E-LAND

APPAREL Date: 12th November, 2018

The General Manager Department of Corporate Services BSE Limited New Trading Ring, Rotunda Building, 1st Floor, P.J Towers, DaIal Street, Fort, Mumbai - 400 001 Scrip Code: 532820

The Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G-Block, '.Bandra-Kurla Complex, Bandra (East) 'hlumbai - 400 051 Symbol: ELAND

Dear Sir/Madam,

Sub: Outcome of Board M e e u held on M o m l Z t h November. 2018

This is to inform you that the Board of Directors at its meeting held on Monday, 12th November, 2018 has;

I. Considered & approved the Un-Audited Financial ResuIts of the Company along with Limited Review Report for the quarter and Half year ended 30th ~ept'ember, 2018.

This is for your information and records.

For E-Land Apparel Limited

0 SONG

DIN: 07830731

E'-~and Apparel Limlted (Formerly known as Mudra Lifestyle Limited)

Regd Off :- Office No. 404,4& Floor, Western Edge-I, Western Express Highway, Magathane, Borlvali (East), Mumbai-400066 Tel: +91-22-4097 2600, Fax: +91-22-4097 2601, qIN : L 1 7 1 1 O M H ~ 9 9 7 P ~ ~ ~ ~ 9 4 5 , Web : www.etandapparel.com

E-IAWDAPPARU UMITEO (Formerly known as "Yudra Lif* Umlted") Regd. MRce : 45l, 4th P k , Wwestem Ed&, Western b p m Highway, Mapathan, Bodvali (East), Mumbai -400 066

Tel.: +91-22- 40972600 * Fax : +91-22-40472601 Website : www.elandapparel.cMn ClPr - U7110MH3997PLC106945

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(t in t a k h mept LPS Statement of Unaudw financial Resub for the quarter and ha# ywr ended Septernblr 3lt, X M

Vear tdd

pamadan 3Q--18 3Qlun-18 3U--17 3&Wpl8 -17 W-Mar-=

fUnautntea) (Unaudltd] (Umirudited) [Umudlted) (unadibad) [Alrdibed)

Revenue from operations 3,786.M 4.320 11 5,561.05 8,106.62 10,182 25 18,371.52 Other inmme 119.63 243.53 6 - 7 9 363.17 96.52 208.21 Total Incoma (l+a 3,906.13 4,563.54 5,626.84 8,469.79 10,27an 18,579.73

Expews

(a) Cost of raw material and components consumed 2305.42 2,656.39 2m7.w 4.95181 5,808.98 10,690.43 (b) Changes in inventories of finrshed goods, work-m-progress (49S.m) (6L91) 791.74 (557.09) 614.72 5l8.53 I (c) E xdse duty 21.W 21.04 (d) Emplovee benefa expenses L328.03 1.29.98 1,546.26 12,628101 1 3,107.64 6,139.M (e) Finame msts (Refer Note 5) h038.35 l.02Z.W 57674 3 . ~ ~ 0 . 3 9 1,291 83 2,241.33 (f) Depredation, Amortuation and lrnpatrrncnt expense 50.47 46.07 54.M 96.54 3x49 a09.43 tgJ Other expenses 570.87 7lo.38 882.98 3,28LZ!i 1.681.68 2,991.14 T-1 ww 4,797s 5,6729s 6,669.M 10.4m.91 12,63438 Z2,81L2Q

Laa Wore tax and exceptional items (34) ( M 1 . a (l,109.31) (*.a (FL11) (2,355.61) {4,23L47:

Exmptia~I items - (lnrome) / brpenrer (Refer Note 1) 3,61L02

h s b h b x ( M ) (89l-83) (1,109-31) (-22) [&ali) (2.35561) ( 7 . w ;

Taxerpenss (1) Current tax expenses (2 ) Deferred tax

Las for the p e h d / year (7-8) (BL83) (L104.31) (1.WZ.W ( 2 W . l f i (2,355.61) (7,842491

Qther comprshensive lrcwne 63.69 1 (a) Items that will not be redassified to proflt and loss

[b) Income tax relating to items that will nut he reclassified b profit or loss

2 (a) kerns that wlll be reclassified to profit and loss (b) Income tax relating to items tha t will not be redassified to p r a f ~ or loss

Total 63.69

Total tomprehemha Income far the perid /year (9+10) (/104.31) (l,m=) (&ool-ii) (2,35SM) (7.na801

Paid-up qul ty share (Face Value X lo/-) 4,799.05 4,739.05 4,799.05 4,749.05 4,799.05 4,f99.05

Earnlngs per equity sham (of T l0/- each) * Basic and Diluted [IS) (2.31) w 7 ) (4.17) (4.91) (16.MI See accompanying notes 0 the financial resulk

* Not annualised far the quarter

I I . Notes to finandal r e r u l k

1.1. The Company, in 2012, had appliedfor the restructuring of its debts through Corporate Debt Restructuring (CDA) Mechanlsm as envisaged under the Reserue Bank of India (RBI) guldelhes. !%want to*herame, based

on approval of the CDR cell, the Qrnpany entered into a Master Reseucturing Agreement In September 2012. In 2016, the Company and its felkou subsldlaly VIL E-land Faskian India Prlvae Umlted ('EFIPL") had applied for

One lime W l e m e m (On) with all the banks in the tansortiurn, punuam to whlch, approval was received during the year ended March 31,2018 from all the bank5 for the MS i n resped of the borravings of both the

emitles. Based on receipt of the approval for OTS from the consortium of lenders, the Company utilized UIport Advances reccnred k m E-land Asia Holdings Re, the Holdhg Company, t o repay the borrowings from banks

and also the borrowings from EFlPL t~ ensure that the entities wmply vd~hthe OTS as a Group. This has resulted in an accelerated unwlndlng of the notional Inti?& {net of deemed guarantee mmrnission income) PntRe

intetes-free b o r m n g s from EFlPL of Rs. 3,872.67 kkhs.

, . ... ......-,

1.2 During the quarter ended March 31,2018, the OTS formalies,indudiq reconciliation of balances, settlement of dues, final appmual from CDR, ree lp t o f 'No Dues CertIficate'M banks etch have been completed and

acmrdingly, an amount of Rs. 157.61 lalths war credtted t o the Wternent of Profrt and Loss towards the benefit arislng on account o f the OTS. Further, the Company also reversed the provision for right d recompense

anrxlntlng to Rs. 1W.M l a k h made In the b o o k in the prwiour pericds.

2 The W r n m e n l of India intmduced the Goods and Senrice TEN (GSTf with effect from July l, 2017. Consequently, the revenue forthe period after such date are prrsented net of EST and are amordlngly not cwnparable Mhthe previous period ended l u r e 30,2017 preserrted in the resub.

Yearended - 3ijNlar/l0

3,872.67

InS7.61)

(1w.M)

3,611.02

3 The Company has Incurred losses of Rs. 89113 lahs (before other comprehensive inwme) for the quarter ended September 30,2018 (quarter ended September 30, a017 - k. 1,0%222 lakks) and h e accumulated losses

exced Ls pard up wp~ ta l and other equity 6 s on that date. These conditions indicate the existence of a materlal uncertanity tkat may cast si@iicant doubt about the Company'sabirty to wntlnue as a gdng mneern and,

therefore it may be unable to realm rts assets and deharge iU l iabi lkk In the normal murse of bus~ness.The Manapem is currentty imp le rndng a plan to Increase brnover, improw profitablllty and Rnanclal parklon,

sell certain norwore asrets and ha assessed that it will be able to meet thc worldng capital requirements for the neKt 1 2 months based on its cash U w projections. The Holding company has also mnflrmed financial

support to the Campanyto continue as a gcing concern. The Company Is therefore bclng viewed as a going conwrn and th@ RnwElal resub have been prepared under the golng concern assumption.

Exceptional Items mnstZtute (lnmme)/ brpenres :

Accelerated notional Interest on interest free borrowing (net of deemed guarawee commlslm income) (Refer note 1.1 below) Benefit on One Tjrne Settlemerit (Om with lenders (Refer note 1.2 below)

Reversal of right of recompense l iabl l i i payable to lenders (Refer note 1.2 below)

Total

4 The Company has only one reportable segment 1.e. Garments.

Hatf year Endcd

5 Ind A5 1lS- Revenue from Curttract4 with Customen. mandetoly for reporblng periods baginning on or after April l, 2018, replaces a k t h g r c v w w 3-tandard Ind AS 18. The appllcatlon of Ind AS 135 hsr impacted the Cornpaws accounting for recognilh of revenue from contracts wlth customers irsofar a it reiates to accounting of slgnmcant flnanctng component in the mnh%cts.

30/Sep/18

Quarter ended

The Cmpany has applied the modified retrospedve approad to cornacts that were not completed as on Aprll 1,2018 and has g h impact Of Ind AS 115 appllcamn by deblt to the optninghlanw of retained earnings aP at the w id date by Rs. 2,065.04. Accordin&, the comparathres havcnDt been restated and hence not comparable with pmrious p e M figures.

30/ludls 30fSep/18

for the quarter ended September 30, mu, the application o f Ind RS 115 has multed in the booking of nothnal finance mk of Rs. lO17.39 lakhs (Quarter ending June'= - 9n.m lakhs) and Loss after tax belng hlgher by Rs. 1017.39 labs . Ctherwise, company would bve profit before tax of Rs. 125.56 lakhs (Quarter ending lune'l8 loss o f -Rs.13153 lakhr). The baslc and diluted EPS wwld have been As. 0.26 as aga~nst Ils. (1.86).

6 The above results haw been reviewed by the Audlt Commltteeandapproved by the Board of Mrecmn at thelr respective meetings held on N o w m k r 12, amand have been subieckdtolimited r a w bythe-ry Audnors.

W u n 1 1 8

Far and an behalf of the Board of E-Lad A- Umiled

M/%p/lT

Jam Ho Song Maruging D k d w MN: 07830731 Pbta : Mumhml Date : Ncwmber 12,2018

E-WNO A P P ~ ~ L i ~ & Baknce Sheet as a t 3Mh september 2018

(T in Fakhs) AS a t As at

Particulars 30 Sept 1018 31 March 2018

(Unaudited) (Audaed)

ASSETS Nonarmnt am& (a) Property, Plant and Equipment

(b) Other Intangible assets

(c] Flnanclal Assets

(I) investments a) Other investments

(ii) Other financial assets

(d) Other nowcurtent wseu Total Won -Current &see

Current assets (a) Inventories

(b) Flnandal aam (1) Other Investments

{ii) Trade receivable$ (Ill) Cash and czh equivalents

[iv) Othw flnanclal assets

(c) Other current assets

I Total current m e &

Total assets

Equity (a) Equity Share capital (b) Other equlty

Totsl Equity

Liabilities

Flonurrrent ItabltlUes (3) Flnanclsl Uabllltles

(I) Borrowln(ls (ii) Other financial liab~la~es

(b) Prwblonr

[c) Mhw non-cwrwt llabllllles

Total Non - Current Llabllltles

Current lkbilitles (a) Rnanaal Llabllltles

(il Trade payables (ii) M h n Ananclal Itabllltles

(b) PrwisMs (c) O h currPM liabilities

T p ~ l Currant Uabllitles

lae Ho Sang

Managlng Dlrector Place : Mumbat Date :November 12,2018

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HINESH R. DOSHI & CO LLP C h a r t e r e d A c c o u n t a n t s

Pahi PIaza, 3rd Floor, 9, Kohinoor Road, Opp. Hotel Pritam, Dadar (East), Mumbai - 400 014. Tel. : +91-22-66008100 / 8111 .Entail : info@hlneshdoshi.co:om "~.hineshrdoshicollp.com

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF E-LAND APPAREL LIMITED

1. We have reviewed the accompanying Statement of Unaudited Financial Results ("the Statement") of E-LAND APPAREL LIMITED ("the Company"), for the quarter ended September 30, 2018 and year to date results for the period 1 April 2018 to 30 September 2018, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No.CIR/CFD/FAC/62/2016 dated July 5,2016.

This Statement is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("lnd AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

We have not pelformed a review of the figure relating to the previous quarter, corresponding quarter of previous year, six months ended as on 30th September, 2017, which were reviewed by Deloitte Haskins &Sells LLP, Chartered Accountants, the predecessor auditor and for the year ended 31" March, 2018 which were audited by the predecessor auditor.

2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review Is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

3. Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBl (Listing Obligations and Oisclosure Requirements) Regulations, 2015, as modified by Circular No. ClR/CFD/FAC/62/2016 dated July 5, 2016, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Hbmh R. M i & Co LLP (LLP M - 7 0 2 3 ) is m g h d as a Limited Liability i t y m h i p (LLF') Hinesh 8. Ih Ji & Co bas mvmted h m pminmbip fm to 8n LLP

4. We draw attention to Note 3 of the Statement, which indicates that the Company has incurred losses of Rs. 891.83 lakhs for the quarter ended September 30,2018 and the accumulated losses as on that date, have eroded the net-worth of the Company. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. However, the Statement has been prepared on a going concern basis for the reasons stated in the said Note.

Our report is not modified in respect of this matter

For Hinesh R. Doshi & Co LLP Chartered Accountants

~i rm ~egist~qsi~$-~,,w~; ~ w z ~ ~ ~ r ~ ~ ~ s ~

Hinesh R. Doshi Partner Membership No. 042539 Place: Mumbat Date: 12th ~ovember , 2 ~ 1 8