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Rating Rationale 31 March 2020 Particulars. Facility ** Previous Amount

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Rating Rationale 31 March 2020 Particulars. Facility ** Previous Amount Rating Rationale The Bombay Dyeing and Manufacturing Company Limited 31 March 2020 Brickwork Ratings reaffirms the rating of bank loan facilities and fixed deposit instrument of The Bombay Dyeing and Manufacturing Company Limited (BDMC) amounting to Rs. 695. 4Cr. Particulars. Previous Present Previous Present Facility ** Amount Amount Rating Rating* (₹ Cr) (₹ Cr) (27 March 2019) Fund BWR A Based – 234.0 129.57 BWR A Stable Bank Loan Stable Fund Based – BWR A BWR A Fixed 3.0 0.83 Stable Stable Deposit Non Fund BWR A2+ Based 565.0 565.0 BWR A2+ 802 695.4 INR Six Hundred Ninety Five Crores and Total Forty Lakh Only/- *Please refer to BWR website www.brickworkratings.com/ for definition of the ratings ​ ​ ​ ** Breakup of the facility is given in the annexure. ​ Ratting Action: Reaffirmation The rating reaffirmation takes into account completion status of the project with low execution risk, part occupation certificate received which is likely to support sales and cash flows and potential future cash flows from the land bank in Mumbai. The rating also draws comfort from established track record of Company in resourceful promoter group and composition of BOD; ​ with majority five Independent Directors. The ratings remains constrained on account of ​ ​ marketing risk for the unsold portion associated with the project on account of relatively high ticket value, exposed to inherent cyclicality in real estate industry and current slowdown in the economic activity 1 Rating Outlook: Stable BWR believes, The Bombay Dyeing and Manufacturing Company Limited’s business risk profile will be maintained over the medium term. The ‘Stable’ outlook indicates a low likelihood of rating change over the medium term. Key Rating Driver Low Project Execution Risk The major construction work for both the towers of the project- Island City Centre is completed as such the risk of project execution is minimal. The Project Consist of two tower- ICC 1 and ICC 2. ICC 1 is of 59 floors, while ICC -2 is of 65 floors. The Company have received OC for ICC tower 1 uptil 47th Floor and ICC tower 2 uptil 50th floor. The OC for the balanced floor is ​ ​ expected to be received soon. Since the project is largely completed, the finished inventories will lead to faster collections and support future sales velocity thereby supporting the cash flows. Company’s plans to prepay the debt The Company currently has low debt to be serviced for FY21 ~Rs. 24 Cr. Majority of the Company’s repayment obligation is from FY22 onwards. The Company has maintained its plans to prepay significant portion of its debt from the sales proceed of ICC tower. Experienced Management Team and Board of Directors: The Board is composed of eminent ​ persons with considerable professional experience in diverse fields. The board comprises of 9 members with five independent Directors head by Chairman Mr. Nusli N Wadia. Credit Risk. Exposed to inherent cyclicality in real estate industry Cyclical nature of the industry coupled with subdued demand puts pressure on sales realizations and consequently the cash flows. However, at present the project have received satisfactory response in the market as reflected from sales and collection figures. Marketing risk for the project which if of relatively high-ticket value. Challenging market conditions and relatively high ticket sizes for the project exposes BDMC to some market risk with respect to the balance unsold inventory. However, post receipt of OC the sales are expected to improve on account of attracting zero GST. Liquidity Profile: Adequate with Cash and Cash equivalent of Rs. 50.65 Cr as on 28 Feb 2020 ​ and low repayment obligation for FY21 ~Rs. 24 Cr. The Company also has equity investment in listed shares of Bombay Burmah Trading Corporation Limited (E. Share 4656942) amounting to ~Rs. 327 Cr (as per market value as on 27 March 2020) which can be liquidated at any given point of time. 2 Rating Sensitivities: ​ Positive: Significant repayment of debt and improvement in capital structure, satisfactory and ​ significant new sales and collections are the key rating positive. Negative: Downward pressure on sales and collection, significant increase in debt levels and ​ weakening of profitability and liquidity are negative for the rating. About the Project: Island City Centre The Company is currently developing project called Island City Centre (ICC), which is located at Dadar- Mumbai Maharashtra. The Project Consist of two tower- ICC 1 and ICC 2. ICC 1 is of 59 floors, while ICC -2 is of 65 floors. The OC has been received for ICC tower 1 uptil 47th Floor th ​ and ICC tower 2 uptil 50 ​ floor. The balance OC is expected to be received soon. ​ The Bombay Dyeing and Manufacturing Company Limited (BDMC) ​ The Bombay Dyeing & Manufacturing Co Ltd (BDMC) a flagship was founded in 1879 by Mr. Nowrosjee Wadia. Currently, the Wadia group (founded by Loeji Wadia) has a significant presence across textiles, real estate, aviation, foods and plantations, engineering & chemicals and healthcare. BDMC is engaged in home textiles, polyester and real estate business. Over the years BDMC has extended its presence from textiles & fabric to polyester staple fibre and realty. Shareholding Pattern: The promoters and promoter group holds around 53.06 % and the ​ balance is public shareholding of 46.94% Board of Directors: The Board is composed of eminent persons with considerable professional ​ experience in diverse fields head by Chairman Mr. Nusli N Wadia. The Company booked significant revenue and profitability as the project has received partial OC ​ in March 2019. Consolidated Key Financials: BDMC Result Type 31-Mar-18 31 March 2019 Particulars ( Rs in Crs) Audited Audited Total Operating Income 2692.8 4429.76 OPBDIT 585.5 1711.17 PAT (Loss) 35.2 1228.21 Net Worth 636.8 182.47 Total Debt 2721 3971.41 Nine Month Ended 31 Dec 2019: Revenue from operation stood at Rs. 1581. 52 Cr and PAT ​ stood at Rs. 280.22 Cr against for 9MFY20 against revenue from operation of Rs. 1643.4 Cr and loss of Rs. 23.23 Cr in nine month ended 31 Dec 2018. 3 List of Subsidiaries and Joint Venture forming as part of Consolidation Financials Name Nature % of holdings Pentafil Textile Dealers Associate 49% Limited JV Bombay Dyeing Real Estate Associate 40% Company Limited P.T Five Star Textiles Subsidiary 97.36% Rating History for the last three years Current Rating Rating History Sr. Amt N o Instrument Typ (Rs in 2019 2019 2018 2017 /Facility e Cr) FB- Term Loan 29.57 BWR A BWR A 1 Cash Credit LT 100.0 Stable Stable BWR BBB+ BWR BBB+ Stable Stable BWR FA BWR BWR 2 FB - Fixed LT 0.83 BWR FA Stable FBBB+ FBBB+ Deposit Stable Stable Stable ST 3 565 NFB- LC/ BG BWR A2+ BWR A3+ BWR A3+ BWR A3+ INR Seven Hundred Twenty Four Crores and Eighty Three Total 695.4 Lakh Only/- Hyperlink/Reference to applicable Criteria ● General Criteria​. ● Approach to Financial Ratios​. ● Infrastructure Sector​. ● Service Sector. NON-COOPERATION WITH PREVIOUS RATING AGENCY IF ANY: NA 4 Analytical Contacts Investor and Media Relations Ajit Jagnade Manager – Ratings. Board: +91 22 28311426, 28311439. Liena Thakur [email protected] Assistant Vice President - Corporate Communications +91 84339 94686 Bal Krishna Pipariya [email protected] Sr. Director – Ratings Board: +91 22 28311426,28311439. [email protected] Annexure 1 The Bombay Dyeing and Manufacturing Company Limited Details of Bank Loan Facilities Facility/Bank Amount (Rs. Cr) Term Loan Kotak Mahindra Bank 29.57 Cash Credit/ OD Kotak Mahindra Bank 50 Bank of Baroda 50 Total Fund Based - A 129.57 Non Fund Based LC/BG Kotak Mahindra Bank 115 Bank of Baroda 450 Total Non Fund Based - (B) 565 Total Bank Limits (A+B) 694.57 5 For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media. About Brickwork Ratings :Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency, ​ accredited by RBI and empaneled by NSIC, offers Bank Loan, NCD, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. BWR is accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. Brickwork Ratings has Canara Bank, a leading public sector bank, as its promoter and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations. DISCLAIMER Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented “as is” without any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reasons 6 .
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