Company History - VIP Industries

YEAR EVENTS 1968 - The Company was incorporated on 27th January as private limited company under the name and style Aristo Plast Pvt. Ltd., and commenced its activities by taking on job work in plastic moulding . became a deemed public limited company under section 43 -A of the Companies Act, 1956 on 15th March, 1973. The operational management of the Company ch anged hands. 1971 - The Company became a wholly owned subsidiary of Blow Plast Ltd. 1973 - The Company established complete manufacturing facilities which included injection moulding , electroplating, anodising, frame bending, press shop, component manufacturing and assembly. 1979 - The Company implemented its first expansion programme at Nasik (Maharashtra) increasing the production capacity from 40,000 to 60,000 pieces of luggage per month. 1980 - A new tool room was commissioned for the manufacture of sophisticated press tools, jigs, fixtures, dies and moulds. - 300 No. of equity shares without payment in each and 450 equity shares for cash were allotted to Blow Plast, Ltd., and its nominees. 750 bonus equity shares issued in prop. of 1:1 in 1977-78 and 1,500 bonus equity shares issued in prop. of 1:1. All shares were held by Blow Plast, Ltd., and its nominees. 1981 - The Company implemented a second expansion programme by setting up a new unit to increase the production capacity from 60,000 to 90,000 pieces of luggage per month. - The name of the company was changed from Aristo Plast Ltd., to V.I.P. Industries Ltd., with effect from 16th June. 1982 - The Company launched a new project at jalgaon (Maharashtra) for the manufacture of soft luggage which was sold under the name SKYBAGS. - The Company undertook a modernisation programme at Nasik by replacing older machines and technology, thereby improving product quality and productivity, conserving power and improving storage and material handling systems. - Marketing of the Company's product viz., VIP moulded luggage and SKYBAGS soft luggage is carried out by Blow Plast Ltd., who have a strong network of branches all over the country. In addition, the Company directly sells to selected customers

The Company

and wholesalers. - 3,000 bonus equity shares issued in prop. of 1:1. 1985 - The new moulded luggage plant at Jalgaon made a significant contribution to the total output. A 25% excise duty was imposed on moulded luggage. The excise duty was exempt from March. - However, as a result of much larger volume of production and cost savings, the Company was able to absorb half of the burden of exicise duty, the other half being absorbed by the dealers. With a view to widen the consumer base, the Company started producing relatively low priced luggage. - The capacity of the Jalgaon plant was expanded and the Nasik plant was being modernised. A new factory was set up at Nagpur in Maharastra for the manufacture of moulded luggage. - Equity shares subdivided. Rs.10 each then issued at a prem. of Rs.2 per shares linked to debentures out of which the following shares linked to debentures were reserved and allotted on a preferential basis: - (i) 48,000 shares to business associates of the Company; - (ii) 1,92,000 shares to shareholders of Blow Plast, Ltd; - (iii) 1,20,000 shares to employees of the Company, holding company and associate companies and - (iv) 8,00,000 shares to non -resident Indians on repatriation basis. The balance 12,40,000 shares linked to debentures were offered for public subscription during February, 1986. 1986 - The Company ceased to be a subsidiary of Blow Plast Ltd. - The Company launched a new range of moulded luggage under the brand names International Tourister and Odyssey. - The all plastic International Tourister range of suitcases were aimed at the middle and lower segments of cons umers, the odyseey was to cater to the more discerning consumers. - The Company issued 24,00,000 No. of equity shares of Rs.10 each at a premium of Rs.2 per share linked to 9,60,000 15% secured redeemable non -convertible debentures of Rs.100 each for cash at par. Out of this the following shares and debentures were reserved and allotted on a preferential basis: - (i) 48,000 No. of equity shares linked to 19,200 d ebentures to 30,00,000 bonus equity shares of

promoters, directors, their relative and business associates of the Company. - (ii) 1,92,000 No. of equity shares linked to 76,800 debentures to shareholders of Blow Plast Ltd., the holding company of V.I.P Industries Ltd.; - (iii) 1,20,000 equity shares linked to 48,000 debentures to the employees of the Company, holding Company and associate companies. - (iv) 8,00,000 No. of equity shares linked to 3,20,000 debentures to non-resident Indians and persons of Indian Nationality/Origin, residing abroad on repatriation basis. The balance 12,40,000 No. of equity shares linked to 4,96,000 debentures were allotted to the public. - These debentures are redeemable in full at a premium of Rs.5 per debenture on the expiry of 7 years from the date of allotment. 1987 - Despite go -slow and a lock -out at Nasik factory for over two months, production and sales were maintained almost at the previous year's level. However margins were under pressure due to prevailing competition. 1988 - The sales declined to Rs. 64.64 crores from Rs. 68.90 crores in the previous year due to factors li ke heavy excise duty, stiff competition and hike in the input costs. - 60,00,000 Right equity shares issued at a premium of Rs.30 per share to the existing shareholders in prop. of 1:1. 1994 - The Company withdrew from the Industrial Crates line and opted out of the luggage exports markets of Nigeria and CIS countries. 2000 - The Company has approved the scheme of amalgamation of Cristobal Investments Co Ltd, and its wholly owned subsidiary Pristine Plast Ind Ltd with the company effective from 1st April. 2001 - The Company has launched a new range of Moderna moulded chairs in wood finish. - The Dilip G Piramal -headed VIP Industries has entered into a strategic tie -ups with

the France -based luggage maker delsey. - VIP Industries Ltd., a luggage manufacturer, has entered into a strategic alliance with Delsey. - VIP, has bagged its largest order of over 55,000 briefcases for the German market. 2002 -Milind Puranik resigns as Company Secretary of VIP Industries. 2003 - Vip Industries Ltd. has informed that Mr. A G Ware y has resigned as Director of the Company w.e.f. June 6, 2003. 2004 -Vip Industries Ltd. has informed that the Company's bid for acquisition of certain Assets of Carlton International plc U.K. which is under liquidation, has been accepted 2005 -VIP enters soft luggage segment 2009 - Vip Industries Ltd has informed that at the meeting of the Board of Directors of the company held on June 30, 2009, Ms. Radhika Piramal has been appointed as an Executive Director of the Company w.e.f. July 13, 2009. - VIP Industries Ltd has informed that the Board of Directors of the Company at its meeting held on June 30, 2009, Ms. Radhika Piramal has been appointed as an Executive Director of the Company w.e.f. July 13, 2009. 2010 - Vip Industries Limited has appointed Mr.T.Premanand as an Additional Director, being a Whole -time Director of the Company designated as Director - Works with effect from July 27, 2010