, Bangalore - 560085, Karnataka, India
Date of Appointment :	28.10.2009
DIN No.:	00167877
Name :	Mr. Parampally Vasudeva Maiya
Designation :	Director
Address :	106, Sowmya Springs, Dewan M Rao Road, Basavanagudi, Bangalore - 560004, Karnataka, India
Date of Appointment :	06.03.2000
DIN No.:	00195847
Name :	Mr. Aroon Raman
Designation :	Director
Address :	No.100, 5th Main, Paramahamsa Road, Yadavagiri, Mysore - 570020, Karnataka, India
Date of Appointment :	29.10.2013
DIN No.:	00201205
Name :	Mr. Shivram Ramachandra Setty Mysore
Designation :	Director
Address :	3009/2-3, 18th A Cross, II Main, BSK II Stage, Bangalore - 560070, Karnataka, INDIA
Date of Appointment :	08.11.1995
DIN No.:	00824560
Name :	Mr. Mysore Ramachandrasetty Gurumurthy
Designation :	Director
Address :	Sundar Lakshmi, Spencer Road, Chikmagalur - 577101, Karnataka, India
Date of Appointment :	08.11.1995
DIN No.:	01367579
Name :	Mr. Bijou Kurien
Designation :	Director
Address :	#33/2, Grant Road, Bangalore - 560001, Karnataka, India
Date of Appointment :	31.01.2015
DIN No.:	01802995

KEY EXECUTIVES

Name :	Mr. Palanimuthu Omprakash
Designation :	Secretary
Address :	240, 6th Cross, 2nd Main, Hal III Stage, Bangalore - 560075, Karnataka, India
Date of Appointment :	17.12.2008
PAN No.:	AAFPO5230K
Name :	Mr. Krishnamoorthy Suresh
Designation :	Chief Financial Officer
Address :	G-2, Kings Manor, 35, 4th Trust Cross Street, Mandavelipakkam, Chennai - 600028, Tamilnadu, India
Date of Appointment :	06.06.2014
PAN No.:	AAMPS2110B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	64602739	57.30
Bodies Corporate	131517	0.12
Sub Total	64734256	57.41
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	64734256	57.41
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3823739	3.39
Financial Institutions / Banks	943620	0.84
Foreign Institutional Investors	3153566	2.80
Sub Total	7920925	7.03
(2) Non-Institutions
Bodies Corporate	3136359	2.78
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	4969689	4.41
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	31550411	27.98
Any Others (Specify)	440000	0.39
Non Resident Indians	316124	0.28
Clearing Members	123455	0.11
Trusts	164	0.00
Directors & their Relatives & Friends	257	0.00
Sub Total	40096459	35.56
Total Public shareholding (B)	48017384	42.59
Total (A)+(B)	112751640	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	112751640	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in carrying on the business of real estate development, leasing, hospitality and related services. (Registered Activity)
Products/ Services :	Real Estate Development, Leasing, Hospitality and Related Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• Allahabad Bank
• Bank of Baroda
• Corporation Bank
• Indian Overseas Bank
• Karur Vysya Bank
• Punjab National Bank
• State Bank of India
• United Bank of India
• HDFC Bank Limited
• Jammu and Kashmir Bank Limited
• Federal Bank
• State Bank of Mysore
• Bank of Maharashtra
• The Lakshmi Vilas Bank Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loan from banks	5566.300	3747.000
Short-term borrowings
Cash credit facilities from banks	95.900	163.900
Total	5662.200	3910.900

LONG TERM BORROWINGS

Note 1: Includes term loan from banks secured by way of assignment of project receivables Rs. 5746.500 Million (March 31, 2014: Rs. 3988.200 Million) and further secured by collateral security of underlying land, building and movable fixed assets. The loans carry interest in the range of 11-12% and are repayable within 60-120 installments, each ranging between Rs.3.300 Million to Rs.22.700 Million. Certain loans are further guaranteed by Company’s Directors – Rs.2815.300 Million (March 31, 2014: Rs.3172.100 Million) and a subsidiary company – Rs.837.300 Million (March 31, 2014: Rs.965.100 Million).

Note 2: Includes term loan from banks by way of mortgage of project properties Rs. 6572.100 Million (March 31, 2014: Rs.4280.700 Million). The loans carry interest rate in the range of 11-14% and are repayable within 12-54 installments, each ranging between Rs.2.000 Million to Rs.30.000 Million. Certain loans are further guaranteed by Company’s directors – Rs.3888.100 Million (March 31, 2014: Rs.3325.500 Million).

*Represent amounts repayable within the operating cycle. Amount repayable within twelve months is Rs.2660.600 Million (March 31, 2014: Rs.1919.800 Million).

SHORT TERM BORROWINGS

Note: Cash credit facilities from banks are secured by way of mortgage of project properties and are personally guaranteed by the directors of the Company. The facilities carry interest rate in the range of 12-14% and are repayable on demand.

Statutory Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	UB City, Canberra Block, 12 Floor No 24, Vittal Mallya Road Bangalore – 560001, Karnataka, Inida
Internal Auditors :	Grant Thorton, Wings, First Floor, 16/1, Cambridge Road, Halasuru, Bangalore - 560008, Karnataka, India
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Deloitte Centre, Anchorage II 100/2, Richmond Road Bangalore – 560 025, Karnataka, India
Subsidiary :	Brigade Hospitality Services Limited Brigade Tetrarch Private Limited Brigade Estates and Projects Private Limited Brigade Properties Private Limited Brigade Infrastructure and Power Private Limited BCV Developers Private Limited (from January 21, 2015) WTC trades and projects private limited. Orion mall Management Company limited. Prosperita hotel ventures limited Celebration Catering and Events, LLP Brigade (Gujarat) Projects Private Limited Brooke Bond Real Estates Private Limited
Associate	Tandem Allied Services Private Limited
Jointly Controlled Entities:	BCV Developers Private Limited (upto January 20, 2015) BCV Estates Private Limited CV Properties (Bangalore) Private Limited
Enterprises owned or significantly influenced by KMP :	Mysore holdings private limited Brigade foundation M.R. Jaishnkar (HUF) Indian Music Experience Trust Alta Collis LLC

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs.1500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
112740000	Equity Shares	Rs.10/- each	Rs.1127.400 Million

RECONCILIATION OF THE SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING PERIOD

Particular	No. in lakhs	Rs. In Million
At the beginning of the year	1123	1122.500
Issued during the year pursuant to the exercise of stock options by certain employees	5	4.900
Outstanding at the end of the year	1128	1127.400

Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of director is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2015, the amount of dividend recognized as distributions to equity shareholders was Rs. 2 per share.

In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all prefrential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shareholders’ holding equity shares more than 5%

Name of the shareholder	No. in lakhs	% holding
Jaishankar	230	20.00
Githa Shankar	187	17.00
Nirupa Shankar	93	8.00

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1127.400	1122.500	1122.500
(b) Reserves & Surplus	12038.100	11595.900	10958.500
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	13165.500	12718.400	12081.000
(3) Non-Current Liabilities
(a) long-term borrowings	5566.300	3747.000	7795.800
(b) Deferred tax liabilities (Net)	364.900	355.000	264.600
(c) Other long term liabilities	418.400	453.000	960.800
(d) long-term provisions	4.600	3.800	4.200
Total Non-current Liabilities (3)	6354.200	4558.800	9025.400
(4) Current Liabilities
(a) Short term borrowings	95.900	163.900	297.400
(b) Trade payables	2480.100	1817.200	782.000
(c) Other current liabilities	13208.200	9988.700	4961.200
(d) Short-term provisions	323.300	287.100	376.500
Total Current Liabilities (4)	16107.500	12256.900	6417.100
TOTAL	35627.200	29534.100	27523.500
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10856.100	11605.200	9847.500
(ii) Intangible Assets	14.000	19.600	79.100
(iii) Capital work-in-progress	3771.700	1879.400	3562.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1921.500	1330.000	922.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6453.900	5268.500	3505.100
(e) Other Non-current assets	752.100	747.700	33.600
Total Non-Current Assets	23769.300	20850.400	17950.500
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9778.900	7124.500	6029.800
(c) Trade receivables	161.500	338.100	155.700
(d) Cash and cash equivalents	224.100	277.900	350.700
(e) Short-term loans and advances	866.200	709.200	3015.000
(f) Other current assets	827.200	234.000	21.800
Total Current Assets	11857.900	8683.700	9573.000
TOTAL	35627.200	29534.100	27523.500

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	9880.500	8987.000	7761.1
	Other Income	199.600	170.700	120.1
	TOTAL (A)	10080.100	9157.700	7881.200
Less	EXPENSES
	Sub-Contractor Cost	4601.600	3017.500	0.000
	Cost of Raw Material, Components and Stores Consumed	1298.700	917.600	0.000
	Project and Direct Expenses	0.000	0.000	2768.2
	Land Purchase Cost	656.400	705.200	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2361.200)	(963.100)	1679.300
	Employees benefits expense	886.200	775.100	660.100
	Other expenses	1845.900	1686.100	622.000
	TOTAL (B)	6927.600	6138.400	5729.600
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3152.500	3019.300	2151.600
Less	FINANCIAL EXPENSES (D)	1146.000	1024.200	828.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2006.500	1995.100	1322.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)	919.900	765.300	722.400
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1086.600	1229.800	600.400
Less	TAX (H)	386.600	331.800	(42.200)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	700.000	898.000	642.600
	Earnings / (Loss) Per Share (Rs.)	6.23	8.00	5.72

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	6752.300	4521.900	1852.900
Cash generated from operations	150.500	4727.100	1312.200
Net cash flow from operating activity	(160.300)	4488.700	1253.000

QUARTERLY RESULTS

Particulars	30.06.2015	30.09.2015
	Unaudited	Unaudited
Net Sales	2929.100	2813.200
Total Expenditure	2055.900	1745.600
PBIDT (Excl OI)	873.200	1067.600
Other Income	46.000	255.100
Operating Profit	919.200	1322.700
Interest	353.600	359.000
Exceptional Items	NA	NA
PBDT	565.600	963.700
Depreciation	221.900	224.700
Profit Before Tax	343.700	739.000
Tax	122.900	230.300
Provisions and contingencies	0.000	NA
Profit After Tax	122.900	508.700
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	220.800	508.700
Equity Capital	1127.500	1127.500

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	7.08	9.99	8.28
Operating Profit Margin (PBIDT/Sales)	(%)	31.91	33.60	27.72
Return on Total Assets (PBT/Total Assets}	(%)	3.63	4.67	2.61
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.05
Debt Equity Ratio (Total Debt /Networth)		0.94	0.66	0.82
Current Ratio (Current Asset/Current Liability)		0.74	0.71	1.49

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.153.70/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1122.500	1122.500	1127.400
Reserves & Surplus	10958.500	11595.900	12038.100
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	12081.000	12718.400	13165.500
long-term borrowings	7795.800	3747.000	5566.300
Short term borrowings	297.400	163.900	95.900
Current Maturities of Long-Term Debts	1852.900	4521.900	6752.300
Total borrowings	9946.100	8432.800	12414.500
Debt/Equity ratio	0.823	0.663	0.943

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7761.100	8987.000	9880.500
		15.795	9.942

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7761.100	8987.000	9880.500
Profit	642.600	898.000	700.000
	8.28%	9.99%	7.08%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

QUERY ON CASE NUMBER

Select Bench: Bangalore Bench
Select Case Type: ITA (Income Tax Appeal)	Enter Case Number: 64	Select Case Year: 2014

CASE PENDING

HIGH COURT OF KARNATAKA -BANGALORE BENCH

ITA 64/2014

Petitioner/Appnt. Name	THE COMMISSIONER OF INCOME TAX		Respondent/Defnt. Name	M/S BRIGADE ENTRPRISES LTD
Petnr/Appnt. Advocate	ARAVIND K V		Respnt./Defnt. Advocate
Date Filed	10/02/2014	Classification	District	Bangalore City

Stage	PENDING FOR ADMISSON	Last Posted For
Last Action Taken		Last Date of Action	Next Hearing Date
Latest Order
Before Hon'ble Judge/s

Lower Court Details [Appeal from below case.]

Case No	Court Name	Disposal Dt
ITA 1357/2010	INCOME TAX APPELLATE TRIBUNAL	30/08/2013
ITA 1356/2010	INCOME TAX APPELLATE TRIBUNAL	30/08/2013
M.P 42/2013	INCOME TAX APPELLATE TRIBUNAL

CORPORATE INFORMATION

The Company was incorporated on November 8, 1995 and is listed on the National Stock Exchange of India Limited and BSE Limited. The Company is carrying on the business of real estate development, leasing, hospitality and related services.

FINANCIAL OVERVIEW:

During the financial year 2014-15, the Company has on a standalone basis, clocked a total income of Rs. 10080.100 Million as compared to Rs.9157.700 Million for the previous year ended 31st March, 2014, an increase of 10% on a year-on- year basis. EBITDA has increased from Rs. 3019.400 Million to Rs. 3152.500 Million an increase of 4%. Profit after tax was at Rs.700.000 Million for the financial year ended 31st March, 2015 as compared to Rs. 898.000 Million for the previous year, a decrease by 22%.

MANAGEMENT DISCUSSION AND ANALYSIS

Economic Overview

The global economic growth remained unchanged at 3.4% in 2014, as per the World Economic Outlook Report by IMF released in April, 2015. The major advanced economies during the year witnessed a gradual recovery in growth rate. However, the recovery continues to remain very fragile. The weak growth accompanied with soft commodity prices led to a low inflation level in these economies. Sluggish economic activities in Euro zone and Japan in spite of a prolonged near zero level interest rate prevailing there prompted the respective Central Banks to extend accommodative monetary policies. The emerging economies grew at a slower rate of 4.6% in 2014 as against 5.0% in 2013. This has been largely due to the slowdown in China and Brazil. Going forward, IMF predicts that the global economic growth would be at 3.5% in 2015.

The economic fundamentals are currently showing robust trends which substantiates the expected growth in the economy. The government has significantly focused towards bringing growth back on track which has led to increased optimism in the system. The current account deficit has come down to 0.2% of GDP (January – March, 2015) from 1.3% in FY15 and is expected to be at 1.5% in FY16. The government has also aimed at bringing down the fiscal deficit from 4.1% in 2015 to 3% by FY18. With inflation at RBI's comfort zone the Repo rate was reduced twice at the beginning of 2015. However, the full benefit is yet to be passed on to the consumers by the Banks. GDP grew at 7.3% in FY15 as compared to 6.9% in FY14 as per the CSO's new methodology taking 2011-12 as the base year. The increased impetus on infrastructure sector revival and efforts towards increasing

India's export potential would make the economic growth prospects for India stronger.

Industry Overview

Real Estate Sector Overview

Urbanisation, rising income level, young population, growing number of nuclear families, growth in manufacturing and services sector have supported the growth of real estate in India. One of the fastest growing sectors, Real Estate contributes about 11% of India's GDP, creates large number of employment and attracts huge capital. The market size is expected to increase at a CAGR of 11.2% between 2008-2020 as per a report by PHD Chamber of Commerce and Industry (PHDCCI). The sector can be broadly categorised as residential, commercial, retail and hospitality.

Operational Review

Real Estate Segment

The total sales volume in this segment grew by 7% in FY15 to 2.80 mn sq ft. from 2.63 mn sq ft. in FY14. Residential segment grew by 17% in FY15 to 2.65 mn sq ft. from 2.26 mn sq ft. in the previous year. Sales volume in the commercial segment decreased by 58% to 0.16 mn sq ft. in FY15 from 0.37mn sq ft. last year. The average realisation for residential and commercial projects was 5,076/sq ft. during the year.

The salable area for ongoing real estate projects is 16.36 mn sq ft. with Brigade's share of 12.05mnsq ft. at the end of FY15.

Brigade has a total land bank of 401 acres at the end of FY15. This translates to a total developable area of 34.1 mn sq ft. with Brigade's share of 26.0 mn sq ft. Residential segment has a developable area of 21.1 mn sq ft. out of which Brigade's share is 15.6 mn sq ft. and commercial salable segment has a developable area of 1.4 mn sq ft. with Brigade's share of 0.8 mn sq ft.

Bangalore, Chennai, Pune and Hyderabad are among the few markets that have lesser stress when it comes to unsold inventory hangover. Considering Brigade Group is majorly operating in the affordable and luxury residential segment, the Company is comfortably positioned on this front as the unsold inventory is immaterial when compared to market numbers. The affordable and luxury segments are robust in terms of demand and absorption providing comfortable environment for the Brigade Group.

Outlook

The economic growth in India is gradually reviving. The government's increased focus towards bringing the growth in the beleaguered infrastructure sector back on track would further add momentum to India's economic growth. Increased economic activities will raise the demand for new homes and office space. With US economy fast reviving and Europe gradually moving out of recessionary phase the IT/ITes, which is the largest consumer of office space, has strong growth prospects. The government's initiatives towards modernization of India by developing 100 Smart Cities will create a huge opportunity both for the residential and commercial segments. New instruments of financing like REITs will help the industry to grow faster as it will give access to long term and steady funds for the sector.

Brigade Group currently has a very strong pipeline with 19 mn sq ft. of ongoing projects in key real estate markets in South India to tap the rising demand. Brigade also holds a huge land bank of 401 acres, provides visibility of launching new projects for the coming years.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10601657	16/10/2015 *	750,000,000.00	State Bank of Patiala	MID Corporate Branch, N.R. Square, Corporation Circle, Bangalore, Karnataka - 560002, INDIA	C70320619
2	10586646	28/09/2015 *	750,000,000.00	State Bank of Patiala	MID Corporate Branch, N.R. Square, Corporation Circle, Bangalore, Karnataka - 560002, INDIA	C69681369
3	10573947	21/05/2015	1,500,000,000.00	The Federal Bank Limited	Gandhi Nagar Branch, P B No.9981, No.24, 2nd Cross, Gandhi Nagar, Bangalore, Karnataka - 560009, INDIA	C55958482
4	10558838	25/03/2015 *	1,750,000,000.00	Bank of Maharashtra	Shivajinagar Branch, 22, Lady Curzon Road, Shivajinagar, Bangalore, Karnataka - 560055, INDIA	C50470764
5	10550769	27/01/2015	500,000,000.00	LAKSHMI VILAS BANK LIMITED	Cantonment Branch, 125, Infantry Road, Opposite Sony  Centre, Bangalore, Karnataka - 560001, INDIA	C44431617
6	10535143	25/09/2014	500,000,000.00	The Karur Vysya Bank Limited	13, Sesha Sadan, Cambridge Road,, Halasuru, Bangalore, Karnataka - 560008, INDIA	C36106052
7	10524509	15/09/2014	500,000,000.00	State Bank of Mysore	Corporate Accounts Branch, No.18,, Ramanashree Arcade, Midford Gardens, M.G. Road, Bangalore, Karnataka - 560001, INDIA	C27387463
8	10540288	22/01/2015 *	1,280,000,000.00	Punjab National Bank	Bangalore Cantonment Branch, Davidoss Building, 143, Commercial Street, Bangalore, Karnataka - 560001, INDIA	C43973809
9	10457361	27/09/2013	740,000,000.00	INDIAN OVERSEAS BANK	RESIDENCY ROAD BRACH`, BANGALORE, Karnataka - 560025, INDIA	B88464193
10	10457487	27/09/2013	450,000,000.00	INDIAN OVERSEAS BANK	RESIDENCY ROAD BRACH, BANGALORE, Karnataka - 560025, INDIA	B88464888

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015

(Rs. In Million)

Particulars	Quarter Ended (30.09.2015)	Quarter Ended (30.06.2015)	Quarter Half Year Ended (30.09.2015)
	Unaudited	Unaudited	Unaudited
1. Income from operations
	2696.400	2839.500	5535.900
b) Other operating income	116.800	89.600	206.400
Total income from Operations(net)	2813.200	2929.100	5742.300
2.Expenditure
a) Sub Contractor Cost	1558.900	1180.400	2739.300
b) Land Purchase Cost	351.200	164.300	515.500
c) Cost of Raw Material	322.700	265.000	587.700
d) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1132.300)	(204.600)	(1336.900)
e) Employees benefit expenses	253.500	239.900	493.400
f) Depreciation and amortization expenses	224.700	221.900	446.600
g) Other expenditure	391.600	410.900	802.500
Total expenses	1970.300	2277.800	4248.100
3. Profit from operations before other income and financial costs	842.900	651.300	1494.200
4. Other income	255.100	46.000	301.100
5. Profit from ordinary activities before finance costs and Exceptional Items	1098.000	697.300	1795.300
6. Finance costs	359.000	353.600	712.600
7. From ordinary activities after finance costs but before exceptional items	739.000	343.700	1082.700
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax	739.000	343.700	1082.700
10.Tax expenses	230.300	122.900	353.200
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	508.700	220.800	729.500
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	508.700	220.800	729.500
14.Paid-up equity share capital (Nominal value Rs.2/- per share)	1127.500	1127.500	1127.500
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16. Earnings per share (EPS)
16.i) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualized)
a) Basic	4.51	1.96	6.47
b) Diluted	4.47	1.94	6.41
16.II) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualized)
c) Basic	4.51	1.96	6.47
d) Diluted	4.47	1.94	6.41

Particulars	Quarter Ended (30.09.2015)	Quarter Ended (30.06.2015)	Quarter Half Year Ended (30.09.2015)
	Unaudited	Unaudited	Unaudited
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	48017384	4817384	4817384
- Percentage of shareholding	42.59	42.59	42.59
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil	Nil	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil	Nil	Nil
Percentage of shares (as a % of total share capital of the company)	Nil	Nil	Nil
b) Non Encumbered
Number of shares	64734256	64734256	64734256
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	57.41	57.41	57.41

Particulars	Quarter Ended 30.09.2015
Pending at the beginning of the quarter	--
Received during the quarter	47
Disposed of during the quarter	47
Remaining unresolved at the end of the quarter	--

Note:

The above standalone financial results of Brigade Enterprises Limited (the Company’ or BEL’) has been reviewed by the Audit committee and taken on record at the meeting of the Board of Directors of the company held on November 02, 2015 The statutory auditors of the Company have carried out a limited review on the standalone financial results of the Company.

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30^TH SEPTEMBER 2015

Particulars		Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Half Year Ended ( Unaudited)
		30.09.2015	30.06.2015	30.09.2015
1	Segment Reserve Real Estate Hospitality Leasing Total Les: Inter segment Revenues Net Income from Operations	2059.300 327.600 430.300 2817.200 (4.000) 2813.200	2190800 312.200 426.000 2929.600 (0.500) 2929.100	4250.100 639.800 856.900 5746.800 (4.500) 5742.300
2	Segment Results Real Estate Hospitality Leasing Profit/loss before tax and Interest Less: Finance Costs Less: Other Unallowable Expenditure Add: Other Income Profit/loss before tax	745.200 66.500 212.900 1024.600 (359.000) (181.700) 255.100 739.000	580.000 45.300 184.400 809.700 (353.600) (236.100) 46.000 343.700	1325.200 111.800 397.300 1834.300 (712.600) (340.100) 301.100 1082.700
3	Capital Employed (Segment assets – segment Liabilities) Real Estate Hospitality Leasing Unallocated assets (Liabilities)(Net) Total Capital Employed	7499.300 3059.200 10288.500 (6948.900) 13898.100	6751.900 2975.800 10807.100 (7146.80) 13388.000	7499.300 3059.200 10288.500 (6948.900) 13898.100

THE STANDALONE STATEMENT OF ASSETS AND LIABILITIES:

(Rs. In Million)

SOURCES OF FUNDS	30.09.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1127.500
(b) Reserves & Surplus	12770.600
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	13898.100
(3) Non-Current Liabilities
(a) long-term borrowings	5850.500
(b) Deferred tax liabilities (Net)	367.200
(c) Other long term liabilities	446.500
(d) long-term provisions	6.000
Total Non-current Liabilities (3)	6670.200
(4) Current Liabilities
(a) Short term borrowings	113.400
(b) Trade payables	2648.500
(c) Other current liabilities	14969.200
(d) Short-term provisions	380.700
Total Current Liabilities (4)	18111.800
TOTAL
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14503.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	2726.500
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	6096.800
(e) Other Non-current assets	764.800
Total Non-Current Assets	24091.100
(2) Current assets
(a) Current investments	0.000
(b) Inventories	11841.400
(c) Trade receivables	218.900
(d) Cash and cash equivalents	452.800
(e) Short-term loans and advances	1030.500
(f) Other current assets	1045.400
Total Current Assets	14589.000
TOTAL	18111.800

2. Pursuant to notification of the applicability of component approach from the financial year commencing on 01.04.2015, the Company has determined significant components of their assets as at 01.04.2015 and wherever, the useful life of such significant components was different from useful life of the asset the carrying amount attributable to such components as at 01.04.2015 is being depreciated over the revised remaining useful life of such components. Had the Company continued with the previously assessed useful lives for such components, charge for depreciation for the quarter and six months ended 30.09.2015 would have been lower by Rs.418 lakhs and Rs.837 lakhs respectively and the profit before tax would have been higher by such amount. (Previous accounting year ended 31.03.2015 and quarter and six months ended 30.09.2014: Rs. Nil)

3. The figures of the previous year/ period have been regrouped/ reclassified, wherever necessary to confirm to current period's classification.

CONTINGENT LIABILITIES:

(Rs. in million)

Particular	31.03.2015	31.03.2014
Claims against the company not acknowledged as debts
Income tax	16.300	2.000
- Sales tax / Value added tax / Entry tax	98.300	185.200
- Service tax	288.100	249.900
Letter of credit and bank guarantees	436.800	354.700

FIXED ASSETS

• Land
• Building
• Furniture, fixture and interiors
• Office Equipments
• Plant and machinery
• Computer and hardware
• Software
• Vehicles
• Leasehold improvement

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.67.04
UK Pound	1	Rs.101.67
Euro	1	Rs.73.92

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.