MIRA INFORM REPORT

Report No. :	486665
Report Date :	16.01.2018

IDENTIFICATION DETAILS

Name :	BOMBAY RAYON FASHIONS LIMITED (w. e. f. 30.09.2004)
Formerly Known As :	MUDRA FABRICS LIMITED (w. e. f. 13.10.1992) MUDRA FABRICS PRIVATE LIMITED
Registered Office :	D 1^st Floor, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra
Tel. No.:	91-22-39858800
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	21.05.1992
Com. Reg. No.:	11-066880
Capital Investment / Paid-up Capital :	INR 1859.900 Million
CIN No.: [Company Identification No.]	L17120MH1992PLC066880
IEC No.:	0399028358
GSTIN :	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACM3447J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	The Company is mainly engaged in the business of manufacturing of textiles consisting of yarn, fabrics and garments. [Registered Activity]
No. of Employees :	14720 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject was incorporated in 1992 and is based in Mumbai, Maharashtra. The company is engaged in manufacturing, exporting and retailing of fabrics and garments. The company has sound financial base marked by healthy networth profile along with average debt balance sheet. Rating also takes into account of experience of its promoters, established track record of business operations and market position. However, rating strength is partially offset by deterioration in the revenue profile and loss incurred during the year. Trade relations are reported as fair. Business is active. Payments are slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 16.01.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Ramchandra
Designation :	Assistant Manager
Contact No.:	91-9833818814

Management Non-Cooperative (Tel. No.: 91-22-61068800)

LOCATIONS

Registered Office/Factory :	D 1^st Floor, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-39858800/61068800
Fax No.:	91-22-39858700
E-Mail :	mail@bombayrayon.com
Website :	http://www.bombayrayon.com
Bangalore Office/ Head Office :	KIADB Apparel Park, Near Railway Station, Doddaballapur, Bangalore – 561203, Karnataka, India
Tel. No.:	91-80-30940000
Fax No.:	91-80-30940111
Sales Marketing Office :	D 6^thFloor, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India
Factory Location :	Weaving and Yarn Dyeing Maharashtra – Navi Mumbai, Sonale and Tarapur, Dist. Thane Silvassa Karnataka – Bangalore Processing Maharashtra –Tarapur Karnataka – Bangalore Garmenting Maharashtra – Navi Mumbai, Islampur, Latur, Ichalkaranji and Osmanabad Karnataka - Bangalore Tamilnadu - Chennai Kerala – Thiruvannthapuram

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Janardhan Biseshwarlal Agrawal
Designation :	Chairman
Address :	Flat No. 602, 6th Floor, Daffodil, N S Road No. 7, J V P D Scheme, Vile Parle, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	68 Years
Qualification :	B. Com
Date of Appointment :	24.08.1992
DIN No.:	00019497
Name :	Mr. Aman Janardhan Agarwal
Designation :	Vice Chairman
Address :	902, 9 JVPD Building NS Road No.10, JVPD Juhu, Vile Parle (West), Mumbai – 400049, Maharashtra, India
Date of Appointment :	31.01.2003
DIN No.:	00019534
Name :	Mr. Naseer Ahmed
Designation :	Joint Vice Chairman
Address :	391, 2nd Main, 2nd Cross, 2nd Phase, 80 Feet Road, R M V Extension, Bangalore – 560094, Karnataka, India
Date of Appointment :	25.07.2005
DIN No.:	00027095
Name :	Mr. Prashant Janardan Agarwal
Designation :	Managing Director
Address :	Flat No. 602, 6th Floor, Daffodil, N S Road No. 7, J V P D Scheme, Vile Parle, Mumbai – 400049, Maharashtra, India
Date of Appointment :	01.06.2010
DIN No.:	00019464
Name :	Mr. Asharam Mundra
Designation :	Whole time Director
Address :	Flat No. 2603-04, Oberoi Springs CHS, Tower-A, New Link Road, Opposite City Mall, Andheri (West), Mumbai - 400053 Maharashtra , India
Date of Appointment :	01.06.2010
DIN No.:	AACPM5740M
Name :	Ms. Prachi Amit Deshpande
Designation :	Whole time Director
Address :	1802, Beauty Palms, Kolbad Road, Opposite Pratap Cinema, Khopat Thane - 400603 Maharashtra, India
Date of Appointment :	29.09.2015
PAN No.:	AHQPD1979C
DIN No.:	02975271
Name :	Mr. Arunachalam Arumugham
Designation :	Director
Address :	121, Udani Layout, Cambridge Road, Ulsoor Bangalore – 560008, Karnataka, India
Date of Appointment :	22.08.2013
DIN No.:	00350163
Name :	Mr. Man Mohan Agrawal
Designation :	Director
Address :	1204/1205, "C" Wing Tower 1 12th Floor, Ashoka Garden, Sewree, Mumbai - 400015, Maharashtra, India
Date of Appointment :	15.09.2011
DIN No.:	00681433
Name :	Mr. Suresh Shankar Vishwasrao
Designation :	Director
Address :	B9, Dreams, SBI Staff Housing Society Limited, Babhi, Ram Mandir Road, Off Vasantrao Road, Borivali (West), Mumbai - 400092, Maharashtra, India
Date of Appointment :	31.03.2009
DIN No.:	00837235
Name :	Mr. John Mathew
Designation :	Director
Address :	1501 Wallace Apartment, Sleater Road, Grant Road, Mumbai – 400007, Maharashtra, India
Date of Appointment :	29.09.2015
DIN No.:	01632626
Name :	Mr. Narayanan Raja
Designation :	Nominee Director
Address :	C-3, Kinellan Tower, Napensea Road, Mumbai – 400036, Maharashtra, India
Date of Appointment :	15.02.2016
DIN No.:	00503400

KEY EXECUTIVES

Name :	Mr. Asharam Mundra
Designation :	Chief Finance Officer
Address :	Flat No. 2603-04, Oberoi Springs CHS, Tower-A, New Link Road, Opposite City Mall, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Appointment :	30.07.2014
PAN No.:	AACPM5740M
Name :	Ms. Prachi Amit Deshpande
Designation :	Company Secretary and Compliance officer
Address :	A - 16, Vandana Society, Opposite Forest Office, L. B. S Marg, Thane – 400602, Maharashtra, India
Date of Appointment :	01.06.2015
PAN No.:	AHQPD1979C
Name :	Mr. Ramchandra
Designation :	Assistant Manager

SHAREHOLDING PATTERN

AS ON 03.10.2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	124569030	39.24
(B) Public	192907449	60.76
Grand Total	317476479	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	16999626	5.35
Janardan Agarwal	7576140	2.39
Prashant Agarwal	6085082	1.92
Aman Agarwal	3338404	1.05
Any Other (specify)	56569004	17.82
Vinita Agarwal	3815980	1.20
Bimladevi Agarwal	413200	0.13
Vedant Aman Agarwal	320000	0.10
Payal Chaudhary	179300	0.06
Janardhan Biseshwarlal Agarwal	156000	0.05
Aayush Prashant Agarwal	120000	0.04
Sushila Mukesh Agarwal	100000	0.03
Priyanka Agarwal	44200	0.01
Ashwell Holding Company Private Limited	28420000	8.95
Reynold Shirting Limited	13215714	4.16
Bombay Rayon Clothing Limited	7284610	2.29
B.R. Machine Tools Private Limited	2500000	0.79
Sub Total A1	73568630	23.17
A2) Foreign		0.00
Any Other (specify)	51000400	16.06
AAA United B V	51000400	16.06
Sub Total A2	51000400	16.06
A=A1+A2	124569030	39.24

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Foreign Portfolio Investors	227834	0.07
Financial Institutions/ Banks	182937103	57.62
State Bank Of India	86246950	27.17
Axis Bank Limited	25520484	8.04
Union Bank of India	10628614	3.35
Standard Chartered Bank	8138888	2.56
Export-Import Bank of India	7316189	2.30
Bank of India	7032830	2.22
Punjab National Bank	6967184	2.19
Central Bank Of India	5642459	1.78
Allahabad Bank	5111680	1.61
State Bank Of India	3188449	1.00
Sub Total B1	183164937	57.69
B2) Central Government/ State Government(s)/ President of India		0.00
Central Government/ State Government(s)/ President of India	10	0.00
Sub Total B2	10	0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	1322904	0.42
Individual share capital in excess of INR 0.200 Million	1434345	0.45
Any Other (specify)	6985253	2.20
Foreign Individuals	1500	0.00
HUF	178082	0.06
NRI – Non- Repat	5612	0.00
Other Directors	75	0.00
NRI – Repat	79265	0.02
Clearing Members	996382	0.31
Bodies Corporate	5724337	1.80
Sub Total B3	9742502	3.07
B=B1+B2+B3	192907449	60.76

BUSINESS DETAILS

Line of Business :

The Company is mainly engaged in the business of manufacturing of textiles consisting of yarn, fabrics and garments. [Registered Activity]

Products / Services :

NIC Code No.	Product Description
14101	BRFL is a vertically integrated textile company, engaged in the manufacture of a wide range of fabrics and garments from state of the art production facilities.

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

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

No. of Employees :

14720 (Approximately)

Bankers :

• Axis Bank Limited
• Allahabad Bank
• Bank of India
• Bank of Maharashtra
• Central Bank of India
• Corporation Bank
• Dena Bank
• Export-Import Bank of India
• Indian Bank
• IDBI Bank Limited
• Indian Overseas Bank
• JM Financial ARC Limited
• Karnataka Bank Limited
• Karur Vysya Bank Limited
• Oriental Bank of Commerce
• Punjab National Bank
• State Bank of India
• Standard Chartered Bank
• Union Bank of India

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term Loans from Banks (Term Loans from Banks are secured by First pari-passu charge on entire Fixed Assets of the company alongwith collateral of first pari-passu charge on entire current assets of the Company and further secured by personal gurantee of promoters, corporate gurantees/ collaterals provided by the subsidiary company and other companies of promoters, pledge of promoter shares and hypothecation of 'Bombay Rayon' Brand.)	15072.300	24488.300
Vehicle Loans
From Banks	26.300	15.500
From Others	8.000	5.400
SHORT TERM BORROWINGS
Working Capital Loans from Banks (Working capital Loans from banks are secured by First paripassu charge on entire current Assets of the Company alongwith collateral of First pari-passu charge on entire Fixed Assets of the Company and further secured by personal guarantee of promoters, corporate guarantees/collaterals provided by the subsidiary company and other companies of promoters, pledge of promoter shares and hypothecation of BRFL Brand.)	36358.100	27185.900
Total	51464.700	51695.100

Auditor 1 :
Name :	V. K. Beswal and Associates Chartered Accountants
Address :	408/410, Rewa Chambers, 31, New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-43455656
Fax No.:	91-22-43455666
E-Mail :	admin@vkbeswal.com
Auditor 2 :
Name :	P R Agarwal and Awasthi Chartered Accountants
Address :	42, Gopal Bhavan, 199, Princess Street, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22093908
Fax No.:	91-22-22089133
E-Mail :	info@pawanca.com
Website:	www.pawanca.com
Membership No.:	034147
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies :	STI India Limited DPJ Clothing Limited Bombay Rayon Holdings Limited BRFL Bangladesh Private Limited BRFL Europe B.V. BRFL Italia S.R.L. BRFL Italia Licenses S.R.L
Other Related Parties :	Latur Integrated Textile Park Private Limited Islampur Integrated Textile Park Private Limited Kagal Industrial Textile Technology Park Private Limited Reynold Shirting Limited Bombay Rayon Clothing Limited Bestsellers Retail India Private Limited Best United Lifestyles Private Limited Best United India Comforts Private Limited Bestseller Wholesale India Private Limited B. R. Machine Tools Private Limited Ashwell Holding Company Private Limited Clinvent Real Estates Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	INR 10/- each	INR 2000.000 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
185994193	Equity Shares	INR 10/- each	INR 1859.900 Million

Terms/rights attached to equity shares

The company has only one class of equity shares having par value of INR 10 per share.

Details of shareholders holding more than 5% shares in the company:

Name of Shareholders	31.03.2017
	No. of Shares held	% of Holding
State Bank of India	23196889	12.47%
Axis Bank	11586959	6.23%
Janardan Agrawal	7576140	4.07%
Reynold Shirting Limited	13215714	7.11%
AAA United B.V.	51000400	27.42%
Ashwell Holding Company Private Limited	28420000	15.28%

Disclosure pursuant to Part I of Schedule III to the Companies Act, 2013

Particulars	Aggregate No. of Shares (for last 5 Financial Years)
Equity Shares :
Fully paid up pursuant to contract(s) without payment being received in cash	NIL
Fully paid up pursuant to scheme of CDR *	51394193
Fully paid up by way of bonus shares	NIL
Shares bought back	NIL

* Corporate debt restructuring (CDR)

1. During the F.Y.2013-14, the Company’s proposal for restructuring of its debts was approved by Corporate Debt Restructuring Cell (“CDR Cell”) vide Letter of Approval (LOA) dated September 27, 2013. The cut off date (COD) for implementation of CDR was 1st April, 2013. The Company has executed Master Restructuring Agreement (‘MRA’) with CDR Lenders on September 30, 2013.

2. Lenders with the approval of CDR EG shall have the right to recompense the reliefs/ sacrifices/ waivers extended by respective CDR Lenders as per the CDR guidelines. The recompense payable is contingent on various factors including improved performance of the Company and many other conditions, the outcome of which is currently materially uncertain. Recompense amount comes to INR 5269.800 million.

3. During the year, CDR lenders have approved to convert the outstanding loans of INR 9342.600 million Funded Interest Term Loan (FITL) and Working Capital Term Loan (WCTL) into equity. Till 31st March, 2017 total amount of INR 8525.300 million of FITL and WCTL was converted by the Lenders and accordingly 51394193 equity shares were allotted to them at a price of INR 165.88 per shares

4. Pursuant to the successful conversion of the outstanding loan of FITL and WCTL into equity shares as per the details given above, the company became compliant to the requirement of minimum public share holding of 25% in the listed companies as per the SEBI guidelines. The company has received an order from SEBI u/s 11(1), 11(2)(1), 11(4) and 11B of the SEBI Act, 1992 dated 09th March, 2017 to this effect.

5. After close of Financial Year on 5th May, 2017and further on 24th May, 2017, total amount of INR 800.700 million of FITL ans WCTL was into equity shares converted by Lenders and accordingly 4826982 equity shares were allotted to them at a price of INR 165.88 per share. ( FV of the equity share INR 10)

6. After close of Financial Year on 24th May 2017, the Company has entered into a Framework Agreement with the CDR Lenders for their approval under Scheme of Sustainable Structuring of Stressed Assets (S4A) in terms of RBI circular dated 13th June, 2016 according to which unsustainable loans of INR 22497.400 million was converted into Equity Shares and optionally convertible debentures(OCD). Accordingly CDR Lenders were allotted 107345243 equity shares at a price of INR 146.03 per share and 3995092 “OCDs” of INR 1000/- each. On 24th May, 2017.

7. Total outstanding amount on account of repayment of term loans of INR 787.500 million and interest on Term loans and working capital loan of INR 1558.700 million due and unpaid as on 31.03.2017 was considered as part of unsustainable debt and accordingly was cleared in full on 24.05.2017 upon the above conversion.

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1859.900	1346.000	1346.000
(b) Reserves & Surplus	24686.200	18201.600	24832.800
(c) Money received against share warrants	0.000	0.000	493.100
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds	26546.100	19547.600	26671.900
(3) Non-Current Liabilities
(a) long-term borrowings	17027.700	26813.600	27417.300
(b) Deferred tax liabilities (Net)	1305.300	1958.600	726.000
(c) Other long term liabilities	123.500	103.000	0.000
(d) long-term provisions	0.000	0.000	81.800
Total Non-current Liabilities	18456.500	28875.200	28225.100
(4) Current Liabilities
(a) Short term borrowings	36358.100	27185.900	23831.800
(b) Trade payables	5418.900	7396.800	6395.700
(c) Other current liabilities	5334.800	3911.100	2769.100
(d) Short-term provisions	54.200	54.000	397.100
Total Current Liabilities	47166.000	38547.800	33393.700
TOTAL	92168.600	86970.600	88290.700
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31756.900	33251.100	33717.900
(ii) Intangible Assets	12.700	25.900	41.000
(iii) Capital work-in-progress	89.400	1.500	109.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1465.700	1465.200	1494.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1560.700	1501.500	3724.700
(e) Other Non-current assets	392.500	659.600	0.000
Total Non-Current Assets	35277.900	36904.800	39087.900
(2) Current assets
(a) Current investments	0.000	1.100	1.100
(b) Inventories	36463.400	31214.200	28753.600
(c) Trade receivables	14722.900	12753.100	11547.000
(d) Cash and cash equivalents	531.900	818.300	867.700
(e) Short-term loans and advances	720.900	877.300	8033.400
(f) Other current assets	4451.600	4401.800	0.000
Total Current Assets	56890.700	50065.800	49202.800
TOTAL	92168.600	86970.600	88290.700

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	38769.600	41716.200	35326.700
	Other Income	216.700	544.000	400.800
	TOTAL	38986.300	42260.200	35727.500
Less	EXPENSES
	Cost of Materials Consumed	27489.600	28948.200	26515.600
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2784.900)	(2560.200)	(3597.500)
	Employees benefits expense	2546.500	2487.500	2322.200
	Other expenses	5527.700	5263.300	4458.400
	TOTAL	32778.900	34138.800	29698.700
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	6207.400	8121.400	6028.800
Less	FINANCIAL EXPENSES	6717.500	5966.500	5576.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(510.100)	2154.900	452.800
Less	DEPRECIATION/ AMORTISATION	1615.100	1657.800	1663.300
	PROFIT/ (LOSS) BEFORE TAX	(2125.200)	497.100	(1210.500)
Less	TAX	(612.900)	262.900	(423.100)
	PROFIT/ (LOSS) AFTER TAX	(1512.300)	234.200	(787.400)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5296.700	6006.300	3894.400
	TOTAL EARNINGS	5296.700	6006.300	3894.400
	IMPORTS
	Raw Materials and Others	1569.000	399.200	258.800
	Stores and Spares	30.300	53.900	301.800
	Capital Goods	3.000	66.900	23.700
	TOTAL IMPORTS	1602.300	520.000	584.300
	Earnings / (Loss) Per Share (INR)	(8.68)	1.74	(5.85)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	2765.900	2347.000	2170.000
Cash Generation from Operations	2837.900	4537.200	5760.700
Net Cash Flow from operating activities	2810.200	4476.900	5734.900

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter
	(Unaudited)	(Unaudited)
Net Sales	10277.900	6750.500
Total Expenditure	8567.300	5732.700
PBIDT (Excluding Other Income)	1710.600	1017.800
Other Income	49.300	9.200
Operating Profit	1759.900	1027.000
Interest	1444.700	820.100
Exceptional Items	0.000	NA
PBDT	315.200	206.900
Depreciation	385.300	390.700
Profit Before Tax	(70.100)	(183.800)
Tax	(17.200)	(38.200)
Provisions and contingencies	NA	NA
Profit After Tax	(52.900)	(145.600)
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	(52.900)	(145.600)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	138.61	111.58	119.31
Account Receivables Turnover (Income / Sunday Debtors)	2.63	3.27	3.06
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	71.95	93.26	88.04
Inventory Turnover (Operating Income / Inventories)	0.17	0.26	0.21
Asset Turnover (Operating Income / Net Fixed Assets)	0.19	0.24	0.18

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.73	0.78	0.71
Debt Equity Ratio (Total Liability / Networth)	2.12	2.88	2.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.78	1.97	1.25
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.20	1.70	1.27
Interest Coverage Ratio (PBIT / Financial Charges)	0.92	1.36	1.08

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	(3.90)	0.56	(2.23)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(1.64)	0.27	(0.89)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(5.70)	1.20	(2.95)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.21	1.30	1.47
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.43	0.49	0.61
G-Score Ratio Financial (Networth / Total Assets)	0.29	0.22	0.30
G-Score Ratio Debt (Debts / Equity Capital)	30.19	41.86	39.69
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.21	1.30	1.47

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 105.00/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	1346.000	1346.000	1859.900
Reserves & Surplus	24832.800	18201.600	24686.200
Money received against share warrants	493.100	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	26671.900	19547.600	26546.100
long-term borrowings	27417.300	26813.600	17027.700
Short term borrowings	23831.800	27185.900	36358.100
Current Maturities of Long term debt	2170.000	2347.000	2765.900
Total borrowings	53419.100	56346.500	56151.700
Debt/Equity ratio	2.003	2.883	2.115

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	35326.700	41716.200	38769.600
		18.087	(7.063)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	35326.700	41716.200	38769.600
Profit / (Loss)	(787.400)	234.200	(1512.300)
	(2.23%)	0.56%	(3.90%)

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1859.900	1346.000
(b) Reserves & Surplus	25311.200	18935.400
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority interest	14.900	14.900
Total Shareholders’ Funds	27186.000	20296.300
(4) Non-Current Liabilities
(a) long-term borrowings	16653.400	26425.900
(b) Deferred tax liabilities (Net)	1391.500	1958.600
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	145.900	118.000
Total Non-current Liabilities	18190.800	28502.500
(5) Current Liabilities
(a) Short term borrowings	36359.300	27186.700
(b) Trade payables	5901.600	8598.700
(c) Other current liabilities	5819.100	4335.900
(d) Short-term provisions	66.200	102.000
Total Current Liabilities	48146.200	40223.300
TOTAL	93523.000	89022.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33051.300	34580.100
(ii) Intangible Assets	1469.900	1482.400
(iii) Capital work-in-progress	115.900	45.100
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	231.000	230.500
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2055.400	2088.500
(e) Other Non-current assets	394.800	659.600
Total Non-Current Assets	37318.300	39086.200
(2) Current assets
(a) Current investments	0.000	1.100
(b) Inventories	36512.400	31261.300
(c) Trade receivables	14196.100	12955.200
(d) Cash and cash equivalents	756.200	1038.800
(e) Short-term loans and advances	2.600	0.000
(f) Other current assets	4737.400	4679.500
Total Current Assets	56204.700	49935.900
TOTAL	93523.000	89022.100

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	38948.600	42095.800
	Other Income	222.300	1034.500
	TOTAL	39170.900	43130.300
Less	EXPENSES
	Cost of Materials Consumed	27544.700	29110.600
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2788.100)	(2556.700)
	Employees benefits expense	2737.100	2787.700
	Prior year adjustments	0.700	0.000
	Deferred tax	75.700	0.000
	Other expenses	5458.000	5316.900
	TOTAL	33028.100	34658.500
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	6142.800	8471.800
Less	FINANCIAL EXPENSES	6725.500	5973.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(582.700)	2498.600
Less	DEPRECIATION/ AMORTISATION	1665.500	1808.600
	PROFIT/ (LOSS) BEFORE TAX	(2248.200)	690.000
Less	TAX	(625.400)	405.800
	PROFIT/ (LOSS) AFTER TAX	(1622.800)	284.200
Add	Minority interest	0.000	1.500
	PROFIT / (LOSS) FOR THE YEAR	(1622.800)	285.700
	Earnings / (Loss) Per Share (INR)	(9.32)	2.12

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

The total sales of the Company for the year were lowered by 7.6% to INR 38769.600 million as against INR 41716.200 million in previous financial year. The reduction in sale is due to general market conditions and stress on working capital. Due to lowered operations, the Company suffered loss of INR 1512.300 million during the financial year, compared to INR 234.200 million profit as per IND-AS of previous financial year.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT

GLOBAL TEXTILE AND APPAREL MARKET OVERVIEW –

Global apparel consumption is US$ 1.7 trillion which is expected to grow at a CAGR of 4% to reach US$ 2.6 trillion by 2025. Fastest growth (12%) is expected to be witnessed in India followed by China (10%).

China will be the largest apparel market by 2025 with a share of 21% in global apparel market. EU and USA will continue dominating the global apparel markets with 17% and 15% share, respectively. India will have 8% share in global apparel market in 2025 which currently stands at approx. 4.5%.

Global textile and apparel trade in 2016 stood at US$ 720 bn. T&A trade is cyclical in nature where couple of years’ growth is followed by trade decline. However, trade has grown at a CAGR of 2% from 2010 to 2016. Apparel is the single largest category which has a share of 55% in the global textiles and apparel trade in 2016. China is the largest exporter of textiles and apparel with a share of approx. 38% in global T&A trade. China is followed by India with an approximate share of 5% in global textile and apparel trade.

INDIAN TEXTILE AND APPAREL MARKET OVERVIEW

Indian textile and apparel market is estimated at US$ 124 billion in 2016. Domestic consumption of textile and apparel is valued at US$ 84 bn. for 2016. Within this, apparel retail contributes ~ US$ 63 bn., technical textiles contributes ~ US$ 15 bn. and home textiles contributes ~ US$ 6 bn. While export is estimated at US$ 40 billion with US$ 23 billion and US$ 17 billion of textile and apparel export respectively.

CATEGORY WISE EXPORTS

Apparel is the largest category exported from India having a share of 48% in the total textile and apparel exports during 2016-17 which has increased considerably from 39% in 2012-13. Home Textiles is the second largest category exported from India with a share of 14% in 2016-17 followed by fabric, handicrafts and yarn with a share of 12%, 12% and 11% respectively. Share of fiber and filament has declined from 13% and 4% in 2012-13 to 7% and 3% in 2016-17 respectively. This indicates that slowly and gradually India’s export product mix is getting shifted towards value added products.

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE:

The Company is engaged in the business of manufacturing and sale of textile accordingly this is the only single reportable segment.

OUTLOOK

As a Company Bombay Rayon Fashions Limited is optimistic about future as well as its growth path. The Company is confident in the ability to grow its business organically with the reduction debts burden on its conversion in to equity.

SWOT ANALYSIS OF INDIAN TEXTILE INDUSTRY:

STRENGTH

• Nation’s textile industry has potential to double its rise in the next 7 years; China is losing advantage in textile because of rising power costs, labour costs and focus on domestic market;

• Major exporting countries like Bangladesh are also facing geopolitical issues;

• Country’s major costs such as cotton, yarn, power, wages, dyes and chemicals are internationally competitive;

• Make in India campaign covering 25 sectors including the textile and garment industry has been launched. An investment opportunities for foreign companies and entrepreneurs are present across the complete value chain of synthetics, value-added and specialty fabrics, fabric processing set-ups for the following:

- Natural and synthetic textiles,

- Technical textiles,

- Garments, and

- Retail brands.

• GoI also allows 100% FDI through the automatic route in the textile sector through ‘Make in India’ initiative;

• Technology Upgradation Fund Scheme launched in 1999 has also given a major boost to this sector; the

scheme is continuing through the 12th plan with a massive focus on power looms

WEAKNESSES

• Preferential tax regime whereby the textile sector has not received its due under the FTP despite being one of the biggest job providers in the nation;

• Huge tariff barriers are faced by the industry on account of preferential tariff arrangements;

• Duty sops of only 2% were given to mainstream cotton textile products, whereas higher rates were given for handlooms, carpets, coir products under the merchandise exports from India scheme (MEIS);

• Man made textile industry that is highly capital intensive and can attract FDI has been discriminated against through the cotton industry; liberal MEIS benefit under FTP has not been granted to this sector;

• Benefits for exporting textiles in major emerging markets for MMF textiles have been stopped in the new FTP;

• Old machines, more than 10 years old, especially in the weaving sector is another problem plaguing the industry. While the global textile industry is advancing technologically, local textile industry still relies on import of second hand textile machineries;

• Rigid labour laws have stymied the growth of the sector where labour involvement is maximum;

• Lack of economies of scale and paucity of large manufacturing capacities is also a weakness of the Indian textile sector.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard operating procedures. The Company’s internal control system is commensurate with its size, scale and complexities of its operations. The internal and operational audit is entrusted to S. Venkatram and Co., a reputed firm of Chartered Accountants. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides benchmarking controls with best practices in the industry. The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. The Company has a robust Management Information System, which is an integral part of the control mechanism. The Audit Committee of the Board of Directors, Statutory Auditors and the Business Heads are periodically apprised of the internal audit findings and corrective actions taken. Audit plays a key role in providing assurance to the Board of Directors. Significant audit observations and corrective actions taken by the management are presented to the Audit Committee of the Board. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.

UNSECURED LOANS:

Unsecured Loan	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
From Related Parties :
Advances from Subsidiary	402.500	402.500
From Promoters	966.600	966.600
From Others	552.000	935.300
Total	1921.100	2304.400

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G62579388	100134253	Bank of India	16/06/2017	-	2260400000.0	MDI, Building, First Floor, 28 S.V. Road, Andheri (West), Mumbai-400058, Maharashtra, India
2	G55141824	100130405	Sbicap Trustee Company Limited	23/05/2017	-	4001970707.0	202, Maker Tower, 'E', Cuffe Parade, Colaba,Mumbai-400005, Maharashtra, India
3	C76297902	10614125	Standard Chartered Bank	31/12/2015	-	1968000000.0	Crescenzo, 3A/F Plot No. C-38 and 39G-Block, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India
4	C76848522	10615390	Allahabad Bank	29/12/2015	-	130000000.0	Fort Branch, 37- Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India
5	C76957729	10615688	Central Bank of India	29/12/2015	-	250000000.0	Vaastu Darsha 'B' Wing, 1st Floor, Asad Road, Nextto K/East Ward Municipal Office Building, Andheri, Mumbai-400069, Maharashtra, India
6	C75693663	10612613	Bank of India	22/12/2015	-	220000000.0	MDI, Building, First Floor, 28 S.V. Road, Andheri (West), Mumbai-400058, Maharashtra, India
7	C64542293	10591632	State Bank of India	28/07/2015	-	1900000000.0	Corporate Centre at State Bank Bhavan, Madame Cama Road, Nariman Point, Mumbai-400021, Maharashtra, India
8	C60046463	10582469	Central Bank of India	25/06/2015	-	670000000.0	Vaastu Darsha 'B' Wing, 1st Floor, Asad Road, Nextto K/East Ward Municipal Office Building, Andheri, Mumbai-400069, Maharashtra, India
9	C75607119	10564335	Bank of India	24/03/2015	18/12/2015	190000000.0	MDI, Building, First Floor, 28 S.V. Road, Andheri (West), Mumbai-400058, Maharashtra, India
10	C67252940	10596979	Allahabad Bank	24/03/2015	-	830000000.0	Fort Branch, 37- Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Bills Discounted with Banks under Letter of credits or otherwise.	158.700	853.900
Bank Guarantee	46.100	34.500
Employees State Insurance Contribution	27.000	29.300
Employees Provident Fund	62.700	65.400
Demand outstanding related to Income tax	624.900	684.000

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH SEPTEMBER, 2017

(INR In Million)

Particulars	Quarter ended		Half year ended
	30.09.2017	30.06.2017	30.09.2017
	Unaudited	Unaudited	Unaudited
INCOME FROM OPERATIONS
Net Sales	6750.500	10277.900	17028.400
Other Operating Income	9.200	49.300	58.500
Total Income from Operations	6759.700	10327.200	17086.900
EXPENSES
Cost of materials consumed	4941.200	7226.400	12167.600
Changes in inventories of finished goods and work-in-progress	(1058.200)	(452.600)	(1510.800)
Employee benefits expense	705.200	588.600	1293.800
Finance costs	820.100	1444.700	2264.800
Depreciation and Amortization expenses	390.700	385.300	776.000
Other Expenditure	1144.500	1204.900	2349.400
Total Expenses	6943.500	10397.300	17340.800
Profit / (Loss) before Tax	(183.800)	(70.100)	(253.900)
Tax Expense	(38.200)	(17.200)	(292.300)
Profit / (Loss) after Tax	(145.600)	(52.900)	(463.900)
Paid-up Equity Share Capital (Face value INR 10/- per share)	2981.700	2981.700	2981.700
Basic and Diluted EPS (in INR)	(0.49)	(0.18)	(0.67)

UNAUDITED STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON SEPTEMBER 30, 2017

INR In Million

SOURCES OF FUNDS	30.09.2017 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2981.700
(b) Reserves & Surplus	39831.400
(c) Pending Call Money	0.000
Sub-total Shareholders’	42813.100
(2) Non-Current Liabilities
(a) long-term borrowings	16982.900
(b) Deferred tax liabilities (Net)	1249.900
(c) Other long term liabilities	123.500
(d) long-term provisions	0.000
Sub-total of Non-Current liabilities	18356.300
(3) Current liabilities
(a) Short term borrowings	23318.900
(b) Trade payables	5546.100
(c) Other current liabilities	3342.800
(d) Short-term provisions	0.600
Sub-total of Current liabilities	32208.400
TOTAL	93377.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
i) Tangible assets	31012.000
ii) Intangible assets	11.600
iii) Capital work-in-progress	147.900
(b) Non-Current investments	1465.700
(c) Deferred tax assets (net)	0.000
(d) Long term loans and advances	1346.300
(e) Other non-current assets	318.900
Sub-total of Non-Current Assets	34302.400
(2) Current assets
(a) Current investments	0.000
(b) Inventories	38125.800
(c) Trade receivables	16172.300
(d) Cash and cash equivalents	422.700
(e) Short-term loans and advances	475.100
(f) Other current assets	3879.500
Sub-total of Current Assets	59075.400
TOTAL	93377.800

NOTES:

1. The above results were reviewed by the Audit Committee. The Board of Directors at its meeting held on 14th November, 2017 has approved the above results and its release.

2. The Limited Review under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 has been carried out by the Statutory Auditors.

3. This statement has been prepared in accordance with the Companies {Indian Accounting) Rules, 2015 (Ind As) prescribed under Section 133 of Companies Act, 2013 with rule 3 of

4. Upon Implementation of S4A, against conversion of Balance portion unsustainable debt, the company has made following allotment to SBI:

(a) 106732 Optionally Convertible Debentures of INR 1000/- each aggregating to INR 10.67 Crores on 29th Sept, 2017.

(b) 19310061 Equity Shares of Face Value of INR 10/- each at a premium of INR 130.50 per share aggregating to INR 2713.100 million on 3rd October, 2017.

5. The Company operates in a single segment of manufacture and sale of Textiles

6. The above is Financial Results for the quarter and six months ended 30th September, 2017.

FIXED ASSETS:

• Land
• Building
• Office Premises
• Plant and Machinery
• Furniture
• Office Equipment
• Computer
• Vehicles

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	INR
US Dollar	1	INR 63.41
UK Pound	1	INR 88.18
Euro	1	INR 77.45

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	PRS
Report Prepared by :	BHG

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.