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V I P Industries Ltd

BSE Code : 507880 | NSE Symbol : VIPIND | ISIN:INE054A01027| SECTOR : Plastic products |

NSE BSE
 
SMC down arrow

271.90

-0.75 (-0.28%) Volume 280564

30-Oct-2020 EOD

Prev. Close

272.65

Open Price

275.25

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

271.90(60)

 

Today’s High/Low 279.60 - 270.00

52 wk High/Low 519.50 - 187.65

Key Stats

MARKET CAP (RS CR) 3846.66
P/E 406.27
BOOK VALUE (RS) 38.7088775
DIV (%) 160
MARKET LOT 1
EPS (TTM) 0.67
PRICE/BOOK 7.03197864624207
DIV YIELD.(%) 1.18
FACE VALUE (RS) 2
DELIVERABLES (%) 45.06
4

News & Announcements

29-Oct-2020

VIP Industries to convene board meeting

20-Oct-2020

V I P Industries Ltd - VIP Industries Limited - Other General Purpose

19-Oct-2020

V I P Industries Ltd - Certificate Under Regulation 40(9) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

19-Oct-2020

V I P Industries Ltd - Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

29-Oct-2020

VIP Industries to convene board meeting

08-Sep-2020

V I P Industries allots NCDs aggregating Rs 50 cr

02-Sep-2020

Board of V I P Industries approves disposal of land and building

05-Aug-2020

Board of V I P Industries approves NCD issue of up to Rs 50 cr

Corporate Actions

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

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Aristocrat Luggage Ltd(merged) 523094
Ganpati International Ltd 40146
HEB Luggage Industrial Ltd 523058
Safari Industries (India) Ltd 523025 SAFARI
Unilite Industries Ltd 523654

Share Holding

Category No. of shares Percentage
Total Foreign 5427995 3.84
Total Institutions 22096496 15.64
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 3269646 2.31
Total Promoters 75544637 53.46
Total Public & others 34978541 24.75
Total 141317315 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About V I P Industries Ltd

VIP Industries Limited is engaged in the business of manufacturing, and marketing of luggage, bags and accessories. The company is promoted by Dilip G Piramal. Formerly Aristo Plast, VIP Industries was incorporated in January 27, 1968. Blow Plast Retail Limited, V.I.P Industries Bangladesh Private Limited, V.I.P Industries BD Manufacturing Private Limited and V.I.P Luggage BD Private Limited continued to be the wholly owned subsidiary companies of the Company. As on 31st March 2019, the Company has 1 Indian and 4 overseas wholly owned Subsidiaries. In 1971, it became a wholly owned subsidiary of Blow Plast.. The company came out with a rights issue in Nov.'93 for expansion, modernization and balancing its plants located at Nashik, Jalgaon and Sinnar. It has a technical collaboration with Tooling Products (Langrish), UK, to set up a state-of-the-art tool room to manufacture plastic injection moulds and press tools. VIP Industries sells 60% of its output in the all-product category in the domestic market through wholesalers and 30% is sold to institutions and the government. VIP's R & D unit at Nasik has been accorded recognition by the Government of India, Ministry of Science and Technology. In 1997-98, it increased the installed capacity of its injection/vaccum moulded plastic goods by 1000 MT. During the year 1999-2000, the company's exports increased from 14.91 crores from the previous year to 15.49 crores in the current year registering a growth of 4%. The company has entered into technical collaboration with Delsey S A France for manufacturing some of their premium range suitcases & briefcases. During FY 2015, the Company launched Verve' a polycarbonate range under the VIP brand for promotion through television campaigns and featured distinctive design and colors, which were well received by consumers. During the same year, the company launched Ladies Hand Bags category under the brand 'Caprese'. Caprese is now available at more than 500 points of sale across the country, many distribution channels including select Company-run exclusive stores, franchisee stores, multi brand dealers and leading departmental chains like Shoppers Stop, Lifestyle and Central as well as e- commerce platforms. In the Soft luggage segment, 'Skybags' brand has done extremely well and grew in all luggage brands. It is successfully executing its multi brand - multi segment strategy with consistent investment in advertising for all major luggage brands. During FY 2016, Branded bags and luggage category saw tremendous growth as company increased its focus with new launches and advertising. Brand VIP remains the first choice of Indian family travel, while Aristocrat and Alfa are providing value to consumers in hypermarkets and trade channels respectively. In FY 2017, Skybags backpack advertisement play Back to Back' featuring Varun Dhawan has become very popular. Moreover, with latest brand Ambassador Hrithik Roshan on board, brand VIP is all set to get a stylish makeover. In FY 2018, the company's traditionally strong categories like Soft uprights and Duffle registered a good growth. With Carlton brand for the new-age business traveler, the company is presently tapping high-end market where customers are discerning and willing to pay a premium for good bags.There was a fire incident at Company's Ghaziabad warehouse on 3rd April 2019. There was loss of stocks and fixed assets. The assets damaged by the fire are adequately insured. The damaged assets are being impaired during the period of losses occurred. The insurance claim will be recognized around the time of admission of claim by the insurance company. During the year 2019, V.I.P Accessories BD Private Limited has been incorporated as wholly owned subsidiary of the Company at Bangladesh.

V I P Industries Ltd Chairman Speech

V I P Industries Ltd Company History

VIP Industries Limited is engaged in the business of manufacturing, and marketing of luggage, bags and accessories. The company is promoted by Dilip G Piramal. Formerly Aristo Plast, VIP Industries was incorporated in January 27, 1968. Blow Plast Retail Limited, V.I.P Industries Bangladesh Private Limited, V.I.P Industries BD Manufacturing Private Limited and V.I.P Luggage BD Private Limited continued to be the wholly owned subsidiary companies of the Company. As on 31st March 2019, the Company has 1 Indian and 4 overseas wholly owned Subsidiaries. In 1971, it became a wholly owned subsidiary of Blow Plast.. The company came out with a rights issue in Nov.'93 for expansion, modernization and balancing its plants located at Nashik, Jalgaon and Sinnar. It has a technical collaboration with Tooling Products (Langrish), UK, to set up a state-of-the-art tool room to manufacture plastic injection moulds and press tools. VIP Industries sells 60% of its output in the all-product category in the domestic market through wholesalers and 30% is sold to institutions and the government. VIP's R & D unit at Nasik has been accorded recognition by the Government of India, Ministry of Science and Technology. In 1997-98, it increased the installed capacity of its injection/vaccum moulded plastic goods by 1000 MT. During the year 1999-2000, the company's exports increased from 14.91 crores from the previous year to 15.49 crores in the current year registering a growth of 4%. The company has entered into technical collaboration with Delsey S A France for manufacturing some of their premium range suitcases & briefcases. During FY 2015, the Company launched Verve' a polycarbonate range under the VIP brand for promotion through television campaigns and featured distinctive design and colors, which were well received by consumers. During the same year, the company launched Ladies Hand Bags category under the brand 'Caprese'. Caprese is now available at more than 500 points of sale across the country, many distribution channels including select Company-run exclusive stores, franchisee stores, multi brand dealers and leading departmental chains like Shoppers Stop, Lifestyle and Central as well as e- commerce platforms. In the Soft luggage segment, 'Skybags' brand has done extremely well and grew in all luggage brands. It is successfully executing its multi brand - multi segment strategy with consistent investment in advertising for all major luggage brands. During FY 2016, Branded bags and luggage category saw tremendous growth as company increased its focus with new launches and advertising. Brand VIP remains the first choice of Indian family travel, while Aristocrat and Alfa are providing value to consumers in hypermarkets and trade channels respectively. In FY 2017, Skybags backpack advertisement play Back to Back' featuring Varun Dhawan has become very popular. Moreover, with latest brand Ambassador Hrithik Roshan on board, brand VIP is all set to get a stylish makeover. In FY 2018, the company's traditionally strong categories like Soft uprights and Duffle registered a good growth. With Carlton brand for the new-age business traveler, the company is presently tapping high-end market where customers are discerning and willing to pay a premium for good bags.There was a fire incident at Company's Ghaziabad warehouse on 3rd April 2019. There was loss of stocks and fixed assets. The assets damaged by the fire are adequately insured. The damaged assets are being impaired during the period of losses occurred. The insurance claim will be recognized around the time of admission of claim by the insurance company. During the year 2019, V.I.P Accessories BD Private Limited has been incorporated as wholly owned subsidiary of the Company at Bangladesh.

V I P Industries Ltd Directors Reports

(a) in the preparation of the annual accounts for the year ended 31st March, 2020, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) such accounting policies selected and applied 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 for the financial year ended 31st March, 2020 and of the profit and loss of your Company for that period;

(c) proper and sufficient care has been taken 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;

(d) annual accounts for the financial year ended 31st March, 2020, have been prepared on a going concern basis;

(e) internal financial controls have been laid down and followed by the Company and that such internal financial controls are adequate and are operating effectively; and

(f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

DECLARATION OF INDEPENDENT DIRECTORS

Pursuant to section 134(3)(d) of the Act, your Company confirm having received necessary declarations from all the Independent Directors under section 149(7) of the Companies Act, 2013 declaring that they meet the criteria of independence laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

NOMINATION AND REMUNERATION POLICY

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors, Key Managerial Personnel and Senior Management Personnel and their remuneration. This policy formulates the criteria for determining qualifications, competencies, positive attributes and independence for the appointment of a Director (executive/non-executive) and also the criteria for determining the remuneration of the Directors, KMP and other employees. Nomination and Remuneration Policy of the Company has been displayed on the Company's website at the link - http://www.vipindustries.co.in/policies.php

AUDITORS Statutory Auditors

In the Annual General Meeting (AGM) held on 28th July, 2016, M/s. Price Waterhouse Chartered Accountants LLP, Chartered Accountants, (Firm Registration No. 012754N/N500016) have been appointed Statutory Auditors of the Company for a period of 5 (five) years commencing from the conclusion of 49th AGM till the conclusion of 54th AGM of the Company (subject to ratification by the members at every AGM). Pursuant to the amendment of first proviso to Section 139(1) of Companies Act 2013, the requirement for ratification of appointment of Statutory Auditors by members at every AGM has been removed. In view of the same at 51st AGM of the Company, members of the Company have partially modified the previous resolution passed at the 49th AGM for the appointment of Statutory Auditors and approved their appointment till the balance tenure of their appointment i.e. upto 54th AGM of the Company without seeking ratification of their appointment.

The Notes on financial statements referred to in the Auditors' Report are self explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation or adverse remark.

None of the Auditors of the Company have reported any fraud as specified under the second proviso of Section 143 (12) of the Companies Act, 2013 (including any statutory modification(s) or re-enactments(s) thereof for the time being in force.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013, the Board of Directors of your Company have reappointed M/s. Ragini Chokshi & Co., Company Secretaries in Practice to undertake the Secretarial Audit of your Company for the financial year 2020-21. The Secretarial Audit Report for the financial year 2019-20 forms part of this Annual Report and is annexed as Annexure "B" to the Board's report. The Secretarial Audit Report does not contain any qualifications, reservations or adverse remarks.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

There were no loans or guarantees made by the Company under Section 186 of the Companies Act, 2013 (the Act) during the year under review. Details of investments made under the provisions of Section 186 of the Act as on 31st March, 2020 are set out in Note 7 and 8 to the Standalone Financial Statement of the Company.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

Your Company has established a Policy for determining related party transactions. The Audit Committee oversees the related party transactions. Related Party Transaction Policy of the Company has been displayed on the Company's website at the link - http://www.vipindustries.co.in/policies.php.

All contracts or arrangements entered into by the Company with Related Parties have been done at arm's length and are in the ordinary course of business.

Pursuant to Section 134 of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014, the particulars of such transactions are provided in Form AOC-2 which is annexed herewith as Annexure "C" to this report. Related Party disclosures as per IndAS have been provided in Note No. 45 of Standalone Financial Statements.

STATE OF COMPANY'S AFFAIRS

Discussion on state of Company's affairs has been covered as part of the Management Discussion and Analysis. Management Discussion and Analysis for the year under review, as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), is presented in a separate section forming part of this Annual Report.

COST RECORDS

The Company is not required to maintain cost records under Section 148(1) of the Companies Act, 2013.

RESERVES & DIVIDEND

During the year under review as well as during the previous year, the Company has not transferred any amount to the General Reserves. As on 31st March, 2020, Reserves and Surplus of the Company were at Rs. 518.76 crores. An amount of Rs. 272.94 crores is proposed to be retained as surplus in the statement of Profit & Loss.

Your Company had paid in February, 2020, an interim dividend of Rs. 3.20 (Rupee Three only) per equity share of Rs. 2 each for the financial year 2019-20. Your Directors do not recommended any final dividend for the year 2019-20.

The Board has approved and adopted the Dividend Distribution Policy and the same is annexed herewith as Annexure "D" to this report.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There are no adverse material changes or commitments occurred after 31st March, 2020 which may affect the financial position of the Company or may require disclosure.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 are annexed herewith as Annexure "E" as attached to this report.

RISK MANAGEMENT POLICY

The Company has a robust risk management framework comprising risk governance structure and defined risk management processes. The risk governance structure of the Company is a formal organisation structure with defined roles and responsibilities for risk management.

The processes and practices of risk management of the Company encompass risk identification, classification and evaluation. The Company identifies all strategic, operational and financial risks that the Company faces, by assessing and analysing the latest trends in risk information available internally and externally and using the same to plan for risk management activities.

As a part of the Company's strategic planning process, the Directors have reviewed the risk management policy and processes and also the risks faced by the Company and the corresponding risk mitigation plans deployed. The Company is on track in respect of its risk mitigation activities. The Risk Management Committee overseas the risk management process.

CORPORATE SOCIAL RESPONSIBILITY

Corporate Social Responsibility (CSR) expenditure incurred by your Company during the financial year 2019-20 was Rs. 3.31 Crores which was slightly more than the statutory requirement of 2% of the average profit for the last three financial years.

CSR Committee of the Company comprises of Mr. D. K. Poddar (Chairman of CSR Committee), Mr. Dilip G. Piramal, and Ms. Radhika Piramal.

The Annual Report on CSR activities that includes details about CSR Policy developed and implemented by the Company and CSR initiatives taken during the financial year 2019-20 is in accordance with Section 135 of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014 and is annexed herewith as Annexure "F" to this Report. The CSR policy is placed on the Company's website at http://www.vipindustries.co.in/policies.php.

BOARD EVALUATION

Pursuant to provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual evaluation of the performance of the Board, its Committees and of individual Directors. Performance evaluation has been carried out as per the Nomination & Remuneration Policy of the Company.

DIRECTORS

Appointment / Re-appointment

Mr. Amit Jatia was appointed as an Independent Director at the 48th Annual General Meeting (AGM) held on 24th July, 2015 for a period of five years w.e.f. 24th July, 2015. Based on the recommendation of the Nomination and Remuneration Committee, his re-appointment for a second term of five years is proposed at the ensuing AGM for the approval of the Members by way of special resolution.

Retiring by rotation

Mr. Dilip G. Piramal (DIN-00032012), Chairman of your Company retires by rotation and being eligible offers himself for reappointment.

Independent Director

During the Financial Year 2019-20, the Company has appointed Ms. Nisaba Godrej, Mr. Ramesh Damani and Mr. Tushar Jani as Independent Directors of the Company. In the opinion of the Board, the said Independent Directors are persons of high repute, integrity and have rich and varied experience in the field of business and corporate management.

All the Independent Directors are registered in the data bank maintained by the Indian Institute of Corporate Affairs (Institute) and are exempted from the requirement of passing online proficiency self-assessment test conducted by the Institute.

Resignation / Cessation

Mr. Ashish Saha resigned from the post of Director (works) with effect from 30th June, 2019.

Mr. G. L. Mirchandani ceased to be Non-Executive, Independent Director of the Company with effect from 9th July, 2019, due to completion of the tenure for which he was appointed by the members at the 47th Annual General Meeting of the Company.

Mr. Rajeev Gupta ceased to be Non-Executive, Independent Director of the company with effect from 9th July, 2019, due to completion of the tenure for which he was appointed by the members at the 47th Annual General Meeting of the Company.

Your Directors place on record deep appreciations for the valuable services rendered by the aforesaid Directors during their respective tenure with the Company.

KEY MANAGERIAL PERSONNEL

Mr. Jogendra Sethi resigned from the position of Chief Financial Officer w.e.f. 9th January, 2020 and Ms. Neetu Kashiramka has joined as Chief Financial Officer of the Company w.e.f. 8th April, 2020.

NAME OF THE COMPANIES WHICH HAVE BECOME/CEASED TO BE SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES DURING THE YEAR

Blow Plast Retail Limited (BPRL), VIP Industries Bangladesh Private Limited, VIP Industries BD Manufacturing Private Limited, VIP Luggage BD Private Limited and VIP Accessories BD Private Limited continued to be the wholly owned subsidiary companies of the Company. BPRL is a non-material, non listed subsidiary of the Company pursuant to LODR.

Accordingly, as on 31st March, 2020, the Company has 1 Indian and 4 overseas wholly owned Subsidiaries.

During the year under review, no companies have become/ceased to be joint venture or associate companies of the Company.

A statement containing the salient features of financial statements of subsidiaries as per 129(3) of the Act, is also included in this Annual Report in form AOC-1, presented in separate section forming part of the financial statement. The financial statements of the subsidiary companies are available for inspection on the Company's website - http://www.vipindustries.co.in/policies.php .

The Policy for determining "Material" subsidiaries has been displayed on the Company's website - http://www.vipindustries.co.in/policies.php

PUBLIC DEPOSITS

During the year under review, your Company has not accepted any deposits. Your Company does not have any unclaimed deposit as at 31st March, 2020.

SIGNIFICANT AND MATERIAL ORDERS

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and your Company's operations in future.

INTERNAL FINANCIAL CONTROLS

Your Company has put in place adequate internal financial controls with reference to the financial statements. The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business including adherence to the Company's policies, the safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures. During the year, such controls were tested and no reportable material weaknesses in design or operation were observed.

REPORT ON CORPORATE GOVERNANCE AND BUSINESS RESPONSIBILITY REPORT

The report on Corporate Governance as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, forms an integral part of this Report. The requisite certificate from Practicing Company Secretary confirming compliance with the conditions of Corporate Governance is attached to the report on Corporate Governance.

Business Responsibility Report as stipulated in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms an integral part of this Report.

FAMILIARISATION PROGRAMME

The Board members are provided with necessary documents/brochures, reports and internal policies to enable them to familiarize with your Company's procedures and practices. Periodic presentations are made at the Board Meetings and the Board Committee Meetings, on business and performance updates of your Company, global business environment, business strategy and risks involved. The details of programmes for familiarisation for Independent Directors are posted on the website of the Company and can be accessed at http://www.vipindustries.co.in/corporate-governance.php.

Every new Independent Director of the Board is required to attend an orientation program to familiarize the new inductees with the strategy, operations and functions of your Company. The Executive Directors / Senior Management personnel make presentations to the inductees about your Company's strategy, operations, products, markets, finance, human resources, technology, quality, facilities and risk management.

VIGIL MECHANISM

Your Company has established a Vigil Mechanism Policy for your Directors, employees and stakeholders to safeguard against victimization of persons who use vigil mechanism and report genuine concerns. The Audit Committee oversees the vigil mechanism complaints. The Vigil Mechanism Policy of the Company has been displayed on the Company's website at the link - http://www.vipindustries.co.in/policies.php.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ('the Act') and Rules made thereunder, your Company has complied with provisions relating to the constitution of the Internal Complaints Committee under the Sexual Harassment Act. While maintaining the highest governance norms, the Company has also appointed external independent persons, who have done work in this area and have requisite experience in handling such matters. During the year, no sexual harassment complaint was received by the Company. In order to build awareness in this area, the Company has been conducting programmes on a continuous basis.

EMPLOYEE STOCK APPRECIATION RIGHT (ESAR)

Pursuant to the approval of the Members at the Annual General Meeting held on 17th July, 2018, the Company adopted V.I.P Employee Stock Appreciation Rights Plan 2018 ("ESRAP 2018"/ "Plan"). In accordance with ESARP 2018, the employee of the Company and its subsidiaries are entitled to receive Employee Stock Appreciation Right (ESAR), which entitle them to receive appreciation in the value of the shares of the Company at a future date and in a pre-determined manner, where such appreciation is settled by way of allotment of shares of the Company. The Company confirms that the EASRP 2018 complies with the provisions of SEBI (Shares Based Employee Benefit) Regulation, 2014.

Detail of the ESAR granted under ESARP 2018, as also the disclosures in compliance with SEBI (Shares Based Employee Benefits) Regulations, 2014 are uploaded on the website of the Company at http://www.vipindustries.co.in/corporate- governance.php.

During the year under review, 7 employees were awarded 194,000 ESARs at the rate of Rs. 400/- per ESAR.

SHARE CAPITAL

The paid-up Equity Share Capital of the Company as on 31st March, 2020 stood at Rs. 28.26 crores. During the year under review, the Company has not issued shares with differential voting rights not has granted any stock options or sweat equity.

As on 31st March, 2020, none of the Directors of the Company holds instruments convertible into equity shares of the Company.

AUDIT COMMITTEE

The Audit Committee comprises of Mr. D. K. Poddar (Chairman of Audit Committee), Mr. Dilip G. Piramal and Mr. Amit Jatia. All the recommendations made by the Audit Committee were deliberated and accepted by the Board. For details of the meetings of the Committee, please refer to the Corporate Governance Report, which forms part of this Report.

PARTICULARS OF EMPLOYEES

In terms of the provisions of Section 197(12) of the Companies Act, 2013 (the Act) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules forms part of this Annual Report.

Having regard to the provisions of Section 136 of the Act, the Annual Report excluding the aforesaid information is being sent to the members of your Company. The said information is available for inspection on the Company's website - http://www. vipindustries.co.in and any member desirous of obtaining such information may write to the Secretarial Department of your Company and the same will be furnished on request.

REMUNERATION RATIO OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) / EMPLOYEES:

The information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of your Company is furnished hereunder:

1. Your Directors' Remuneration (including commission and variable pay) to the median remuneration of the employees of your Company for the year 2019-20 was as under:

Director's Name Ratio of remuneration of each Director to the median employees' remuneration
Mr. Dilip G. Piramal 10X
Ms. Radhika Piramal 72X
Mr. Sudip Ghose 83X
Mr. Ashish K. Saha* 47X

*Resigned from directorship w.e.f. 30th June, 2019

2. The Percentage increase in remuneration of all Executive Directors, Chief Executive Officer, Chief Financial Officer and Company Secretary were as under:

Name Designation Increase / Decrease (%)
Ms. Radhika Piramal Executive Vice Chairperson (66%)
Mr. Sudip Ghose Managing Director 12%
Mr. Ashish K. Saha* Director - Works 56%
Mr. Jogendra Sethi# Chief Financial Officer 17%
Mr. Anand Daga Company Secretary & Head - Legal 17%

*Resigned from directorship w.e.f. 30th June, 2019

# Resigned from the position of Chief Financial Officer of the Company w.e.f. 9th January, 2020

3. The percentage increase in the median remuneration of employees for the financial year 2019-20 is around -1.44%. The percentage increase in the median remuneration is calculated for comparable employees and does not include employees who were not eligible.

Note: The percentage increase in the median remuneration is negative mainly because of low incentive earned by the employees during the period 2019 - 20 compare to the period 2018 - 19. If the same is look from the fixed CTC basis then there is an increment of 13.76% in the median remuneration.

4. The number of permanent employees on the rolls of the Company 2095 (excluding the employees of the Subsidiary companies).

5. The Percentage increase in salaries of the managerial personnel at 50th percentile is 4.31%. The Percentage increase in salaries of the non-managerial personnel at 50th percentile is -2.19%. The increase/decrease in remuneration is not solely based on the Company's performance but also includes various other factors like individual performance, experience, skill sets, academic background, industry trends, economic situation and future growth prospects etc. besides the Company performance. There are no exceptional circumstances for increase in the managerial remuneration.

Note: The percentage increase in the salaries of managerial personnel at 50th percentile is shown at 4.31% and in non managerial personnel it is shown - 2.19% this is mainly because of low incentive earned by the employees during the period 2019 - 20 compare to the period 2018 - 19. If the same is look from the fixed CTC basis then there is an increment of 9.38% in Managerial Personnel at 50th Percentile and 19.88% at Non Managerial personnel.

6. The remuneration paid to the Directors is as per the Remuneration Policy of the Company.

During the year under review, no Managing Director / Whole-time Director of the Company are in receipt of any remuneration or commission from any of its subsidiaries.

INDUSTRIAL RELATIONS

Industrial relations remained cordial throughout the year under review.

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation for the dedicated services of the employees of your Company at all levels.

By Order of the Board of Directors

Dilip G. Piramal
Place: Mumbai Chairman
Dated: 26th May, 2020 (DIN No. 00032012)

   

V I P Industries Ltd Company Background

Dilip G PiramalSudip Ghose
Incorporation Year1968
Registered Office5th Floor DGP House,88-C Old Prabhadevi Road
Mumbai,Maharashtra-400025
Telephone91-22-66539000,Managing Director
Fax91-22-66539089
Company SecretaryAnand Daga
AuditorPrice Waterhouse Chartered Accountants LLP
Face Value2
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park ,L B S Marg ,Vikhroli West ,Mumbai-400083

V I P Industries Ltd Company Management

Director NameDirector DesignationYear
Dilip G Piramal Chairman (Non-Executive) 2020
Radhika Piramal Vice Chairperson & ED 2020
D K Poddar Independent Director 2020
Amit Jatia Independent Director 2020
Anand Daga Company Secretary 2020
Nisaba Godrej Independent Director 2020
Sudip Ghose Managing Director 2020
Tushar Jani Independent Director 2020
Ramesh Damani Independent Director 2020

V I P Industries Ltd Listing Information

Listing Information
BSE_500
BSE_CD
CNX500
BSESMALLCA
CNXSMALLCA
BSEALLCAP
GOODSSERVI
SML250
MSL400

V I P Industries Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of Traded Goods NA 0001164.36
Sale of Finished Goods NA 000547.32
Other Operating Revenues NA 0002.29
Others NA 0000
Excise duty NA 0000
Job Work NA 0000
Service Income NA 0000
Element Panels MT 0000
Sales NA 0000
Soft Luggage NA 0000
Flexible Luggage No 0000
Hard Luggage NA 0000
Injection/Vaccum Moulded PlastMT 0000
Injection/Vaccum Moulded PlastNo 0000
Injection/Vaccum Moulded PlastPcs0000
Moulded Tools/Jig & Fixtures No 0000
Furniture NA 0000

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