MIRA INFORM REPORT

Report No. :	310030
Report Date :	27.02.2015

IDENTIFICATION DETAILS

Name :	E-LAND APPAREL LIMITED (w.e.f. January 14, 2015)
Formerly Known As :	MUDRA LIFESTYLE LIMITED (w.e.f. December 2, 2005) MUDRA TEXTILE LIMITED (w.e.f. December 1, 2005) MUDRA TEXTILES PRIVATE LIMITED (w.e.f. October 10, 2001) BOMBAY FINE FABRICS PRIVATE LIMITED
Registered Office :	Office No.509, 5^th Floor, Western Edge-I, Western Express Highway, Magathane, Borivali (East), Mumbai – 400 066, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.03.1997
Com. Reg. No.:	11-106945
Capital Investment / Paid-up Capital :	Rs.479.905 million
CIN No.: [Company Identification No.]	L17110MH1997PLC106945
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is primarily engaged in the business of manufacturing of textiles consisting of fabric and garment.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred huge accumulated losses which has eroded the networth of the company. Also the company has huge external borrowings during FY 2014. However, business is active as per status shown in the registrar of companies. Payments are slow. The company can be considered for business dealings on safe and secured 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

NOT AVAILABLE

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Pabhakar P.
Designation :	Finance Head
Contact No.:	91-22-40972600
Date :	26.02.2015

LOCATIONS

Registered Office :	Office No.509, 5^th Floor, Western Edge-I, Western Express Highway, Magathane, Borivali (East), Mumbai – 400 066, Maharashtra, India
Tel. No. :	91-22-40972600/ 01
Fax No. :	91-22-40972601/ 28472603
E-Mail :	investor@mudralifestyle.com contact@mudralifestyle.com
Website :	http://www.mudralifestyle.com
Corporate Office :	Oberoi Garden Estate, "D" Wing, 5^th Floor, Near Chandivali Studio, Chandivali Farm Road, Mumbai – 400 072, Maharashtra, India
Works :	Located at: · Garmenting - Bangalore

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Yangweon Yoo
Designation :	Managing Director
Name :	Mr. Jung Ho Hong
Designation :	Executive Director
Date of Birth/ Age :	19.03.1971
Qualification :	Graduate in Laws from Hanyang University
Experience/ Expertise :	Vast experience in Mergers, Acquisitions and other Legal matters of the Company.
Date of Appointment :	07.02.2012
Directorships in other Companies :	E-Land Hotels and Resorts India Private Limited
Name :	Mr. Kwang Hyuck Choi
Designation :	Executive Director
Name :	Mr. Chong Tae Baek
Designation :	Independent Director
Date of Birth/ Age :	06.03.1960
Qualification :	PhD from Mumbai University; MA in Intercultural Studies, Wheaton College, USA, MA in Ancient Indian History and Culture, Mumbai; B.A. in English literature, Ajou University.
Experience/ Expertise :	Experience in General Management Trading and Logistics Business on Textiles
Date of Appointment :	23.08.2011
Directorships in other Companies :	Green Ville Business Solutions and Services Private Limited
Name :	Mr. Sivabalan Paul Pandian
Designation :	Independent Director
Date of Birth/ Age :	21.09.1958
Qualification :	M.Sc. Tech from Mumbai University
Experience/ Expertise :	Textile Technologist having worked for more than 20 years in the manufacturing areas of various leading textile mills.
Date of Appointment :	29.04.2007
Directorships in other Companies :	Lovable Lingerie Limited
Name :	Mr. Kyoung Hur
Designation :	Independent Director
Date of Birth/ Age :	01.02.1955
Qualification :	BA, Soongjun University
Experience/ Expertise :	General Management in Textiles Business
Date of Appointment :	05.08.2014
Directorships in other Companies :	· Branee Business S&A Private Limited · Keltech Offshore and Engineering Services Private Limited
Name :	Mr. Eung Kyun Shin
Designation :	Executive Chairman (Upto 31^st March, 2014)
Name :	Mr. Gagan Rai
Designation :	Independent Director (Upto 2^nd June, 2014)
Name :	Mr. Wan Ki Eun
Designation :	Independent Director (Upto 4^th August, 2014)
MEMBERS OF AUDIT COMMITTEE :	Mr. Chong Tae Baek (Chairman) Mr. Yangweon Yoo (Member) Mr. Kyoung Hur (Member)

KEY EXECUTIVES

Name :	Mr. Byounghoon Yi
Designation :	Chief Financial Officer (w.e.f. 30^th May, 2014)
Name :	Mr. Chung Whon Young
Designation :	Chief Financial Officer (Upto 29^th May, 2014)
Name :	Mr. Ashitosh Sheth
Designation :	Company Secretary and Compliance Officer
Name :	Mr. Pabhakar P.
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholders	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	31598094	65.84
Sub Total	31598094	65.84
Total shareholding of Promoter and Promoter Group (A)	31598094	65.84
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	664468	1.38
Venture Capital Funds	126702	0.26
Foreign Institutional Investors	1247688	2.60
Sub Total	2038858	4.25
(2) Non-Institutions
Bodies Corporate	4015631	8.37
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	4032679	8.40
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	6120510	12.75
Any Others (Specify)	184697	0.38
Clearing Members	57084	0.12
Non Resident Indians	127612	0.27
Trusts	1	0.00
Sub Total	14353517	29.91
Total Public shareholding (B)	16392375	34.16
Total (A)+(B)	47990469	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)	47990469	0.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the business of manufacturing of textiles consisting of fabric and garment.
Products :	Textile
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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	State Bank of India
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Axis Bank Limited

· Oriental Bank of Commerce

· State Bank of Patiala

· Bank of India

· State Bank of Hyderabad

· State Bank of Travancore

· State Industrial Development Bank of India (SIDBI)

· Industrial Development Bank of India (IDBI)

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Term Loan from Banks	0.000	2549.412
Vehicle Loan	0.119	0.862
SHORT TERM BORROWINGS
Working Capital Loan	350.000	1259.302
Total	350.119	3809.576

Notes:

Long Term Borrowings

Notes

(i) Restructuring :

During the earlier years, the Company had made a reference to the Corporate Debt Restructuring (CDR) cell for restructuring of the debts of the Company through CDR Mechanism. The final restructuring package was approved by CDR empowered group on June 01, 2012. The Master Restructuring Agreement (.MRA.) has also been signed with the lenders participating in the CDR package (.CDR Lenders.) on September 24, 2012. Some of the salient features of the CDR package are as follows:

· Entire principal outstanding as on cut-off date viz. October 01, 2011 has been restructured

· Irregular portion of working capital loan has been converted into Working Capital Term Loan (WCTL)

· Interest on Term Loans, WCTL and Working Capital Facilities for first 12 months (i.e. from the cut-off date) has been converted into Long term loan  Repayment tenure of term loans, WCTL extended for a tenure of 10 years from COD - i.e. till 30^th September, 2021.

· Overall reduction in interest rates on term loans, WCTL and working capital.

· Promoter’s contribution to support restructuring package amounting Rs.1710.000 million.

· Creation of security in favour of CDR lenders in order to secure the debt obligations of the Company under the CDR Package which is under creation.

(ii) Nature of Security of Secured Loans:

(a) All existing term loans, SBI corporate loan, Working Capital Term Loan, FITL, and Working Capital facilities to be secured by first charge on pari passu basis on Fixes Assets and Current Assets. Creation of security in favour of CDR lenders as per Corporate Debt Restructuring (CDR) package is under process.

(b) Vehicle Loans are Secured by hypothecation of specified vehicles against which the finance is obtained.

(iii) Terms of repayment of term loan and other loans are as below:

a) Term Loan under TUFF Scheme - Repayment of these loans has commenced from 31^st December, 2011 in Quarterly Installment as Follows:-

FY12H1-0.1%, FY12 (H2)-0.2%, FY13-0.2%, FY14-1.75%, FY15-3%, FY16-9%, FY17-10%, FY18-16%, FY19-17%, FY20-18%, FY21-18% and FY22 (H1)-6.75%

b) Other Term Loan and WCTL - Repayment of these loans has commenced from June,2013 in Quarterly Installment as Follows:-

FY14-1.75%, FY15-3%, FY16-9%, FY17-10%, FY18-16%, FY19-17%, FY20-18%, FY21-18% and FY22 (H1)-7.25%

c) FITL on TUFS Loans to be paid with in 6 quarters from COD i.e. till 31.03.2013, FITL on SBI corporate loan, IDBI and SIDBI TL facilities, Axis MTM Forex, WCTL and on WC facility to be repaid in 8 equal quarterly installments beginning 30^th September, 2014

d) Details of terms and repayment of Vehicle loan is as under:

Name of Bank	Rate of Interest	Repayment terms
HDFC Bank Limited	9.37%	59 Months
HDFC Bank Limited	9.92%	60 Months
HDFC Bank Limited	9.92%	60 Months
HDFC Bank Limited	9.92%	60 Months
Oriental Bank of Commerce	10.51%	38 Months

iv) Interest Recompense

Under the CDR package, the lenders have reserved their right of recompense for the reliefs, waivers and sacrifices extended by them to the Company. As per MRA, as on date of MRA, the total amount of sacrifice extended by the lenders to the Company is Rs.454.400 million.

v) The entire outstanding term loan and working capital loan related to D1 unit alongwith security provided thereof has been transferred to E-Land Fashion India Private Limited as on 29th March 2014 as loan liability of Company’s unit at D-1, Tarapur under the Business Transfer Agreement.

vi) Loans and Advances from related parties - Repayment of these loans are as follows :-

- 10% of the loan amount on or prior to December 31, 2022

- 20% of the loan amount on or prior to December 31, 2023

- Balance 70% of the loan amount on or prior to December 31, 2024

Banking Relations :	--
Financial Institutions :	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Auditors :
Name :	K C P L and Associates LLP Chartered Accountants
Address :	Mumbai, Maharashtra, India
Solicitors and Legal Advisors :	J. Sagar Associates SB Partners
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company:	E Land World Co. Limited
Holding Company:	E-Land Asia Holdings Pte Limited
Fellow Subsidiary Companies:	E Land Accessaries Trading (Shanghai) Co. Limited E Land Fashion China Holdings Limited Thanh Cong Textile Garment Investment Trading Joint Stock Company E Land Vietnam Co. Limited E Land Fashion India Private Limited JEWOO Manufacturing Co. Limited Wish Hongkong Limited
Entities Under Common Control:	E Land Fashion (Shanghai) Co. Limited Bright Light Garment Mfg Co. Limited E Land International Fashion Co. Limited E Land Retail Limited E.Land International Fashion (Shanghai) Co., Limited Elphis Lanka Limited Wish Fashion (Shanghai) Co. Limited Eland Japan Inc. WHOAU Holdings Inc. Wish Trading (Shanghai) Co. Limited Wish Trading Co. Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60010000	Equity Shares	Rs.10/- each	Rs.600.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47990469	Equity Shares	Rs.10/- each	Rs.479.905 million

Notes:

(i) Shareholders holding more than 5 percent shares in the Company:

Name of Shareholders	As at 31^st March, 2014
	No. of Shares	% of Total
(a) E-Land Asia Holdings Pte Limited (Holding Company)	31598094	65.84
(b) Murarilal Agarwal	4119386	8.58
(c) Ravindra Agarwal	4141697	8.63

(ii) Reconciliation of the Opening and Closing Outstanding no. of shares:

Particulars	As at 31^st March, 2014
	No. of Shares	Amount (Rs. in million)
Opening No. of Equity Shares (No. of Shares)	47990469	479.905
Shares allotted during the year	--	--
Closing No. of Equity Shares (No. of Shares)	47990469	479.905

(iii) Terms/ rights attached to Equity Shares:

The company has only one class of share capital namely Equity Shares having par value of Rs.10 per share. Each holder of Equity Shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. In the event of liquidation of the company, the holders of Equity Shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.

Mr. Murarilal Agarwal, Mr. Ravindra Agarwal, Mr. Vishwambharlal Bhoot (Old Promoters) and E-Land Asia Holdings Pte Limited form the promoter group of Company. As per the provision of the Securities Contracts (Regulations) Rules, 1957 (as amended) (SCRR), the Company is required to maintain a public shareholding of 25% of the aggregate paid up share capital (Minimum Public Shareholding Threshold) (MPS). Accordingly, at present, the public shareholding of the Company falls short of the required Minimum Public Shareholding by 10.79%. In order to comply with MPS, the Company has identified among other options, sale of shares held by promoters through the secondary market (Offer for Sale) as the more feasible options to comply with requirement of MPS. However, in view of the extremely low volume of trading in the shares of the Company and also due to the shares being categorized for trading in the .Periodic Call Auction system, Company will seek more time to meet the MPS requirement. Till the time minimum public shareholding is achieved by the Company, the rights attached to the shares of promoter/ promoter group stands modified as directed by SEBI vide its order dated 04th June, 2013.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	01.04.2013 to 31.03.2014 (12 Months)	01.10.2012 to 31.03.2013 (6 Months)	30.09.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	479.905	479.905	479.905
(b) Reserves & Surplus	(1563.807)	(955.512)	(394.695)
(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)	(1083.902)	(475.607)	85.210
(3) Non-Current Liabilities
(a) Long-term borrowings	3031.859	4617.014	4523.450
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	119.716	3.652	3.652
(d) Long-term provisions	12.325	17.605	12.117
Total Non-current Liabilities (3)	3163.900	4638.271	4539.219
(4) Current Liabilities
(a) Short term borrowings	350.000	1429.509	1352.248
(b) Trade payables	177.225	382.344	465.435
(c) Other current liabilities	154.614	474.114	439.267
(d) Short-term provisions	7.781	82.652	56.441
Total Current Liabilities (4)	689.620	2368.619	2313.391
TOTAL	2769.618	6531.283	6937.820
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	501.370	4494.075	4511.224
(ii) Intangible Assets	2.234	4.466	5.584
(iii) Capital work-in-progress	9.296	2.174	103.771
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.100
(c) Deferred tax assets (net)	262.396	161.316	161.316
(d) Long-term Loan and Advances	53.372	76.756	54.833
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	828.768	4738.887	4836.828
(2) Current assets
(a) Current investments	0.787	0.828	1.010
(b) Inventories	249.062	808.204	667.714
(c) Trade receivables	453.540	644.217	454.393
(d) Cash and cash equivalents	132.245	73.780	677.232
(e) Short-term loans and advances	177.111	148.197	213.414
(f) Other current assets	928.105	117.170	87.229
Total Current Assets	1940.850	1792.396	2100.992
TOTAL	2769.618	6531.283	6937.820

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2013 to 31.03.2014 (12 Months)	01.10.2012 to 31.03.2013 (6 Months)	30.09.2012
	SALES
		Revenue from Operations	3339.012	1302.785	3089.239
		Other Income	128.031	37.121	47.184
		TOTAL	3467.043	1339.906	3136.423
Less	EXPENSES
		Cost of Material Consumed/Traded	1916.874	812.434	2291.988
		Manufacturing Expenses	1303.309	624.345	1481.299
		Change in Inventories of finished goods and Work-in-progress	190.699	(146.118)	864.275
		Employee Benefits Expenses	129.186	48.166	145.421
		Impairment of Fixed Assets	0.000	0.000	256.321
		Other Expenses	469.690	115.842	377.094
		Exceptional Items
		- Profit on slump sale	(746.245)	0.000	0.000
		- Unsecured Loan written back	(55.143)	0.000	0.000
		Prior Period Items	0.000	0.000	21.905
		TOTAL	3208.370	1454.669	5438.303
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		258.673	(114.763)	(2301.880)
Less	FINANCIAL EXPENSES		357.934	283.912	694.203
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(99.261)	(398.675)	(2996.083)
Less/ Add	DEPRECIATION/ AMORTISATION		248.979	124.769	411.526
	PROFIT/ (LOSS) BEFORE TAX		(348.240)	(523.444)	(3407.609)
Less	TAX		(214.895)	29.003	(131.371)
	PROFIT/ (LOSS) AFTER TAX		(133.345)	(552.447)	(3276.238)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3551.542)	(2999.095)	277.143
	BALANCE CARRIED TO THE B/S		(3684.887)	(3551.542)	(2999.095)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1026.669	435.655	935.701
	TOTAL EARNINGS		1026.669	435.655	935.701
	IMPORTS
		Capital Goods	15.218	6.781	53.522
		Consumable	120.303	26.150	55.924
	TOTAL IMPORTS		135.521	32.931	109.446
	Earnings / (Loss) Per Share (Rs.)		(2.78)	(11.51)	(68.27)

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014	31.12.2014
Unaudited	1^stQuarter	2^nd Quarter	3^rd Quarter
Net Sales	444.100	415.900	437.200
Total Expenditure	477.400	442.400	511.200
PBIDT (Excl OI)	(33.300)	(26.400)	(74.000)
Other Income	10.400	5.600	20.700
Operating Profit	(22.900)	(20.800)	(53.300)
Interest	7.000	11.000	9.200
Exceptional Items	143.000	(83.700)	0.000
PBDT	113.100	(115.500)	(62.500)
Depreciation	5.800	5.400	5.700
Profit Before Tax	107.300	(120.900)	(68.200)
Tax	0.000	262.400	(4.700)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	107.300	(383.300)	(63.500)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	107.300	(383.300)	(63.500)

KEY RATIOS

PARTICULARS		01.04.2013 to 31.03.2014 (12 Months)	01.10.2012 to 31.03.2013 (6 Months)	30.09.2012
Net Profit Margin (PAT/Sales)	(%)	(3.99)	(42.41)	(106.05)
Operating Profit Margin (PBDIT/ Sales)	(%)	7.75	(8.81)	(74.51)
Return on Total Assets (PBT/Total Assets}	(%)	(13.94)	(8.22)	(51.07)
Return on Investment (ROI) (PBT/Networth)		0.32	1.10	(39.99)
Debt Equity Ratio (Total Debt/Networth)		(3.12)	(12.71)	68.96
Current Ratio (Current Asset/Current Liability)		2.81	0.76	0.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	479.905	479.905	479.905
Reserves & Surplus	(394.695)	(955.512)	(1563.807)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	85.210	(475.607)	(1083.902)
Long Term borrowings	4523.450	4617.014	3031.859
Short Term borrowings	1352.248	1429.509	350.000
Total borrowings	5875.698	6046.523	3381.859
Debt/Equity ratio	68.955	(12.713)	(3.120)

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	3089.239	1302.785	3339.012
		(57.828)	156.298

NET PROFIT MARGIN

Net Profit Margin	30.09.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	3089.239	1302.785	3339.012
Profit	(3276.238)	(552.447)	(133.345)
	(106.05%)	(42.41%)	(3.99%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONSOFTHECOMPANY:

During the year, the Company earned total revenue of Rs.3467.043 million (Previous year Rs.1339.907 million). Total Expenses were Rs.4616.671 million (Previous year Rs.1863.350 million). Loss before tax stood at Rs.348.240 million (Previous year Rs.523.443 million). The previous period figures are for 6 months i.e. from 1^st October, 2012 to 31^st March, 2013, hence the current year figures are not comparable with the previous period figures.

SLUMP SALEOF UNIT D-1 LOCATEDAT TARAPUR:

During the year, the Company has transferred its Unit D-1 of Fabric Business located at Tarapur on a going concern basis by way of slump sale to E-Land Fashion India Private Limited, wholly owned subsidiary of the holding company viz. E-Land Asia Holding Pte Limited for cash consideration of INR 464.900 million.

Approval of the shareholders as required under Section 180(1)(a) of the Companies Act, 2013 for the said transaction of Slump Sale of Unit D-1 was sought by way of Postal Ballot process, result of which was declared on 21^st March, 2014.

SALEOFNON-COREASSETS:

The Company also decided to sell its Non-Core Assets to prospective Buyers for an appropriate consideration. The Non-Core Assets identified by the Company are as follows:

* All Units of Daman

* All Units of Bhiwandi

* Unit N-12 of Tarapur

Approval of the shareholders as required under Section 180(1)(a) of the Companies Act, 1956 for the said Non-Core Assets was sought by way of Postal Ballot process, result of which was declared on 21^st March, 2014.

The Company has already commenced the process of the sale of the above mentioned Non-Core Assets and ascertained the prospective buyers for the same. Majority of the transactions are on advanced stage of completion.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT

The textiles and garments industry is one of the largest and most prominent sectors of Indian economy in terms of output, foreign exchange earnings and employment generation. The textile Industry is crucial to the Indian economy in terms of contribution to GDP and employment. It contributes about 4% to the GDP, accounts for over 14% of total industrial production and 11% of export earnings. The Indian textile industry currently provides employment directly to more than 45 Million people and 60 million people indirectly. The textile sector is the second largest provider of employment after agriculture. As stated in late January, by Ministry of Textiles, the transformation of the textile industry from a degrading to a rapidly developing industry has become the biggest achievement of the Central Government. Based on the past trend of growth and estimated end user segment growth, the market size of Technical Textiles in India is projected to Rs.1.5 lakh crores for the year 2016-17 with a growth rate of 20% per annum.

INDUSTRY OUTLOOK

The Indian industry is amongst the very few in the world that is truly vertically integrated from raw material to finished products. It contains, within itself, fibre-production, spinning, knitting and weaving, as well as apparel manufacture. Indian industry has consistently remained flexible in terms of production quantity and lead time. While typical production runs are governed by fabric color minimums, India presents the possibility of producing quantities as low as to a few hundred pieces.

This capability is especially critical in an unpredictable market where retailers and brands are looking to source ever smaller quantities of product, increasingly closer to the season. The policy environment that was unfavorable to large-scale manufacturing in the past has also created an unintended strength - a base of design, product development and merchandising capability.

A major gap in Indian industry is its fragmented industry structure with a dominance of small scale industries. Small scale also brings with it the problem of productivity. Smaller companies often do not have the resources to invest in appropriate technology or retraining, or in the re-engineering of processes. While skilled Indian labor is inexpensive in absolute terms, due to lower productivity levels, much of this advantage is lost by small firms.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Loans and advances from related parties	3031.740	2066.740
SHORT TERM BORROWINGS
Loans from Others	0.000	170.207
Total	3031.740	2236.947

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10536521	27/11/2014	4,731,700,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	C36907053
2	10466026	26/08/2014 *	4,731,700,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	C20001541
3	10200585	21/01/2010	60,000,000.00	STATE BANK OF HYDERABAD	11-C,MITTAL TOWER, 210,NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A78804408
4	10180786	03/02/2010 *	360,000,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATION UNIT, 1/5 B-SHREE HARI BUILDING, FOUR BUNGLOWS, RTO LANE, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA	A78277225
5	10171454	01/06/2009	1,010,000,000.00	STATE BANK OF PATIALA COMMERCIAL BRANCH	ATLANTA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A66164096
6	10125646	01/06/2009 *	2,018,400,000.00	STATE BANK OF PATIALA COMMERCIAL BRANCH	ATLANTA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A66160201
7	10084989	01/06/2009 *	2,018,400,000.00	STATE BANK OF PATIALA COMMERCIAL BRANCH	ATLANTA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A66163379
8	10084813	29/12/2007	1,008,400,000.00	STATE BANK OF PATIALA COMMERCIAL BRANCH	ATLANTA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A31092836
9	10067653	07/05/2008 *	173,128,000.00	BANK OF INDIA	ANDHERI CORPORATE BANKING BRANCH, M.D.I. BUILDING, 1ST FLOOR, MUMBAI, MAHARASHTRA - 400058, INDIA	A43351204
10	10063634	02/01/2008 *	170,740,000.00	ORIENTAL BANK OF COMMERCE	ANDHERI OVERSEAS BRANCH, ANDHERI KURLA ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	A29182623
11	10043126	21/03/2007	150,000,000.00	ORIENTAL BANK OF COMMERCE	ANDHERI OVERSEAS BRANCH, LEELA GALLERIA, 1ST FLOOR, ANDHERI KURLA ROAD, SAHAR, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	A12536819
12	10075051	08/01/2007	4,500,000.00	ORIENTAL BANK OF COMMERCE	ANDHERI OVERSEAS BRANCH, ANDHERI KURLA ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	A11445558
13	10076358	04/11/2006	58,760,000.00	ORIENTAL BANK OF COMMERCE	ANDHERI OVERSEAS BRANCH, ANDHERI KURLA ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	A08413866
14	10075694	01/09/2006	16,240,000.00	ORIENTAL BANK OF COMMERCE	ANDHERI OVERSEAS BRANCH, ANDHERI KURLA ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	A11445541
15	10018657	07/08/2006	13,760,000.00	ORIENTAL BANK OF COMMERCE	ANDHERI OVERSEAS BRANCH, ANDHERI KURLA ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	A03624178
16	10016875	07/08/2006	45,000,000.00	ORIENTAL BANK OF COMMERCE	ANDHERI OVERSEAS BRANCH, ANDHERI KURLA ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	A03623972
17	10013989	26/07/2006	90,000,000.00	BANK OF INDIA ACB BRACNH	M.D.I. BUILDING, 1ST FLOOR, 28, S. V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	A03333671
18	10012540	30/06/2006	60,000,000.00	BANK OF INDIA	ACB BRANCH, 28, M.D.I. BUILDING,, S. V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA	A02496057
19	10006913	19/10/2010 *	2,091,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SNEHAL CHAMBERS,, TELI GULLI, ANDHERI (EAST), MUMBAI, MAHARASHTRA -400 069, INDIA	A97337984
20	90147949	27/03/2008 *	755,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SNEHAL CHAMBERS, TELI GULLY, ANDHERI(EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	A36113785

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Claims against the company not acknowledged as debts
i) Works Contract Tax	25.022	25.022
ii) Penalty levied by Director General of Foreign Trade	0.000	0.650
iii) Others	14.507	11.923
iv) Bank Guarantee	23.111	0.000
Total	62.640	37.595

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON

31ST DECEMBER, 2014

(Rs. in million)

		Particulars	Quarter Ended		Nine Months Ended
			31.12.2014	31.09.2014	31.12.2014
			(Unaudited)	(Unaudited)	(Unaudited)
1	Income from Operations
	a) Net Sales/Income from Operations (net of excise duty)		410.214	396.370	1236.559
	b) Other Operating Income		27.015	17.185	59.876
	Total Income from Operations (Net)		437.229	413.555	1296.435
2	Expenses
	a)	Cost of Materials consumed	312.099	238.801	814.580
	b)	Purchase of stock in-trade	0.946	0.000	64.900
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(37.141)	(15.303)	(96.191)
	d)	Employee benefit expenses	136.980	128.906	383.252
	e)	Depreciation and amortization expense	5.712	5.436	16.983
	f)	Other expenses	91.014	92.705	261.218
	Total Expenses		509.610	450.545	1444.742
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	(72.381)	(36.990)	(148.307)
4	Other Income		20.666	7.975	37.433
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	(51.715)	(29.015)	(110.874)
6	Finance Costs		9.162	8.217	22.980
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	(60.877)	(37.232)	(133.854)
8	Prior Period Items		7.305	83.682	90.987
9	Exceptional Items		0.000	0.000	143.019
10	Profit /(Loss) from ordinary activities before tax (7-8+9)		(68.182)	(120.914)	(81.822)
11	Tax Expense		(4.719)	262.396	257.677
12	Net Profit /(Loss) for the period (10-11)		(63.463)	(383.310)	(339.499)
13	Paid up equity share capital (Eq. shares of Rs.10/- each)		479.905	479.905	479.905
14	Reserve excluding revaluation reserves		--	--	--
15		Earnings per share (before/after extraordinary items) of Rs.10/- each	(1.32)	(7.99)	(7.07)
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	11998074	11998074	11998074
		- Percentage of Shareholding	25.00%	25.00%	25.00%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	Nil	Nil	Nil
		- Percentage of shares (as a % of the total shareholding of the promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shares (as a % of the total share capital of the Company)	Nil	Nil	Nil
		b) Non- encumbered
		- Number of shares	35992395	35992395	35992395
		- Percentage of shares (as a % of the total shareholding of the promoter and promoter group)	100.00%	100.00%	100.00%
		- Percentage of shares (as a % of the total share capital of the Company)	75.00%	75.00%	75.00%

	Particulars		Quarter ended 31.12.2014
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	1
		Disposed during the quarter	Nil
		Remaining unresolved at the end of the quarter	1

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Equipment

· Furniture and Fixtures

· Vehicles

· Electrical Installations

· Computer

Intangible Assets

· Brand Value

· Goodwill

WEBSITE DETAILS:

NEWS/ ARTICLES:

MUDRA LIFESTYLE CHANGES ITS NAME TO E-LAND APPAREL

February 03, 2015

Mudra Lifestyle Limited has informed BSE that consequent to the approval of Board of Directors of the Company at its meeting held on November 14, 2014, approval of Members through Postal Ballot, result of which was declared on January 14, 2015, and filing Form INC-24 with the Registrar of Companies, Mumbai, the Company have received a fresh Certificate of Incorporation from Registrar of Companies, Mumbai and hence the name of the Company has been changed from Mudra Lifestyle Limited to "E-Land Apparel Limited".

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 records 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.61.94
UK Pound	1	Rs.96.24
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUM
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--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		17

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.