Vipul Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017

1. The above Financial Results are reviewed by the Audit Committee and on their recommendation have been approved by the Board of Directors at their respective meetings held on May 29, 2017. The statutory auditors of the Company have audited the above standalone for the year ended March 31, 2017. The related audit report, as enclosed, on the standalone financials statement for the financial year ended March 31, 2017 does not have any qualification by Auditors.

2. Due to non availability of Audited/Unaudited financial statement for Financial Year 2016-17 of one of the subsidiary companies namely Vipul SEZ Developers Pvt. Ltd., Consolidated Financial Statement of Vipul Limited for the Financial Year 2016-17 could not be prepared and published along with standalone results of the Company as required under Regulation 33(1)(d) and 47(1) of the SEBI(LODR)Regulations 2015.

3. The Board has approved issuance of Zero Coupon, Secured, Redeemable, Unlisted Non-Convertible Debentures (NCD) aggregating to Rs. 150 Crore of the face of Rs 10 Lakh each with tenure of 54 Months, to ECL Finance Ltd and/or its subsidiaries/associate companies/nominee. pursuant to the authority granted by the Members of the Company vide special resolution passed by way of Postal Ballot on March 25, 2017. The Board also authorised the Debenture Committee to take all necessary steps in this regard

4. Recommendation of a final dividend of Rs. 0.04 each per share on paid-up share capital of the Company subject to approval of shareholders. The Company has already declared and paid interim dividend of Rs. 0.01/- each per share for the financial year ended March 31, 2017. With the recommendation of final dividend of Rs. 0.04 per share, the total dividend for the above period works out to Rs. 0.05 per share.

5. The Company’s main business is real estate. As such, there are no separate reportable segments as per the Accounting Standard on "Segment Reporting" (AS -17) issued by the Institute of Chartered Accountants of India.

6. The figures of the last quarter are the balancing figure between audited figure in respect of full financial year and published year to date figure upto third quarter of the respective financial year.

7. Statement of Assets and Liabilities as at March 31, 2017 is annexed.

8. There were no Material Related Party Transactions during the quarter & year ended March 31, 2017

9. The previous financial period/year figures have been regrouped / re-arranged wherever necessary to conform to this period’s classification.

10. The formula used for Interest Service Coverage Ratio (ISCR)=Earnings before interest and tax/interest expense. The formula used for Debt Service Coverage Ratio (DSCR)=Earnings before interest and tax/(interest+principal repayment).

11. These results will be made available on the Company’s website viz www.vipulgroup.in and websites of BSE Limited and National Stock Exchange of India Limited viz, www.bseindia.com and www.nseindia.com