The block printing craft of Bagru is unique and has its own distinct character. This kind of art is said to have started around 450 years ago. The village Chippa or traditional community used these fabrics by hand. These

Intellectual Property (IP) audit has been defined as a systematic review of the IP owned, used or acquired by a business so as to assess and manage risk, remedy problems and implement best practices in IP asset management. IP Audit is a tool which is mostly used by the companies to take into account the intangible assets which they have generated / developed in the certain span of time. Though the IP is intangible in nature, but it contributes to a very crucial core value of the company, i.e. the goodwill which the brand have in the market. Tentatively speaking the goodwill of the IP is one of the crucial reasons for which the industries acquire protection. This goodwill thus generated is then represented as the consumer preference and the acceptability of the brand in the market which is now a major reason for generating revenue. Keeping in mind the changing times and given the digital society we live in, the companies have never been more aggressive regarding their promotion, advertisements and collaborations regarding their products. This has thus made them to start delving into the wilderness of the market which makes them susceptible to damage/threats and other legal challenges. The scenario thus has presented an alarming need, which needs the IP owners to be more aggressive and well prepared before an actual impact is caused. IP Audit follows the SWOT analysis process as below: S - Strength: To assess the strongest and safest points of the IP of the owner. This could range from the goodwill of the product to the tall framed legal and comprehensive protection which would be the best asset of the owner. W - Weakness: One of the major aims of the IP Audit is to identify the weak spots and loose ends which would be the possible breeding grounds to future legal disputes. The Audit would help the owner, to prepare well in advance and also help them to device a full proof mechanism to overcome such abnormalities. O - Opportunities: IP audit can also be seen as preparation which the owner carries out to assess the present situation before proceeding to take any further actions. The owner of an IP could also undertake such preparatory measures before proceedings to use their IP to generate revenues, like licensing, tech - transfer and leasing. T - Threats: The intangible rights being vulnerable and frail are always defenseless without proper protection and legal enforcements. Given the highly digital and technologically advanced competitive market threats to the IP have been imminent and thus the IP Audit at timely intervals serves the owner to entail and trace the source of possible conflict and take adequate measures to avert it.