MIRA INFORM REPORT

Report No. :	508305
Report Date :	09.05.2018

IDENTIFICATION DETAILS

Name :	V I P INDUSTRIES LIMITED
Registered Office :	78-A, M.I.D.C. Estate, Satpur, Nasik – 422007, Maharashtra
Tel. No.:	91-253-6603000/ 2350876
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	27.01.1968
Com. Reg. No.:	11-013914
Capital Investment / Paid-up Capital :	INR 282.600 Million
CIN No.: [Company Identification No.]	L25200MH1968PLC013914
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	NSKV01130D
PAN No.: [Permanent Account No.]	Not Available
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 manufacturing and marketing of luggage, bags and accessories. (Registered Activity)
No. of Employees :	2087 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 11400000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1968 and it is having excellent track. It is engaged in the manufacturing and marketing of luggage, bags and accessories. For the financial year 2017, the company has increased its revenue from operation as compared to previous year and achieved decent profitability margin of 5.96%. Rating takes into consideration strong financial profile of the company marked by healthy networth base and debt free balance sheet. Further, the company also derives strength from its established market position, well-experienced management team and strong brand in the domestic luggage industry supported by strong distribution network and customer profile. However, these rating strengths are partially offset by company's limited pricing flexibility because of intense competition. Trade relations are reported as fair. Payments are reported to be regular and as per commitments. In view of established market position, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term issuer rating = AA-
Rating Explanation	High degree of safety and very low credit risk
Date	29.09.2017
Rating Agency Name	CRISIL
Rating	Short-term rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	29.09.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.05.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

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

INFORMATION DENIED

Management Non-Cooperative (Tel. No. 91-22-66539000 / Mobile No.91-9833274375)

Tel. No.: 91-253-6603000 / 2350876 Not Working

LOCATIONS

Registered Office/ Factory 1 :	78-A, M.I.D.C. Estate, Satpur, Nasik – 422 007, Maharashtra, India
Tel. No.:	91-253-6603000/ 2350876
Fax No.:	91-253-4306022/ 2350756
E-Mail :	vip@vipbags.com legal-sect@vipbags.com
Website :	http://vipindustries.co.in
Corporate / Head Office / Investors’ Service Department :	DGP House, 88C, 5^th Floor, Old Prabhadevi Road, Mumbai - 400025, Maharashtra, India
Tel. No.:	91-22-66539000
Fax No.:	91-22-66539089
E-Mail :	investor-help@vipbags.com
Factory 2 :	Plot No.A-7, Malegaon MIDC Area, District Nashik, Sinnar-422103, Maharashtra, India
Factory 3 :	Plot No. 7 to 11, Sector 12, SIDCUL Area, Haridwar - 249403, Uttaranchal, India
Factory 4 :	L-4, MIDC, Hingna, Nagpur - 440016, Maharashtra, India
Factory 5 :	E-5/2, Additional MIDC Area, Jalgaon - 425016, Maharashtra, India
Factory 6 :	D/4, Paithan Industrial Area, MIDC, Paithan - 431107, Maharashtra, India
Branch Office :	Located at: North Zone New Delhi Lucknow Jaipur Ghaziabad Chandigarh Jammu South Zone Bangalore Chennai Secunderabad Cochin East Zone Kolkata Patna Ranchi Guwahati Cuttack Raipur West Zone Mumbai Pune Ahmedabad Indore Nagpur Goa
Overseas Office:	Located at: England Dubai Singapore

DIRECTORS

AS ON 31.03.2018

Name :

Mr. Dilip Gopikisan Piramal

Designation :

Chairman and Managing Director

Address :

Piramal House 61, Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

02.11.1949

Qualification :

B. Com

Experience in special functional area :

Corporate Management

Date of Appointment :

04.06.1979

DIN No.:

00032012

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999MH2017NPL302376	ASSOCIATION FOR DEVELOPMENT OF HANDBAGS AND SMALL BAGS INDUSTRY	01/12/2017	-
U74999MH2017NPL302364	ASSOCIATION FOR DEVELOPMENT OF LUGGAGE AND ACCESSORIES	01/12/2017	-
L45200MH2005PLC152061	KEC INTERNATIONAL LIMITED	12/01/2006	-
L25204PN1974PLC021891	ARISTOCRAT LUGGAGE LIMITED	14/10/1988	-
U67120MH1997PLC112308	D G P CAPITAL MANAGEMENT LIMITED	08/12/1997	-
U74999MH1995PTC093490	DGP ENTERPRISES PRIVATE LIMITED	10/10/1995	-
U63040MH1991PTC062995	GAZELLE TRAVELS PRIVATE LIMITED	23/07/1992	-
L99999MH1979PLC021796	ALKYL AMINES CHEMICALS LIMITED	18/10/1980	-
U36940MH1979PLC021957	KIDDY PLAST LIMITED	05/10/1988	-
U25209MH1969PLC014452	QUALITY PLASTICS LIMITED	14/10/1988	-
U99999MH1965PLC013261	BLOW PLAST LIMITED	09/08/1973	-
U26900MH1937PLC002651	DGP SECURITIES LIMITED	19/12/1981	-

Name :

Ms. Radhika Dilip Piramal

Designation :

Vice Chairperson and Executive Director)

Address :

Piramal House 61, Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth :

27.05.1978

Qualification :

Graduate from Oxford University, with an MBA from the Harvard Business School

Experience in special functional area :

Corporate Management

Date of Appointment :

30.06.2009

DIN No.:

02105221

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26900MH1937PLC002651	DGP SECURITIES LIMITED	29/09/2017	-
U36940MH1979PLC021957	KIDDY PLAST LIMITED	30/09/2016	-
U74999MH2007PLC169105	BLOW PLAST RETAIL LIMITED	27/07/2016	-

Name :

Mr. Ashish Kumar Chitta Ranjan Saha

Designation :

Whole-time Director

Address :

3, Nikita Apartment, Date Nagar, Gangapur Road, Nashik – 422013, Maharashtra, India

Date of Birth :

25.11.1958

Qualification :

PGD in Dye and Moulding from Central Scientific Instruments Organization, INDOSWISS Training Centre, Diploma in Instrument Technology

Experience :

Tooling, design and manufacturing of luggage

Date of Appointment :

01.02.2012

DIN No.:

05173103

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26109MH1982PLC026303	TRIMURITI GLASS CONTAINERS LIMITED	30/09/2016	-
U74999MH2007PLC169105	BLOW PLAST RETAIL LIMITED	27/07/2016	-

Name :

Mr. Dipakkumar Jagdishprasad Poddar

Designation :

Director

Address :

Brij Kutir, 17th Floor, Rungta Lane, Off Nepean Sea Road, Mumbai – 400006, Maharashtra, India

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

DIN No.:

00001250

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45202MH2007PTC174686	PODDAR INFRASTRUCTURE PRIVATE LIMITED	03/10/2007	-
U51909MH2006PLC164236	PODDAR NATURAL RESOURCES AND ORES LIMITED	20/03/2007	-
L51909MH1982PLC143066	PODDAR HOUSING AND DEVELOPMENT LIMITED	28/04/2008	-
U80904MH2014NPL254480	PODDAR SHIKSHAN SANSTHA	18/03/2014	-
U45400MH2010PTC206297	PODDAR HOUSING PRIVATE LIMITED	06/08/2010	-
U45200MH2008PTC187448	PODDAR LEISURE INFRASTRUCTURE PRIVATE LIMITED	10/10/2008	-
U45200MH2008PTC187290	PODDAR HABITAT PRIVATE LIMITED	04/08/2014	-
U85100DL1985PLC019555	BRITE MERCHANTS LIMITED	10/10/2016	-
U66010PN2000PLC015329	BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED	30/09/2002	-
L45400WB1982PLC034836	PODDAR BHUMI HOLDINGS LIMITED	28/10/1996	-
U65910MH1996PTC100776	CITRON FINLEASE PRIVATE LIMITED	02/09/1998	-
U45209MH1996PLC096440	PODDAR HEAVEN HOMES LIMITED	05/11/2011	-
L65910MH1987PLC042961	BAJAJ FINANCE LIMITED	01/04/2008	-
U17120MH1926PTC001265	BACHHRAJ FACTORIES PRIVATE LIMITED	22/12/1986	-

Name :

Mr. Amit Jatia

Designation :

Director

Address :

Flat No.1, Ground Floor, Avanti, 67-A, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Appointment :

14.05.2015

DIN No.:

00016871

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L92199GJ1999PLC044045	INOX LEISURE LIMITED	15/07/2011	-
L65990MH1982PLC028593	WESTLIFE DEVELOPMENT LIMITED	24/11/2012	-
U24100MH2004PTC149240	HARDCASTLE PETROFER PRIVATE LIMITED	07/10/2011	-
U85190MH2014NPL259673	RONALD MCDONALD HOUSE CHARITIES FOUNDATION INDIA (RMHC INDIA)	25/11/2014	-
U17100MH1988PTC049986	ANAND VEENA TWISTERS PRIVATE LIMITED	20/12/1990	-
U70102MH2008PTC178127	WESTPOINT LEISUREPARKS PRIVATE LIMITED	01/01/2013	-
U51900MH1990PTC059138	SUBH ASHISH EXIM PRIVATE LIMITED	25/10/1993	-
U51900MH1990PTC059140	SAUBHAGYA IMPEX PRIVATE LIMITED	04/12/1990	-
L92490MH1999PLC122381	FAME INDIA LIMITED	21/12/2004	-
U51900MH1990PTC059142	HORIZON IMPEX PRIVATE LIMITED	25/10/1993	-
U92100MH1999PLC119506	FAME MOTION PICTURES LIMITED	13/07/2011	-
U51900MH1994PTC079360	VANDEEP TRADE LINKS P LTD	02/01/1995	-
U51900MH1994PTC078922	ACHAL EXIM P LTD	13/06/1994	-
U51900MH1994PTC079128	ACACIA IMPEX P LTD	02/01/1995	-
U55202MH1995PTC089619	TRIPLE A FOODS PRIVATE LIMITED	16/06/1995	-
U51900MH1994PTC078943	AKSHAY AYUSH IMPEX PRIVATE LIMITED	02/01/1995	-

Name :

Mr. Vijay Goverdhandas Kalantri

Designation :

Director

Address :

2, Wahedna Apartment, Ground Floor, 75, Hill Road, Bandra (West), Mumbai -400050, Maharashtra, India

Date of Birth :

05.01.1949

Qualification :

G.C.D. and Textile Diploma

Experience in special functional area :

Industrialist with rich business experience

Date of Appointment :

22.05.2000

DIN No.:

00019510

Name :

Mr. Nabankur Gupta

Designation :

Director

Address :

11, Jayshree, 75, Worli Sea Face, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth :

15.10.1948

Qualification :

B.E. (Electrical)

Experience in special functional area :

Marketing and restructuring of business

Date of Appointment :

13.05.2011

DIN No.:

00020125

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L17117MH1925PLC001208	RAYMOND LIMITED	15/01/2001	-
L93010MH1951PLC008546	CRAVATEX LIMITED	17/06/2005	-
U99999MH1964PLC012865	J.K.HELENE CURTIS LIMITED	09/06/2006	-
U65990MH1990PTC055279	QUANTUM ADVISORS PRIVATE LIMITED	02/12/2005	-
L22120MH1993PLC074214	PRITISH NANDY COMMUNICATIONS LIMITED	18/03/2006	-
U55100MH1999PLC120196	PNC WELLNESS LIMITED	15/05/2006	-
L51504WB1978PLC031813	MAGMA FINCORP LIMITED	11/09/2009	-
U74140MH2008PTC179973	BLUEOCEAN CAPITAL AND ADVISORY SERVICES PRIVATE LIMITED	11/03/2008	-
U65999MH2009PTC197427	GOMUKHI INDUS CAPITAL ADVISORY PRIVATE LIMITED	09/06/2010	-
U92100MH2002PLC137947	VIDEOCON D2H LIMITED	11/10/2012	-

Name :

Mr. Gulu Lalchand Mirchandani

Designation :

Director

Address :

D-131, Tahnee Heights, Petit Hall, Napeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth :

12.06.1943

Qualification :

B.E. (Mech.)

Date of Appointment :

01.02.2007

Experience :

Industrialist with rich business experience

DIN No.:

00026664

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67120MH1992PLC065961	GULITA SECURITIES LIMITED	30/09/2008	-
U73100MH1986NPL041099	ADINO RESEARCH FOUNDATION	01/10/1986	-
U72400MH2000PTC125369	FRACTAL ANALYTICS PRIVATE LIMITED	11/02/2008	-
U32100MH1986PLC040527	AKASAKA ELECTRONICS LIMITED(AMAL)	31/08/1986	-
U74999PN1999PTC014095	ALGORHYTHM TECH PRIVATE LIMITED	30/04/2006	-
U93090MH2007NPL171491	MUMBAI ANGEL VENTURE MENTORS	22/01/2010	-
U67120MH1983PTC029520	GUVISO HOLDINGS PRIVATE LIMITED	11/03/1983	-
U67190MH2007PTC171254	BRV INDIA ADVISORS PRIVATE LIMITED	29/09/2009	-
L32300MH1981PLC023637	MIRC ELECTRONICS LIMITED	01/01/1981	-
U99999MH1965PLC013261	BLOW PLAST LIMITED	22/05/2000	-
L45200MH2005PLC152061	KEC INTERNATIONAL LIMITED	12/01/2006	-

Name :

Mr. Rajeev Gupta

Designation :

Director

Address :

Krishna Kutir, Ground Floor, 28 Union Park, Khar (West), Mumbai-400052, Maharashtra, India

Date of Appointment :

07.02.2013

DIN No.:

00241501

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65191TN1994PTC028851	TVS CAPITAL FUNDS PRIVATE LIMITED	01/09/2014	-
L35999TN1936PLC002202	RANE HOLDINGS LIMITED	31/08/2017	-
L55101WB1949PLC017981	EIH LIMITED	06/08/2014	-
L92114DL1976PLC008355	COSMO FILMS LIMITED	19/02/2002	-
L92200DL1999PLC103001	T.V. TODAY NETWORK LIMITED.	31/08/2016	-
U67190MH2008PTC178270	SMALL BUSINESS FINCREDIT INDIA PRIVATE LIMITED	30/06/2017	-
L27100PB2010PLC033930	VARDHMAN SPECIAL STEELS LIMITED	23/07/2011	-
U65100MH2013PTC241310	ARPWOOD CAPITAL PRIVATE LIMITED	08/06/2015	-
L01551KA1999PLC024991	UNITED SPIRITS LIMITED	24/11/2015	-
U65991TN2007PLC064133	TVS CAPITAL FUNDS LIMITED	19/07/2012	-

KEY EXECUTIVES

Name :	Mr. Jogendra Sethi
Designation :	Chief Finance Officer
Address :	C-301, Saraswati Towers, Off Old Nagardas Road, Andheri (East), Mumbai -400069, Maharashtra, India
Date of Appointment :	20.05.2014
PAN No.:	AAWPS1385G
Name :	Mr. Anand Champalal Daga
Designation :	Company Secretary
Address :	1804, 18th Floor, Bhoomi Colossa, Plot No. 4, Sector 19, Airoli, Navi Mumbai-400708, Maharashtra, India
Date of Appointment :	18.07.2016
PAN No.:	AEAPD4963R
Name :	Mr. Mathew Devassy
Designation :	Commercial Department
Name :	Shreyas Trivedi
Designation :	General Manager – Legal and Company Secretary

SHAREHOLDING PATTERN

AS ON 31.03.2018

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	7,41,96,520	52.50
(B) Public	6,71,20,795	47.50
Grand Total	14,13,17,315	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	8,03,270	0.57
Shalini Dilip Piramal	2,33,500	0.17
Radhika D Piramal	2,22,000	0.16
Dilip G Piramal	2,03,020	0.14
Aparna Piramal Raje	1,44,750	0.10
Any Other (specify)	7,33,93,250	51.94
D G P Securities Limited	3,65,81,765	25.89
Vibhuti Investments Company Limited	2,18,62,645	15.47
Kiddy Plast Limited	48,04,340	3.40
Kemp and Company Limited	32,99,980	2.34
Alcon Finance & Investments Limited	27,68,355	1.96
Dgp Enterprises Private Limited	23,88,500	1.69
Dgp Capital Management Limited	16,87,665	1.19
Sub Total A1	7,41,96,520	52.50
A2) Foreign		0.00
A=A1+A2	7,41,96,520	52.50

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Mutual Funds/	1,33,43,135	9.44
Reliance Capital Trustee Co. Limited - A/c Reliancesmall Cap Fund	42,87,467	3.03
Franklin India Smaller Companies Fund	30,22,736	2.14
Itpl- Invesco India Contra Fund	15,95,587	1.13
Alternate Investment Funds	16,65,774	1.18
Foreign Portfolio Investors	1,45,79,908	10.32
Financial Institutions/ Banks	58,881	0.04
Insurance Companies	500	0.00
Sub Total B1	2,96,48,198	20.98
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	1,74,46,300	12.35
Individual share capital in excess of INR 0.200 Million	1,11,07,015	7.86
Rakesh Jhunjhunwala	52,15,000	3.69
Sudhir Mohanlal Jatia	19,30,000	1.37
Any Other (specify)	89,19,282	6.31
IEPF	11,72,510	0.83
Trusts	1,510	0.00
Foreign Nationals	500	0.00
HUF	3,65,466	0.26
Non-Resident Indian (NRI)	15,76,906	1.12
Overseas Corporate Bodies	35,000	0.02
Clearing Members	4,19,927	0.30
Market Maker	4,683	0.00
Tata Aia Life Insurance Co. Limited - Supr select equity fund- ULIF 035 16/10/09 TSS 110	20,88,235	1.48
Ram Gopal Textiles Limited	17,00,000	1.20
Bodies Corporate	53,42,780	3.78
Sub Total B3	3,74,72,597	26.52
B=B1+B2+B3	6,71,20,795	47.50

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and marketing of luggage, bags and accessories. (Registered Activity)

Products / Services :

NIC Code No.	Product Description
22205	Hard Luggages
15121	Soft Luggages

Brand Names :

“VIP”

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

2087 (Approximately)

Bankers :

• State Bank of India
• Central Bank of India
• Axis Bank Limited
• Kotak Mahindra Bank Limited
• IDBI Bank Limited
• The Hongkong and Shanghai Banking Corporation Limited
• YES Bank Limited

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT TERM BORROWINGS
Cash Credit and Demand loan from Banks	0.000	142.000
(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.)
Total	0.000	142.000

Statutory Auditor :
Name :	Price Waterhouse LLP Chartered Accountants
Address :	252, Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-66691500
Fax No.:	91-22-66547804/ 07
Internal Auditors
Name :	Suresh Surana and Associates LLP Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries Companies :	VIP Industries Bangladesh Private Limited Blow Plast Retail Limited
Joint Venture :	VIP Nitol Industries Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
246500000	Equity Shares	INR 2/- each	INR 493.000 Million
1000	9% redeemable cumulative preference shares	INR 1000/- each	INR 1.000 Million
	Total		INR 494.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
141317315	Equity Shares	INR 2/- each	INR 282.600 Million

Reconciliation of number of shares

PARTICULARS	As at 31st March 2017
	Number of Shares	INR In Million
Number of Equity shares at the beginning of the year	141317315	282.600
Add :- Shares issued during the year	--	--
Less:- Shares Bought Back	--	--
Number of Equity shares at the end of the year	141317315	282.600

Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of INR 2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

Name of the shareholders	As at 31st March 2017
	No of Shares held	%
Equity Shares:
DGP Securities Limited	36581765	25.89%
Vibhuti Investments Company Limited	21862645	15.47%

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	282.600	282.600	282.600
(b) Reserves & Surplus	3708.400	3080.900	2787.400
(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)	3991.000	3363.500	3070.000
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	12.900	14.600	14.600
(d) long-term provisions	84.200	39.300	30.800
Total Non-current Liabilities (3)	97.100	53.900	45.400
(4) Current Liabilities
(a) Short term borrowings	0.000	142.000	310.300
(b) Trade payables	1519.600	1722.000	1178.800
(c) Other current liabilities	425.000	264.400	201.200
(d) Short-term provisions	25.800	269.900	186.300
Total Current Liabilities (4)	1970.400	2398.300	1876.600
TOTAL	6058.500	5815.700	4992.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	476.700	509.000	543.100
(ii) Intangible Assets	10.400	7.800	11.200
(iii) Capital work-in-progress	3.200	10.200	10.900
(iv) Intangible assets under development	2.600	0.000	0.000
(b) Non-current Investments	202.400	201.700	182.600
(c) Deferred tax assets (net)	51.200	41.100	31.000
(d) Long-term Loan and Advances	173.800	203.600	256.400
(e) Other Non-current assets	35.700	40.000	45.000
Total Non-Current Assets	956.000	1013.400	1080.200
(2) Current assets
(a) Current investments	679.200	0.000	0.000
(b) Inventories	2731.900	2781.100	2227.200
(c) Trade receivables	1206.000	1493.300	1111.000
(d) Cash and cash equivalents	97.600	69.200	71.800
(e) Short-term loans and advances	378.200	235.700	243.000
(f) Other current assets	9.600	223.000	258.800
Total Current Assets	5102.500	4802.300	3911.800
TOTAL	6058.500	5815.700	4992.000

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	12748.200	12164.500	10476.900
	Other Income	77.500	23.000	26.000
	TOTAL	12825.700	12187.500	10502.900
Less	EXPENSES
	Cost of Materials Consumed	1280.400	1656.400	1459.900
	Purchases of Stock-in-Trade	5643.200	5631.600	4831.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	43.400	(536.400)	(485.000)
	Employees benefits expense	1360.200	1213.500	1060.000
	Exceptional items	0.000	0.000	(403.200)
	Other expenses	3225.100	3169.100	2846.600
	TOTAL	11552.300	11134.200	9669.700
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1273.400	1053.300	833.200
Less	FINANCIAL EXPENSES	5.700	11.800	12.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1267.700	1041.500	820.400
Less	DEPRECIATION/ AMORTISATION	114.500	120.900	152.800
	PROFIT/ (LOSS) BEFORE TAX	1153.200	920.600	667.600
Less	TAX	393.400	286.500	189.000
	PROFIT/ (LOSS) AFTER TAX	759.800	634.100	478.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	655.000	361.100	361.100
Less	APPROPRIATIONS
	Final Dividend	0.000	197.900	141.300
	Interim dividend	113.100	84.800	70.700
	Amount transferred to general reserve	0.000	0.000	223.700
	Dividend distribution tax	19.200	57.500	42.900
	Total	132.300	340.200	478.600
	Balance Carried to the B/S	1282.500	655.000	361.100
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	689.000	863.300	932.400
	Dividend Income	18.300	0.000	0.000
	Freight	0.000	9.100	13.200
	Commission Income	0.000	0.000	1.100
	TOTAL EARNINGS	707.300	872.400	946.700
	IMPORTS
	Raw Materials	109.600	142.500	84.300
	Capital goods	0.000	0.800	21.800
	Stores and spares	0.100	0.100	0.500
	TOTAL IMPORTS	109.700	143.400	106.600
	Earnings / (Loss) Per Share (INR)	5.38	4.49	3.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	1640.600	777.200	338.300
Net cash generated from operating activities	1252.400	511.600	128.200

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
	(Unaudited)	(Unaudited)	(Unaudited)
Net Sales	4065.700	3092.200	3379.900
Total Expenditure	3493.000	2743.100	3008.700
PBIDT (Excluding Other Income)	572.700	349.100	371.200
Other Income	24.500	38.200	19.300
Operating Profit	597.200	387.300	390.500
Interest	0.300	0.200	1.200
Exceptional Items	NA	NA	NA
PBDT	596.900	387.100	389.300
Depreciation	25.300	24.700	29.100
Profit Before Tax	571.600	362.400	360.200
Tax	193.400	120.000	119.400
Provisions and contingencies	NA	NA	NA
Profit After Tax	378.200	242.400	240.800
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	378.200	242.400	240.800

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	34.53	44.81	38.71
Account Receivables Turnover (Income / Sundry Debtors)	10.57	8.15	9.43
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	80.11	86.24	68.39
Inventory Turnover (Operating Income / Inventories)	0.47	0.38	0.37
Asset Turnover (Operating Income / Net Fixed Assets)	2.58	2.00	1.47

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.33	0.41	0.38
Debt Equity Ratio (Total Liability / Networth)	0.00	0.04	0.10
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.49	0.71	0.61
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.12	0.16	0.18
Interest Coverage Ratio (PBIT / Financial Charges)	223.40	89.26	65.09

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PBT / Operating Income) * 100)	%	5.96	5.21	4.57
Return on Total Assets ((PAT / Total Assets) * 100)	%	12.54	10.90	9.59
Return on Investment (ROI) ((PAT / Networth) * 100)	%	19.04	18.85	15.59

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.59	2.00	2.08
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.20	0.84	0.90
G-Score Ratio Financial (Networth / Total Assets)	0.66	0.58	0.61
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.50	1.10
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.59	2.00	2.08

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

STOCK PRICES

Face Value	INR 2.00/-
Market Value	INR 417.00/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	282.600	282.600	282.600
Reserves & Surplus	2787.400	3080.900	3708.400
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3070.000	3363.500	3991.000
long-term borrowings	0.000	0.000	0.000
Short term borrowings	310.300	142.000	0.000
Total borrowings	310.300	142.000	0.000
Debt/Equity ratio	0.101	0.042	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	10476.900	12164.500	12748.200
		16.108	4.798

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	10476.900	12164.500	12748.200
Profit	478.600	634.100	759.800
	4.57%	5.21%	5.96%

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	282.600	282.600
(b) Reserves & Surplus	3800.900	3110.500
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4083.500	3393.100
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	12.900	14.600
(d) long-term provisions	84.200	39.300
Total Non-current Liabilities (3)	97.100	53.900
(4) Current Liabilities
(a) Short term borrowings	0.000	142.000
(b) Trade payables	1457.100	1743.200
(c) Other current liabilities	425.400	264.900
(d) Short-term provisions	29.000	269.900
Total Current Liabilities (4)	1911.500	2420.000
TOTAL	6092.100	5867.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	599.700	655.900
(ii) Intangible Assets	10.800	9.600
(iii) Capital work-in-progress	3.300	10.900
(iv) Intangible assets under development	2.600	0.000
(b) Non-current Investments	0.100	0.100
(c) Deferred tax assets (net)	51.200	41.100
(d) Long-term Loan and Advances	178.000	208.000
(e) Other Non-current assets	35.700	40.000
Total Non-Current Assets	881.400	965.600
(2) Current assets
(a) Current investments	679.200	0.000
(b) Inventories	2826.300	2874.200
(c) Trade receivables	1209.600	1493.300
(d) Cash and cash equivalents	106.200	80.300
(e) Short-term loans and advances	379.800	233.900
(f) Other current assets	9.600	219.700
Total Current Assets	5210.700	4901.400
TOTAL	6092.100	5867.000

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	12752.000	12164.500
	Other Income	59.100	23.000
	TOTAL	12811.100	12187.500
Less	EXPENSES
	Cost of Materials Consumed	1554.100	1852.300
	Purchases of Stock-in-Trade	5153.800	5325.100
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	52.300	(550.300)
	Employees benefits expense	1415.000	1258.600
	Other expenses	3258.800	3197.000
	TOTAL	11434.000	11082.800
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1377.100	1104.700
Less	FINANCIAL EXPENSES	5.700	11.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1371.400	1092.900
Less/ Add	DEPRECIATION/ AMORTISATION	136.100	141.800
	PROFIT/ (LOSS) BEFORE TAX	1235.300	951.100
Less	TAX	396.700	286.500
	PROFIT/ (LOSS) AFTER TAX	838.600	664.600
	Earnings / (Loss) Per Share (INR)	5.93	4.70

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

The Company is a public limited Company and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE). The Company is engaged interalia, in the business of manufacturing and marketing of luggage and bags.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT – DOMESTIC

LUGGAGE

The Domestic Luggage industry continued to grow this year on the back of strong consumer demand. Increased consumer demand for luggage was on account of increase in travel and demand for short haul bags. Key contributing factors for this growth was sustained brand presence on mass and digital media with consumer focused advertising campaigns, strong new product launches and new distribution schemes. Branded bags and luggage are gaining consumer preference around the world including India. The key growth drivers are increasing disposable incomes, increasing fashion consciousness and aspiration levels. Household travel expenditure has risen which also fuels growth. Bags and luggage are becoming status symbols as they are considered lifestyle products helping wider acceptance of fashionable and high end luggage.

New luggage categories like Soft luggage uprights, polycarbonate uprights and backpacks have registered growth

whereas traditional categories like hard luggage suitcases continue to decline. This is happening across all geographies including the country’s heartland, which used to be the stronghold of traditional luggage. This shift is due to change in consumer preferences towards the convenience of light and wheeled travel products, away from heavier products.

School bags (including backpacks) and handbags both registered the fastest retail growth during the year. Backpacks are mainly targeted at school children who carry textbooks and stationery and also by people who travel frequently and other students who want to maintain a casual image while carrying school books and stationery. This category saw tremendous growth as the company increased its focus with new launches and advertising. School bags including backpack sales have grown substantially in the last three years, strengthening overall short haul category sales and suggesting an increasing affinity of consumers towards young and youthful categories.

Hypermarket channel continues to witness the strongest growth amongst all channels suggesting that Indian consumers are showing preference towards affordable luggage and convenience of modern shopping formats which are clean and air conditioned. E-commerce is another channel to look for in the near future as it rapidly expands with Indian consumers.

Affordable luxury brands continue to grow well in India. Introduction to business accessories and leather collection through the “Carlton” brand did exceedingly well. Brand Carlton will keep expanding in this space going forward. Opening up of Carlton and Caprese exclusive brand stores have added to the respective brands growth contributions.

LADIES HAND BAGS

Caprese, the ladies handbags brand, has seen positive growth in line with the company vision to become the largest ladies handbags brand in India within few years. Robust advertising campaigns, along with differentiated and relevantly priced products tailored for each distribution channel have fueled the growth this year. Product segmentations across value and premium lines for Caprese helped in driving growth for the brand. Caprese is now available at more than 800 points of sale across the country across all meaningful distribution channels including select Company run stores, franchisee stores, multi brand dealers and leading Department store chains like Shoppers Stop, Lifestyle, Central and Pantaloons, as well as all leading e-commerce platforms like Myntra, Flipkart, Amazon, Jabong, ABOF and TataCliq. Focus is continuing to expand distribution in meaningful locations and channels. E commerce channel contributed significantly towards the growth of Caprese brand.

Caprese has successfully established itself as a purveyor of international fashion and witnessed heightened brand awareness by delivering successful advertising campaigns with Alia Bhatt, the brand ambassador, that have resonated with Indian consumers. Occasion specific campaigns on digital media with Alia Bhatt have yielded rich dividends on brand imagery. The brand will continue to introduce latest international fashion trends and to live up to the promise of delivering high quality and affordable fashion catering to the discerning Indian woman. Caprese is planning to substantially increase its offering going ahead.

SUPPLY OF PRODUCTS

The Company is using replenishment model of supply chain which has significantly improved availability of products at Company run stores to minimize sales loss.

EXPORTS AND INTERNATIONAL OPERATIONS

Due to subdued market conditions in Middle East, UK, Europe and Asia Pacific, the International Business of the Company declined during the year. While sale of private label business has grown, branded goods sales declined in select geographies in Europe.

OPPORTUNITIES AND THREATS

VIP has a very well differentiated offering for consumers belonging to different strata, regions of the country. This is possible because of sharp and distinctive brand positioning of all 6 brands of the Company. With Carlton, they appeal to the young business travelers. Skybags today is fast becoming an iconic youth brand. Brand VIP remains the first choice of Indian family travel, while Aristocrat and Alfa are providing value to consumers in hyper markets and trade channels respectively. Hence, today if there is a true luggage company of the country, it has to be VIP Industries Limited

OUTLOOK

Presently, indirect tax effective rate for luggage and bags is around 18%. Organized luggage industry will have to take price increase due to GST rate of 28%. Due to high GST rate and tax evasion by unorganized sector, organized sector will be uncompetitive and business will migrate to unorganized sector. GST is one of the most important initiatives in the history of India’s economy. It is ironical that for their industry as it would be a retrograde step, with the large part of the industry migrating to the tax evading sector, which would be exactly opposite to the government’s objectives.

The company will continue efforts to strengthen its brands and will also appeal to government for lower GST rate for luggage and bags through industry associations.

INDEX OF CHARGE:

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	A11641628	10039714	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	17/01/2007	-	-	68200000.0	IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN
2	A01584358	10011526	UTI BANK LTD	26/05/2006	-	-	92000000.0	UNIVERSAL INURANCE BUILDINGSIR P M ROAD,FORT,MUMBAIMH400001IN
3	Y10349036	90241399	UTI BANK LTD.	30/03/2005	-	-	100000000.0	UNIVERSAL INSURANCE BUILD.SIR P.M. ROAD `MUMBAIMH400001IN
4	Y10348557	90240920	UTI BANK LTD	07/11/2002	-	-	30000000.0	FORT BRANCHP.M. RDMUMBAIMH400001IN
5	Y10348483	90240846	THE SARASWAT CO-OP BANK LTD	13/02/2002	-	-	4022000.0	VILE PARLE EAST BANCHVILE PARLE (E)MUMBAIMH400057IN
6	Y10348453	90240816	UTI BANK LTD	26/09/2001	-	-	50000000.0	LOKHANDALA COMPLEXANDHERI (W)MUMBAIMHIN
7	Y10351930	90244293	BANK OF INDIA	04/07/2000	10/02/2003	-	6000000.0	MUMBAI CORPORATE BANKING BRANCHFORTMUMBAIMH400023IN
8	Y10345999	90238362	STATE BANK OF PATIALA	22/05/2000	02/06/2003	-	100000000.0	STATE BANK OF PATIALAATLANTA; NARIMAN POINTMUMBAIMH400021IN
9	Y10351928	90244291	STATE BANK OF PATIALA	22/05/2000	-	-	100000000.0	ATLANTA NARIMAN POINTMUMBAIMH400021IN
10	Y10348083	90240446	THE SARASWAT CO-OPERATIVE BANK LTD	11/03/1998	-	-	10000000.0	DADAR BRANCHMUMBAIMHIN
11	Y10348072	90240435	INDUSTRIAL INVESTMENT BANK OF INDIA LTD	26/02/1998	-	-	50000000.0	WEARNEST HOUE; 11TH FLOOR194; NARIMAN POINTMUMBAIMH400021IN
12	Y10348035	90240398	BANK OF INDIA	27/11/1997	19/12/2001	-	6000000.0	70; 890; M.G. RDFORT; 4TH FLOORMUMBAIMH400023IN
13	Y10347945	90240308	THE SARASWAT CO-OP BANK LTD	12/03/1997	-	-	10000000.0	NIKADWARI LANE; GIRGAONMUMBAIMH400004IN
14	Y10347941	90240304	HOUSING DEVELOPMENT FINANCE CORPN LTD	25/02/1997	-	-	4700000.0	RAMON HOUSE; 169 BACKBAY RECLAMATIONMUMBAIMH400020IN
15	Y10347921	90240284	COMMERZBANK	03/12/1996	-	-	100000000.0	12-B; FREE PRESS HOUSE; 215 FREE PRESS JOURNAL RDNARIMAN POINTMUMBAIMH400021IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against the company not acknowledged as Debts	0.400	0.400
Income tax matters	12.200	15.500
Sales tax matters	1068.900	880.300
Excise and Customs Demand- matters under dispute and claims for refund for excise	7.500	9.800
Total	1089.000	906.000
(The amounts in respect of above items represent the best possible estimates arrived on the available information. The uncertainities are dependent on the outcome of the different legal processes. The timing of the future cash flows will be determinable only on receipt of judgements / decisions pending with various forums / authorities. The company does not expect any reimbursements in respect of the above contingent liability.)

STATEMENT OF UNAUDITED FINANCIAL RESULT FOR THE QUARTER ENDED AND HALF YEAR ENDED DECEMBER 31, 2017

Particular	Quarter ended		Nine Months ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Income from Operations
(a) Net sates/income from operations (Net of excise duty)	3379.900	3092.200	10537.800
(b) Other Operating Income	19.300	38.700	80.800
Total income from operations (net)	3399.200	3130.900	10618.600
Expenses
Cost of materials consumed	372.600	281.300	974.200
Purchases of stock-in trade	1542.800	1027.400	4202.900
Changes in inventories of finished goods. work-in-progress and stock in trade	(190.500)	317.700	416.100
Excise Duty	--	--	67.500
Employee benefits expense	386.000	384.500	1129.100
Finance Costs	1.200	0.200	1.700
Depreciation and Amortization Expenses	29.100	24.700	79.000
Other Expenses	897.800	732.700	2453.700
Total expenses	3039.000	2768.500	9324.200
Profit/ (Loss) before tax	360.200	362.400	1294.400
Tax expenses
Current tax	117.700	124.900	439.300
Differed Tax	0.300	(4.900)	(7.900)
Short Provision for tax relating to prior year	1.400	--	1.400
Net Profit / (Loss) for the period	240.800	242.400	861.600
Other Comprehensive Income
Items that will not be reclassified to profit or loss	9.100	(12.400)	(0.900)
Income tax relating to items that will not be reclassified to profit or loss	(3.100)	4.400	0.400
Items that will be reclassified to profit or loss	--	--	--
Income tax relating to items that will be reclassified to profit or loss	--	--	--
Total Other Comprehensive Income	0.600	(8.000)	(0.500)
Total Comprehensive income for the period	246.800	234.400	861.100
Paid up equity share capital	282.600	282.600	282.600
Earning per share Basic/ Diluted	1.70	1.72	6.10

STATEMENT OF ASSET AND LIABILITIES AS AT 30.09.2017

SOURCES OF FUNDS	30.09.2017 (Unaudited)
Asset
Non-current assets	442.900
Property, plant and equipment	103.800
Capital work-in-progress	7.400
Other Intangible assets	3.100
Investment property	0.100
Financial assets
Investment	194.700
Other Financial Assets	165.700
Deferred Tax Assets	63.000
Other non – current assets	84.200
Total Non-current assets	1064.900
Current assets
Inventories	2129.700
Financial assets
Investment	1011.700
Trade receivables	1794.900
Cash and cash equivalent	85.900
Other financial assets	52.100
Other current Assets	302.200
Total current Assets	5376.500
Total Asset	6441.400
B Equity and liabilities
Equity
Equity share capital	282.600
Other equity	4042.400
Total equity	4325.000
Non-current liabilities
Financial Liabilities
Other financial liabilities	5.100
provision	100.900
Other non – current liabilities	1.600
Total non – current liabilities	107.600
Current liabilities
Financial Liabilities
Borrowing	26.700
Trade payables	1405.700
Other financial liabilities	58.300
Provisions	244.300
Other current liabilities	149.800
Current tax liabilities	124.000
Total current liabilities	2008.800
Total Liabilities	2116.400
Total equity and liabilities	6441.400

FIXED ASSETS:

Tangible Asset:

• Freehold land
• Building
• Moulds and dies
• Plant and Machinery
• Office equipments
• Furniture and Fixture
• Data processing machines
• Vehicles

Intangible Asset:

• Patents and trademarks
• Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 67.08
UK Pound	1	INR 91.14
Euro	1	INR 80.01

INFORMATION DETAILS

Information Gathered by :	SHA
Analysis Done by :	PRA
Report Prepared by :	JYO

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

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

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.