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Vaibhav Global Limited

Vaibhav Global Limited (VGL) is a global retailer of fashion jewelry and lifestyleaccessories on its Home television (TV) and e-commerce platforms . It operates liveelectronic retail channels in the United States and the United Kingdom from Austin, Texasand London respectively. The Companys brand includes Rhapsody, Iliana, J Francis,Elanza, Karis, Eon 1962, Strada and Genoa. The Company has outsourcing operationsOpportunities across China, Thailand and Indonesia and manufacturing operations in

Jaipur, India.

BalanceSheet - Vaibhav Global Ltd.

Rs (in Crores)

Particulars Mar'14 Mar'13 Mar'12 Mar'11 Mar'10

Liabilities 12 Months 12 Months 12 Months 12 Months 12 Months

Share Capital 32.22 76.06 75.7 75.7 75.7

Reserves & Surplus 401.69 357.26 304.49 281.47 263.74

Net Worth 433.91 433.33 380.19 357.17 339.44

Secured Loan 70.51 103.6 123.58 171.59 169.38

Unsecured Loan 2.1 9.6 3.8 2.04 0.28TOTAL LIABILITIES 506.51 546.52 507.57 530.8 509.1

Assets

Gross Block 30.05 33.26 28.52 23.83 22.01

(-) Acc. Depreciation 12.46 17.15 15.52 14.03 12.9

Net Block 17.59 16.11 12.99 9.81 9.12

Capital Work in Progress 0 0.03 0.04 1.48 0

Investments 212.28 214.94 258.35 258.35 277.25

Inventories 92.14 87.42 74.27 65.61 60.81

Sundry Debtors 88.18 97.04 121.63 127.17 110.01

Cash and Bank 31.26 18.31 9.06 13.66 5.64

Loans and Advances 134.24 167.03 74.48 66.25 56.78

Total Current Assets 345.82 369.8 279.44 272.69 233.25

Current Liabilities 67.14 52.49 41.6 9.92 9.14

Provisions 2.03 1.87 1.65 1.59 1.37

Total Current Liabilities 69.17 54.36 43.25 11.51 10.51

NET CURRENT ASSETS 276.65 315.44 236.19 261.17 222.74

Misc. Expenses 0 0 0 0 0

TOTAL ASSETS(A+B+C+D+E) 506.51 546.52 507.57 530.8 509.1

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Heritage Foods Limited -

Profit & Loss -Vaibhav Global Ltd. Rs(in Crores)

Mar'14 Mar'13 Mar'12 Mar'11 Mar'10

12Months 12Months 12Months 12Months 12Months

INCOME:

Sales Turnover 348.27 249.13 176.69 145.44 121.31

Excise Duty 0 0 0 0 0

NET SALES 348.27 249.13 176.69 145.44 121.31

Other Income 0 0 0 0 0

TOTAL INCOME 379.42 257.5 188.93 146.05 121.52EXPENDITURE:

Manufacturing Expenses 29.73 18.58 8.11 6.02 4.14

Material Consumed 241.55 176.56 130.75 104.57 94.64

Personal Expenses 29.05 22.44 16.25 14.34 11.32

Selling Expenses 0 0 0 2.05 1.46

Administrative Expenses 14.96 8.65 5.76 3.61 2.35

Expenses Capitalised 0 0 0 0 0

Provisions Made 0 0 0 0 0

TOTAL EXPENDITURE 315.3 226.23 160.87 130.58 113.91

Operating Profit 32.98 22.89 15.82 14.85 7.4EBITDA 64.12 31.27 28.06 15.47 7.61

Depreciation 2.46 2.19 1.53 1.2 1.21

Other Write-offs 0 0 0 0 0

EBIT 61.66 29.07 26.53 14.27 6.4

Interest 11.75 11.66 11.94 12.01 13.86

EBT 49.91 17.42 14.6 2.26 -7.46

Taxes 0.14 0.01 0.23 -0.05 -0.18

Profit and Loss for the Year 49.77 17.4 14.37 2.3 -7.28

Non Recurring Items 3.39 8.98 -0.27 14.79 9.42

Other Non Cash Adjustments 0 0 0 0.27 0

Other Adjustments 0 0 0 -14.33 0REPORTED PAT 53.16 26.38 14.09 3.04 2.14

KEY ITEMS

Preference Dividend 3.39 0 0 0 0

Equity Dividend 0 0 0 0 0

Equity Dividend (%) 0 0 0 0 0

Shares in Issue (Lakhs) 321.76 320.64 316.98 316.98 316.98

EPS - Annualised (Rs) 16.52 8.23 4.45 0.96 0.67

Rs (in Crores)

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Heritage Foods Limited is an India-based diary company. The Company operates in dairy,retail, agri and bakery segments. The Companys products in the diary segment includemilk, value added products, fat products and skimmed milk powder. It sells fruits andvegetables in the agri segment. Its products include toned milk, full cream milk, doubledtoned milk, slim milk, standardized milk, golden cow milk, and UHT toned milk. It is alsoengaged in manufacturing packaged drinking water, fruit lassi, sweet lassi, flavored milk-bottles and flavored milk-tetra pack. The Company has presence in Andhra Pradesh,Tamil Nadu, Karnataka, Kerala, Maharastra, Odisha and Delhi. Heritage Bakery operatesover 14 Company-owne d locations in twin cities. The Companys dairy division has over15 packing stations, 90 chilling centers / bulk coolers / ice plants and over 40 franchiseebulk coolers with operationally safe process equipments.

BalanceSheet - Heritage Foods Ltd.Rs (in Crores)Particulars Mar'14 Mar'13 Mar'12 Mar'11 Mar'10

Liabilities12

Months12

Months12

Months12

Months12

MonthsShare Capital 23.2 11.6 11.53 14.72 14.72

Reserves & Surplus 155.79 130.29 81.6 71.82 72.16Net Worth 178.99 141.89 93.13 86.53 86.87Secured Loan 127.42 98.18 129.37 176.61 175.53Unsecured Loan 0 0 11 9.45 8.92TOTAL LIABILITIES 306.41 240.07 233.5 272.59 271.32AssetsGross Block 408.41 353.48 337.29 317.5 294.24(-) Acc. Depreciation 136.93 116.69 107.03 95.78 79Net Block 271.48 236.79 230.26 221.72 215.24Capital Work in Progress 11.12 8.27 8.92 11.98 8.71

Investments 0.99 1.12 1.12 1.02 0.92Inventories 108.55 82.09 93.45 66.07 76.31Sundry Debtors 16.61 15.07 11.2 14.44 12.08Cash and Bank 44.42 32.95 29.99 30.44 24.63Loans and Advances 38.87 34.49 34.14 33.41 36.05Total Current Assets 208.46 164.61 168.78 144.36 149.06Current Liabilities 171.82 161.54 165.56 100.41 95.01Provisions 13.81 9.19 10.03 6.08 7.59Total Current Liabilities 185.63 170.73 175.59 106.48 102.61NET CURRENT ASSETS 22.83 -6.13 -6.81 37.87 46.45

Misc. Expenses 0 0 0 0 0TOTALASSETS(A+B+C+D+E) 306.41 240.07 233.5 272.59 271.32Rs (in Crores)

Profit & Loss - Heritage Foods Ltd. Rs (in Crores) Mar'14 Mar'13 Mar'12 Mar'11 Mar'10

12Months 12Months 12Months 12Months 12MonthsINCOME:Sales Turnover 1722.04 1601.81 1393.41 1096.28 900.43

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Excise Duty 0 0 0 0.1 0.05NET SALES 1722.04 1601.81 1393.41 1096.19 900.38Other Income 0 0 0 0 0TOTAL INCOME 1726.99 1606.01 1396.61 1099.22 902.62EXPENDITURE:ManufacturingExpenses 29.86 36.41 36.77 24.79 21.14Material Consumed 1356.48 1250.24 1129.93 881.73 696.33Personal Expenses 100.09 87.18 69.16 59.57 49.3Selling Expenses 0 0 0 48.71 43.95AdministrativeExpenses 140.63 126.89 106.28 41.34 38.49Expenses Capitalised 0 0 0 0 0Provisions Made 0 0 0 0 0TOTALEXPENDITURE 1627.06 1500.72 1342.14 1056.13 849.21Operating Profit 94.98 101.09 51.26 40.06 51.18EBITDA 99.94 105.29 54.47 43.09 53.41

Depreciation 25 22.02 21.19 19.94 19.64Other Write-offs 0 0 0 0 0EBIT 74.93 83.27 33.28 23.15 33.77Interest 13.22 16.7 19.71 21.28 22.63EBT 61.71 66.57 13.58 1.87 11.14Taxes 15.9 13.69 4.24 1.84 4.98Profit and Loss for the

Year 45.81 52.88 9.33 0.04 6.15Non Recurring Items -0.5 -2.91 0 -0.19 -0.43Other Non Cash

Adjustments 0 0 0 1.28 -0.13Other Adjustments 0 0 0 0 0.13REPORTED PAT 45.31 49.96 9.33 1.12 5.72KEY ITEMSPreference Dividend 0 0 0 0 0Equity Dividend 5.78 2.87 1.93 1.16 2.08Equity Dividend (%) 24.9 24.77 16.75 10.05 18Shares in Issue(Lakhs) 231.99 116 115.3 115.3 115.3EPS - Annualised (Rs) 19.53 43.07 8.1 0.97 4.96Rs (in Crores)

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KWALITY -

Kwality Limited is engaged in providing dairy products. The Companys portfolio includesmilk, milk powder, ghee, instant dairy creamer, diary mix, curd and buttermilk. TheCompanys curd made from 100 % pasteurized toned cows milk. Its skimmed milk powderis made from fresh full fat milk and is completely free from artificial flavors and colors. It

can be used for making milk, tea, coffee, curd, lassi, mishthi doi, milk shake, ice cream,pudding and sweets. Its instant dairy creamer contains milk solids, milk fat sucrose, andemulsifiers. It is for making, milk, tea, coffee, curd, lassi, mishthi doi, milk shake, icecream, pudding and sweets. Its fresh and soft Paneer (cottage cheese) is another pureproduct made from fresh milk.

BalanceSheet - Kwality Ltd.Rs (in Crores)

Particulars Mar'14 Mar'13 Mar'12 Mar'11 Mar'10

Liabilities 12 Months 12 Months 12 Months 12 Months 12 MonthsShare Capital 20.32 20.32 20.32 20.32 18.2

Reserves & Surplus 377.77 253.52 159.35 70.73 29.28Net Worth 398.09 273.84 179.67 91.05 47.48

Secured Loan 898.84 777.05 550.83 364.64 168.26

Unsecured Loan 95 85.78 100.19 60.16 50.64

TOTAL LIABILITIES 1391.93 1136.67 830.7 515.85 266.38Assets

Gross Block 147.32 108.29 89.13 59.74 32.21

(-) Acc. Depreciation 48.2 35.36 25.12 17.84 14.35Net Block 99.12 72.93 64.01 41.91 17.85

Capital Work in Progress 22 8.61 0.09 0 0.39

Investments 6.27 5.65 1.43 0 0

Inventories 167.48 98.66 98.74 63.42 48.58

Sundry Debtors 1199.99 930.9 656.24 411.71 261.8

Cash and Bank 12.72 32.39 8.89 1.53 2.18

Loans and Advances 74.05 88.75 58.28 37.29 11.18

Total Current Assets 1454.24 1150.71 822.16 513.95 323.74

Current Liabilities 154.66 76.18 41.53 23.71 62.11Provisions 35.05 25.05 15.46 16.49 13.49

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Total Current Liabilities 189.7 101.23 56.99 40.2 75.6

NET CURRENT ASSETS 1264.54 1049.48 765.17 473.75 248.14

Misc. Expenses 0 0 0 0.19 0

TOTALASSETS(A+B+C+D+E) 1391.93 1136.67 830.7 515.85 266.38

Rs (in Crores)

Profit & Loss - Kwality Ltd. Rs (in Crores) Mar'14 Mar'13 Mar'12 Mar'11 Mar'10

12Months 12Months 12Months 12Months 12MonthsINCOME:

Sales Turnover 4578.05 3692.29 2394.63 1608.04 1054.12Excise Duty 0 0 0 0 0

NET SALES 4578.05 3692.29 2394.63 1608.04 1054.12

Other Income 0 0 0 0 0

TOTAL INCOME 4582 3693 2394.72 1608.25 1054.22EXPENDITURE:

Manufacturing Expenses 18.71 14.21 7.78 15.12 9.44

Material Consumed 4203.62 3396.1 2180.29 1470.86 980.44

Personal Expenses 17.95 13.48 8.56 3.92 2.19

Selling Expenses 0 0 0 12.75 7.87

Administrative Expenses 65.69 55.18 32.82 4.37 2.03

Expenses Capitalised 0 0 0 0 0

Provisions Made 0 0 0 0 0

TOTAL EXPENDITURE 4305.97 3478.96 2229.45 1507.02 1001.97

Operating Profit 272.08 213.33 165.18 101.02 52.16EBITDA 276.03 214.04 165.26 101.23 52.26

Depreciation 12.91 10.29 7.5 3.53 1.83

Other Write-offs 0 0 0 0 0EBIT 263.12 203.75 157.77 97.7 50.43Interest 112.61 92.28 65.09 37.12 20.68EBT 150.51 111.48 92.67 60.58 29.75Taxes 23.88 11.95 1.69 14.63 11.19

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Profit and Loss for the Year 126.63 99.53 90.99 45.95 18.56

Non Recurring Items 0 -3 0 0 -0.01

Other Non Cash Adjustments 0 0 0 0 -0.61

Other Adjustments 0 0 0 0 0

REPORTED PAT 126.63 96.53 90.99 45.94 17.95KEY ITEMS

Preference Dividend 0 0 0 0 0

Equity Dividend 1.69 2.03 1.7 1.69 2.03

Equity Dividend (%) 8.3 10 8.37 8.3 11.16

Shares in Issue (Lakhs) 2031.86 2031.86 2031.86 2031.86 1820

EPS - Annualised (Rs) 6.23 4.75 4.48 2.26 0.99

Rs (in Crores)