Note No. 1.1 :Terms/rights attached to equity shares:
 
 a) The Company has only one class of Issued, subscribed and fully paid
 up shares referred to as equity shares having a par value of Rs. 2 each.
 Each holder of equity share is entitled to one vote per share. The
 dividend pro- posed by the Board of Directors is subject to the
 approval of the shareholders in the ensuing Annual General Meeting.
 
 b) The amount of per share dividend of Rs. 1.60 (Previous Year Rs. 2) has
 been proposed to be distributed to equity shareholders for the year
 ended 31st March, 2012 including Interim Dividend paid during the year.
 The total amount of dividend shall be Rs. 22.61 Crores and Dividend
 Distribution Tax Rs. 3.67 Crores.
 
 c) In the event of liquidation of the company, the holders of equity
 shares will be entitled to receive remaining assets of the company,
 after distribution of all preferential amounts. The distribution will
 be in proportion to the number of equity shares held by the
 shareholders.
 
 Note No. 1.2 :Aggregate number of shares allotted under the scheme of
 amalgamation during the period of five years immediately preceding the
 reporting date:
 
 Pursuant to the Order dated 14th December, 2007 passed by the Hon''ble
 High Court of Judicature at Bombay sanctioning the scheme of
 Amalgamation of Aristocrat Luggage Limited and Quality Plastics Limited
 with V.I.P.  Industries Limited (the Company), 28,01,650 Equity Shares
 of Rs. 10 each, (1,40,08,250 Equity Shares at par value of Rs. 2, post
 subdivision) of the Company were issued to the shareholders of
 erstwhile Aristocrat Luggage Ltd and erstwhile Quality Plastics Ltd.
 
 Note No. 2.1
 
 The Company has not received information from vendors regarding their
 status under the Micro, Small and Medium Enterprises Development
 Act,2006 and hence disclosures relating to amounts unpaid as at the
 year end together with interest paid/payable under this Act, have not
 been given. The same has been relied upon by the Auditors.
 
 Note No 3.1: Buildings
 
 Buildings include Original cost of Rs. 0.70 Crores (previous year Rs. 0.70
 Crores) being the cost of ownership flats represented by 10 (previous
 year 10) shares of Rs. 50 each of Co-operative societies.
 
 Note No 3.2 : Plant & Machinery
 
 Plant & Machinery to the extent of Rs. 0.30 Crores (Previous year Rs. 0.30
 Crores) is hypothicated to the State Government of Uttarakhand (SIDCUL
 Dehradun) as per agreement for the Capital Incentive Scheme.
 
 Note No:-4.1:-
 
 The Carlton Travel Goods Limited was dissolved with effect from 6th
 December 2011, vide an order issued by the Registrar of Companies of
 England & Wales Dated 13th December,2011.Provision for Diminution in
 value of investment of Rs. 1.66 Crores has already been made in the
 books, the same will be written off after obtaining approval from
 Reserve Bank of India.
 
 5 ASSETS TAKEN ON LEASE:
 
 The Company''s major leasing arrangements are in respect of commercial
 /residential premises (including furniture and fittings therein
 wherever applicable taken on leave and license basis). The aggregate
 lease rentals of Rs. 26.79 Crores (previous year Rs. 19.13 Crores) as Rent
 are charged as Rent and grouped under the Note No.  26 Other
 Expenses. These leasing arrangements which are cancellable, range
 between 11 months and 5 years generally, or longer and are usually
 renewable by mutually agreed terms and conditions.
 
 Rental Income of Rs. 0.13 Crores (previous year Rs. 0.13 Crores) from
 Operating leases are recognised in the Statement of Profit & Loss &
 grouped under the Note No. 20 Other Income.
 
 6 SEGMENT REPORTING:
 
 Segment Information for the year ended 31st March, 2012
 
 The Company has two primary business segments, viz i. Luggage &
 Accessories ii. Furniture. Since the segment revenue, segment result
 and segment assets of the segment ''Furniture'' is less than 10% of the
 respective totals, the same is not considered significant and
 accordingly no Primary segment is considered reportable. Since the
 segment revenue outside India in Previous year is more than 10% of the
 total assets, geographical segment is reported as the secondary
 segment.
 
 7 Balances of Trade Receivables, Trade Payables, Loans & Advances are
 subject to confirmation and consequential adjustments, if any.
 
 8 During the year, the wholly owned subsidiary Carlton Travel Goods
 Limited, was dissolved with effect from 6th December, 2011 vide on
 order issued by the Registrar of Companies of England and Wales dated
 13th December, 2011. The provision for doubtful recovery of the
 receivables from the subsidiary company was made in the year 2010-11.
 Subsequently, the company has received the approval from the Reserve
 Bank of India for the write off of these receivables amounting to USD
 58,30,109 and Euro 1,20,917 (Approximately Rs. 27 Crores) and accordingly
 these receivables have been written off in the current year.
 
 9 The Company had entered into an agreement to sale its stake in the
 Joint Venture, VIP NITOL Industries Limited. The sale has not been
 effected pending clearances from the authorities in Bangladesh.
 Consequently the disclosure under AS 27 is not applicable.
 
 10 During the year the Company has made a provision of Rs. 0.72 Crores
 (previous year Rs. 0.64 Crores) for excise duty on closing stocks, other
 than goods meant for exports in bonded warehouse. The excise duty is
 also included in valuation of the closing stock of finished goods
 inventories. There is no effect on the profit for the year.
 
 11 In the opinion of the Board, amounts of Current Assets, Loans &
 Advances have a value on realisation in the ordinary course of business
 at least equal to at which they are stated.
 
 12 The Financial Statement for the year ended 31st March 2011 had been
 prepared as per the then applicable prerevised Schedule VI of the
 Companies Act, 1956. Consequent to the notification under the Companies
 Act, 1956 the financial statement for the year ended 31st March, 2012
 are prepared under revised Schedule VI.  Accordingly the previous year
 figures have also been regrouped/reclassified to confirm to the current
 year''s classification.