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Future Lifestyle Fashions Ltd.

Executive Summary : Mar 2013 - Mar 2016 : Non-Annualised : Rs. Million


1 2 3
Mar-13 Mar-14 Mar-15 Mar-16
11 mths 12 mths 12 mths 12 mths
-
Total income 1.5 32,392.40 33,319.30 35,009.20
Sales 29,074.70 33,101.90 34,844.30
Income from financial services 1.5 3,312.40 200.3 148.4

Change in stock 471.6 1,497.50 1,318.80

Total expenses 4.9 32,631.20 34,631.30 36,033.30


Raw materials, stores & spares 657.1 621.9 712.3
Power, fuel & water charges 777.6 926.6 922.7
Compensation to employees 1,290.90 1,691.90 1,885.60
Interest expenses 1,543.90 1,461.20 1,256.20
Depreciation 3,851.90 1,700.90 1,614.20

Profits
PBDITA 0.5 5,852.20 3,590.90 3,432.30
PBDITA net of P&E&OI&FI -1 2,718.00 3,526.40 3,487.50
Profit after tax (PAT) -3.4 232.8 185.5 294.7
PAT net of P&E -3.4 416.3 338.4 514.8

Total liabilities 48.1 39,454.60 39,515.90 39,849.00


Shareholders' funds 48 12,913.20 15,697.20 16,232.40
Paid up equity capital 51.4 308.9 372.4 379.2
Reserves and funds -3.4 12,604.30 15,324.80 15,853.20
Non-current liabilities (incl long term provns) 15,886.30 12,185.60 8,183.50
Long term borrowings 14,640.30 10,776.10 6,739.80
Current liabilities incl short term provns 0.1 10,655.10 11,633.10 15,433.10

Net worth 48 12,913.20 15,697.20 16,232.40


Tangible net worth 48 12,398.90 15,188.00 15,799.70

Total assets 48.1 39,454.60 39,515.90 39,849.00


Non-current assets 16,711.70 17,826.30 17,766.00
Net fixed assets 11,498.60 13,019.00 12,427.70
Long term investments
Current assets (incl short term invest & adv) 48.1 22,742.90 21,689.60 22,083.00

Profitability ratios (%)


Operating margin 9.3 10.7 10
Net profit margin -226.7 1.3 1 1.5
Return on net worth 6.4 2.4 3.2
Return on total assets 2.1 0.9 1.3

Liquidity ratios (times)


Current ratio 31 2.016 1.739 1.362
Debt to equity ratio 0 1.205 0.812 0.703
Interest cover 1.303 1.238 1.495

Average cost of Funds (%) 21.2 10.6 10.4

Efficiency ratios (times)


Total income / total assets 1.64 0.844 0.882
Sales / Net fixed assets 0 252.9 254.3 280.4
Total income / compensation to employees 25.093 19.693 18.567

Future Lifestyle Fashions Ltd.


Balance Sheet Summary : Mar 2013 - Mar 2017 : Non-Annualised : Rs. Million

Mar-13 Mar-14 Mar-15 Mar-16


11 mths 12 mths 12 mths 12 mths
-
Total liabilities 48.1 39,454.60 39,515.90 39,849.00

Total Capital 51.4 308.9 372.4 379.2


Paid up equity capital 51.4 308.9 372.4 379.2
Paid up preference capital

Share appln money & suspense account

Reserves and funds -3.4 12,604.30 15,324.80 15,853.20


Free reserves -3.4 46.6 119.2 322.60
General reserves 0 23.3 41.9 41.9
Balance as per profit & loss account -3.4 23.3 77.3 280.7
Specific reserves 0 12,557.70 15,205.60 15,530.60
Security premium reserves (net of deductions) 0 2,657.10 2,961.50
Capital reserves (incl grants and subsidies) 0 11,699.90 11,699.90 11,699.90
Capital redemption reserves
Debenture and bond redemption reserves 0 838.5 838.5 838.5

Long term borrowings excl current portion 14,640.30 10,776.10 6,739.80


Long term borrowings incl current portion
From banks
From financial institutions
Syndicated across banks & institutions
Debentures and bonds
Loans from promoters, directors & shareholders
Less: current portion of long term borrowings

Deferred tax liability 0 673.4 676.9 742.2


Other long term liabilities 517.8 662 614.4
Long term provisions 54.8 70.6 87.1

Current liabilities & provisions 0.1 10,655.10 11,633.10 15,433.10


Short term borrowings 778.9 717.9 2,415.60
Short term trade payables and acceptances 8,348.10 8,287.50 9,215.80

Total assets 48.1 39,454.60 39,515.90 39,849.00

Net fixed assets 11,498.60 13,019.00 12,427.70


Net intangible assets 514.3 509.2 432.7
Land and buildings 1,111.70 1,687.40 1,383.10
Plant, machinery, computers & electrical assets 1,742.60 1,756.40 1,693.20

Capital work-in-progress 0 1,895.40 1,721.20 1,862.30


Net pre-operative exp pending allocation

Long term investments


Long term investments in group cos
Long term investments in non group cos

Long term loans & advances 3,289.20 3,058.90 3,442.50


Deferred tax assets 0 28.5 27.2 33.5
Other long term assets

Current assets and loans & advances 48.1 22,742.90 21,689.60 22,083.00
Inventories 10,239.70 11,731.70 13,050.00
Trade & bills receivables 2,654.80 2,692.30 2,418.50
Cash & bank balance 1.7 2,710.80 596.6 146.2
Short term investments 3,785.30 3,436.90 3754.3
Short term loans & advances 45 2,669.30 2,852.20 2,143.30

Addendum Information
Net fixed assets net of reval 11,498.60 13,019.00 12,427.70
Tangible net worth 48 12,398.90 15,188.00 15,799.70
Total outside liabilities 0.1 26,107.50 24,272.90 26,731.10
Future Lifestyle Fashions Ltd.
Income & Expenditure Summary : Mar 2013 - Mar 2017 : Non-Annualised : Rs.
Million
Mar-13 Mar-14 Mar-15 Mar-16
11 mths 12 mths 12 mths 12 mths
-
Total income 1.5 32,392.40 33,319.30 35,009.20
Sales 29,074.70 33,101.90 34,844.30
Industrial sales
Income from non-financial services 0 29,074.70 33,101.90 34,844.30
Income from financial services 1.5 3,312.40 200.3 148.4
Interest income 1.5 14.7 61.8 39
Dividends 0 2.2 3.1 2.1
Income from treasury operations 3,295.50 135.4 107.3
Other income 5.3 17.1 16.5
Prior period and extraordinary income

Change in stock 471.6 1,497.50 1,318.80

Total expenses 4.9 32,631.20 34,631.30 36,033.30


Operating expenses 1 26,828.30 31,073.00 32,675.60
Raw materials, stores & spares 657.1 621.9 712.3
Purchase of finished goods 0 16,784.90 20,069.30 21,061.90
Packaging and packing expenses
Power, fuel & water charges 777.6 926.6 922.7
Compensation to employees 1,290.90 1,691.90 1,885.60
Indirect taxes 1,701.20 1,840.90 1,905.70
Royalties, technical know-how fees, etc
Rent & lease rent 2,918.90 3,462.30 3,726.50
Repairs & maintenance 164.4 184.7 216.4
Insurance premium paid 30.4 34.4 40.7
Outsourced manufacturing jobs
Outsourced professional jobs 1 6.9 6.9
Non-executive directors' fees
Selling & distribution expenses 904.8 692.2 705.4
Travel expenses
Communications expenses
Printing & stationery expenses
Miscellaneous expenditure 1,598.10 1,541.90 1,491.50
Other operational exp of industrial ent
Other operational exp of non-fin services ent
Share of loss in other enterprises
Financial services expenses 1,629.50 1,587.90 1,357.70
Fee based financial services expenses
Fund based financial services expenses 1,629.50 1,587.90 1,357.70
Non-cash charges 3.8 3,880.30 1,768.20 1,624.80
Depreciation 3,851.90 1,700.90 1,614.20
Amortisation 3.8 0
Write-offs 0 5.6 67.3 10.6
Provisions 22.8

Prior period and extraordinary expenses 183.5 152.9 220.1

Provision for direct tax 0.1 109.6 49.3 155.1

Profit after tax -3.4 232.8 185.5 294.7

Addendum Information
Total income net of P&E 1.5 32,392.40 33,319.30 35,009.20
Net sales 0 27,373.50 31,261.00 32,938.60
Cost of goods sold 0 23,423.80 24,386.80 25,852.30
Cost of sales 1 30,208.60 31,276.40 32,971.00
Cost of sales per day 0 82.8 85.7 90.3
4 5
1.466667 1.788889
0.8 0.533333
Kewal Kiran Clothing Ltd.
Executive Summary : Mar 2007 - Mar 2016 : Non-Annualised : Rs. Million

Mar-07 Mar-08 Mar-09 Mar-10


12 mths 12 mths 12 mths 12 mths
-
Total income 1,411.10 1,683.20 1,532.60 1,870.20
Sales 1,339.50 1,604.20 1,454.00 1,763.40
Income from financial services 70.5 77.6 75.2 103.9

Change in stock 116.4 36.3 -112.4 32.4

Total expenses 1,341.00 1,508.40 1,277.60 1,577.40


Raw materials, stores & spares 555.4 620.9 441.4 569
Power, fuel & water charges 30.3 36.5 31.2 36.1
Compensation to employees 139 187 185.8 213.8
Interest expenses 13.8 22.7 22.7 16.3
Depreciation 29.6 39.2 50.4 58.4

Profits
PBDITA 328.2 391.8 316.3 576
PBDITA net of P&E&OI&FI 256.6 314.1 239.4 483.4
Profit after tax (PAT) 186.5 211.1 142.6 325.2
PAT net of P&E 186 212.4 144.3 336.5

Total liabilities 1,625.90 1,903.40 1,972.30 2,212.70


Shareholders' funds 1,260.30 1,413.70 1,513.00 1,752.00
Paid up equity capital 123.3 123.3 123.3 123.3
Reserves and funds 1,137.00 1,290.40 1,389.70 1,628.70
Non-current liabilities (incl long term provns)
Long term borrowings
Current liabilities incl short term provns 154.1 212 217.8 302.7

Net worth 1,260.30 1,413.70 1,513.00 1,752.00


Tangible net worth 1,259.30 1,412.20 1,512.50 1,751.90

Total assets 1,625.90 1,903.40 1,972.30 2,212.70


Non-current assets
Net fixed assets 304.7 354 449.1 400.3
Long term investments
Current assets (incl short term invest & adv)
Profitability ratios (%)
Operating margin 19.2 19.6 16.5 27.4
Net profit margin 13.2 12.6 9.4 18
Return on net worth 15.6 15.9 9.9 20.6
Return on total assets 5.3 12 7.4 16.1

Liquidity ratios (times)


Current ratio 3.74 3.102 3.155 2.731
Debt to equity ratio 0.165 0.194 0.156 0.09
Interest cover 21.384 15.269 10.176 31.577

Average cost of Funds (%) 7.4 9.4 8.9 8.3

Efficiency ratios (times)


Total income / total assets 0.401 0.954 0.791 0.894
Sales / Net fixed assets 439.6 453.2 323.8 440.5
Total income / compensation to employees 10.148 9.001 8.249 8.734

Kewal Kiran Clothing Ltd.


Balance Sheet Summary : Mar 2008 - Mar 2017 : Non-Annualised : Rs. Million

Mar-08 Mar-09 Mar-10 Mar-11


12 mths 12 mths 12 mths 12 mths
-
Total liabilities 1,903.40 1,972.30 2,212.70 2,523.90

Total Capital 123.3 123.3 123.3 123.3


Paid up equity capital 123.3 123.3 123.3 123.3
Paid up preference capital

Share appln money & suspense account

Reserves and funds 1,290.40 1,389.70 1,628.70 1,854.30


Free reserves 447.7 547 786 1,011.60
General reserves 52.5 66.7 99.3 145.5
Balance as per profit & loss account 395.2 480.3 686.7 866.1
Specific reserves 842.7 842.7 842.7 842.7
Security premium reserves (net of deductions) 842.7 842.7 842.7 842.7
Capital reserves (incl grants and subsidies)
Capital redemption reserves
Debenture and bond redemption reserves

Long term borrowings excl current portion


Long term borrowings incl current portion
From banks
From financial institutions
Syndicated across banks & institutions
Debentures and bonds
Loans from promoters, directors & shareholders
Less: current portion of long term borrowings

Deferred tax liability 3.2 5.6


Other long term liabilities 32.6
Long term provisions 8.3

Current liabilities & provisions 212 217.8 302.7 505.4


Short term borrowings 55.5
Short term trade payables and acceptances 157.1

Total assets 1,903.40 1,972.30 2,212.70 2,523.90

Net fixed assets 354 449.1 400.3 405.8


Net intangible assets 1.5 0.5 0.1 0
Land and buildings 234.1 252.7 237.9 258.5
Plant, machinery, computers & electrical assets 53.1 97.6 92.7 95.8

Capital work-in-progress 19.5 9.1 30.5 21.5


Net pre-operative exp pending allocation

Long term investments 35.1


Long term investments in group cos 34.5
Long term investments in non group cos 1.3

Long term loans & advances 88.6


Deferred tax assets 17.7 20 16.6 16.4
Other long term assets 12.5

Current assets and loans & advances 1,944.00


Inventories 368.1
Trade & bills receivables 304.7
Cash & bank balance 2 0.9 1.7 993.4
Short term investments 233.3
Short term loans & advances 23.2

Addendum Information
Net fixed assets net of reval 354 449.1 400.3 405.8
Tangible net worth 1,412.20 1,512.50 1,751.90 1,977.60
Total outside liabilities 447.5 388.9 343.7 339.5

Kewal Kiran Clothing Ltd.


Income & Expenditure Summary : Mar 2008 - Mar 2017 : Non-Annualised : Rs.
Million
Mar-08 Mar-09 Mar-10 Mar-11
12 mths 12 mths 12 mths 12 mths
-
Total income 1,683.20 1,532.60 1,870.20 2,464.70
Sales 1,604.20 1,454.00 1,763.40 2,376.20
Industrial sales 1,588.90 1,444.20 1,748.40 2,318.50
Income from non-financial services 15.3 9.8 15 57.7
Income from financial services 77.6 75.2 103.9 81.7
Interest income 67.7 64.5 70.8 68.1
Dividends 2.8 7.2 10.8 10.5
Income from treasury operations 6.9 2.9 20.9 1.5
Other income 1.4 3.4
Prior period and extraordinary income 2.9 6.8

Change in stock 36.3 -112.4 32.4 117.2

Total expenses 1,508.40 1,277.60 1,577.40 2,119.60


Operating expenses 1,326.40 1,102.20 1,312.40 1,803.40
Raw materials, stores & spares 620.9 441.4 569 814.7
Purchase of finished goods 9 16.3 8.6 47.2
Packaging and packing expenses 112.5 78.4 104.2 133.3
Power, fuel & water charges 36.5 31.2 36.1 38.5
Compensation to employees 187 185.8 213.8 257.7
Indirect taxes 27.1
Royalties, technical know-how fees, etc
Rent & lease rent 8.8 8.5 7.8 8.2
Repairs & maintenance 11.6 14.4 13 16.2
Insurance premium paid 2.3 1.9 2.6 2.2
Outsourced manufacturing jobs 67.1 31.5 81.2 124.9
Outsourced professional jobs 13.3 16.1 21.9 21.9
Non-executive directors' fees 0.5 0.6 0.8 0.8
Selling & distribution expenses 209.2 234.2 207 245.2
Travel expenses 14.7 16.4 16.5 22.8
Communications expenses 6.5 7.1 5.6 6
Printing & stationery expenses 3.8 2.7 2.7 3.1
Miscellaneous expenditure 9.9 12.1 16.4 25.4
Other operational exp of industrial ent 12.8 3.6 5.2 8.2
Other operational exp of non-fin services ent
Share of loss in other enterprises
Financial services expenses 28.3 53.8 23.3 20.6
Fee based financial services expenses 5.6 4.4 7 12
Fund based financial services expenses 22.7 49.4 16.3 8.6
Non-cash charges 40.9 55.9 65.6 65.4
Depreciation 39.2 50.4 58.4 57.3
Amortisation
Write-offs 0.6 2.9 4.7
Provisions 1.7 4.9 4.3 3.4

Prior period and extraordinary expenses 1.3 1.7 14.2 1.1

Provision for direct tax 111.5 64 161.9 229.1

Profit after tax 211.1 142.6 325.2 462.3

Addendum Information
Total income net of P&E 1,683.20 1,532.60 1,867.30 2,457.90
Net sales 1,604.20 1,454.00 1,763.40 2,349.10
Cost of goods sold 986.8 890.4 970.7 1,274.10
Cost of sales 1,326.70 1,263.90 1,335.10 1,736.20
Cost of sales per day 3.6 3.5 3.7 4.8
1 2 3 4 5
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

2,464.70 3,384.90 3,354.00 3,918.60 4,274.30 4,771.20


2,376.20 3,265.50 3,225.90 3,799.50 4,193.80 4,698.20
81.7 117.7 123.2 116.1 80.3 59.4

117.2 11.7 -21 141.4 -57.6 131.4

2,119.60 2,875.20 2,798.80 3,389.70 3,554.30 4,223.10


814.7 1,044.50 1,033.90 1,437.20 1,412.80 1,737.30
38.5 60.7 77.8 89.1 105.8 90.6
257.7 292.4 340.9 382.5 453.1 510.6
8.6 10.3 13.4 14.6 9.7 15
57.3 62.3 59.4 51.5 37.4 41.6

777.4 866.5 867 1,058.10 1,054.80 1,115.30


690 747.1 741.6 939 975.4 1,044.60
462.3 521.4 534.2 670.3 662.4 679.5
456.6 519.7 532 667.3 663.3 668.2

2,523.90 2,843.20 3,254.60 3,723.30 4,134.20 4,279.60


1,977.60 2,255.50 2,538.70 2,906.20 3,198.00 2,987.50
123.3 123.3 123.3 123.3 123.3 123.3
1,854.30 2,132.20 2,415.40 2,782.90 3,074.70 2,864.20
40.9 45.8 59.8 82.2 110.3 188.1

505.4 541.9 656.1 734.9 825.9 1,104.00

1,977.60 2,255.50 2,538.70 2,906.20 3,198.00 2,987.50


1,977.60 2,253.70 2,535.00 2,900.00 3,193.00 2,980.20

2,523.90 2,843.20 3,254.60 3,723.30 4,134.20 4,279.60


579.9 613.2 604 572.4 2,093.50 1,324.70
405.8 434.3 435.4 426.6 539.6 599.8
35.1 35.1 34.8 34.9 1,409.60 587.6
1,944.00 2,230.00 2,650.60 3,150.90 2,040.70 2,954.90
29 22.9 23 24.7 23.3 22.2
18.6 15.4 15.9 17 15.5 14 12.5 11
24.5 24.6 22.2 24.5 21.7 21.6 19.7 19
19.3 19.4 17.4 19.1 16.9 15.9

3.681 4.205 4.097 4.351 2.527 2.723


0.028 0.066 0.056 0.041 0.035 0.097
80.733 74.932 58.463 35.216 39.61 32.839

8.1 10.1 9.2 11.2 8.4 7.5

1.041 1.261 1.1 1.123 1.088 1.134


585.6 751.9 740.9 890.6 777.2 783.3
9.538 11.57 9.824 10.237 9.433 9.318

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17


12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

2,843.20 3,254.60 3,723.30 4,134.20 4,279.60 5,008.00

123.3 123.3 123.3 123.3 123.3 123.3


123.3 123.3 123.3 123.3 123.3 123.3

2,132.20 2,415.40 2,782.90 3,074.70 2,864.20 3,457.30


1,289.50 1,472.70 1,790.20 1,982.00 1,721.50 2,264.60
197.6 251.1 318.1 384.3 452.3 537.6
1,091.90 1,221.60 1,472.10 1,597.70 1,269.20 1,727.00
842.7 942.7 992.7 1,092.70 1,142.70 1,192.70
842.7 842.7 842.7 842.7 842.7 842.7
3.5 6.6 15.5 27
38.7 54.3 72.8 98.6 171.3 144
7.1 5.5 5.9 5.1 1.3 0.8

541.9 656.1 734.9 825.9 1,104.00 1,255.60


148.9 140.9 118.8 113.5 288.9 405.1
161.2 230.9 275.6 308.2 474.5 398.7

2,843.20 3,254.60 3,723.30 4,134.20 4,279.60 5,008.00

434.3 435.4 426.6 539.6 599.8 666.5


1.8 3.7 6.2 5 7.3 5
270.6 287.6 276.6 395.8 444.5 459
123.5 115 115 111 121.9 175.3

8.9 7 0.3 42.5 26.4 72.8

35.1 34.8 34.9 1,409.60 587.6 1,228.40


34.5 34.5 34.6 34.6 34.6 34.6
1.3 1.3 1.3 1,376.00 554 1,204.00

112.6 102.8 83.7 80.1 90.1 48.9


17.3 20.3 21.4 18.3 20.5 22.6
5 3.7 5.5 3.4 0.3 2.7

2,230.00 2,650.60 3,150.90 2,040.70 2,954.90 2,966.10


321 336.7 478.8 404.1 557.3 507
495.2 489 651.1 797.2 1,115.10 1,092.50
822.6 233.2 97.3 118.1 63.7 84
491.3 1,555.70 1,876.30 685 1,175.40 1,231.90
25.6 18.2 35.9 21 38.8 48.3

434.3 435.4 426.6 539.6 599.8 666.5


2,253.70 2,535.00 2,900.00 3,193.00 2,980.20 3,575.60
533.5 620.7 603.2 713.7 1,184.10 1,416.30

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17


12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

3,384.90 3,354.00 3,918.60 4,274.30 4,771.20 5,445.30


3,265.50 3,225.90 3,799.50 4,193.80 4,698.40 5,159.00
3,060.50 3,102.90 3,660.20 3,999.20 4,528.30 4,926.30
205 123 139.3 194.6 170.1 232.7
117.7 123.2 116.1 80.3 59.2 282.3
93.6 69.8 12.7 7.9 6.2 4.7
11 20.7 17.6 26 4.3 1.8
11.4 31.1 85.5 45.9 48.7 275.8

1.7 4.9 3 0.2 13.6 4

11.7 -21 141.4 -57.6 131.4 -79.1

2,875.20 2,798.80 3,389.70 3,554.30 4,223.10 4,513.40


2,530.10 2,463.30 3,001.90 3,160.80 3,785.00 4,057.90
1,044.50 1,033.90 1,437.20 1,412.80 1,737.30 1,538.70
140.2 78.5 80 129.1 112.2 162.6
141 148.7 197 211 248.8 248
60.7 77.8 89.1 105.8 90.6 85
292.4 340.9 382.5 453.1 510.7 595.7
236.9 174.4 77.9 84.5 106.3 221

31.6 25.3 19.8 10.4 13.5 17


34.8 42.5 43 49.2 75.8 68.8
1.5
164.2 146.1 206 215.7 318.5 372
40.4 50.5 72.3 81.9 93.7 122
0.6 0.5 0.3 1.7 2.7 1.7
263.9 261.2 316.7 305 352 473.9
32.3 24.4 21.4 29.9 38.9 48.7
7.5 7.6 7.5 8 7.6 9.2
4.4 4.8 4.3 4.2 6 6.5
23.7 37.8 38.8 47.6 60.3 71.6
9.5 8.4 8.1 10.9 10.1 15.5
26.1 26.4 29.7 26.7 33.3 61.9
13.9 12.8 1.4 1.2 18.3 23.9
12.2 13.6 28.3 25.5 15 38
77.2 68.4 57.1 48.3 45.5 64.1
62.3 59.4 51.5 37.4 41.6 47.9

2.8 2.1 0.6 0.2 8


12.1 6.9 5 10.7 3.9 8.2

2.7 1.1 2.3

241.8 238 301 317.4 357 329.5

521.4 534.2 670.3 662.4 679.5 852.8

3,383.20 3,349.10 3,915.60 4,274.10 4,757.60 5,441.30


3,028.60 3,051.50 3,721.60 4,109.30 4,592.10 4,938.00
1,806.70 1,795.80 2,173.30 2,467.20 2,760.60 2,944.00
2,572.60 2,525.80 2,896.10 3,236.40 3,671.60 4,161.10
7 6.9 7.9 8.9 10.1 11.4
Aditya Birla Fashion & Retail Ltd.
Executive Summary : Mar 2008 - Mar 2016 : Non-Annualised : Rs. Million

Mar-08 Mar-09 Mar-10 Mar-11


12 mths 12 mths 12 mths 12 mths
-
Total income 2.6 169.3 200.6 128
Sales 2.6 169.2 135.9 127.9
Income from financial services 0.1 54.5 0.1

Change in stock 0.3 71.9 -35.3 1.5

Total expenses 151.1 1,039.70 419 129.4


Raw materials, stores & spares
Power, fuel & water charges 14.4 4.6
Compensation to employees 87.8 236.9 19.8 5.3
Interest expenses 11.7 78.2 124
Depreciation 0.8 63.4 47.7

Profits
PBDITA -135.2 -643.8 -53.3 1.4
PBDITA net of P&E&OI&FI -135.2 -608 -71.5 1.3
Profit after tax (PAT) -148.2 -798.5 -253.7 0.1
PAT net of P&E -148.2 -762.6 -217.3 0.1

Total liabilities 327.6 473.1 9.9 18.7


Shareholders' funds -147.7 -746.7 1.2 1.3
Paid up equity capital 0.5 100 5 5
Reserves and funds -148.2 -946.7 -8.9 -8.8
Non-current liabilities (incl long term provns)
Long term borrowings
Current liabilities incl short term provns 93.3 335.6 8.7 17.4

Net worth -147.7 -846.7 -3.9 -3.8


Tangible net worth -147.7 -927.4 -3.9 -3.8

Total assets 327.6 473.1 9.9 18.7


Non-current assets 3.5
Net fixed assets 9.6 274.2
Long term investments 3.2
Current assets (incl short term invest & adv) 15.2
Profitability ratios (%)
Operating margin -5,200.00 -359.3 -52.6 1
Net profit margin -5,700.00 -450.4 -114.1 0.1
Return on net worth
Return on total assets -190.5 -90 0.7

Liquidity ratios (times)


Current ratio 0.045 0.159 0.837 0.862
Debt to equity ratio
Interest cover -11.624 -8.71 -0.747

Average cost of Funds (%) 12.4 28

Efficiency ratios (times)


Total income / total assets 0.423 0.831 8.951
Sales / Net fixed assets 27.1 61.7
Total income / compensation to employees 0.03 0.715 9.621 24.151

Aditya Birla Fashion & Retail Ltd.


Balance Sheet Summary : Mar 2008 - Mar 2016 : Non-Annualised : Rs. Million

Mar-08 Mar-09 Mar-10 Mar-11


12 mths 12 mths 12 mths 12 mths
-
Total liabilities 327.6 473.1 9.9 18.7

Total Capital 0.5 200 10.1 10.1


Paid up equity capital 0.5 100 5 5
Paid up preference capital 100 5.1 5.1

Share appln money & suspense account

Reserves and funds -148.2 -946.7 -8.9 -8.8


Free reserves -148.2 -946.7 -8.9 -8.8
General reserves 0
Balance as per profit & loss account -148.2 -946.7 -8.9 -8.8
Specific reserves
Security premium reserves (net of deductions)
Capital reserves (incl grants and subsidies)
Capital redemption reserves
Debenture and bond redemption reserves

Long term borrowings excl current portion


Long term borrowings incl current portion
From banks
From financial institutions
Syndicated across banks & institutions
Debentures and bonds
Loans from promoters, directors & shareholders
Less: current portion of long term borrowings

Deferred tax liability


Other long term liabilities
Long term provisions

Current liabilities & provisions 93.3 335.6 8.7 17.4


Short term borrowings
Short term trade payables and acceptances 14.7

Total assets 327.6 473.1 9.9 18.7

Net fixed assets 9.6 274.2


Net intangible assets 80.7
Land and buildings 14.2
Plant, machinery, computers & electrical assets 7.1 40.5

Capital work-in-progress 196.2


Net pre-operative exp pending allocation

Long term investments 3.2


Long term investments in group cos
Long term investments in non group cos 3.2

Long term loans & advances 0.3


Deferred tax assets
Other long term assets

Current assets and loans & advances 15.2


Inventories 2
Trade & bills receivables 6.3
Cash & bank balance 0.1 0.3
Short term investments
Short term loans & advances 0.4

Addendum Information
Net fixed assets net of reval 9.6 274.2
Tangible net worth -147.7 -927.4 -3.9 -3.8
Total outside liabilities 441.3 1,317.50 13 21.1

Aditya Birla Fashion & Retail Ltd.


Income & Expenditure Summary : Mar 2008 - Mar 2016 : Non-Annualised : Rs.
Million
Mar-08 Mar-09 Mar-10 Mar-11
12 mths 12 mths 12 mths 12 mths
-
Total income 2.6 169.3 200.6 128
Sales 2.6 169.2 135.9 127.9
Industrial sales 2.8 8
Income from non-financial services 2.6 169.2 133.1 119.9
Income from financial services 0.1 54.5 0.1
Interest income 0.1 54.5
Dividends
Income from treasury operations 0.1
Other income 0.1
Prior period and extraordinary income 10.1

Change in stock 0.3 71.9 -35.3 1.5

Total expenses 151.1 1,039.70 419 129.4


Operating expenses 138.1 849.1 172.1 128.1
Raw materials, stores & spares
Purchase of finished goods 2.7 206.3 60.8 109.6
Packaging and packing expenses
Power, fuel & water charges 14.4 4.6
Compensation to employees 87.8 236.9 19.8 5.3
Indirect taxes 0.3 1.2 0.1
Royalties, technical know-how fees, etc 12.4 6.4 0.4
Rent & lease rent 7.4 92.6 40.6
Repairs & maintenance 3.1 48.1 13.9
Insurance premium paid 0.3 2.3 0.6
Outsourced manufacturing jobs 0.2 1.1
Outsourced professional jobs 2.6 29.3 5.7 0.5
Non-executive directors' fees
Selling & distribution expenses 7.2 128.1 14.7 12.2
Travel expenses 10.6 20.5 1.8 0.1
Communications expenses 1.1 4.7 1 0.1
Printing & stationery expenses 1.2 4 0.3
Miscellaneous expenditure 1.4 5 0.7 0.3
Other operational exp of industrial ent 49.1 6
Other operational exp of non-fin services ent
Share of loss in other enterprises
Financial services expenses 11.7 79.7 125.5 1
Fee based financial services expenses 1.4 1.2 1
Fund based financial services expenses 11.7 78.3 124.3
Non-cash charges 0.8 71.7 74.2
Depreciation 0.8 63.4 47.7
Amortisation 1.2 0.2
Write-offs
Provisions 7.1 26.3

Prior period and extraordinary expenses 35.9 46.5

Provision for direct tax 0.5 3.3 0.7 0.3

Profit after tax -148.2 -798.5 -253.7 0.1

Addendum Information
Total income net of P&E 2.6 169.3 190.5 128
Net sales 2.3 168 135.8 127.9
Cost of goods sold 81.2 501.6 193.6 111.8
Cost of sales 138.6 840.6 255.1 126.6
Cost of sales per day 0.4 2.3 0.7 0.3
1 2 3 4 5
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
12 mths 12 mths 12 mths 12 mths 12 mths

188.2 13,483.60 16,663.40 18,535.10 60,755.30


174.3 12,731.90 16,548.20 18,324.50 60,468.60
4.7 624.4 47.8 38 110.8

0.1 -233.4 375 644.2 2,321.80

176.1 13,939.10 18,915.70 21,460.70 64,118.50


6,423.10
352.7 515.8 571.2 1,037.20
5.7 942.9 1,497.10 1,836.90 5,968.90
0.4 1,365.40 1,128.40 1,192.40 1,720.20
544.3 959.8 1,834.50 3,380.30

19.4 1,384.10 379.6 896.3 4,444.50


5.5 684.1 403.5 691.6 4,167.00
12.2 -688.9 -1,877.30 -2,281.40 -1,041.40
12.2 -637.2 -1,738.20 -2,275.50 -1,062.60

37.9 28,822.80 21,532.30 21,424.50 46,202.80


12.1 7,695.40 5,794.70 3,455.70 9,436.30
5 5 927.9 927.9 7,688.40
2 -777.9 4,861.70 2,522.70 1,705.70
5,236.80 10,634.70 9,981.70 7,852.90
4,849.30 10,150.00 9,375.00 6,766.40
25.8 15,890.60 5,102.90 7,987.10 28,912.90

7 7,690.30 5,789.60 3,450.60 9,431.20


7 -3,986.20 -6,109.90 -8,594.00 -8,964.00

37.9 28,822.80 21,532.30 21,424.50 46,202.80


3.4 17,133.60 17,349.70 16,647.30 26,191.00
16,372.60 16,331.70 15,793.50 23,217.10
3.2
34.5 11,689.20 4,182.60 4,777.20 20,011.80
3.2 5.4 2.4 3.8 6.9
6.5 -4.7 -10.4 -12.3 0.56666667 8.388889
-1.7
762.5 -16.6 -25.8 -49.3 -16.5 -21.2333333 -0.94444
43.1 -4.4 -6.9 -10.6 -3.1

0.864 0.728 0.787 0.565 0.632


0.729 2.095 1.824 3.8 1.961
45.75 0.557 -0.482 -0.894 0.392

17 8.5 10.1 10.9

6.65 0.934 0.662 0.863 1.797


77.8 101.3 116 260.4
33.018 14.3 11.13 10.09 10.174

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16


12 mths 12 mths 12 mths 12 mths 12 mths

37.9 28,822.80 21,532.30 21,424.50 46,202.80

10.1 10.1 933 933 7,693.50


5 5 927.9 927.9 7,688.40
5.1 5.1 5.1 5.1 5.1

8,463.20 37.8

2 -777.9 4,861.70 2,522.70 1,705.70


2 -777.9 -2,655.30 -5,001.00 -6,042.40
1.2
0.8 -777.9 -2,655.30 -5,001.00 -6,042.40
7,517.00 7,523.70 7,748.10
7,513.70 7,513.70 7,514.80
216.9

4,849.30 10,150.00 9,375.00 6,766.40


7,318.80 7,500.00 7,125.00 6,583.60

3,000.00 3,000.00 3,000.00

2,469.50 350 750 3,734.00

364.6 427.9 541.1 1,004.30


22.9 56.8 65.6 82.2

25.8 15,890.60 5,102.90 7,987.10 28,912.90


8,790.60 55.2 2,981.30 7,992.90
17.5 4,441.30 4,044.00 3,410.80 14,644.50

37.9 28,822.80 21,532.30 21,424.50 46,202.80

16,372.60 16,331.70 15,793.50 23,217.10


11,676.50 11,899.50 12,044.60 18,395.20
737.5 771.8 643.5 793.6
79.7 119.4 236.5 1,535.00

135.5 248.5 37.7 253.5

3.2

3.2

0.2 625.5 769.5 816.1 2,709.60

10.8

34.5 11,689.20 4,182.60 4,777.20 20,011.80


2 3,248.70 3,583.50 4,273.30 13,881.00
17.9 9.6 170 70.7 3,927.80
0.5 252.5 108.2 72 203.2
8,000.00 59.9
12.3 118.5 167 263.8 1,754.10

16,372.60 16,331.70 15,793.50 23,217.10


7 -3,986.20 -6,109.90 -8,594.00 -8,964.00
24.3 31,977.00 15,566.20 20,942.10 46,638.40

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16


12 mths 12 mths 12 mths 12 mths 12 mths

188.2 13,483.60 16,663.40 18,535.10 60,755.30


174.3 12,731.90 16,548.20 18,324.50 60,468.60
47.6 77.3 18.1 14,997.20
174.3 12,684.30 16,470.90 18,306.40 45,471.40
4.7 624.4 47.8 38 110.8
621.9 19.6 0.4 59.4

4.7 2.5 28.2 15.2 29.4


9.2 127.3 67.4 172.6 145.5
30.4

0.1 -233.4 375 644.2 2,321.80

176.1 13,939.10 18,915.70 21,460.70 64,118.50


168.9 11,814.40 16,519.70 18,277.10 58,623.40
6,423.10
149.3 7,510.40 9,897.60 10,648.20 23,479.00
2.6 2 1.6
352.7 515.8 571.2 1,037.20
5.7 942.9 1,497.10 1,836.90 5,968.90
7.1 24.8 41.4 724.5
110.1 59.5 49.7 92.5
0.4 1,631.50 2,503.20 2,825.10 6,479.30
55.4 83.9 59.4 845.7
0.1 5.9 8.5 10.3 53
532.6
0.7 330.8 498.9 611.3 3,771.60

12.4 722.6 1,099.10 1,161.00 7,900.00


45.8 123.9 165.7 620.3
8.7 27.7 42.6 164.5
22.6 50.7 54.5 107.5
0.3 65.3 127 202.1 425.1
1.5 1,528.70 1,297.10 1,343.20 2,098.90
1.1 90.7 120.9 141.2 348.6
0.4 1,438.00 1,176.20 1,202.00 1,750.30
544.3 959.8 1,834.50 3,387.00
544.3 959.8 1,834.50 3,380.30

6.7

51.7 139.1 5.9 9.2

5.7

12.2 -688.9 -1,877.30 -2,281.40 -1,041.40

188.2 13,483.60 16,663.40 18,535.10 60,724.90


174.3 12,724.80 16,523.40 18,283.10 59,744.10
153.4 10,069.00 13,108.60 14,804.60 39,460.00
168.8 12,592.10 17,104.50 19,471.30 59,662.90
0.5 34.5 46.9 53.3 163.5
Phoenix Mills Ltd.
Executive Summary : Mar 2007 - Mar 2016 : Non-Annualised : Rs. Million

Mar-07 Mar-08 Mar-09 Mar-10


12 mths 12 mths 12 mths 12 mths
-
Total income 2,243.90 2,276.80 1,402.40 1,400.00
Sales 2,228.00 2,035.80 901.5 1,157.70
Income from financial services 15.7 239.1 498.8 218.6

Change in stock 0 -0.4 0.6 -0.2

Total expenses 602 589.9 620.8 800.9


Raw materials, stores & spares
Power, fuel & water charges 62.9 40.6 39
Compensation to employees 35.8 41.1 54.7 51.6
Interest expenses 37.8 41.8 49.4 85.5
Depreciation 72.6 72.7 83.8 160.4

Profits
PBDITA 1,986.00 2,010.80 1,109.20 1,024.40
PBDITA net of P&E&OI&FI 1,971.30 1,770.10 608.4 782.9
Profit after tax (PAT) 1,641.90 1,686.50 782.2 598.9
PAT net of P&E 1,643.10 1,685.90 780.2 597.6

Total liabilities 6,120.40 17,368.40 17,790.60 18,191.50


Shareholders' funds 1,984.70 14,276.60 14,889.30 15,284.80
Paid up equity capital 122.5 271.4 289.7 289.7
Reserves and funds 1,973.50 14,096.60 14,708.40 15,102.90
Non-current liabilities (incl long term provns)
Long term borrowings
Current liabilities incl short term provns 517.6 932.8 1,140.90 1,377.30

Net worth 1,984.70 14,276.60 14,889.30 15,284.80


Tangible net worth 1,984.70 14,276.60 14,889.30 15,284.80

Total assets 6,120.40 17,368.40 17,790.60 18,191.50


Non-current assets
Net fixed assets 1,252.00 1,265.00 1,550.80 4,454.20

Current assets (incl short term invest & adv)


Profitability ratios (%)
Operating margin 88.5 86.9 67.5 67.6
Net profit margin 73.2 74.1 55.7 42.7
Return on net worth 138.6 20.7 5.4 4
Return on total assets 40.7 14.5 4.5 3.3

Liquidity ratios (times)


Current ratio 0.23 3.119 2.045 2.204
Debt to equity ratio 1.767 0.144 0.111 0.093
Interest cover 50.265 45.885 20.549 9.646

Average cost of Funds (%) 1.7 1.5 2.7 5.6

Efficiency ratios (times)


Total income / total assets 0.555 0.196 0.08 0.078
Sales / Net fixed assets 178 160.9 58.1 26
Total income / compensation to employees 62.679 55.375 25.6 27.091

Phoenix Mills Ltd.


Balance Sheet Summary : Mar 2007 - Mar 2016 : Non-Annualised : Rs. Million

Mar-07 Mar-08 Mar-09 Mar-10


12 mths 12 mths 12 mths 12 mths
-
Total liabilities 6,120.40 17,368.40 17,790.60 18,191.50

Total Capital 122.5 271.4 289.7 289.7


Paid up equity capital 122.5 271.4 289.7 289.7
Paid up preference capital

Share appln money & suspense account 18.3

Reserves and funds 1,973.50 14,096.60 14,708.40 15,102.90


Free reserves 1,843.10 3,309.20 3,921.90 4,317.40
General reserves 540.5 791.8 1,091.80 1,291.80
Balance as per profit & loss account 1,302.60 2,517.40 2,830.10 3,025.60
Specific reserves 19.7 10,677.70 10,677.70 10,677.70
Security premium reserves (net of deductions) 10,659.30 10,659.30 10,659.30
Capital reserves (incl grants and subsidies) 18.4 18.4 18.4 18.4
Capital redemption reserves
Debenture and bond redemption reserves

Long term borrowings excl current portion


Long term borrowings incl current portion
From banks
From financial institutions
Syndicated across banks & institutions
Debentures and bonds
Loans from promoters, directors & shareholders
Less: current portion of long term borrowings

Deferred tax liability 0.3


Other long term liabilities
Long term provisions

Current liabilities & provisions 517.6 932.8 1,140.90 1,377.30


Short term borrowings
Short term trade payables and acceptances

Total assets 6,120.40 17,368.40 17,790.60 18,191.50

Net fixed assets 1,252.00 1,265.00 1,550.80 4,454.20


Net intangible assets
Land and buildings 1,162.70 1,153.70 1,381.10 3,939.60
Plant, machinery, computers & electrical assets 29.4 30.6 64.1 199.9

Capital work-in-progress 881.7 1,489.70 2,673.30 861.4


Net pre-operative exp pending allocation 87.9 292 487.7 20.6

Long term investments


Long term investments in group cos
Long term investments in non group cos

Long term loans & advances


Deferred tax assets 3 9.7 12.6 22.5
Other long term assets

Current assets and loans & advances


Inventories
Trade & bills receivables
Cash & bank balance 0.4 1.8 1.7 1.7
Short term investments
Short term loans & advances

Addendum Information
Net fixed assets net of reval 1,141.30 1,155.30 1,442.00 4,346.40
Tangible net worth 1,984.70 14,276.60 14,889.30 15,284.80
Total outside liabilities 3,918.70 2,761.30 2,561.40 2,519.10

Phoenix Mills Ltd.


Income & Expenditure Summary : Mar 2007 - Mar 2016 : Non-Annualised : Rs.
Million
Mar-07 Mar-08 Mar-09 Mar-10
12 mths 12 mths 12 mths 12 mths
-
Total income 2,243.90 2,276.80 1,402.40 1,400.00
Sales 2,228.00 2,035.80 901.5 1,157.70
Industrial sales 1,712.20 1,256.60
Income from non-financial services 515.8 779.2 901.5 1,157.70
Income from financial services 15.7 239.1 498.8 218.6
Interest income 5.7 19.4 97.9 122
Dividends 0.4 176.7 61.4 72.2
Income from treasury operations 38.2 314.8 24.3
Other income 0.2 1 21.6
Prior period and extraordinary income 0.9 2.1 2.1

Change in stock 0 -0.4 0.6 -0.2

Total expenses 602 589.9 620.8 800.9


Operating expenses 256.7 265.3 293.7 374.6
Raw materials, stores & spares
Purchase of finished goods 7.6 6.7 6.7 5.7
Packaging and packing expenses
Power, fuel & water charges 62.9 40.6 39
Compensation to employees 35.8 41.1 54.7 51.6
Indirect taxes 43.8 29.2 27.5 32.2
Royalties, technical know-how fees, etc
Rent & lease rent 5.3 5.5 5.6
Repairs & maintenance 15.1 6.5 18.1 41.1
Insurance premium paid 3.1 1.5 2.6 5.3
Outsourced manufacturing jobs
Outsourced professional jobs 18.9 55.8 63 98.1
Non-executive directors' fees 0.4 0.2 0.1
Selling & distribution expenses 16.5 20.2 44.9 42.9
Travel expenses 8 13.1 7.7 6.8
Communications expenses
Printing & stationery expenses
Miscellaneous expenditure 28.4 22.6 22.2 46.2
Other operational exp of industrial ent 79.5
Other operational exp of non-fin services ent
Share of loss in other enterprises
Financial services expenses 38.1 47.5 50 85.8
Fee based financial services expenses 0.3 5.7 0.6 0.3
Fund based financial services expenses 37.8 41.8 49.4 85.5
Non-cash charges 86.9 86.5 91.5 198.1
Depreciation 72.6 72.7 83.8 160.4
Amortisation 0.1
Write-offs 5.2 13.7 7.7 37.7
Provisions 9 0.1

Prior period and extraordinary expenses 1.2 0.3 0.1 0.8

Provision for direct tax 219.1 190.3 185.5 141.6

Profit after tax 1,641.90 1,686.50 782.2 598.9


Net Profit Margin 0.73693896 0.82842126 0.867665 0.51731882
Addendum Information
Total income net of P&E 2,243.90 2,275.90 1,400.30 1,397.90
Net sales 2,184.20 2,006.60 874 1,125.50
Cost of goods sold 183.2 150.7 157.8 234.5
Cost of sales 328.5 337.7 376.4 531.4
Cost of sales per day 0.9 0.9 1 1.5

Provogue (India) Ltd.


Income & Expenditure Summary : Mar 2007 - Mar 2016 : Non-Annualised : Rs.
Million
Mar-07 Mar-08 Mar-09 Mar-10
12 mths 12 mths 12 mths 12 mths
-
Total income 2,406.40 3,460.30 3,876.40 5,035.80
Sales 2,386.70 3,364.30 3,582.90 4,823.20
Industrial sales 2,384.00 3,346.90 3,479.60 4,740.30
Income from non-financial services 2.7 17.4 103.3 82.9
Income from financial services 13 83.6 286.5 204.1
Interest income 2.4 49.8 166.6 168.8
Dividends 9.2 24.9 59.4 15.3
Income from treasury operations 1.4 8.9 60.5 20
Other income 6.7 11.8 5.7 3.2
Prior period and extraordinary income 0.6 1.3 5.3

Change in stock 179.4 323.2 110.1 265.8

Total expenses 2,389.80 3,525.50 3,691.90 5,018.10


Operating expenses 2,239.70 3,202.20 3,332.70 4,560.70
Raw materials, stores & spares 1,537.20 2,083.20 1,116.30 1,182.70
Purchase of finished goods 995 2,033.90
Packaging and packing expenses 59.7 43.3 54.2
Power, fuel & water charges 19.9 36 44.4 42.5
Compensation to employees 86.7 152.6 164.1 176.7
Indirect taxes 41.5 65.7 75.5 82
Royalties, technical know-how fees, etc
Rent & lease rent 92 172.4 227.9 199.7
Repairs & maintenance 16.8 35.1 43.1 41.7
Insurance premium paid 3.5 6.2 4.6 4
Outsourced manufacturing jobs 94.7 165.2 200.3 303.3
Outsourced professional jobs 15.8 35.6 33.3 46
Non-executive directors' fees
Selling & distribution expenses 287.7 296.4 305.1 309
Travel expenses 20.1 27.7 30.2 33.6
Communications expenses 10 11.8 13.3 14.1
Printing & stationery expenses 3.1 3.1 4.8 6.8
Miscellaneous expenditure 10.7 51.5 31.5 30.5
Other operational exp of industrial ent
Other operational exp of non-fin services ent
Share of loss in other enterprises 0.4 3.9
Financial services expenses 62.4 166.9 149.2 203.7
Fee based financial services expenses 16.6 26.9 16.7 27.7
Fund based financial services expenses 45.8 140 132.5 176
Non-cash charges 50 84.9 99.8 131.6
Depreciation 47.7 81.1 95.1 122.8
Amortisation 1
Write-offs 7.9
Provisions 1.3 3.8 4.7 0.9

Prior period and extraordinary expenses 1.7 8.1 0.7 2.7

Provision for direct tax 36 63.4 109.5 119.4

Profit after tax 196 258 294.6 283.5

Addendum Information
Total income net of P&E 2,406.40 3,459.70 3,875.10 5,030.50
Net sales 2,345.20 3,298.60 3,507.40 4,741.20
Cost of goods sold 1,617.40 2,277.50 2,592.00 3,673.60
Cost of sales 2,108.00 2,960.10 3,317.70 4,417.70
Cost of sales per day 5.8 8.1 9.1 12.1
1 2 3 4 5
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

2,116.30 2,716.70 3,271.30 3,811.30 4,121.90 4,548.10


1,765.20 2,259.70 2,706.00 2,948.10 3,154.50 3,557.90
208.7 426.6 555.4 773.7 945.6 983.6

-3.1

1,196.70 1,663.30 1,932.50 2,285.70 3,503.40 3,039.20

40.1 308 418.2 362.1 411.5 449.5


75.6 86.8 82.7 77.8 89.7 113
85.5 142.5 265 444.1 615.6 635.6
277.2 282.9 275.4 259.9 310.5 293.1

1,647.90 1,915.10 2,395.80 2,803.90 3,035.40 3,406.20


1,297.40 1,460.20 1,835.40 1,943.40 2,073.20 2,410.70
916.5 1,053.40 1,338.80 1,525.60 618.5 1,508.90
889.6 1,055.50 1,336.60 1,439.30 603 1,505.10

18,275.80 21,828.70 22,796.30 26,252.20 27,932.30 33,358.80


15,898.30 16,615.00 17,581.00 18,733.80 18,986.90 22,831.30
289.7 289.7 289.7 289.7 289.9 306
15,715.50 16,431.20 17,396.20 18,548.00 18,799.90 22,628.20
647.8 3,279.10 2,847.70 4,522.50 6,312.40 6,345.70
2,611.50 2,067.00 3,806.90 5,319.00 5,235.50
1,622.80 1,828.70 2,262.70 2,892.00 2,530.10 4,078.90

15,898.30 16,615.00 17,581.00 18,733.80 18,986.90 22,831.30


15,898.30 16,615.00 17,580.80 18,733.60 18,986.80 22,831.20

18,275.80 21,828.70 22,796.30 26,252.20 27,932.30 33,358.80


15,259.10 18,895.90 18,830.20 22,949.40 24,584.30 29,066.60
4,371.90 4,394.60 4,424.60 4,093.00 4,558.20 4,424.30
7,820.30 8,291.10 9,689.50 12,167.00 12,314.90 16,571.70
3,016.70 2,932.80 3,966.10 3,302.80 3,348.00 4,292.20
73.5 64.6 67.8 65.9 65.7 67.8
42.6 38.9 40.9 38.7 14.7 33.1 23.23333 32.21111
5.7 6.5 7.8 7.9 3.2 7.2 5.4 7.466667
4.9 5.3 6 5.9 2.2 4.9

1.182 0.717 0.639 0.375 0.373 0.357


0.025 0.181 0.155 0.268 0.345 0.36
14.883 9.533 7.82 5.382 2.438 3.8

9.4 8.4 9.2 11.5 11.9 9.6

0.117 0.136 0.147 0.156 0.153 0.149


40.4 51.4 61.2 72 69.2 80.4
27.63 31.298 39.47 47.844 45.721 40.214

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16


12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

18,275.80 21,828.70 22,796.30 26,252.20 27,932.30 33,358.80

289.7 289.7 289.7 289.7 289.9 306


289.7 289.7 289.7 289.7 289.9 306

15,715.50 16,431.20 17,396.20 18,548.00 18,799.90 22,628.20


4,930.90 5,647.60 6,613.60 7,766.40 7,989.50 9,072.90
1,491.80 1,691.80 1,891.80 2,091.80 2,291.80 2,291.80
3,439.10 3,955.80 4,721.80 5,674.60 5,697.70 6,781.10
10,677.70 10,677.70 10,677.70 10,677.70 10,707.50 13,452.40
10,659.30 10,659.30 10,659.30 10,659.30 10,689.10 13,432.60
18.4 18.4 18.4 18.4 18.4 18.4

2,611.50 2,067.00 3,806.90 5,319.00 5,235.50


3,000.00 2,611.50 3,301.40 5,753.10 5,765.60

0 388.5 544.5 814.5 434.1 530.1

6.2 12.3 8.9


641.6 663.7 770.9 701.3 979.2 1,105.50
6.2 3.9 3.6 2 5.3 4.7

1,622.80 1,828.70 2,262.70 2,892.00 2,530.10 4,078.90


400 6.6 120.6 391.8 788.2 2,446.40
639.3 636.2 663.1 551.6 157.1 177.2

18,275.80 21,828.70 22,796.30 26,252.20 27,932.30 33,358.80

4,371.90 4,394.60 4,424.60 4,093.00 4,558.20 4,424.30


0.2 0.2 0.1 0.1
3,861.70 3,896.80 3,995.90 3,712.90 4,273.00 4,139.50
198.7 185.3 166.6 147.5 144.1 137.9

817.5 930.3 1,034.20 1,067.80 1,117.60 1,199.30


0 -17.1 55.5 159.7 239.6 304.8

7,820.30 8,291.10 9,689.50 12,167.00 12,314.90 16,571.70


3,762.70 6,945.80 8,334.00 10,059.20 11,653.00 16,120.00
1,031.30 1,031.10 1,031.10 1,030.90 1,485.00 1,484.90

2,232.00 5,184.70 3,584.90 5,441.80 6,004.80 6,205.80


12.6 28.3 36.4 15.8 30.3 41.8
4.8 84 5.1 4.3 318.9 318.9

3,016.70 2,932.80 3,966.10 3,302.80 3,348.00 4,292.20

892.1 373.8 400.7 298.1 291.7 338.4


73.5 137.7 223.2 245.8 204.3 712.7
362.6 100
1,593.40 2,176.40 3,192.50 2,484.10 2,696.60 3,092.20

4,265.00 4,288.70 4,319.70 3,989.10 4,455.30 4,321.40


15,898.30 16,615.00 17,580.80 18,733.60 18,986.80 22,831.20
1,668.60 4,415.00 4,421.70 7,480.00 8,610.90 12,121.50

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16


12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

2,116.30 2,716.70 3,271.30 3,811.30 4,121.90 4,548.10


1,765.20 2,259.70 2,706.00 2,948.10 3,154.50 3,557.90

1,765.20 2,259.70 2,706.00 2,948.10 3,154.50 3,557.90


208.7 426.6 555.4 773.7 945.6 983.6
150.6 387 511.6 686.3 937.9 964.9
56.3 18.6 0.9 0.9 5.2 1.2
1.8 21 42.9 86.5 2.5 17.5
114.9 30.4 2.8 0.5 1.1 8.1
27.5 7.1 89 20.7 3.9

-3.1

1,196.70 1,663.30 1,932.50 2,285.70 3,503.40 3,039.20


464.7 799.5 870.6 1,004.70 1,081.30 1,141.80

6.3

40.1 308 418.2 362.1 411.5 449.5


75.6 86.8 82.7 77.8 89.7 113
39.7 24.1 39.3 144.6 86.1 75.2

18.5 5.3 5.9 5.5 5.3 2.9


84 126.2 130.3 128.5 158.7 188.8
7.6 8.2 5.4 5.8 6.5 6.9

85.3 121.2 83.9 96.1 123 119.2


1.6 1.8 1.9 1.6 1.5 2.4
56.8 84.7 73.9 145.3 154.2 125
5 5.5 8.3 13.7 13.4 18

44.2 27.7 20.8 23.7 42.7 44.5

0.3 0 0.7 1.3 0.5 0.2


88 166.4 266.6 445.5 1,549.80 899.2
2.2 1 0.9 0.1 0.2 1.2
85.8 165.4 265.7 445.4 1,549.60 898
346 339.5 319.8 326.1 346.9 379.4
277.2 282.9 275.4 259.9 310.5 293.1

68.8 13.4 0 66.2 3.4 4.9


43.2 44.4 33 81.4

0.6 2.1 4.9 2.7 5.2 0.1

297.4 355.8 470.6 506.7 520.2 618.7

916.5 1,053.40 1,338.80 1,525.60 618.5 1,508.90


0.51920462 0.46616808 0.4947524 0.51748584 0.19606911 0.42409849

2,088.80 2,716.70 3,264.20 3,722.30 4,101.20 4,544.20


1,725.50 2,235.60 2,666.70 2,803.50 3,068.40 3,482.70
389.1 569 648.6 592 697.1 736.9
741.9 1,075.90 1,143.30 1,260.00 1,387.90 1,426.70
2 2.9 3.1 3.5 3.8 3.9

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16


12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

5,842.30 6,318.00 5,560.30 6,295.10 5,603.60 4,266.80


5,636.20 6,090.20 5,372.10 6,052.50 5,442.10 4,211.20
5,614.30 3,763.50 2,902.90 3,920.20 4,969.70 3,057.80
21.9 2,326.70 2,469.20 2,132.30 472.4 1,153.40
203.9 227.2 182.4 176.7 57.1 53.3
133.5 127.9 115.1 67.2 18.2 17.8
15.2 9.9 8.4 6.4 3.5 1.9
55.2 89.4 58.9 103.1 35.4 33.6
2.2 0.6 0.1 0.6 0.1 0.4
5.7 65.3 104.3 1.9

43.7 -202.8 -9.5 217.7 70.6 -741.3

5,551.90 5,864.90 5,421.90 6,503.50 6,419.80 5,482.20


4,973.70 5,347.10 4,795.90 5,775.70 5,948.10 4,980.60
1,947.70 2,074.60 2,474.10 3,836.70 4,827.40 3,381.10
1,825.70 1,961.40 1,289.20 1,076.50 342.3 906.4
38.9 23.3 19.5 12.6 15 8.9
33.9 33.7 25.9 17 13.8 9.2
182.2 180.6 161.7 133.7 81.3 76.1
84.5 136.1 58.4 41.6 29.8 35

189.8 211.2 190.5 125.4 81.2 60.2


45.3 65.8 45.5 26.9 20.1 16.6
4.7 3.9 4.2 3.9 4.8 4.5
277.4 351.6 299.5 342.3 415 360.5
29 18.9 18.6 13.1 11.2 11.9

253.8 237.9 161.6 112.6 86.9 91.5


23.3 20.9 16.2 11.2 8.4 7.4
9.4 10.1 6.9 5.2 4.3 3.7
5.4 4.4 2.5 2.4 2.4 3
22.7 12.7 21.6 14.6 4.2 4.6

260.4 322.1 355.7 370.1 388.6 437.1


38 27.8 36 39.9 56 62.8
222.4 294.3 319.7 330.2 332.6 374.3
204.3 132.3 122 191.4 88.5 68.9
119.3 118.1 109.7 82.9 84.2 58.3

84.5 13.4 8.3 108.5 2.6 0.4


0.5 0.8 4 1.7 10.2

27.9 17.6 109.5 164.9

85.6 45.8 38.8 1.4 -5.4 -4.4

334.1 250.3 128.9 9.3 -745.6 -1,956.70

5,842.30 6,318.00 5,554.60 6,229.80 5,499.30 4,264.90


5,551.70 5,954.10 5,313.70 6,010.90 5,412.30 4,176.20
4,400.90 4,977.30 4,418.30 5,294.40 5,712.20 5,540.70
5,049.30 5,668.00 4,915.10 5,640.90 5,961.70 5,780.20
13.8 15.5 13.5 15.5 16.3 15.8
Provogue (India) Ltd.
Executive Summary : Mar 2007 - Mar 2016 : Non-Annualised : Rs. Million

Mar-07 Mar-08 Mar-09 Mar-10


12 mths 12 mths 12 mths 12 mths
-
Total income 2,406.40 3,460.30 3,876.40 5,035.80
Sales 2,386.70 3,364.30 3,582.90 4,823.20
Income from financial services 13 83.6 286.5 204.1

Change in stock 179.4 323.2 110.1 265.8

Total expenses 2,389.80 3,525.50 3,691.90 5,018.10


Raw materials, stores & spares 1,537.20 2,083.20 1,116.30 1,182.70
Power, fuel & water charges 19.9 36 44.4 42.5
Compensation to employees 86.7 152.6 164.1 176.7
Interest expenses 45.4 136.1 132.5 171.7
Depreciation 47.7 81.1 95.1 122.8

Profits
PBDITA 344.4 573.2 653.1 738.2
PBDITA net of P&E&OI&FI 326.4 485.3 360.3 528.3
Profit after tax (PAT) 196 258 294.6 283.5
PAT net of P&E 197.7 265.5 294 280.9

Total liabilities 3,681.60 5,349.90 8,963.70 9,883.50


Shareholders' funds 2,625.90 3,201.60 6,893.00 7,026.00
Paid up equity capital 191 200 232.8 228.7
Reserves and funds 2,353.90 2,961.10 6,497.00 6,797.30
Non-current liabilities (incl long term provns)
Long term borrowings
Current liabilities incl short term provns 505.6 692.9 563.8 693.5

Net worth 2,625.90 3,201.60 6,893.00 7,026.00


Tangible net worth 2,625.90 3,201.60 6,893.00 7,020.80

Total assets 3,681.60 5,349.90 8,963.70 9,883.50


Non-current assets
Net fixed assets 317 435.4 623.8 690
Long term investments
Current assets (incl short term invest & adv)
Profitability ratios (%)
Operating margin 13.7 14.4 10.1 11
Net profit margin 8.2 7.7 7.6 5.6
Return on net worth 10.6 9.1 5.8 4
Return on total assets 7.1 5.9 4.1 3

Liquidity ratios (times)


Current ratio 1.785 1.787 2.3 2.129
Debt to equity ratio 0.209 0.455 0.219 0.308
Interest cover 6.148 3.417 4.045 3.331

Average cost of Funds (%) 8.4 13.6 8.9 9.4

Efficiency ratios (times)


Total income / total assets 0.859 0.766 0.542 0.534
Sales / Net fixed assets 752.9 772.7 574.4 699
Total income / compensation to employees 27.755 22.672 23.614 28.469

Provogue (India) Ltd.


Balance Sheet Summary : Mar 2007 - Mar 2016 : Non-Annualised : Rs. Million

Mar-07 Mar-08 Mar-09 Mar-10


12 mths 12 mths 12 mths 12 mths
-
Total liabilities 3,681.60 5,349.90 8,963.70 9,883.50

Total Capital 272 240.5 396 228.7


Paid up equity capital 191 200 232.8 228.7
Paid up preference capital

Share appln money & suspense account

Reserves and funds 2,353.90 2,961.10 6,497.00 6,797.30


Free reserves 325.7 536.9 790.6 923.6
General reserves 13 33 53 20
Balance as per profit & loss account 312.7 503.9 737.6 903.6
Specific reserves 2,028.20 2,424.20 5,706.40 5,873.70
Security premium reserves (net of deductions) 2,028.20 2,424.20 5,685.40 5,685.40
Capital reserves (incl grants and subsidies) 21 184.2
Capital redemption reserves 4.1
Debenture and bond redemption reserves

Long term borrowings excl current portion


Long term borrowings incl current portion
From banks
From financial institutions
Syndicated across banks & institutions
Debentures and bonds
Loans from promoters, directors & shareholders
Less: current portion of long term borrowings

Deferred tax liability


Other long term liabilities
Long term provisions

Current liabilities & provisions 505.6 692.9 563.8 693.5


Short term borrowings
Short term trade payables and acceptances

Total assets 3,681.60 5,349.90 8,963.70 9,883.50

Net fixed assets 317 435.4 623.8 690


Net intangible assets 5.2
Land and buildings 96.4 91.2 199.2 229.5
Plant, machinery, computers & electrical assets 33.8 30.3 41.1 58.8

Capital work-in-progress 68 52.4 210.2 227


Net pre-operative exp pending allocation 9.7 1.4

Long term investments


Long term investments in group cos
Long term investments in non group cos

Long term loans & advances


Deferred tax assets 2.7 13.7 20.8 23.9
Other long term assets

Current assets and loans & advances


Inventories
Trade & bills receivables
Cash & bank balance 2 2 3.5 3.4
Short term investments
Short term loans & advances

Addendum Information
Net fixed assets net of reval 317 435.4 623.8 690
Tangible net worth 2,625.90 3,201.60 6,893.00 7,020.80
Total outside liabilities 927.8 2,084.70 2,020.70 2,821.80

Provogue (India) Ltd.


Income & Expenditure Summary : Mar 2007 - Mar 2016 : Non-Annualised : Rs.
Million
Mar-07 Mar-08 Mar-09 Mar-10
12 mths 12 mths 12 mths 12 mths
-
Total income 2,406.40 3,460.30 3,876.40 5,035.80
Sales 2,386.70 3,364.30 3,582.90 4,823.20
Industrial sales 2,384.00 3,346.90 3,479.60 4,740.30
Income from non-financial services 2.7 17.4 103.3 82.9
Income from financial services 13 83.6 286.5 204.1
Interest income 2.4 49.8 166.6 168.8
Dividends 9.2 24.9 59.4 15.3
Income from treasury operations 1.4 8.9 60.5 20
Other income 6.7 11.8 5.7 3.2
Prior period and extraordinary income 0.6 1.3 5.3

Change in stock 179.4 323.2 110.1 265.8

Total expenses 2,389.80 3,525.50 3,691.90 5,018.10


Operating expenses 2,239.70 3,202.20 3,332.70 4,560.70
Raw materials, stores & spares 1,537.20 2,083.20 1,116.30 1,182.70
Purchase of finished goods 995 2,033.90
Packaging and packing expenses 59.7 43.3 54.2
Power, fuel & water charges 19.9 36 44.4 42.5
Compensation to employees 86.7 152.6 164.1 176.7
Indirect taxes 41.5 65.7 75.5 82
Royalties, technical know-how fees, etc
Rent & lease rent 92 172.4 227.9 199.7
Repairs & maintenance 16.8 35.1 43.1 41.7
Insurance premium paid 3.5 6.2 4.6 4
Outsourced manufacturing jobs 94.7 165.2 200.3 303.3
Outsourced professional jobs 15.8 35.6 33.3 46
Non-executive directors' fees
Selling & distribution expenses 287.7 296.4 305.1 309
Travel expenses 20.1 27.7 30.2 33.6
Communications expenses 10 11.8 13.3 14.1
Printing & stationery expenses 3.1 3.1 4.8 6.8
Miscellaneous expenditure 10.7 51.5 31.5 30.5
Other operational exp of industrial ent
Other operational exp of non-fin services ent
Share of loss in other enterprises 0.4 3.9
Financial services expenses 62.4 166.9 149.2 203.7
Fee based financial services expenses 16.6 26.9 16.7 27.7
Fund based financial services expenses 45.8 140 132.5 176
Non-cash charges 50 84.9 99.8 131.6
Depreciation 47.7 81.1 95.1 122.8
Amortisation 1
Write-offs 7.9
Provisions 1.3 3.8 4.7 0.9

Prior period and extraordinary expenses 1.7 8.1 0.7 2.7

Provision for direct tax 36 63.4 109.5 119.4

Profit after tax 196 258 294.6 283.5

Addendum Information
Total income net of P&E 2,406.40 3,459.70 3,875.10 5,030.50
Net sales 2,345.20 3,298.60 3,507.40 4,741.20
Cost of goods sold 1,617.40 2,277.50 2,592.00 3,673.60
Cost of sales 2,108.00 2,960.10 3,317.70 4,417.70
Cost of sales per day 5.8 8.1 9.1 12.1
1 2 3 4 5
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

5,842.30 6,318.00 5,560.30 6,295.10 5,603.60 4,266.80 3,360.20 2,346.05


5,636.20 6,090.20 5,372.10 6,052.50 5,442.10 4,211.20 3,393.97 2,473.32
203.9 227.2 182.4 176.7 57.1 53.3 -27.70 -89.40

43.7 -202.8 -9.5 217.7 70.6 -741.3 -1,110.00 -1,589.50

5,551.90 5,864.90 5,421.90 6,503.50 6,419.80 5,482.20 5,113.87 4,603.22


1,947.70 2,074.60 2,474.10 3,836.70 4,827.40 3,381.10 3,559.47 3,331.67
33.9 33.7 25.9 17 13.8 9.2 5.53 1.63
182.2 180.6 161.7 133.7 81.3 76.1 39.43 10.63
222.4 294.3 319.7 330.2 332.6 329.6 330.20 329.90
119.3 118.1 109.7 82.9 84.2 58.3 50.53 38.23

884.4 750.5 645.4 572.2 -273.9 -1,455.10 -2,412.90 -3,426.55


706.2 540.3 566.7 494.5 -435.4 -1,510.70 -2,489.07 -3,491.67
334.1 250.3 128.9 9.3 -745.6 -1,956.70 -2,863.67 -3,846.67
362 267.9 232.7 108.9 -849.9 -1,958.60 -2,967.37 -4,001.12

10,463.60 9,339.30 9,370.70 9,200.30 8,314.80 6,255.80 4,979.13 3,506.88


7,326.90 5,495.30 5,610.90 5,620.30 4,839.40 2,882.70 1,709.87 341.07
228.7 114.4 114.4 114.4 114.4 114.4 114.40 114.40
7,098.20 5,380.90 5,496.50 5,505.90 4,725.00 2,768.30 1,595.47 226.67
675.6 459.9 633.3 618.3 485.1 329.4 188.70 44.25
640.7 425.4 603.3 581.7 456.7 302 167.10 27.25
2,461.10 3,384.10 3,126.50 2,961.70 2,990.30 3,043.70 3,080.57 3,121.57

7,326.90 5,495.30 5,610.90 5,620.30 4,839.40 2,882.70 1,709.87 341.07


7,312.50 5,483.00 5,602.30 5,605.30 4,837.10 2,881.00 1,716.83 354.68

10,463.60 9,339.30 9,370.70 9,200.30 8,314.80 6,255.80 4,979.13 3,506.88


3,710.60 2,433.70 2,408.50 2,124.60 1,979.50 1,902.90 1,780.63 1,669.78
660.5 581.1 460.2 379.7 250.4 201.7 99.27 10.27
2,448.40 1,222.80 1,346.90 1,078.40 1,094.40 1,027.40 1,015.73 990.23
6,753.00 6,905.60 6,962.20 7,075.70 6,335.30 4,352.90 3,198.50 1,837.10
12.5 8.9 10.5 8.2 -8 -35.9 -56.00 -78.05
6.2 4.2 4.2 1.7 -15.5 -45.9 -67.50 -94.97
5 4.2 4.2 1.9 -16.3 -50.7 -74.30 -105.10
3.6 2.7 2.5 1.2 -9.7 -26.9 -39.90 -53.95

2.739 2.038 2.23 2.394 2.124 1.435 1.03 0.55


0.336 0.546 0.501 0.507 0.562 1.014 1.20 1.45
3.013 2.066 1.849 1.334 -1.572 -4.956 -8.02 -11.17

9.6 10.8 11 11.7 11.9 11.7 11.77 11.77

0.574 0.638 0.594 0.678 0.64 0.586 0.54 0.50


853.3 1,048.00 1,167.30 1,594.00 2,173.40 2,087.90 2,445.67 2,692.62
32.065 34.983 34.351 46.595 67.642 56.043 66.21 70.93

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16


12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

10,463.60 9,339.30 9,370.70 9,200.30 8,314.80 6,255.80

228.7 114.4 114.4 114.4 114.4 114.4


228.7 114.4 114.4 114.4 114.4 114.4

7,098.20 5,380.90 5,496.50 5,505.90 4,725.00 2,768.30


1,224.50 1,461.40 1,577.00 1,586.40 805.5 -1,151.20
40 40 40 40 40 40
1,184.50 1,421.40 1,537.00 1,546.40 765.5 -1,191.20
5,873.70 3,919.50 3,919.50 3,919.50 3,919.50 3,919.50
5,685.40 3,616.80 3,616.80 3,616.80 3,616.80 3,616.80
184.2 184.2 184.2 184.2 184.2 184.2
4.1 118.5 118.5 118.5 118.5 118.5

640.7 425.4 603.3 581.7 456.7 302


752.3 588.5 657.2 629.5 573.2 500

122.4 166.5 55.8 48.5 116.5 198

32.2 30.5 28.1 35.1 27.1 24.6


2.7 4 1.9 1.5 1.3 2.8

2,461.10 3,384.10 3,126.50 2,961.70 2,990.30 3,043.70


1,699.30 2,408.40 2,152.40 2,221.30 2,148.70 2,423.20
551.3 747 847.6 629.7 662.9 323.8

10,463.60 9,339.30 9,370.70 9,200.30 8,314.80 6,255.80

660.5 581.1 460.2 379.7 250.4 201.7


14.4 12.3 8.6 15 2.3 1.7
176.2 155.3 147.6 140.6 132.9 125.8
58.6 66.5 56.1 47.3 26.2 27

3.6 0.6 0

2,448.40 1,222.80 1,346.90 1,078.40 1,094.40 1,027.40


2,138.60 914 924.1 989.2 989.2 924.9
293.4 293.4 418.4 85.4 85.4 85.4

466 535.4 488.8 568.3 521.2 555.9


63.6 66.4 91.8 96.2 113.5 117.9
68.5 27.4 20.8 2

6,753.00 6,905.60 6,962.20 7,075.70 6,335.30 4,352.90


2,718.90 2,936.50 3,241.70 3,435.80 3,806.60 3,245.40
1,718.20 2,156.20 2,044.10 2,361.90 2,017.90 735.6
156.9 75.9 172.2 97 250.7 112.8
463.8 148.6 153.6 131.9 13.7 66.3
1,586.20 1,502.00 1,276.90 949.6 141.4 137.8

660.5 581.1 460.2 379.7 250.4 201.7


7,312.50 5,483.00 5,602.30 5,605.30 4,837.10 2,881.00
4,853.80 6,335.50 5,885.00 5,771.40 5,675.40 5,925.10

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16


12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

5,842.30 6,318.00 5,560.30 6,295.10 5,603.60 4,266.80


5,636.20 6,090.20 5,372.10 6,052.50 5,442.10 4,211.20
5,614.30 3,763.50 2,902.90 3,920.20 4,969.70 3,057.80
21.9 2,326.70 2,469.20 2,132.30 472.4 1,153.40
203.9 227.2 182.4 176.7 57.1 53.3
133.5 127.9 115.1 67.2 18.2 17.8
15.2 9.9 8.4 6.4 3.5 1.9
55.2 89.4 58.9 103.1 35.4 33.6
2.2 0.6 0.1 0.6 0.1 0.4
5.7 65.3 104.3 1.9

43.7 -202.8 -9.5 217.7 70.6 -741.3

5,551.90 5,864.90 5,421.90 6,503.50 6,419.80 5,482.20


4,973.70 5,347.10 4,795.90 5,775.70 5,948.10 4,980.60
1,947.70 2,074.60 2,474.10 3,836.70 4,827.40 3,381.10
1,825.70 1,961.40 1,289.20 1,076.50 342.3 906.4
38.9 23.3 19.5 12.6 15 8.9
33.9 33.7 25.9 17 13.8 9.2
182.2 180.6 161.7 133.7 81.3 76.1
84.5 136.1 58.4 41.6 29.8 35

189.8 211.2 190.5 125.4 81.2 60.2


45.3 65.8 45.5 26.9 20.1 16.6
4.7 3.9 4.2 3.9 4.8 4.5
277.4 351.6 299.5 342.3 415 360.5
29 18.9 18.6 13.1 11.2 11.9

253.8 237.9 161.6 112.6 86.9 91.5


23.3 20.9 16.2 11.2 8.4 7.4
9.4 10.1 6.9 5.2 4.3 3.7
5.4 4.4 2.5 2.4 2.4 3
22.7 12.7 21.6 14.6 4.2 4.6
260.4 322.1 355.7 370.1 388.6 437.1
38 27.8 36 39.9 56 62.8
222.4 294.3 319.7 330.2 332.6 374.3
204.3 132.3 122 191.4 88.5 68.9
119.3 118.1 109.7 82.9 84.2 58.3

84.5 13.4 8.3 108.5 2.6 0.4


0.5 0.8 4 1.7 10.2

27.9 17.6 109.5 164.9

85.6 45.8 38.8 1.4 -5.4 -4.4

334.1 250.3 128.9 9.3 -745.6 -1,956.70

5,842.30 6,318.00 5,554.60 6,229.80 5,499.30 4,264.90


5,551.70 5,954.10 5,313.70 6,010.90 5,412.30 4,176.20
4,400.90 4,977.30 4,418.30 5,294.40 5,712.20 5,540.70
5,049.30 5,668.00 4,915.10 5,640.90 5,961.70 5,780.20
13.8 15.5 13.5 15.5 16.3 15.8
Net Profit Margin Mean -0.74
1.7 SD 30.03
-15.5 30.03
-45.9
-67.5
-94.9666666667
38.7
14.7
33.1
23.2333333333 Gretaer
32.2111111111 Greater than m+1.5 sd 7
-10.4 m+ 1.5Sd 44.30 6.00 6
-12.3 m+1.25Sd 36.79 4.00 5
-1.7 Median m+.5sd 14.27 3.00 4
0.5666666667 M -1sd -30.77 2.00 3
8.3888888889 M - 1.25 Sd -68.31 1.00 2
17 Less than M -1.3 SD -39.78 0.00 1
15.5
14
12.5
11
1.3
1
1.5
1.4666666667
1.7888888889
Provogue 1.7 -15.5 -45.9 -67.5 -94.9667 -44.4333
38.7 14.7 33.1 23.23333 32.21111
Aditya -10.4 -12.3 -1.7 0.566667 8.388889 -3.08889
Kewal 17 15.5 14 12.5 11 14
Future 1.3 1 1.5 1.466667 1.788889 1.411111

Column1

Mean -0.74444
Standard Error 6.006049
Median 1.7
Mode #N/A
Standard Deviation 30.03024
Sample Variance 901.8155
Kurtosis 3.724364
Skewness -1.77343
Range 133.6667
Minimum -94.9667
Maximum 38.7
Sum -18.6111
Count 25
ROCE Mean -8.29
1.9 SD 31.66
-16.3
-50.7
-74.3
-105.1
7.9
3.2
7.2
5.4 Gretaer
7.466667 Greater than m+1.5 sd 7
-25.8 m+ 1.5Sd 39.20 6.00 6
-49.3 m+1.25Sd 31.29 4.00 5
-16.5 Median m+.5sd 7.54 3.00 4
-21.2333 M -1sd -39.95 2.00 3
-0.94444 M - 1.25 Sd -79.53 1.00 2
24.5 Less than M -1.3 SD -49.45 0.00 1
21.7
21.6
19.7
19
6.4
2.4
3.2
0.8
0.533333
Provogue 1.9 -16.3 -50.7 -74.3 -105.1 -48.9
7.9 3.2 7.2 5.4 7.466667
Aditya -25.8 -49.3 -16.5 -21.2333 -0.94444 -22.7556
Kewal 24.5 21.7 21.6 19.7 19 21.3
Future 6.4 2.4 3.2 0.8 0.533333 2.666667

Column1

Mean -8.29111
Standard Error 6.33271
Median 2.4
Mode 3.2
Standard Deviation 31.66355
Sample Variance 1002.58
Kurtosis 2.830502
Skewness -1.7017
Range 129.6
Minimum -105.1
Maximum 24.5
Sum -207.278
Count 25
1.Risk
I.Risk parameter : Industry
Factor:Importance toCharacteristics
the Economy

Range Actual

To be measured in terms of size of the Industry


or the contribution to the export,
Employment Generation
Yes Yes
Not Very Important II.Risk Factor
Sensitivity of the Industry to Govt. Policies

Policies such as duties, prices controls, licensing policy as well as environment norms
affect the working of the industry
No
Yes Yes
III. Risk factor: Growth Potential/Outlook

The outlook or the potential for the industry to grow with reference to the Economic
Growth for next 3 years calculated on an average annual basis would give an idea of
chances of the Industry to perform Well.
Positive Outlook Positive Outlook

Moderate
2.Risk parameter : Competitive forces
Gross Profit Margin
Range Actual
This aspect is to identify the competition between various Players in the market whether
multinational or otherwise

Least Competition
Moderate Competition(Oligopolistic Market) Yes
II.Risk Factor:Barriers to entry for New Players
Sensitivity of the Industry to Govt. Policies

Some Industries Require long gestation Period,


high cost of setting up a new factory
or specialized technology
which could be costly to acquire.
These acts as barriers
High Barriers Yes
No/ Medium Barriers
III.Risk Factor: Threat of Imports
Sensitivity of the Industry to Govt. Policies
After the opening of the economy the imports forms a major threats for the domestic Industry. cheap Chinese imports. In In
cost of production is less also triggers threat
No Threat of Imports

Moderate Threat of Imports Yes


I. Risk Factor: ROCE (average for last Three years)
> 39.20%
31.29% and < 39.20%
7.54% and < 31.29% 21.3
-39.95% and < 7.54%
-79.53% and < -39.95%
-49.45% and < -79.53%
< -49.45%
II. Risk Factor: Profit Margin (average for last Three years)

> 44.3%
36.79% and < 44.30%
14.27% and < 36.79%
-30.77% and < 14.27% 14
-68.31% and < -30.77%
-39.78% and < -68.31%
< -39.78%
3. Risk parameter: Industry Financial
III Risk Factor: Earning Stability
The ability of the Industry to earn a stable income over a period of 3 Years
Stable Business
Yes
Cyclical Business
ristics
nomy

Score Weight Weighted Score

36
6 6
0
olicies

6 6 18
3

Industry
6 6 36 Characteristics SWS TW WS
2 90 18 5.00
rces

Score Weight Weighted Score

6 6

3 18
Players
olicies

6 6 36
0
olicies
eap Chinese imports. In Indian Conditions unorganized sectors whose
s threat

6 18 Competitive Forces SWS TW WS

3 6 72 18 4.00
6
5
4 6 24
3
2
1
0
ars)

6
5
4
3 6 18
2
1
0
cial

Industry Financial
6 5 30 TW SWS WAS
2 17 72 4.24
1.Risk
I.Risk parameter : Industry
Factor:Importance toCharacteristics
the Economy

Range Actual

To be measured in terms of size of the Industry


or the contribution to the export,
Employment Generation
Yes Yes
Not Very Important II.Risk Factor
Sensitivity of the Industry to Govt. Policies

Policies such as duties, prices controls, licensing policy as well as environment norms
affect the working of the industry
No
Yes Yes
III. Risk factor: Growth Potential/Outlook

The outlook or the potential for the industry to grow with reference to the Economic
Growth for next 3 years calculated on an average annual basis would give an idea of
chances of the Industry to perform Well.
Positive Outlook Positive Outlook

Moderate
2.Risk parameter : Competitive forces
Gross Profit Margin
Range Actual
This aspect is to identify the competition between various Players in the market whether
multinational or otherwise

Least Competition
Moderate Competition(Oligopolistic Market) Yes
II.Risk Factor:Barriers to entry for New Players
Sensitivity of the Industry to Govt. Policies

Some Industries Require long gestation Period,


high cost of setting up a new factory
or specialized technology
which could be costly to acquire.
These acts as barriers
High Barriers Yes
No/ Medium Barriers
III.Risk Factor: Threat of Imports
Sensitivity of the Industry to Govt. Policies
After the opening of the economy the imports forms a major threats for the domestic Industry. cheap Chinese imports. In In
cost of production is less also triggers threat
No Threat of Imports

Moderate Threat of Imports Yes


I. Risk Factor: ROCE (average for last Three years)
> 39.20%
31.29% and < 39.20%
7.54% and < 31.29%
-39.95% and < 7.54%
-79.53% and < -39.95% -48.90
-49.45% and < -79.53%
< -49.45%
II. Risk Factor: Profit Margin (average for last Three years)

> 44.3%
36.79% and < 44.30%
14.27% and < 36.79%
-30.77% and < 14.27%
-68.31% and < -30.77% -44.43
-39.78% and < -68.31%
< -39.78%
3. Risk parameter: Industry Financial
III Risk Factor: Earning Stability
The ability of the Industry to earn a stable income over a period of 3 Years
Stable Business
Yes
Cyclical Business
ristics
nomy

Score Weight Weighted Score

36
6 6
0
olicies

6 6 18
3

Industry
6 6 36 Characteristics SWS TW WS
2 90 18 5.00
rces

Score Weight Weighted Score

6 6

3 18
Players
olicies

6 6 36
0
olicies
eap Chinese imports. In Indian Conditions unorganized sectors whose
s threat

6 18 Competitive Forces SWS TW WS

3 6 72 18 4.00
6
5
4
3
2 6 12
1
0
ars)

6
5
4
3
2 6 12
1
0
cial

Industry Financial
6 3 18 TW SWS WAS
2 15 42 2.80
1.Risk
I.Risk parameter : Industry
Factor:Importance toCharacteristics
the Economy

Range Actual

To be measured in terms of size of the Industry


or the contribution to the export,
Employment Generation
Yes Yes
Not Very Important II.Risk Factor
Sensitivity of the Industry to Govt. Policies

Policies such as duties, prices controls, licensing policy as well as environment norms
affect the working of the industry
No
Yes Yes
III. Risk factor: Growth Potential/Outlook

The outlook or the potential for the industry to grow with reference to the Economic
Growth for next 3 years calculated on an average annual basis would give an idea of
chances of the Industry to perform Well.
Positive Outlook Positive Outlook

Moderate
2.Risk parameter : Competitive forces
Gross Profit Margin
Range Actual
This aspect is to identify the competition between various Players in the market whether
multinational or otherwise

Least Competition
Moderate Competition(Oligopolistic Market) Yes
II.Risk Factor:Barriers to entry for New Players
Sensitivity of the Industry to Govt. Policies

Some Industries Require long gestation Period,


high cost of setting up a new factory
or specialized technology
which could be costly to acquire.
These acts as barriers
High Barriers Yes
No/ Medium Barriers
III.Risk Factor: Threat of Imports
Sensitivity of the Industry to Govt. Policies
After the opening of the economy the imports forms a major threats for the domestic Industry. cheap Chinese imports. In In
cost of production is less also triggers threat
No Threat of Imports

Moderate Threat of Imports Yes


I. Risk Factor: ROCE (average for last Three years)
> 39.20%
31.29% and < 39.20%
7.54% and < 31.29%
-39.95% and < 7.54% -22.7556
-79.53% and < -39.95%
-49.45% and < -79.53%
< -49.45%
II. Risk Factor: Profit Margin (average for last Three years)

> 44.3%
36.79% and < 44.30%
14.27% and < 36.79%
-30.77% and < 14.27% -3.0889
-68.31% and < -30.77%
-39.78% and < -68.31%
< -39.78%
3. Risk parameter: Industry Financial
III Risk Factor: Earning Stability
The ability of the Industry to earn a stable income over a period of 3 Years
Stable Business
Yes
Cyclical Business
ristics
nomy

Score Weight Weighted Score

30
5 6
0
olicies

6 6 12
2

Industry
6 6 36 Characteristics SWS TW WS
2 78 18 4.33
rces

Score Weight Weighted Score

6 6

3 18
Players
olicies

6 6 36
0
olicies
eap Chinese imports. In Indian Conditions unorganized sectors whose
s threat

6 18 Competitive Forces SWS TW WS

3 6 72 18 4.00
6
5
4
3 6 18
2
1
0
ars)

6
5
4
3 6 18
2
1
0
cial

Industry Financial
6 4 24 TW SWS WAS
2 16 60 3.75
Future Kewal Kiran
2014 2015 2016 Average 2014 2015 2016

Current Assets 22,742.90 21,689.60 22,083.00 22,171.83


Current Liabilities 10,655.10 11,633.10 15,433.10 12,573.77
Net Working Capital 12,087.80 10,056.50 6,649.90 9,598.07
Total Asset 39,454.60 39,515.90 39,849.00 39,606.50
Retained Earnings #DIV/0!
EBIT 5,852.20 3,590.90 3,432.30 4,291.80
Inside Liability #DIV/0!
Outside Liability 26,107.50 24,272.90 26,731.10 25,703.83
Sales 29074.7 33101.9 34844.3 32340.3

Future
X1 Net Working Capital (NWC)/Total Asset (liquidity) 1.2 0.24233564
X2 Retained Earnings/Total Asset (cumulative profitability) 1.4 #DIV/0!
X3 Profit before Interest and Tax (PBIT)/total assets 3.3 0.108361
X4 Inside Liabilities/Outside Liabilities 0.6 #DIV/0!
X5 Sales/Total Assets (sales generating ability) 0.999 0.81654021
Z 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 0.999*X5 #DIV/0!
al Kiran Aditya Birla Phonix Provogue
Average 2014 2015 2016 Average 2014 2015 2016 Average 2014

Kewal Kiran Aditya Birla Phonix Provogue

0 0 0 0
Provogue
2015 2016 Average
Risk Category (Financial Risk)

1.Profitability : Risk Parameter


I.Risk Factor
Gross Profit Margin
Range Actual
9.70%
8.31%and <9.70% 9.48%
6.92%and <8.31%
5.53%and <6.92%
4.14%and <5.53%
2.75%and <4.14%
<2.75%

II.Risk Factor
ROCE
12%
10%and <12%
8%and <10%
6%and <8% 7.54%
4%and <6%
2%and <4%
<2%
2.Risk Parameter: Leverage Ratio :Risk Parameter
Risk factor: (TOL / TNW)
<1.00
1.00and <2.00 1.20
2.00and<3.00
3.00and<4.00
4.00and<4.500
4.5 and<5.0
>5.00
3.Risk Parameter: Liquidity Ratio
Risk Factor: Current Ratio
1.5
1.33 and <1.5 1.42
1.20 and<1.33
1.15<1.20
1.10<1.15
1<1.10
>1
4. Efficiency of Working Capital Management : Risk Parameter

Risk factor 1.: Inventory Holding level ( in terms of Months Sales)


1.00
> 1.3 and 1
> 1.5 and 1.3 1.43
>1.5 and 1.8
> 2 and 1.5
> 3 and 2
>3
Risk factor 2.: Debtor Holding level ( in terms of Months Sales)
1.00
> 1and 1.3
1.22
> 1.3 and 1.5
>1.5 and 1.6

> 1 .6 and 1.8


> 1.8and 2
>2
Risk Factor 3 : Creditors Holding level ( in terms of Months Sales)
1.00
> 1.3 and 1
> 1.5 and 1.3
>1.5 and 1.8 1.60
> 2 and 1.5
> 3 and 2
>3
5.CASH FLOW ADEQUACY
Risk Factor :Debt service Coverage Ratio (DSCR)

3
2.5 and <3
2and <2.5 2.2
1.5 and <2
1and <1.5
0.5and <1
6. Risk Parameter
Statutory Auditors Qualifications in the Balance Sheet

Observation
No qualification of auditor

Minor qualification of auditor


Major qualification of auditor

Risk Category( Financial Risk)


S. No. Risk Parameter
1 Profitability

2 Leverage
3 Liquidity
4 Efficiency of Working Capital Management
5 Cash Flow Adequacy
Auditors Qualifications in the Balance
6 Sheet
Total

Risk Category( Financial Risk)


Risk)

meter

n
Score Weight Weighted Score
6 6
5 30
4
3
2
1
0

6 5
5
4
3 15.00
2
1 SWS WS
0 Profitability 45 4.09
:Risk Parameter
W)
6 5
5 25
4
3 LVR
2
1 WS
0 5
y Ratio
atio
6 5
5
4 25
3
2 LR
1 WS
0 5
ment : Risk Parameter

terms of Months Sales)


6 6
5
4 24
3
2
1
0
erms of Months Sales)

6 6
5
4 30

3
2
1
0
terms of Months Sales)
6 6 18
5
4
3 EWCM
2
1 SWS TW WS
0 72 18 4.00
ACY
e Ratio (DSCR)
6 6.0
5
4
3 18
2
1 WS
0 3

he Balance Sheet

6 3 18

3 WS
0 6

Risk)
Score Weight Weighted Score
4 6 24.5

5 5 25.0
5 4 20.0
4 6 24.0
3 6 18.0
6 3 18.0
30 130

4.32 WS
Risk Category( Business Risk)
1.Risk parameter : Business Growth
I.Risk Factor:Business Growth in term of growth in Sales/Income/Receipts.
Range Actual Score
>20% 21.6% 6
18% and <20% 5
16% and <18% 4
14% and <16% 3
12% and <14% 2
10% and <12% 1
<10% 0
II. Risk factor: Percentage increase in Net Profit Margin over the Previous years margin

>2% 6
1.5% and <2% 1.5% 5
1% and <1.5% 4
0.5% and <1%
3
0.25% and <0.5% 2
0% and <0.25% 1
<0%
0

2.Risk Parameter:Operating efficiency


I.Risk Factor:Whether Power, Transportation and/or any other utilities required for the borrowers business is easil
reasonable cost.

Yes 6
Moderate Moderate 3
No 0

II.Risk Factor: Whether Raw Material and or Labour/Other relevant inputs as required for the business is easily availa
cost.
Sensitivity of the Industry to Govt. Policies

Yes 6
Moderate Moderate 3
No 0
III. Risk Factor: Whether Marketing, Distribution Selling Storage arrangements as required for the business are adequa

Yes 6
Moderate Moderate 3
No 0
IV. Risk Factor: Advantage available in terms of range and quality of the products/goods/output/services of the borrow

Yes Yes 6
Moderate 3
No 0

Yes 6
Moderate Moderate 3
No 0
Weighted Average Score of Business Risk Category
S. No. Risk Parameter Risk Score
1 Business Growth 5.50
2 Operating efficiency 3.75
Total
WAS
me/Receipts.
Weight Weighted Score
6 36

vious years margin

6
30

Business Growth
TW SWS WAS
12 66 5.5

borrowers business is easily available at

6
18

he business is easily available at reasonable

6
18

r the business are adequate

6
18

put/services of the borrower's business.

6 36 Operating Eficiency
TW SWS WAS
24 90 3.75

6
18
y
Weight Weighted Score
6 33.00
6 22.50
12 55.50
4.63
Industrial Risk Subrat Bhai and Soumyashree
Management Risk Rashmi Sansy
Financial Risk Pawa Shalina
Formula and Assumptions to be
Business Risk Tushar Pallabi mentioned in every page.
Data and Trend Shalina
Final Rating Agarwal
Altzman Score Rounak
Risk Category(Management Risk)

1.Risk Parameter(RF) : Achievement (during last completed


of targeted Net Sales/Income/Receipts was to be exten

Range
100% of the target
90% but < 100% of target
80% but < 90% of target
70% but < 80% of target
< 70% of target

2.Risk Parameter(RF) : Achievement by Borrower (during last completed year) of


of targeted Net Sales/Income/Receipts was to be exten
Achievement (during last
year) of targeted Net Profit
(after tax) was to be extent
of
90% and <= 100% of the
target

80% and < 90% of the


target
60% and < 80% of the
target
40% and < 60% of the
target
20% and < 40% of the
target
< 20% of the target

3.Risk Parameter(RF) : Capability of the Promoters/Management to run the business i.e. either they have the busine
Excellent
Very Good
Good
Satisfactory
Otherwise

4.Risk Parameter(RF) :No. of years of experience of th


Promoter(s)/Management in the line of business.
5 years

2 years and < 5 years


< 2 years

5.Risk Parameter :Financial Support to the borrowing firm from the P


Promoter(s)/Management in the line of business.

I. Risk factors : Whether the promoters or their Group Conc


willing to extend financial support in case of need

Yes
No
II. Risk factors : Whether the promoters or their group conce
adequate financial resources to assist the borrower in case o

Adequate financial resources

Less than adequate financial


resources
No financial resources
6.Risk Parameter (RF) : Succession Plan for running the borrower's bu
Whether in absence of the Principal promoter(s), the business can be run by identi
Yes
Moderate
No
7.Risk Parameter (RF) : Retention of Net Profits (in the borrowing firm) generated from the borrower's bu
60%
30% and <60%
< 30%

Weighted Average Score of MANAGEMENT RISK CATEGORY Ri


S. No
1

2
3

7
Risk Category(Management Risk)

1.Risk Parameter(RF) : Achievement (during last completed year)


of targeted Net Sales/Income/Receipts was to be extent of
I.Risk Factor:Business Growth in term of growth in Sales/Income/Receipts.

Actual Score
114.0% 6
5
4
3
0

2.Risk Parameter(RF) : Achievement by Borrower (during last completed year) of targeted Net Profit (after tax)
of targeted Net Sales/Income/Receipts was to be extent of

4
3
52.0% 2

1
0
ter(RF) : Capability of the Promoters/Management to run the business i.e. either they have the business skills to run the business and/or have emplo
Excellent 6
5
4
3
0
4.Risk Parameter(RF) :No. of years of experience of the
Promoter(s)/Management in the line of business.

Yes 6
5
4

5.Risk Parameter :Financial Support to the borrowing firm from the Promoters/Group
Promoter(s)/Management in the line of business.

I. Risk factors : Whether the promoters or their Group Concerns are


willing to extend financial support in case of need

Yes 6
0
II. Risk factors : Whether the promoters or their group concerns have
adequate financial resources to assist the borrower in case of need.

Yes
6

4
0
6.Risk Parameter (RF) : Succession Plan for running the borrower's business in future.
Whether in absence of the Principal promoter(s), the business can be run by identified successors.
6
Moderate 3
0
Risk Parameter (RF) : Retention of Net Profits (in the borrowing firm) generated from the borrower's business profit last year is to the extent of
6
41.00% 5
0

Weighted Average Score of MANAGEMENT RISK CATEGORY Risk Category


Risk Parameter Risk Score
Achievement during last year of 6
targeted Net Sales/Income/Receipts as the case may be

Achievement during last year of targeted Net Profits 2


No. of years of experience of the 3
Principal Promoters in the line of business

Capability of the Principal Promoters/ 3


Management run the business
Financial support to the borrowing 6
firm from the Promoters/Group

Succession plan for the running 3


of the borrower's business in future

Retention of funds (in the borrowing firm ) 5


generated from the borrower's business profits

Total
WAS
s.

Weight Weighted Score


5 30

6.00

Net Profit (after tax)

12

2
run the business and/or have employed professionals
6

18
3

6 36

/Group

3 18
6 36 Financial Support

TW TWS WAS
9 54 6.00
uture.
ssors.
6
18
3
fit last year is to the extent of

2 10.00
5.00

y
Weight Weighted Score
6 24

6 18
5 30

3 15

3 18

2 12

2 10

27 127
4.70
Weighted Score Rating
No of Slabs
6.00- 5.40
AAA
1
5.39 5.10
AA
2
5.09 - 4.50
A
3
4.50 3.30
BBB
4
2.39-1.00
B
6
0.9 > 0.00
C
7
8 0
D
Overall weights assigned to the ra
Description
Categories
An exceptionally high position of strength. Very High degree of Financial Risk
sustainability..Minimum Risk 1
A high degree of strength on a factor among the peer group. High Industry Risk
degree of sustainability..Marginal Risk 2
A moderate degree of strength with positive outlookModerate Business Risk
Risk 3
A moderate degree of strength with stable or marginally negative Management Risk
outlook.Average Risk 4
A fundamental weakness with regard to the factor. Unlikely to Total
improve under normal circumstances..High Risk
Caution & Not Acceptable JKTL Average Weighted
Score
Default
erall weights assigned to the rating categories are:
S. No.
Risk Score Weight Weighted Score

1
4.32 6 25.91
2
4.51 4 18.05
3
4.63 4 18.50
4
4.70 4 18.81
5
18 81.3
6
4.52
7
8
Weighted Average Score Credit Rating Description of risk

6.00 5.40 AAA Minimum risk

<5.40 5.10 AA Marginal risk

<5.10 4.20 A Modest risk

<4.20 3.30 BBB Average risk

<3.30 2.40 BB Acceptable risk

<2.40 1.00 B High Risk


< 1.00 C Caution
D Default