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V2 Retail Ltd

BSE Code : 532867 | NSE Symbol : V2RETAIL | ISIN:INE945H01013| SECTOR : Retail |

NSE BSE
 
SMC down arrow

46.00

-0.45 (-0.97%) Volume 280564

30-Oct-2020 EOD

Prev. Close

46.45

Open Price

46.55

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

46.00(175)

 

Today’s High/Low 47.90 - 45.05

52 wk High/Low 127.00 - 30.25

Key Stats

MARKET CAP (RS CR) 157.57
P/E 0
BOOK VALUE (RS) 82.2569454
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 0.561654700102686
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 78.97
4

News & Announcements

30-Oct-2020

V2 Retail Ltd - V2 Retail Limited - Updates

23-Oct-2020

V2 Retail Ltd - Intimation Of Opening Of New Retail Store Of The Company

23-Oct-2020

V2 Retail Ltd - V2 Retail Limited - Updates

22-Oct-2020

V2 Retail Ltd - V2 Retail Limited - Updates

25-Aug-2020

V2 Retail to hold AGM

12-Aug-2020

V2 Retail schedules board meeting

16-Jun-2020

V2 Retail to table results

18-Jan-2020

V2 Retail to table results

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Jet Knitwears Ltd 538374 JETKNIT
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Jyoti Overseas Ltd 523876
K P R Mill Ltd 532889 KPRMILL
Kewal Kiran Clothing Ltd 532732 KKCL
KG Petrochem Ltd 531609
Khoobsurat Ltd 535730
Kitex Garments Ltd 521248 KITEX
K-Lifestyle & Industries Ltd 514221 SHREEKRPOL
Knitworth Exports Ltd 531587
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Share Holding

Category No. of shares Percentage
Total Foreign 2200000 6.45
Total Institutions 520000 1.53
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 0 0.00
Total Promoters 18286337 53.62
Total Public & others 13098689 38.41
Total 34105026 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About V2 Retail Ltd

Vishal Retail Ltd is one of fastest growing retailing groups in India. The company offers a portfolio of products, including apparel, non-apparel and fast moving consumer goods. The company sells readymade apparels, household merchandise, and other consumer goods like footwear, watches, toys, toiletries, grocery items, sports items, crockery, novelties and gifts. The company's subsidiaries include VRL Foods Ltd, VRL Movers Ltd, VRL Consumers Goods Ltd, VRL Fashions Ltd and VRL Infrastructure Ltd. Vishal Retail Ltd offer affordable family fashion at prices to suit every pocket. Their outlets cater to almost all price ranges. The showrooms have over 70,000 products range which fulfills all household needs. The cost benefit that is derived from the large central purchase of goods and services is passed on to the consumer. Vishal Retail Ltd was incorporated on July 23, 2001 as Vishal Retail Private Ltd. In November 2001, the company acquired the proprietorship firm Vishal Garments & The Vishal Garments. In the year 2002, they opened their first store in Delhi. In the year 2003, the company acquired the manufacturing facilities from Vishal Fashions Private Ltd and Vishal Apparels as a going concern and set up a manufacturing unit in Gurgaon. In the year 2004, the company started their largest store at New Delhi having an area of 80,000 sq ft. The company was converted to a public company on February 20, 2006. During the year 2006-07, the company opened up three new stores at Patna in Bihar, Karnal in Haryana and Dahisar in Maharashtra. During the year 2007-08, the company established five new companies, namely VRL Foods Ltd, VRL Movers Ltd, VRL Consumer Goods Ltd, VRL Fashions Ltd and VRL Infrastructure Ltd for diversifying the business operations. Also, they set up their manufacturing units at Manesar and Dehradun, with production capacities of 1.5 million pieces each per annum. With this, the company is having three manufacturing facilities with total installed capacity of 4.5 million pieces per annum. During the year, the company added 52 new stores, out of which 34 were in Tier-III cities, two in Tier-II cities and 16 in a Tier-I city. Also, they added 9 warehouses with an area of 581,640 sq ft, taking the total number of warehouses to 29 spread across 1.1 million sq ft of space. Also, they added a fleet of 40 trucks taking the total number of trucks in the fleet to 98. As on March 9, 2009, the company had 182 stores spread across India. In March 2008, the company entered into a an agreement with Hindustan Petroleum Corporation Ltd, in which Hindustan Petroleum Corporation Ltd will provide space to the company for either Retail store or Warehousing at their mutually selected retail outlets. The company opened two such stores on a trial basis and had plans to increase it to 20-25 stores. The company plans to open nine new formats two categories in apparel, fashion mart and separate formats for menswear and women's wear, restaurant & consumer durable as well. They are intending to open new stores through franchisee model to minimize the companies cost in opening up stores and minimize the risk. The company is also working in the feasibility of launching the convenience model (small formats through franchisee). These stores would have a size of about 800-2000 sq ft.

V2 Retail Ltd Chairman Speech

V2 Retail. Inspired by

Bharat's millennial consumer

The answer is that theglobal realities faster than one may realize. For instance, increasing digitization – arguably the most dramatic of technology inflections of the last few decades - is being driven by millennial engineers. Millennials are more knowledge-driven that their predecessors. They are quicker in embracing technologies. They are better connected with global trends. They are usually decided in their choices. Most of their decisions are influenced by the social media. They increasingly buy online. They are more brand-conscious. They are more experiential-driven than thrifty. They like to appraise a wider choice before purchase. They are more impatient with a growing focus on ‘now' than ‘later'.

Interestingly, India sits at the centre of this global millennial phenomenon for a number of reasons. India's median age of 28 years makes it effectively a millennial-driven nation. The country comprises possibly the largest millennial population in the world. Nearly 80% of the country's millennials are connected with a digital device of some kind. Millennials account for a large third of India's population, nearly half of the country's working age population and nearly 71% of India's total household income. More than 50% of the incremental income earned by India's millennials (after essentials) is directed towards eating out, apparel and entertainment while only around 10% of their incremental income is saved.

This millennial revolution has kickstarted three inflection points.

The first inflection is that of price-value. The consumer of the past was driven by the prospect of buying products cheapest; the modern-day millennial-mindset consumer seeks products around the best price-value proposition. This may sound like a small shift in consumer preference; it has in reality kickstarted a large number of superior products and services towards an unprecedented growth journey.

The second inflection is of differentiation. A larger number of consumers seek different experiences. For the millennial-mindset consumers, normal is boring. They need to buy into differentiated products and services. They are increasingly willing to spend more for them. One area where we are seeing a complete transformation is in the area of apparel purchases, where today's purchase is driven less by the functional and more by the fashionable. Wardrobes are being churned faster, fashion cycles are shortening, promotion-driven fashion weeks have increased, the fashion designer community has substantially increased and the number of times people buy apparel has increased from a couple of times a year to around once every couple of months.

The third inflection is digitalisation. The ‘world' has been captured in the palm of one's hand. Money has evolved from paper to virtual. Stores are ‘open' round the clock. Product varieties have become virtually endless. Stores ‘commute' to consumers.

The convergence of these inflections has disrupted the world, threatening the sluggish but energizing the nimble.

At V2 Retail, we perceive these developments as attractive opportunities. In the last few years, we completely transformed our business model with the objective to capitalize and, in some cases, establish a first mover's advantage.

We are addressing the sectoral opportunity by presenting a wide assortment of products in India's organized retail. We are offering a choice that addresses the aspirational needs of Bharat's consumers. We are providing the consumer with far more reasons to spend more and live better.

We have strengthened our differentiation through a superior price-value position extending far beyond the ‘sabse sasta' positioning. At our company, the difference starts from our store design, the friendliness, the engagement quality and our offerings mix compromising a larger proportion of non-food (especially apparel). The result is that V2 Retail is shifting the needle from quality products to holistically superior experiences.

What provides me with optimism is the passion at V2 Retail. This is an organization with a new and younger management team. This is an organization that possesses the self-confidence to perpetually question itself. This is an organization that keeps asking ‘Why not?' when coming to new initiatives. This is an organization with a relatively de-layered organisational structure, making it quicker to communicate. This is an organization where if we have to fail, we would prefer to fail fast and move on. This then is an organisation with a distinctive workplace excitement. This passion translated into stronger fundamentals during the year under review. The Company incurred a one-time expense of around Rs 26 crore on account of Corporate Debt Restructuring, impacting margins. The Company has virtually no competition in India's organized retail sector in addressing the lower middle-class. The inventory days is expected to moderate in coming financial year. To this encouraging reality we bring the prospect of quicker store rollout: the Company launched 15 stores in 2016-17, 12 in 2017-18, 28 in 2018-19 and a projected addition of 25 in the current financial year - without debt – that should translate into a corresponding area of 0.3 million square feet or 33 per cent of our total retail area by the close of FY20. At V2 Retail, we see a vast under-addressed market that is making our business model increasingly relevant. We face exciting days ahead and I welcome you to stay invested in that journey.

Ram Chandra Agarwal

Chairman

   

V2 Retail Ltd Company History

Vishal Retail Ltd is one of fastest growing retailing groups in India. The company offers a portfolio of products, including apparel, non-apparel and fast moving consumer goods. The company sells readymade apparels, household merchandise, and other consumer goods like footwear, watches, toys, toiletries, grocery items, sports items, crockery, novelties and gifts. The company's subsidiaries include VRL Foods Ltd, VRL Movers Ltd, VRL Consumers Goods Ltd, VRL Fashions Ltd and VRL Infrastructure Ltd. Vishal Retail Ltd offer affordable family fashion at prices to suit every pocket. Their outlets cater to almost all price ranges. The showrooms have over 70,000 products range which fulfills all household needs. The cost benefit that is derived from the large central purchase of goods and services is passed on to the consumer. Vishal Retail Ltd was incorporated on July 23, 2001 as Vishal Retail Private Ltd. In November 2001, the company acquired the proprietorship firm Vishal Garments & The Vishal Garments. In the year 2002, they opened their first store in Delhi. In the year 2003, the company acquired the manufacturing facilities from Vishal Fashions Private Ltd and Vishal Apparels as a going concern and set up a manufacturing unit in Gurgaon. In the year 2004, the company started their largest store at New Delhi having an area of 80,000 sq ft. The company was converted to a public company on February 20, 2006. During the year 2006-07, the company opened up three new stores at Patna in Bihar, Karnal in Haryana and Dahisar in Maharashtra. During the year 2007-08, the company established five new companies, namely VRL Foods Ltd, VRL Movers Ltd, VRL Consumer Goods Ltd, VRL Fashions Ltd and VRL Infrastructure Ltd for diversifying the business operations. Also, they set up their manufacturing units at Manesar and Dehradun, with production capacities of 1.5 million pieces each per annum. With this, the company is having three manufacturing facilities with total installed capacity of 4.5 million pieces per annum. During the year, the company added 52 new stores, out of which 34 were in Tier-III cities, two in Tier-II cities and 16 in a Tier-I city. Also, they added 9 warehouses with an area of 581,640 sq ft, taking the total number of warehouses to 29 spread across 1.1 million sq ft of space. Also, they added a fleet of 40 trucks taking the total number of trucks in the fleet to 98. As on March 9, 2009, the company had 182 stores spread across India. In March 2008, the company entered into a an agreement with Hindustan Petroleum Corporation Ltd, in which Hindustan Petroleum Corporation Ltd will provide space to the company for either Retail store or Warehousing at their mutually selected retail outlets. The company opened two such stores on a trial basis and had plans to increase it to 20-25 stores. The company plans to open nine new formats two categories in apparel, fashion mart and separate formats for menswear and women's wear, restaurant & consumer durable as well. They are intending to open new stores through franchisee model to minimize the companies cost in opening up stores and minimize the risk. The company is also working in the feasibility of launching the convenience model (small formats through franchisee). These stores would have a size of about 800-2000 sq ft.

V2 Retail Ltd Directors Reports

It gives me great pleasure to share with you the performance of your company along with audited accounts for the financial year ended March 31, 2019.

1. State of company Affairs

The Financial Year 2018-19 was marked with volatility and disruptions due to competition. Your company however continued to perform consistently well in these challenging times and deliver better results. With sales at Rs 748 Crore, V2 retail has registered an overall growth of 34% in the turnover. EBIDTA at Rs 46.9 Crore has decreased by 9% over previous year.

In order to strengthen its market share, the company have added 31 new stores and also taken steps to improve the supply chain network. Besides, e_ciency improvement and cost optimisation have been followed vigorously across all the functions of the organisation.

Exceptional items amounting to Rs 2,661.89 lakh for the year ended 31 March 2019 represents, one time settlement amount which the Company has paid to the lenders for relinquishing their Right of Recompense (ROR) for the sacrifices made by them in Financial year 2010-2011 under the Corporate Debt Restructuring (CDR) package vide Master Restructuring Agreement (MRA) entered into in November, 2010. Further company have made gain of Rs 459.70 lakh on Sale of CCD of TPG Wholesale Private Limited.

The net amount paid by the company was around Rs 2202.19 lakhs after adjusting sale value of CCD, FDR and other related matters with the CDR lenders.

Further CDR lenders have issued No dues Certificate and released all the securities held by them.

Financial Results

The operating results of the Company for the year under review are as follows:

(Rs in lakhs except for per share data)
Particulars For the Year ended 31.03.2019 For the Year ended 31.03.2018
Revenue from operation 74,841.94 55,940.36
Other Income 989.08 325.55
Total income 75,831.02 56,265.91
Profit before Interest, Depreciation & Taxation 5675.23 5,498.92
Interest & Finance Costs 65.99 57.49
Depreciation and amortisation 1442.32 840.64
Profit from Operations before Exceptional Items and Tax 4166.92 4,600.79
Exceptional Items -2661.89 -
Profit before Taxation 1505.03 4,600.79
Less : Provision for Taxation
- Current Tax 76.05 -
- Deferred Tax -620.31 1,492.59
Profit After Taxation 2049.29 3,108.20
Total other Comprehensive Income -6.42 -11.19
Total Comprehensive Income for the period 2042.87 3097.01
Paid up equity share capital (Face value of Rs 10 each) 3407.40 3392.27
Other Equity as per balance Sheet 26128.36 24003.68
Earnings Per Share 6.02 9.62

2. Operations Review

The Company continued with its strategy to establish "V2" brand of Retail stores across north, east, south and central part of India during the year. It is one of the fastest growing retail company in India and enjoys strong brand equity from customers across segments.

During the year, the number of "V2" stores increased to 77 (Seventy Seven) spread across 17 state and 72 cities with total retail area in excess of 9 lakhs sq. ft. The Company added 31 (Thirty one) and closed 3 (Three) stores during the year.

During the year under review, the Company continued to focus on enhancing the capability of the organization and towards the achievement of this goal, the Company has been taking a number of initiatives.

3. Dividend

Implementation of landmark reforms and immense growth opportunity for the organised retail industry in India, your Directors intend to retain internal accrual for business growth of company. Therefore, the Board of Directors does not propose to declare any dividend for this year.

4. Transfer to Reserve

Your Directors do not propose to transfer any amount to the general reserve.

5. Material changes and commitments

No material changes and commitments have occurred from the date of close of the financial year till the date of this Report, which might affect the financial position of the Company.

6. Share Capital

The paid - up share capital of the Company was increased from Rs 3392.27 lakhs to 3407.40 lakhs as on March 31, 2019.

During the year the Company made an allotment of 151,334 (One Lakh Fifty One Thousand Three Hundred Thirty Four) Equity shares at an exercise price (Face Value) of Rs 10/- each to respective eligible employee pursuant to exercise of employee stock options under V2R - Employee Stock Option Scheme 2016 ("ESOP 2016"), amounting to Rs 15.13 lakhs.

7. Transfer to Investor Education Protection Fund

Pursuant to the provisions of Section 205C of the Companies Act, 1956 (Section 125 of the Companies Act, 2013), your Company has not transferred any amount during the year 2018-19 to the Investor Education and Protection Fund.

8. Employee Stock Option Scheme

The Company has implemented a V2R-Employee Stock Option Scheme 2016 (‘ESOP 2016'), which was approved by the members at the Annual General Meeting held on September 30, 2016. Your Directors have approved grant of options to the eligible employees of the Company under the scheme ‘V2R-Employee Stock Option Scheme 2016' (‘ESOP 2016').

The information required to be disclosed under SEBI (Share Based Employee Benefits) Regulations, 2014 as on March 31, 2019 are as follows and respective disclosures are displayed on the website of the company i.e. www.v2retail.com.

Particulars Details
Date of Shareholders Approval September 30, 2016
Number of Options 12, 44,380 (Twelve lakhs forty four thousand three hundred eighty) options to be convertible into equal number of fully paid up Equity Shares of the Company of face value of Rs 10 each.
Number of options outstanding at the beginning of the year 227,709
Number of options granted during the year 245,590
Number of options forfeited / lapsed 223,335
Number of options vested during the year 151,334
Number of options exercised during the year 151,334
Number of shares arising as a result of exercise of options 151,334
Money realized by exercise of options 151,3340
Number of options outstanding at the end of the year 98,630
Number of options exercisable at the end of the year 98,630
Exercise Pricing Formula Exercise price is Face Value of the Share of the company as on date on which the options are exercised by employee.

Person-wise details of options granted, as on March 31, 2019:

Particulars Details
Key Managerial Personnel Vipin Kaushik, CFO, (2273 ESOP Option)
Umesh Kumar, Company Secretary & Compliance
Officer (2810 ESOP Option)
Any other employee who receives a grant of options in any one year of option amounting to five percent or more of options granted during that year Nil
Identified employees who were granted option, during any one year, equal to or exceeding one percent of the issued capital (excluding outstanding warrants and conversions) of the Company at the time of grant Nil

9. Bonus issue

Company has not allotted/transferred or issued any bonus shares during the year.

10.Change in the nature of the Business, if any

There was no change in the nature of business of the Company during the financial year ended March 31, 2019. However Company is planning to broaden its operations by adding new retail stores for strengthening existence and to reach amongst the larger consumer base to enhance its turnover and operating revenue.

11. Internal Control systems and their adequacy

Your Company has in place, an adequate system of internal controls commensurate with its size, requirements and the nature of operations. These systems are designed keeping in view the nature of activities carried out at each location and various business operations.

Your Company's in-house internal audit department carries out internal audits at all stores locations, Offices and warehouse / distribution centre across all locations of the country. Their objective is to assess the existence, adequacy and operation of financial and operating controls set up by the Company and to ensure compliance with the Companies Act, 2013, SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015 (SEBI Listing Regulations, 2015) and corporate policies.

Board of Directors of the company has appointed M/s Khubchandani & Associates, (FRN No. 009554C) Chartered Accountant, as the Internal Auditor of the Company to conduct the Internal Audit Functions for Financial Year 2018-19.

A summary of all significant findings by the audit department along with the follow-up actions undertaken thereafter is placed before the Audit Committee for review.

The Audit Committee reviews the comprehensiveness and effectiveness of the report and provides valuable suggestions and keeps the Board of Directors informed about its major observations, from time to time.

12. Internal financial controls

The Company has in place adequate financial controls commensurate with its size, scale and complexity of its operations. The Company has in place policies and procedures required to properly and efficiently conduct its business, safeguard its assets, detect frauds and errors, maintain accuracy and completeness of accounting records and prepare financial records in a timely and reliable manner.

13.Segment Reporting

The Board wishes to inform you that Segment Reporting is not applicable to the Company.

14. Cash Flow Analysis

The Cash Flow Statement for the year, under reference in terms of Regulation 36 of SEBI (LODR) Regulations, 2015 is annexed with the Annual Accounts of the Company.

15. Subsidiary companies, joint ventures and associate companies

The Company had no subsidiary and joint venture during the financial year 2018-19. Further, there are no associate companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act").

16. Consolidated financial statements

The Company is not having any Subsidiary Companies; therefore, applicable provisions of Companies Act, 2013 and the Accounting Standard AS-21 in relation to Consolidation of Financial Statements do not apply on the Company.

17. Deposits

The Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013 read with The Companies (Acceptance of Deposits) Rules, 2014.

18. Secretarial Standards of ICSI

The Ministry of Corporate Affairs has mandated SS-1, SS-2 and SS-3 with respect to board meetings, general meetings and payment of dividend respectively. The Company is in compliance with the same.

19. Auditors and Auditors' Report

Statutory audit

Your Company's Auditors, M/s. Walker Chandiok & Co LLP, Chartered Accountants, Delhi (Firm Registration No. 001076N/N500013), were appointed as the Statutory Auditors of the Company from the conclusion of 16th Annual General Meeting till the conclusion of the 21st Annual General Meeting of the Company subject to ratification by members every year.

The Ministry of Corporate Affairs vide its Notification dated May 7, 2018, has dispensed with the requirement of ratification of Auditor's appointment by the shareholders, every year. Hence, the resolution relating to ratification of Auditor's appointment is not included in the Notice of the ensuing Annual General Meeting The Company has received a certificate from the Auditor under section 141 of the Companies Act 2013 to the effect that they are eligible to continue as Statutory Auditors of the Company.

The Auditor's have put certain qualifications in their report to which the management has put forward the following below mentioned replies; Qualification and response to Auditor's Report (i) As stated in Note 5 to the accompanying financial results, the Company's other equity as at31 March 2019 includes an amount of Rs 365.36 lakhs in the nature of capital reserve arising out of business restructuring carried out in earlier years, for which the Company's management has not been able to provide necessary reconciliation and information. In the absence of sufficient appropriate audit evidence, we are unable to comment upon the appropriateness and classification of the aforesaid balance, and the consequential impact, if any, on the financial results. This matter was also modified in our audit report on the financial results for the year ended 31 March 2018.

Management Response: The Company restructured its business in the financial year 2010-11 resulting in creation of capital reserve amounting to Rs 60,523.24 lakhs. The aforementioned reserve has been reconciled except for Rs 365.36 lakhs which the Company is in the process of reconciling. However, the management believes that there is no impact of the same on statement of profit and loss.

(ii) As stated in Note 6 to the accompanying financial results, the Company's contingent liabilities as at 31 March 2019 include an amount of Rs 2,512.37 lakhs relating to litigations pending with various authorities, for which the Company's management has not been able to provide necessary details and information. In the absence of sufficient appropriate audit evidence, we are unable to comment upon the appropriateness and classification of the aforesaid amounts including management's evaluation of likely outcome of such litigations in accordance with Ind AS 37, "Provisions, Contingent Liabilities and Contingent Assets" and the consequential impact, if any, on the total liabilities and loss as at and for the year then ended. This matter was also modified in our audit report on the financial results for the year ended 31 March 2018.

Management Response: Out of contingent liabilities existing as at 31 March 2019, certain liabilities aggregating to Rs 2,512.37 lakhs are under appeal with different authorities at different levels. Whilst the impact of contingent liabilities on these results can only be ascertained on the settlement of such cases/ disputes, management has broadly assessed that based on the merits of such cases, the Company has reasonably good chances on succeeding and accordingly, no provision has been recognised in these financial results.

Secretarial audit

Pursuant to the provisions of Section 204 of the Companies Act 2013, and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Sunpreet Singh & Associates, Company Secretaries, New Delhi, as its secretarial auditor to undertake the secretarial audit for FY 2018-19. The secretarial audit report certified by the secretarial auditors, in the specified form MR-3 is annexed herewith and forms part of this report and enclosed as Annexure I. The secretarial audit report does not contain any qualifications, reservations or adverse remarks.

20. Frauds Reported By Auditor Under Section 143 (12) Other Than Those Which Are Reportable To The Central Government

There are no such frauds reported by auditor, which are committed against the Company by Officers or employees of the Company.

21. Conservation energy, technology and foreign exchange outgo

The particulars of conservation of energy, technology absorption and foreign exchange earnings and outgo in accordance with the provisions of Section 134(3) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts of Companies) Rules, 2014, is annexed herewith and forms part of this Report and enclosed as Annexure II.

22. Extract of Annual Returns

In terms of provisions of Section 92, 134(3)(a) of the Companies Act, 2013, read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the extracts of the annual return in form MGT 9 is annexed herewith and forms part of this Report as Annexure III and same is displayed on the website of the company i.e. www.v2retail.com.

23. Corporate social responsibility

Corporate social responsibility forms an integral part of your Company's business activities. Your Company is a responsible corporate citizen, supporting activities which benefit the society as a whole. In compliance with Section 135 of the Companies Act, 2013 read with Companies (Corporate social Responsibility Policy) Rules, 2014, the Company has adopted a CSR policy which is available at www.v2retail.com The disclosures as per Rule 9 of Companies (Corporate Social Responsibility Policy) Rules, 2014 shall be made as Annexure – IV.

24. Directors and key managerial personnel

In accordance with provisions of Section 152 of the Act read with Rules made thereunder, Mr. Akash Agarwal (DIN 03194632), Whole Time Director is liable to retire by rotation at the 18th Annual General Meeting "AGM" and being eligible, offer himself for reappointment.

Mr. Manshu Tandon has resigned as CEO of the company w.e.f March 20, 2019 and Mr. Akash Agarwal whole time Director of the company has been appointed of CEO of the company w.e.f. April 30, 2019 Mrs. Rochelle Susana D'Souza (representative of India 2020 fund II Ltd) has been appointed as additional Nominee Director w.e.f. November 28, 2018 and Mr. Harbir Singh Sidhu has been appointed as Additional Independent Director of the Company w.e.f. April 30, 2019 and Mr. Ravinder Kumar Sharma Independent Director has retired from the Board of Directors of the Company w.e.f. April 13, 2019 due to completion of his term of five year as Independent Director of the company.

All the Independent Directors have submitted their declaration to the Board confirming that they meet the criteria of independence as stipulated in Section 149(6) of the Companies Act, 2013 read with Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

None of the Directors of the Company is disqualified for being appointed as Director, as specified in Section 164(2) of the Companies Act, 2013 and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

A brief resume of the Director proposed to be reappointed, is provided in the Notice of the Annual General Meeting forming part of the Annual report.

The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the Companies Act, 2013 are as follows:

1. Mr. Ram Chandra Agarwal: Chairman &Managing Director

2. Smt. Uma Agarwal: Whole-time Director

3. Mr. Akash Agarwal : Whole-time Director

4. Mr. Umesh Kumar: Company Secretary & Compliance Officer

5. Mr. Vipin Kaushik : Chief Financial Officer*

* Mr. Vipin Kaushik, Chief Financial Officer of the company has resigned w.e.f. July15, 2019

25. Board induction, training and familiarization programme for Independent Directors

Prior to the appointment of an Independent Director, the Company sends a formal invitation along with a detailed note on the profile of the Company, the Board structure and other relevant information. At the time of appointment of the Director, a formal letter of appointment which interalia explains the role, functions, and responsibilities expected of him/her as a Director of the Company is given. The Director is also explained in detail about the various compliances required from him/ her as a Director under the various provisions of the Companies Act 2013, SEBI Listing Regulations, 2015, SEBI (Prohibition of Insider Trading) Regulations, 2015, the Code of Conduct of the Company and other relevant regulations.

A Director, upon appointment, is formally inducted to the Board. In order to familiarise the Independent Directors about the various business drivers, they are updated through presentations at Board Meetings about the performance and Financials of the Company. They are also provided presentations/booklets about the business and operations of the Company.

The Directors are also updated on the changes in relevant corporate laws relating to their roles and responsibilities as Directors. The details of the Board familiarization programme for the Independent Directors can be accessed at www.v2reatil.com

26. Performance evaluation

Pursuant to the provisions of Section 178 of the Companies Act, 2013 read with rules made thereunder, Regulation 17(10) of and the SEBI Listing Regulations and the Guidance note on Board evaluation issued by SEBI vide its circular dated January 5, 2017, the Company has framed a policy for evaluating the annual performance of its Directors, Chairman, the Board as a whole, and the various Board Committees. The Nomination and Remuneration Committee of the Company has laid down parameters for performance evaluation in the policy, they include:

• Attendance

• Preparedness for the meeting

• Staying updated on developments

• Active participation in meetings

• Constructive contributions/positive attributes

• Engaging with and challenging management team without being confrontational or obstructive

• Protection of stakeholder interests

• Contribution to strategic planning

• Carrying out responsibilities as per the code of conduct

The Board also evaluated the performance of each of the Directors, the Chairman, the Board as whole and all committees of the Board. The process of evaluation is carried out in accordance with the Board Evaluation Policy of the Company and as per criteria suggested by SEBI.

27. Number of meetings of the Board

The Board of Directors held Ten meetings during the year on April 16, 2018; May 02, 2018; May 30, 2018; June 29, 2018; August 1, 2018; September 1, 2018; November 02, 2018; November28, 2018; January25, 2019;; March 30, 2019 The maximum time gap between any two meetings was less than 120 days as stipulated under SEBI's Listing Requirements, 2015. The details of Board Meetings held and attendance of Directors are provided in the Report on Corporate Governance forming part of this report.

28. Separate meeting of Independent Directors

Details of the separate meeting of the Independent Directors held and attendance of Independent Directors therein are provided in the Report on Corporate Governance forming part of this report.

29. Committees of the Board

The Company has constituted/reconstituted various Board level committees in accordance with the requirements of Companies Act 2013. The Board has the following committees as under:

I. Audit Committee

II. Nomination and Remuneration Committee

III. Stakeholders Relationship Committee

IV. Corporate Social Responsibility Committee

Details of all the above Committees along with composition and meetings held during the year under review are provided in the Report on Corporate Governance forming part of this report.

30. Whistleblower policy

The Company has established an effective whistle blower policy (vigil mechanism) and procedures for its Directors and employees; details of which are provided in the Report on Corporate Governance which forms part of this report. The policy on vigil mechanism may be accessed on the Company's website at: www.v2retail.com

31. Remuneration policy

The remuneration policy of the Company aims to attract, retain and motivate qualified people at the executive and at the board levels. The remuneration policy seeks to employ people who not only fulfil the eligibility criteria but also have the attributes needed to fit into the corporate culture of the Company. The remuneration policy also seeks to provide well-balanced and performance related compensation packages, taking into account shareholder interests, industry standards and relevant regulations.

The remuneration policy ensures that the remuneration to the directors, key managerial personnel and the senior management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals. The remuneration policy is consistent with the ‘pay-for-performance' principle. The Company's policy on remuneration and appointment of Board members as mentioned in the Remuneration Policy has been disclosed at the company's website www.v2retail.com. and annexed with the Directors' Report which forms part of the Annual Report as Annexure VI.

32. Related party transactions

All related party transactions entered into by the Company during the financial year were at arm's length. During the year the Audit Committee had granted an omnibus approval for transactions which were repetitive in nature for one financial year and all such omnibus approvals were reviewed by the Audit Committee on a quarterly basis. No material contracts or arrangements with related parties were entered into during the year under review. All related party transactions were placed in the meetings of Audit Committee and the Board of Directors for the necessary review and approval. Your Company's policy on related party transactions, as approved by the Board, can be accessed at: www.v2retail.com. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(Rs) of the Companies Act, 2013, in Form AOC-2 is not applicable

33. Particulars of loans, guarantees and investments

During the financial year ended March 31, 2019 the Company has made an investment of NIL in accordance with section 186 of the Companies Act 2013 are given in the notes to financial statements. During the year, the company has not granted loans, guarantee and or provided any security.

34. Particulars of employees and managerial remuneration

The information of employees and managerial remuneration, as required under Section 197(2) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, and other details are annexed herewith and forms part of this report as Annexure V.

35. Management discussion and analysis and Corporate Governance Report

As per Regulation 34(3) read with schedule V of the SEBI Listing Regulations 2015, Management Discussion Analysis, Corporate Governance Practices followed by your Company, together with a certificate from the Company's auditors confirming compliance of conditions of Corporate Governance are an integral part of this report.

36. Risk Management system

The Company has developed and implemented a risk management policy which is periodically reviewed by the management. In accordance with Regulation 21 of SEBI Listing Regulations, 2015, the enterprise risk management policy of the Company, which has been duly approved by the Board, is reviewed by the Audit Committee and the Board on a periodic basis. The risk management process encompasses practices relating to identification, assessment, monitoring and mitigation of various risks to key business objectives. Besides exploiting the business opportunities, the risk management process seeks to minimise adverse impacts of risk to key business objectives.

37. Prevention of sexual harassment at workplace

Your Company is committed to provide a work environment which ensures that every woman employee is treated with dignity, respect and equality. There is zero-tolerance towards sexual harassment and any act of sexual harassment invites serious disciplinary action.

The Company has established a policy against sexual harassment for its employees. The policy allows every employee to freely report any such act and prompt action will be taken thereon. The policy lays down severe punishment for any such act. Further, your Directors state that during the year under review, there were no cases of sexual harassment reported to the Company pursuant to the sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

38. Depository Systems

Company's shares are compulsorily tradable in electronic form. As on March 31, 2019, 271,35,166 Equity Shares stand with the NSDL Account and 68,06,262 Equity Shares stand with the CDSL and 1,32,590 Equity Shares stands in physical form.

The Company has entered into agreements with both National securities Depository Limited (NSDL) and Central Depository services (India) Limited (CDSL) whereby shareholders holding Shares in physical mode are requested to avail of the dematerialization facility with either of the depositories.

Your Company has appointed M/s Link Intime India Private Limited, a Category-I SEBI registered R&T Agent as its Registrar and Share Transfer Agent.

39. Listing Of Shares

The Company's shares are listed and actively traded on the below mentioned Stock Exchanges:-

I. National Stock Exchange of India Limited (NSE)

"Exchange Plaza" C-1, Block G,

Bandra-Kurla Complex,

Bandra (East), Mumbai – 400051

II. BSE Limited (BSE)

Phiroze Jeejeebhoy Towers,

25th Floor, Dalal Street,

Mumbai – 400001

40. Details of significant and material orders passed by regulators/courts/ tribunals

There was no instance of any material order passed by any regulators/courts/tribunals impacting the going concern status of the Company.

41. Dividend Distribution Policy

The Company has formulated a dividend distribution policy which is enclosed as Annexure VII and the same is also displayed on the website of the company i.e. www. v2retail.com.

42. Industrial Relations

The Company maintained healthy, cordial and harmonious industrial relations at all levels. The enthusiasm and unstinting efforts of Employees have enabled the Company to remain at the leadership position in the industry. It has taken various steps to improve productivity across organization.

The Board also takes this opportunity to express its deep gratitude for the continued co-operation and support received from its valued shareholders

43. General

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:-

a) Issue of the equity shares with differential rights as to dividend, voting or otherwise.

b) Issue of shares (including sweat equity shares) to Directors or employees except allotment of shares to respective employees pursuant to ESOP Scheme of the Company.

c) Purchase of or subscription for shares in the Company by the employees of the Company except ESOP.

d) There is no subsidiary of the Company, so no policy on material subsidiary is required to be adopted.

e) As there is no subsidiary or holding Company of your Company, so Managing Director and Whole Time Directors of the Company does not receive any remuneration or commission from any of such Companies.

44. Directors' Responsibility Statement

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013 with respect to Directors' Responsibility statement, the Directors confirm that:

1) In the preparation of the annual accounts for the year ended March 31, 2019, the applicable accounting standards have been followed and no material departures have been made therefrom. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of Affairs of the Company as at March 31, 2019 and of the profit of the Company for the year ended on that date.

2) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

3) The annual accounts were prepared on a going concern basis.

4) The Directors have laid down effective internal financial controls to consistently monitor the Affairs of the company and that such internal financial controls were adequate and operating effectively.

5) The Directors have devised a proper system to ensure compliance with the provisions of all applicable laws and the same are adequate and operating effectively.

45. Disclosure with Respect to DMAT suspense account /unclaimed suspense account;

No DMAT suspense account /unclaimed suspense account reported by RTA, NSDL and CDSL to the company.

46. Disclosure of details of any application filed for corporate insolvency resolution process, by a financial or operational creditor or by the company itself under the IBC before the NCLT;

No application has been filed for corporate insolvency resolution process, by a financial or operational creditor or by the company itself under the IBC before the NCLT

47. Acknowledgements

Your Directors would like to acknowledge and place on record their sincere appreciation of all stakeholders – shareholders, bankers, dealers, vendors and other business partners for the excellent support received from them during the year under review. Your Directors recognise and appreciate the efforts and hard work of all the employees of the Company and their continued contribution to its progress.

For and on behalf of the Board

Ram Chandra Agarwal

Chairman and Managing Director

DIN 00491885

Place: Delhi

Date: 29-07- 2019

   

V2 Retail Ltd Company Background

Ram Chandra AgarwalRam Chandra Agarwal
Incorporation Year2001
Registered OfficeKhasra no 928 Ext Lal dora abd,Village Kapashera vasant vihar
New Delhi,New Delhi-110037
Telephone91-011-4177850,Managing Director
Fax
Company Secretary
AuditorWalker Chandiok & Co LLP
Face Value10
Market Lot1
ListingBSE,NSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park ,L B S Marg ,Vikhroli West ,Mumbai-400083

V2 Retail Ltd Company Management

Director NameDirector DesignationYear
Ram Chandra AgarwalChairman & Managing Director2016
Uma AgarwalExecutive Director2016
Ravinderkumar SharmaIndependent Director2016
Umesh KumarCompany Secretary2016
Siya RamAddtnl Independent Director2016

V2 Retail Ltd Listing Information

Listing Information
BSESMALLCA
BSEALLCAP
GOODSSERVI

V2 Retail Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Apparels Uni000696.9768
Non Apparels NA 00049.4002
Other Operating Income NA 0001.0415
Others NA 0001.0009
Sales tax NA 0000
FMCG NA 0000
Sale of Products NA 0000

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