MIRA
INFORM REPORT
|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
V.I.P.
INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
78-A, M.I.D.C. Estate, Satpur, Nasik – 422 007, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.01.1968 |
|
|
|
|
Com. Reg. No.: |
013914 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.282.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25200MH1968PLC013914 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacture and sale of luggage
products and accessories. |
|
|
|
|
No. of Employees
: |
1656 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good 10300000 |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well-established company having fine track record. There appears dip in profitability of the company during financial
year 2013. However, the rating reflects VIP’s market leadership and strong brand
in the domestic luggage industry supported by strong distribution network,
and healthy financial risk profile. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March 24, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
March 24, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
78-A, M.I.D.C. Estate, Satpur, |
|
Tel. No.: |
91-253-6603000/ 2350876 |
|
Fax No.: |
91-253-4306022/ 2350756 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
DGP House, 88C, |
|
Tel. No.: |
91-22-66539000 |
|
Fax No.: |
91-22-66608393 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
A-7, MIDC, Sinnar - 422 103, |
|
|
|
|
Factory 3 : |
Plot No 8, Sector 12, SIDCUL Area, Haridwar - 249 403, |
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|
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Factory 4 : |
L-4, MIDC, Hingna, |
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|
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Factory 5 : |
E-5/2 Additional MIDC Area, Jalgaon - 425 016, |
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|
|
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Factory 6 : |
D/4 Paithan Industrial Area, MIDC, Paithan - 431 107, |
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|
|
|
Branch Office : |
Located at: North Zone
South Zone
East Zone
West Zone
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Dilip G. Piramal |
|
Designation : |
Chairman |
|
Date of Birth : |
02.11.1949 |
|
Date of Appointment
: |
04.06.1979 |
|
Qualification : |
B. Com |
|
Experience in special functional area : |
Industrialist with rich business experience |
|
Chairman / Director of other companies : |
DGP Securities Limited Alkyl Amines Chemicals Limited Kiddy Plast Limited Gazelle Travels Private Limited DGP Enterprises Private Limited KEC International Limited DGP Capital Management Limited |
|
|
|
|
Name : |
Ms. Radhika Piramal |
|
Designation : |
Managing Director |
|
Date of Birth : |
27.05.1978 |
|
Qualification : |
BA (Hons), Brasenose College, University of Oxford, MBA, Harvard Business School |
|
Experience : |
Corporate Management |
|
Date of
Appointment : |
30.06.2009 |
|
Chairman /
Director of other Companies : |
· BP Ergo Limited · DGP Securities Limited · DGP Capital Management Limited · Blow Plast Retail Limited |
|
|
|
|
Name : |
Mr. Ashish K. Saha |
|
Designation : |
Director – Works w.e.f. 1.2.2012 |
|
Date of Birth : |
25.11.1958 |
|
Qualification : |
PD in Die & Mould Technology, Diploma in Instrument Technology |
|
Experience : |
Tooling, design & manufacturing of luggage |
|
Date of
Appointment : |
01.02.2012 |
|
|
|
|
Name : |
D. K. Poddar |
|
Designation : |
Director |
|
Date of Birth : |
09.11.1943 |
|
Qualification : |
BSc (Hons), SB&SM (MIT), USA |
|
Experience : |
Industrialist with rich business experience |
|
Date of
Appointment : |
23.09.1987 |
|
Chairman /
Director of other Companies : |
· Bajaj Finance Limited · Suvijay Exports Limited · Bachraj Factories Limited · Bajaj Allianz General Insurance Company Limited · Poddar Natural Resources and Ores Limited · Brite Merchants Limited · Poddar Developers Limited · Poddar Infrastructure Private Limited · Poddar Habitat Private Limited · Poddar Leisure Infrastructure Private Limited · Poddar Housing Private Limited |
|
|
|
|
Name : |
Mr. Vijay Kalantri |
|
Designation : |
Director |
|
Date of Birth : |
05.01.1949 |
|
Date of Appointment
: |
22.05.2000 |
|
Qualification : |
G.C.D. and Textile Diploma |
|
Experience in special functional area : |
Industrialist with rich business experience |
|
Chairman / Director of other companies : |
Reid and Taylor (India) Limited Balaji Infra Projects Limited Dighi Port Limited Dighi Terminals Private Limited S Kumars Nationwide Limited Hindustan Housing Finance and Development Corporation Limited Goenka Diamond and Jewels Limited Dighi Project Development Company Limited Vindhyachal Hydro Power Limited Dighi Logistics Private Limited Shree Ram Urban Infrastructure Limited |
|
|
|
|
Name : |
Mr. Vivek Nair |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. L. Mirchandani |
|
Designation : |
Director |
|
Date of Birth : |
12.06.1943 |
|
Qualification : |
B.E. (Mech.) |
|
Experience : |
Industrialist with rich business experience |
|
Date of
Appointment : |
01.02.2007 |
|
Chairman /
Director of other Companies : |
· BP Ergo Limited · MIRC Electronics Limited · Adino Research Foundation · Gulita Securities Limited · KEC International Limited · Shoppers Stop Limited · Fractal Analytics Limited · Algorhythm Tech Private Limited · Adino Telecom Limited · Mumbai Angel Venture Mentors |
|
|
|
|
Name : |
Nirmal Gangwal |
|
Designation : |
Director (Upto 15.05.2013) |
|
|
|
|
Name : |
Nabankur Gupta |
|
Designation : |
Director |
|
Date of Birth : |
15.10.1948 |
|
Date of Appointment
: |
13.05.2011 |
|
Qualification : |
B.E. (Electrical) |
|
Experience in special functional area : |
Marketing and restructuring of business |
|
Chairman / Director of other companies : |
J.K. Investo Trade (India) Limited Pritish Nandy Communication Limited Raymond Limited Cravatex Limited Magma Fincorp Limited Colourplus Fashions Limited PNC Wellness Limited J. K. Helene Curtis Limited Bharat Business Channel Limited |
|
|
|
|
Name : |
Mr. Rajiv Gupta |
|
Designation : |
Director (w.e.f 07.02.2013) |
KEY EXECUTIVES
|
Name : |
Mr. Jogendra Sethi |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Shreyas Trivedi |
|
Designation : |
Company Secretary and Head-Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
803270 |
0.57 |
|
|
73293250 |
51.86 |
|
|
74096520 |
52.43 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
74096520 |
52.43 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3671194 |
2.60 |
|
|
224259 |
0.16 |
|
|
500 |
0.00 |
|
|
8168738 |
5.78 |
|
|
12064691 |
8.54 |
|
|
|
|
|
|
5109570 |
3.62 |
|
|
|
|
|
|
22692867 |
16.06 |
|
|
23625847 |
16.72 |
|
|
3727820 |
2.64 |
|
|
1947409 |
1.38 |
|
|
94967 |
0.07 |
|
|
93026 |
0.07 |
|
|
1550918 |
1.10 |
|
|
35000 |
0.02 |
|
|
6000 |
0.00 |
|
|
500 |
0.00 |
|
|
55156104 |
39.03 |
|
Total Public shareholding (B) |
67220795 |
47.57 |
|
Total (A)+(B) |
141317315 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
141317315 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture and sale of luggage
products and accessories. |
|
|
|
|
Brand Name : |
VIP |
GENERAL INFORMATION
|
No. of Employees : |
1656 (Approximately) |
||||||||||||||||||
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|
||||||||||||||||||
|
Bankers : |
Ø State Bank of India Ø Central Bank of India Ø Axis Bank Limited Ø ING Vysya Bank Limited Ø IDBI Bank Limited |
||||||||||||||||||
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|
||||||||||||||||||
|
Facilities : |
NOTE: SHORT TERM
BORROWINGS Secured
by hypothecation of Inventories and assignment of Book Debts ranking pari
passu inter-se and by second charge on the fixed assets of the Company
located at Nashik and Sinnar. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Statutory Auditors: |
|
|
Name : |
M. L. Bhuwania and Company Chartered Accountants |
|
|
|
|
Internal Auditors: |
|
|
Name : |
RSM Astute Consulting Private Limited Chartered Accountants |
|
|
|
|
Wholly owned Subsidiary Company : |
² Carlton Travel Goods Limited (Dissolved on 06.12.2011) ² Blow Plast Retail Limited ² VIP Industries Bangladesh Private Limited ² VIP Nitol Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
246500000 |
Equity Shares |
Rs.2/- each |
Rs.493.000 Millions |
|
1000 |
9% Redeemable Cumulative Preference Shares |
Rs. 1000/- each |
Rs. 1.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.494.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
141317315 |
Equity Shares |
Rs.2/- each |
Rs.282.600 Millions |
|
|
|
|
|
The reconciliation of the number of Equity shares
outstanding at the beginning and at the end of reporting period 31st March,
2013:
|
Particulars |
No of Shares |
|
|
|
|
Number of Equity shares at the beginning of the year |
141317315 |
|
Number of Equity shares at the end of the year |
141317315 |
Terms/rights attached to equity shares:
The Company has only one class of Issued, subscribed and fully paid up shares referred to as Equity Shares having a par value of Rs. 2 each. Each holder of Equity Share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The dividend of Rs.1 (Previous Year Rs.1.60) per share has been proposed to be distributed to Equity shareholders for the year ended 31st March, 2013. The total amount of dividend shall be Rs. 141.300 millions and Dividend Distribution Tax Rs.24.000 millions
Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
31.03.2013 |
|
|
Numbers |
% holding in the
class |
|
|
DGP Securities Limited |
36581765 |
25.89% |
|
Vibhuti Investments Company Limited |
21783300 |
15.41% |
|
Jhunjhunwala Rakesh Radheshyam |
10077500 |
7.13% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
282.600 |
282.600 |
282.600 |
|
(b) Reserves & Surplus |
2292.600 |
2143.200 |
1729.500 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2575.200 |
2425.800 |
2012.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
7.000 |
18.300 |
0.000 |
|
(c) Other long term liabilities |
3.800 |
5.700 |
6.200 |
|
(d) long-term provisions |
21.500 |
18.700 |
19.600 |
|
Total Non-current Liabilities (3) |
32.300 |
42.700 |
25.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
415.000 |
841.500 |
1028.200 |
|
(b) Trade payables |
738.200 |
657.600 |
531.300 |
|
(c) Other current
liabilities |
176.800 |
182.300 |
265.600 |
|
(d) Short-term provisions |
192.800 |
172.700 |
322.900 |
|
Total Current Liabilities (4) |
1522.800 |
1854.100 |
2148.000 |
|
|
|
|
|
|
TOTAL |
4130.300 |
4322.600 |
4185.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
761.400 |
805.100 |
773.900 |
|
(ii) Intangible Assets |
14.900 |
23.700 |
27.900 |
|
(iii) Capital
work-in-progress |
7.900 |
7.600 |
49.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
35.500 |
3.600 |
3.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
70.400 |
|
(d) Long-term Loan and Advances |
290.900 |
280.500 |
180.900 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1110.600 |
1120.500 |
1106.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1452.400 |
1441.200 |
1189.700 |
|
(c) Trade receivables |
1041.000 |
1246.500 |
1393.400 |
|
(d) Cash and cash
equivalents |
134.200 |
182.400 |
88.200 |
|
(e) Short-term loans and
advances |
267.800 |
234.300 |
320.800 |
|
(f) Other current assets |
124.300 |
97.700 |
87.200 |
|
Total Current Assets |
3019.700 |
3202.100 |
3079.300 |
|
|
|
|
|
|
TOTAL |
4130.300 |
4322.600 |
4185.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8750.300 |
8602.200 |
7420.000 |
|
|
|
Other Income |
18.300 |
14.600 |
20.000 |
|
|
|
TOTAL |
8768.600 |
8616.800 |
7440.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1494.300 |
1674.000 |
1641.200 |
|
|
|
Purchases of Stock-in-Trade |
2934.900 |
2740.600 |
2135.600 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
23.700 |
(274.700) |
(354.000) |
|
|
|
Employees benefits expense |
847.400 |
816.400 |
723.800 |
|
|
|
Other expenses |
2765.300 |
2458.600 |
2048.400 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
287.100 |
|
|
|
TOTAL |
8065.600 |
7414.900 |
6482.100 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
703.000 |
1201.900 |
957.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
51.400 |
69.400 |
44.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
651.600 |
1132.500 |
913.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
198.000 |
172.900 |
148.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
453.600 |
959.600 |
765.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
138.400 |
282.700 |
145.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
315.200 |
676.900 |
620.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
361.100 |
361.100 |
361.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
149.900 |
414.100 |
291.000 |
|
|
|
Dividend |
141.300 |
226.100 |
282.600 |
|
|
|
Tax on Dividend |
24.000 |
36.700 |
46.600 |
|
|
BALANCE CARRIED TO
THE B/S |
361.100 |
361.100 |
361.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
751.500 |
828.700 |
730.700 |
|
|
|
Freight reimbursement |
12.800 |
15.800 |
18.900 |
|
|
|
Interest |
0.000 |
0.000 |
6.200 |
|
|
TOTAL EARNINGS |
764.300 |
844.500 |
755.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
60.100 |
101.700 |
156.400 |
|
|
|
Capital Goods |
0.000 |
1.400 |
44.800 |
|
|
|
Stores & Spares |
0.200 |
1.100 |
0.800 |
|
|
TOTAL IMPORTS |
60.300 |
104.200 |
202.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.23 |
4.79 |
4.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.59 |
7.86 |
8.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.18 |
11.16 |
10.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.10 |
22.26 |
18.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.40 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.16 |
0.35 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98 |
1.73 |
1.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
282.600 |
282.600 |
282.600 |
|
Reserves & Surplus |
1729.500 |
2143.200 |
2292.600 |
|
Net
worth |
2012.100 |
2425.800 |
2575.200 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1028.200 |
841.500 |
415.000 |
|
Total
borrowings |
1028.200 |
841.500 |
415.000 |
|
Debt/Equity
ratio |
0.511 |
0.347 |
0.161 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7420.000 |
8602.200 |
8750.300 |
|
|
|
15.933 |
1.722 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7420.000 |
8602.200 |
8750.300 |
|
Profit |
620.200 |
676.900 |
315.200 |
|
|
8.36% |
7.87% |
3.60% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No.:- CEXAL/17/2009 Filing
Date:- 03/03/2009 Reg. No.:- CEXA/216/2013 Reg.
Date:- 21.10.2013 |
|
Petitioner: THE COMMISSIONER OF CENTRAL EXCISE Respondent: VIP INDUSTRIES LIMITED
Petn. Adv : SUCHITRA KAMBLE (0) Resp.
Adv:- PDS LEGAL (0) District: NASHIK |
|
Bench: SINGLE Status: Pre-Admission Category: CENTRAL
EXCISE APPEAL (CEXA) Last Date: 05.05.2009
Stage: TAX APPEALS FOR REJECTION U/R 986 OF
THE H.C. (O.S.)
RULES 1980 Last Coram: REGISTRAR(OS)/PROTHONOTARY
AND SR. MASTER |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Cash Credit and Demand loan from Banks |
0.000 |
0.200 |
|
Other Loans and Advances |
404.000 |
561.200 |
|
|
|
|
|
Total |
404.000 |
561.400 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10039714 |
17/01/2007 |
68,200,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
A11641628 |
|
2 |
10011526 |
26/05/2006 |
92,000,000.00 |
UTI BANK LTD |
UNIVERSAL INURANCE BUILDING, SIR P M ROAD,FORT, |
A01584358 |
|
3 |
10010862 |
27/04/2006 |
60,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N.VAIDYA MARG, P.B.NO. 10 141, MUMBAI,
Maharashtra - 400023, INDIA |
A01626969 |
|
4 |
90241399 |
30/03/2005 |
100,000,000.00 |
UTI BANK LTD. |
UNIVERSAL INSURANCE BUILD., SIR P.M. ROAD, MUMBAI, Maharashtra -
400001, INDIA |
- |
|
5 |
90236379 |
24/12/2004 * |
100,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N VADIYA MARG; FORT, MUMBAI, Maharashtra, INDIA
|
- |
|
6 |
90240920 |
07/11/2002 |
30,000,000.00 |
UTI BANK LTD |
FORT BRANCH, P.M. RD, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
7 |
90240846 |
13/02/2002 |
4,022,000.00 |
THE SARASWAT CO-OP BANK LTD |
VILE PARLE EAST BANCH, VILE PARLE (E), MUMBAI, Maharashtra - 400057,
INDIA |
- |
|
8 |
90240816 |
26/09/2001 |
50,000,000.00 |
UTI BANK LTD |
LOKHANDALA COMPLEX, ANDHERI (W), MUMBAI, Maharashtra, INDIA |
- |
|
9 |
90240806 |
27/08/2001 |
30,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE BANKING BRANCH, M.G. RD, MUMBAI, Maharashtra - 400023, INDIA
|
- |
|
10 |
90244293 |
10/02/2003 * |
6,000,000.00 |
BANK OF INDIA |
MUMBAI CORPORATE BANKING BRANCH, FORT, MUMBAI, Maharashtra - 400023,
INDIA |
- |
|
11 |
90238362 |
02/06/2003 * |
100,000,000.00 |
STATE BANK OF PATIALA |
STATE BANK OF PATIALA, ATLANTA; NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
- |
|
12 |
90244291 |
22/05/2000 |
100,000,000.00 |
STATE BANK OF PATIALA |
ATLANTA NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
13 |
90242276 |
08/05/2000 |
743,666,000.00 |
CENTRAL BANK OF INDIA |
MUMBAI, MUMBAI, Maharashtra, INDIA |
- |
|
14 |
90240446 |
11/03/1998 |
10,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD |
DADAR BRANCH, MUMBAI, Maharashtra, INDIA |
- |
|
15 |
90240435 |
26/02/1998 |
50,000,000.00 |
INDUSTRIAL INVESTMENT BANK OF INDIA LTD |
WEARNEST HOUE; 11TH FLOOR, 194; NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
- |
|
16 |
90240398 |
19/12/2001 * |
6,000,000.00 |
BANK OF INDIA |
70; 890; M.G. RD, FORT; 4TH FLOOR, MUMBAI, Maharashtra - 400023, INDIA
|
- |
|
17 |
90240308 |
12/03/1997 |
10,000,000.00 |
THE SARASWAT CO-OP BANK LTD |
NIKADWARI LANE; GIRGAON, MUMBAI, Maharashtra - 400004, INDIA |
- |
|
18 |
90240306 |
05/03/1997 |
349,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRNCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
19 |
90240304 |
25/02/1997 |
4,700,000.00 |
HOUSING DEVELOPMENT FINANCE CORPN LTD |
RAMON HOUSE; 169 BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020,
INDIA |
- |
|
20 |
90240284 |
03/12/1996 |
100,000,000.00 |
COMMERZBANK |
12-B; FREE PRESS HOUSE; 215 FREE PRESS JOURNAL RD, |
- |
|
21 |
90239979 |
07/10/1994 |
25,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRNCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
22 |
90239961 |
02/09/1994 |
163,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
23 |
90239769 |
16/10/1992 * |
40,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
24 |
90241972 |
27/09/1992 |
75,000,000.00 |
CENTRAL BANK OF INDIA |
DOCUMENTATION CELL, M.G. RD; FORT, MUMBAI, Maharashtra - 400023, INDIA
|
- |
|
25 |
90239764 |
27/09/1992 |
90,000,000.00 |
CENTRAL BANK OF INDIA |
DOCUMENTATION CELL, M.G. RD; FORT, MUMBAI, Maharashtra - 400023, INDIA
|
- |
|
26 |
90239748 |
30/12/2013 * |
1,320,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH, NGN VAIDYA MARG, HORNIMAN CIRC |
B94436672 |
|
27 |
90239672 |
16/10/1991 |
21,200,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
CUFFE PARADE, MUMBAI, Maharashtra, INDIA |
- |
|
28 |
90239670 |
16/10/1992 * |
22,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JURTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
29 |
90239406 |
02/06/1989 |
115,353.00 |
CENTRAL BANK OF INDIA |
FOREIGN BILLS; IMPORTS GUARANTEES SECT, STNDARD B |
- |
|
30 |
90239316 |
10/07/1988 * |
24,700,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
31 |
90239301 |
10/05/1988 |
942,800.00 |
CENTRAL BANK OF INDIA |
FOREIGN BILLS IMPORTS, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
32 |
90244177 |
28/04/1988 |
19,417,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT COPRN OF INDIA |
163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA |
- |
|
33 |
90239288 |
11/03/1988 |
100,300,000.00 |
CENTRAL BANK OF INDIA |
M.G. RD, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
34 |
90239250 |
15/10/1987 |
4,500,000.00 |
CENTRAL BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
35 |
90239243 |
23/09/1987 |
1,257,000.00 |
CENTRAL BANK OF INDIA |
F. BILLS DEPT. IMPORTS; STANDARD BLDG, MUMBAI, Maharashtra - 400001, INDIA
|
- |
|
36 |
90239233 |
24/08/1987 |
1,257,000.00 |
CENTRAL BANK OF INDIA |
FOREIGN BILLS (IMP) DEPT, STANDARD BLDG, MUMBAI, |
- |
|
37 |
90244169 |
05/08/1987 |
5,000,000.00 |
THE STATE INDUSTRIAL & INVESTMENT CORPN OF MAH. LTD |
NIRMAL; 1ST FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
38 |
90244168 |
30/06/1987 |
7,500,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPN OF INDIA |
163; BCKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA |
- |
|
39 |
90239196 |
26/02/1987 |
2,480,631.00 |
INDUSTRIAL CREDIT & INVESTMENT CORPN OF INDIA |
163; BACKBAY RECLAMATION, MUMBAI, Maharashtra, INDIA |
- |
|
40 |
90239147 |
27/06/1986 |
5,000,000.00 |
THE STATE INDUSTRIAL & INVESTMENT CORPN OF MAH. LTD |
NIRMAL; 1ST FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION
Subject is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company is Asia’s No.1 Luggage manufacturer and heralded the birth of modern luggage in India. The Company has manufacturing facilities at various locations across India. The Company has set up a wholly owned subsidiary in Bangladesh under the name and style of VIP Industries Bangladesh Private Limited to manufacture and market luggage.
OVERALL
PERFORMANCE AND OUTLOOK
During the
financial year ended 31st March 2013, revenue from Operations and Other Income
was Rs. 8768.600 millions as against Rs. 8616.800 millions last year,
representing an increase of 1.76% over the corresponding period of the previous
year. Profit after Tax for the year amounted to Rs. 315.200 millions
representing a decline of 53% over the previous year. During the year, there
was continued pressure on gross margins due to the weak Rupee against US Dollar
on imported soft luggage, which constitutes majority of the Company’s sales.
The Company was able to pass on only part of the cost increases to its
customers due to weak macroeconomic demand. The outlook for the current year is
challenging across traditional trade and modern retail sales channels mainly
due to a sluggish economy. However, the Company expects to grow despite the
adverse environment due to its strong brands, innovative products, extensive
distribution network and attractive advertising campaigns.
As on 31st March, 2013,
the Reserves and Surplus of the Company stood at Rs. 2292.600 millions.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
LUGGAGE
DOMESTIC MARKETS
Overall the
luggage industry in India witnessed positive but slow growth in demand across
all price points and all
Product categories
during the year.
There was a
positive demand in the first quarter of the year in spite of a short marriage
season. However, during the remaining part of the year, there were challenges
in demand due to higher air fares which reduced the growth of air passenger
traffic to single digit as compared to around 15% increase in the last two
years. Airline traffic directly impacts the growth of luggage category
especially the branded segment, where the Company has significant share.
On the supply
side, the Company witnessed stability in supplies from its domestic and
imported sources, however faced tremendous pressure on input costs due to the
continuous weakening of rupee against US Dollar. Increase in cost of raw
materials including plastic and aluminum and increase in freight costs have
further impacted the costs.
Hypermarket
channel has shown robust organic growth during the year and has grown far
rapidly than other distribution channels. The short haul sub-categories like
backpacks, business satchels and duffel trollies have grown faster than rest of
the category. In the travel segment overall, Soft Luggage continues to grow
faster than Hard Luggage. However, polycarbonate luggage i.e. a subset of hard
luggage which is a lightweight strong plastic material has shown encouraging
growth, mainly due to strategic initiatives taken by the Company in terms of
new product launches and advertising campaigns.
INTERNATIONAL
MARKETS
The International
Business of the Company declined by around 9%. The decline was mainly in Europe
and Asia Pacific. However, the Company continued to achieve growth in Middle
East countries by 16%. Taking cue from changing travelling requirements across
the globe, the Carlton brand launched a series of very lightweight luggage in
its “Nanolite” category which have been very well received by the consumers
across geographies. The Carlton brand also added two new ranges of very
lightweight yet extremely strong Polycarbonate luggage in its portfolio. Going
ahead, the Company plans to consolidate its position in various global markets
apart from exploring new business opportunities through private label
manufacturing, especially in the fast growing Polycarbonate segment.
LADIES HAND BAGS
The Company has
successfully launched Ladies Hand Bags (LHB) under “Caprese” brand in October
2012. The Company tasted success with its first TV advertising campaign and the
response was so positive that with just one advertising campaign, “Caprese” has
been adjudged as Second highest recalled brand in ladies hand bags segment as
per the survey conducted by TNS Global. Caprese has an advantage of strong
distribution network of the Company. Caprese is available at more than 425
stores across the country at selected Company run stores, franchisee stores,
Departmental Stores (Shoppers Stop, Pantaloon, Lifestyle, Central and Reliance
Footprint) and several multi-brand stores. LHB segment has tremendous potential
due to absence of any national level brand.
Overall the
luggage industry in India witnessed positive but slow growth in demand across
all price points and all
Product categories
during the year. There was a positive demand in the first quarter of the year
in spite of a short marriage season. However, during the remaining part of the
year, there were challenges in demand due to higher air fares which reduced the
growth of air passenger traffic to single digit as compared to around 15%
increase in the last two years. Airline traffic directly impacts the growth of
luggage category especially the branded segment, where the Company has
significant share. On the supply side, the Company witnessed stability in
supplies from its domestic and imported sources, however faced tremendous
pressure on input costs due to the continuous weakening of rupee against US
Dollar. Increase in cost of raw materials including plastic and aluminum and
increase in freight costs have further impacted the costs. Hypermarket channel
has shown robust organic growth during the year and has grown far rapidly than
other distribution channels. The short haul sub-categories like backpacks,
business satchels and duffel trollies have grown faster than rest of the
category. In the travel segment overall, Soft Luggage continues to grow faster
than Hard Luggage. However, polycarbonate luggage i.e. a subset of hard luggage
which is a lightweight strong plastic material has shown encouraging growth,
mainly due to strategic initiatives taken by the Company in terms of new
product launches and advertising campaigns.
INTERNATIONAL
MARKETS
The International
Business of the Company declined by around 9%. The decline was mainly in Europe
and Asia Pacific. However, the Company continued to achieve growth in Middle
East countries by 16%. Taking cue from changing travelling requirements across
the globe, the Carlton brand launched a series of very lightweight luggage in
its “Nanolite” category which have been very well received by the consumers
across geographies. The Carlton brand also added two new ranges of very
lightweight yet extremely strong Polycarbonate luggage in its portfolio. Going
ahead, the Company plans to consolidate its position in various global markets
apart from exploring new business opportunities through private label
manufacturing, especially in the fast growing Polycarbonate segment.
LADIES HAND BAGS
The Company has
successfully launched Ladies Hand Bags (LHB) under “Caprese” brand in October
2012. The Company tasted success with its first TV advertising campaign and the
response was so positive that with just one advertising campaign, “Caprese” has
been adjudged as Second highest recalled brand in ladies hand bags segment as
per the survey conducted by TNS Global. Caprese has an advantage of strong
distribution network of the Company. Caprese is available at more than 425
stores across the country at selected Company run stores, franchisee stores,
Departmental Stores (Shoppers Stop, Pantaloon, Lifestyle, Central and Reliance
Footprint) and several multi-brand stores. LHB segment has tremendous potential
due to absence of any national level brand.
OUTLOOK
LUGGAGE
Considering the
threats, opportunities and the strengths of the Company, the key task at hand
will be to make the most of the category growth across all price segments and maintain
margins to the best possible degree without affecting volume growth. The
Company is successfully executing its multi brand – multi segment strategy with
consistent investment in advertising for all its major luggage brands.
MOULDED FURNITURE
The Company is
confident that it will be able to grow the business by improving its presence
in the retail domain through fresh initiatives, including the introduction of
new products of different design and colors and strategic placement of products
with the channels to service consumers. Increased focus on the sales of premium
range of products will deliver higher growth in value terms.
FIXED ASSETS
Tangible Assets
œ Freehold Land
œ Leasehold Land
œ Buildings
œ Plant and Machinery
œ Moulds and Dies
œ Furniture and Fixtures
œ Office Equipments
œ Data Processing Machines
œ Vehicles
Intangible Assets
œ Patents and Trademarks
œ Computer Software
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED
31ST
MARCH, 2014
|
|
|
Particulars |
Quarter Ended |
Year
Ended |
|
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from
Operations (net of excise duty) |
2266.000 |
2350.000 |
9684.000 |
|
|
|
b) Other Operating Income |
9.000 |
10.000 |
41.000 |
|
|
|
Total Income from Operations (Net) |
2275.000 |
2360.000 |
9725.000 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials
consumed |
459.000 |
306.000 |
1499.000 |
|
|
b) |
Purchase of stock
in-trade |
853.000 |
1201.000 |
650.000 |
|
|
c) |
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(89.000) |
(191.100) |
(286.000) |
|
|
d) |
Employee benefit expenses |
230.000 |
228.000 |
927.000 |
|
|
e) |
Depreciation and
amortization expense |
40.000 |
42.000 |
170.000 |
|
|
f) |
Other expenses |
681.000 |
626.000 |
2651.000 |
|
|
Total Expenses |
2174.000 |
2212.000 |
9063.000 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
101.000 |
148.000 |
662.000 |
|
4 |
Other Income |
9.000 |
5.000 |
7.000 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
110.000 |
153.000 |
689.000 |
|
6 |
(a) Finance Costs |
5.000 |
4.000 |
21.000 |
|
|
|
(b) Foreign Exchange Loss
(Gain) |
3.000 |
(1.000) |
(2.100) |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
102.000 |
150.000 |
647.000 |
|
8 |
Exceptional Items |
159.000 |
-- |
158.000 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
261.000 |
150.000 |
805.000 |
|
|
10 |
Tax Expense |
51.000 |
49.000 |
221.000 |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax (9-10) |
210.000 |
101.000 |
584.000 |
|
|
12 |
Paid up equity share
capital (Face Value of Rs.2/- each) |
283.000 |
283.000 |
283.000 |
|
|
13 |
Reserve excluding
revaluation reserves |
-- |
-- |
-- |
|
|
14 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic / Diluted |
1.5 |
0.7 |
4.1 |
|
|
|||||
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares (Of Rs.
2/- Each) |
67220795 |
67220795 |
67220795 |
|
|
|
- Percentage of
Shareholding |
47.6 |
47.6 |
47.6 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
-- |
-- |
-- |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
74096520 |
74096520 |
74096520 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
52.4 |
52.4 |
52.4 |
|
|
Particulars |
Quarter
ended 31.03.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
23 |
|
|
|
Disposed during the
quarter |
23 |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs.
In Millions)
|
Particular |
31.03.2014 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
283.000 |
|
(b) Reserves and surplus |
2595.000 |
|
Sub-total
- Shareholders' funds |
2878.000 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Deferred Tax Liabilities (Net) |
0.000 |
|
(b) Other long-term liability |
10.000 |
|
(c) long-term Provision |
29.000 |
|
Sub-total
- Non-current liabilities |
39.000 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
161.000 |
|
(b) Trade payables |
983.000 |
|
(c) Other current liabilities |
195.000 |
|
(d) Short-term provision |
226.000 |
|
Sub-total
- Current liabilities |
1565.000 |
|
|
|
|
TOTAL
- EQUITY AND LIABILITIES |
482.000 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
(i)
Tangible Assets |
668.000 |
|
(ii)
Intangible Assets |
8.000 |
|
(iii)
Capital work in progress |
7.000 |
|
(b) Non-current investments |
96.000 |
|
(c) Deferred tax assets |
14.000 |
|
(d) Long-term loans and advances |
384.000 |
|
Sub-total
- Non-current assets Current assets |
1177.000 |
|
Current assets |
|
|
(a) Inventories |
1728.000 |
|
(b) Trade receivables |
952.000 |
|
(c) Cash and cash equivalents |
109.000 |
|
(d) Short-term loans and advances |
256.000 |
|
(e) Other current assets |
260.000 |
|
Sub-total
- Current assets |
3305.000 |
|
|
|
|
TOTAL
- ASSETS |
4482.000 |
NOTE:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 20th May, 2014.
2. The Board of Directors have recommended for the approval of Members, a final dividend of Rs. 1.2 per equity share of Rs. 2/- each (60%) for the financial year 2013-14. The Company had paid an interim dividend of Re. 0.50 per share for the financial year 2013-14 in February, 2014. Accordingly. The total dividend declared by the Company for the financial year 2013-14 is Rs. 1.7 per equity share of Rs.. 2/- each.
3. The Company is engaged primarily in the luggage business and therefore, there is only one reportable segment in accordance with the Accounting Standards on Segment Reporting (AS 17).
4. VIP Industries Bangladesh Private Limited, the wholly owned subsidiary of the Company, commenced commercial production at its plant at Mongla Export Processing Zone in Bangladesh during the quarter ended 31st March 2014.
5. The Exceptional income appearing in the above results comprises of profit realized from sale of its old investment in securities and its property at Bhandup, Mumbai.
6. Generally, the luggage business is seasonal in nature and accordingly, financial results for the quarter are not representative of the whole year.
7. The figures for the quarter ended 31st March, 2014 and quarter ended 31st March, 2013 are the balancing figures between the audited figures in respect of the full financial year and published year to date figures up to the third quarter of the respective financial years.
8. Figures of corresponding previous year period (s) have been restated / regrouped /reclassified wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.