MIRA INFORM REPORT

 

 

Report No. :

355857

Report Date :

24.12.2015

 

IDENTIFICATION DETAILS

 

Name :

ARVIND LIMITED (w.e.f.14.07.2008)

 

 

Formerly Known As :

ARVIND MILLS LIMITED

 

 

Registered Office :

Naroda Road, P B No.10010, Railwaypura Post, Ahmedabad – 380025, Gujarat

Tel No. :

91-79-30138000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

01.06.1931

 

 

Com. Reg. No.:

04-000093

 

 

Capital Investment / Paid-up Capital :

Rs. 2582.400 Million

 

 

CIN No.:

[Company Identification No.]

L17119GJ1931PLC000093

 

 

IEC No.:

0888003421

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCA2398D

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Cotton Shirting, Denim, Knits and Bottom Weights (Khakis) Fabrics and Jeans and Shirts Garments. (Registered Activity)

 

 

No. of Employees :

18000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (70)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a one of the India’s leading vertically integrated textile companies with the presence of more than eight decades in the industry and it is among the largest denim manufacturers in the world.

 

Subject is a well-established and reputed company having fine track record.

 

The rating reflects wide experience of its promoters backed by strong growth potential associated with diversified brand portfolio and widespread retail distribution network.

 

Rating also reflects Arvind’s healthy operational risk profile supported by adequate liquidity position and decent profitability margins of the company.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

In view decent brand name backed by it resourceful promoter, the company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities=A+

Rating Explanation

Adequate degree of safety and low credit risk.

Date

14.10.2015

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities=A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

14.10.2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

INFORMATION DENIED BY

 

Name :

Mr. Ramnik

Designation :

Finance Controller

Contact No.:

91-79-22203030

 

 

LOCATIONS

 

Registered Office :

Naroda Road, P B No.10010, Railwaypura Post, Ahmedabad – 380025, Gujarat, India

Tel. No.:

91-79-30138000

Fax No.:

91-79-30138671

E-Mail :

india@arvindmills.com

investor@arvind.com

rv.bhimani@arvind.in

feedback@arvind.com

Website :

http://www.arvind.com

 

 

Factory :

Santej Road, Near Khatrej Road Kalol, Gandhinagar – 338272, Gujarat, India

 

 

Plant Locations :

Located at:

 

  • Lifestyle Fabrics-Denim, Naroda Road, Ahmedabad - 380025, Gujarat, India

 

  • Lifestyle Fabrics - Voiles, Ankur Textiles, Outside Raipur Gate, Ahmedabad - 380022, Gujarat, India

 

  • Lifestyle Fabrics-Shirting, Khakis and Knitwear, Santej, PO Khatrej, Taluka Kalol, District Gandhinagar - 382721, Gujarat, India

 

  • Lifestyle Apparel-Knits, Santej, PO Khatrej, Taluka Kalol, District Gandhinagar - 382721, Gujarat, India

 

  • Lifestyle Apparel-Jeans, # 26/2, 27/2, Kenchenahalli, Mysore Road, Near Bangalore University, Bangalore – 560059, Karnataka, India

 

  • Lifestyle Apparel-Shirts, # 23/1, Sonnenahalli Village, Sitarampalya Cross, ITPL Road, Brookfield, Mahadevpura Post, Bangalore – 560048, Karnataka, India

 

  • Lifestyle Apparel-Shirts, # 63/9, Doddathogur Village, Electronic City Post, Bangalore – 560100, Karnataka, India

 

  • Arvind Intex, Rajpur Road, Gomtipur, Ahmedabad - 380021, Gujarat, India

 

  • Arvind Polycot, Khatrej, Taluka Kalol, District Gandhinagar - 382721, Gujarat, India

 

  • Arvind Cotspin, D-64, MIDC, Gokul Shirgaon, Tal. Karveer, Kolhapur - 416234, Maharashtra, India

 

 

Branch Offices :

Located at:

 

·         Gandhinagar 

·         Bangalore 

 

 

Overseas Offices :

Located at:

 

·         United States of America

·         Bangladesh

 

 

DIRECTORS

 

As on 31.03.2015

 

Name:

Mr. Sanjay S. Lalbhai

Designation:

Managing Director

Address:

Lalbaug, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Appointment:

17.03.1979

DIN No.:

00008329

 

 

Name:

Mr. Jayesh K. Shah

Designation:

Whole Time Director

Address:

26 Amaltas Bunglows, Vastrapur, Ahmedabad - 380015, Gujarat, India

Date of Appointment:

20.11.2002

DIN No.:

00008349

 

 

Name:

Mr. Punit S. Lalbhai

Designation:

Whole-Time Director

Address:

Lalbaug, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Appointment:

26.07.2012

DIN No.:

05125502

 

 

Name:

Mr. Kulin S. Lalbhai

Designation:

Whole-Time Director

Address:

Lalbaug, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Appointment:

26.07.2012

DIN No.:

05206878

 

 

Name :

Dr. Bakul Dholakia

Designation:

Director

Address:

6, Asopalav Bungalow, Thaltej, Ahmedabad - 380059, Gujarat, India

Date of Appointment:

21.07.2010

DIN No.:

00005754

 

 

Name :

Mr. Vallabh Bhanshali

Designation :

Director

Address:

12 Laxmi Vilas, 87 Nepean Sea Road, Mumbai - 400006, Maharashtra, India

Date of Appointment:

12.05.2014

DIN No.:

00184775

 

 

Name :

Mr. Dileep C. Choksi

Designation :

Director

Address:

E/7, Sea Face Park, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Appointment:

12.05.2014

DIN No.:

00016322

 

 

Name :

Ms. Renuka Ramnath

Designation :

Director

Address:

D-4701/2, Floor: 47, Ashok Tower, 63/74, Dr. S. S. Rao Marg, Parel, Mumbai - 400012, Maharashtra, India

Date of Appointment:

28.10.2010

DIN No.:

00147182

 

 

Name :

Mr. Samir Mehta

Designation :

Director

Address:

Akalpya Opp.Jain Temple, Sarkhej Gandhinagar Highway, Ahmedabad, 380058, Gujarat, India

Date of Appointment:

30.07.2014

DIN No.:

00061903

 

 

Name :

Mr. Nilesh Shah

Designation :

Director

Address:

501, Radhika Chs, Gulmohar Road,, Plot No 55, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Appointment:

06.05.2015

DIN No.:

01711720

 

 

KEY EXECUTIVES

 

Name :

Mr. R.V. Bhimani

Designation :

Secretary

Address:

A/2/11 Soham Park Society, B/H Vastrapur, Ahmedabad - 380054, Gujarat, India

Date of Appointment:

11.09.2003

PAN No.:

ABEPB9270E

 

 

SHAREHOLDING PATTERN

 

As on 30.09.2015

 

Category of Shareholder

Total No. of Shares

% of Total No. of Shares

 

 

 

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

1151906

0.45

http://www.bseindia.com/include/images/clear.gifBodies Corporate

111907749

43.33

http://www.bseindia.com/include/images/clear.gifSub Total

113059655

43.78

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

113059655

43.78

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

26338319

10.20

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

81918

0.03

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

500

0.00

http://www.bseindia.com/include/images/clear.gifInsurance Companies

15222183

5.89

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

39331879

15.23

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1113

0.00

http://www.bseindia.com/include/images/clear.gifOthers

1113

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

80975912

31.36

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

9447951

3.66

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

27156317

10.52

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

7048519

2.73

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

20554715

7.96

http://www.bseindia.com/include/images/clear.gifTrusts

2103

0.00

http://www.bseindia.com/include/images/clear.gifClearing Members

584932

0.23

http://www.bseindia.com/include/images/clear.gifOthers

1233564

0.48

http://www.bseindia.com/include/images/clear.gifForeign Portfolio Investors

18734116

7.25

http://www.bseindia.com/include/images/clear.gifSub Total

64207502

24.86

Total Public shareholding (B)

145183414

56.22

Total (A)+(B)

258243069

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

258243069

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Cotton Shirting, Denim, Knits and Bottom Weights (Khakis) Fabrics and Jeans and Shirts Garments. (Registered Activity)

 

 

Products :
  • Cotton Shirting
  • Denim
  • Knits and Bottom Weights (Khakis) Fabrics 
  • Jeans and Shirts Garments

 

 

Brand Names :

ARROW, US POLO, IZOD, ELLE, CHEROKEE

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

18000 (Approximately)

 

 

Bankers :
  • State Bank of India
  • Bank of Baroda
  • UCO Bank
  • State Bank of Patiala
  • HDFC Bank Limited
  • Standard Chartered Bank
  • ICICI Bank Limited
  • Export-Import Bank of India
  • Axis Bank Limited
  • State Bank of Hyderabad
  • IDBI Bank Limited
  • Canara Bank

 

 

Facilities :

 

SECURED LOANS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loans

From Banks

10869.600

10386.500

From Financial Institutions and Others

817.800

1132.300

SHORT TERM BORROWINGS

 

 

Working Capital Loans repayable on demand from Banks

10441.000

10058.100

 

 

 

Total

 

22128.400

21576.900

 

Notes:

 

LONG-TERM BORROWINGS

 

Nature of Security:

Term Loans of Rs. 14160.100 Million

i Loans amounting to Rs. 14078.600 Million are secured by (a) first charge on all the Immovable Properties, Movable Properties, Intangible Properties and General Assets of the Company presently relating to the Textile Plants excluding Immovable properties of Asoka Spintex Textile Plant and Arvind International Textile Plant and all Immovable Properties, Movable Properties, Intangible Properties and General Assets acquired by the Company at any time after execution of and during the continuance of the Indenture of Mortgage; (b) additional charge by way of mortgage on Immovable Properties at villages Jethlaj, Karoli, Vadsar, Moti Bhoyan, Santej and Khatrej; (c) charge on the Company’s Trademarks and (d) Secured by second charge on all the Company’s Current Assets both present and future relating to the Textile Plants.

Out of these Rs. 1363.02 Crores are additionally secured by first charge on Movable Fixed Assets of Jeans and Shirts Garment divisions at Bangalore.

ii Loans of Rs. 81.500 Million are secured by hypothecation of related vehicles.

 

 

SHORT TERM BORROWINGS

 

Nature of Security

Cash Credit and Other Facilities from Banks

Secured by first charge on all the Company’s Current Assets presently relating to the Textile Plants and all the Current Assets acquired by the Company at any time after the execution of and during the continuance of the Indenture of Mortgage. They are also secured by a second charge over all the Immovable Properties, Movable Properties, Intangible Properties and General Assets of the Company presently relating to the Textile Plants and all Immovable Properties, Movable Properties, Intangible Properties and General Assets acquired by the Company at any time after execution of and during the continuance of the Indenture of Mortgage. Some of facilities are additionally secured by second charge on movable Plant and Machinery of the Jeans and Shirts Garment divisions at Bangalore.

 

 

Auditors :

 

Name :

Sorab S. Engineer and Company

Chartered Accountants

Address :

Ismail Building, 381, Dr. D. Naoroji Road, Fort, Mumbai – 400001, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies :
  • Asman Investment Limited
  • The Anup Engineering Limited
  • Arvind Lifestyle Brands Limited
  • Arvind Accel Limited
  • Syntel Telecom Limited
  • Arvind Infrastructure Limited
  • Arvind Brands and Retail Limited
  • Arvind Internet Limited
  • Arvind Envisol Private Limited
  • Arvind Worldwide Inc., USA
  • Arvind Worldwide (M) Inc., Mauritius
  • Arvind Overseas (M) Limited, Mauritius
  • Arvind Garments Park Private Limited (Formerly known as Arvind Processing Park Private Limited)
  • Arvind Spinning Limited, Mauritius
  • Arvind Textile Mills Limited, Bangladesh
  • Dholka Textile Park Private Limited (Formerly known as Arvind Spinning Park Private Limited)
  • Arvind Hebbal Homes Private Limited
  • Arvind Lifestyle Apparel Manufacturing PLC, Ethiopia (from 20/03/2015)

 

 

Joint Venture :
  • Arya Omnitalk Wireless Solutions Private Limited
  • Tommy Hilfiger Arvind Fashions Private Limited
  • Arya Omnitalk Radio Trunking Services Private Limited
  • Arudrama Developers Private Limited
  • Premium Garments Wholesale Trading Private Limited

 

 

Joint Venture Subsidiary Companies  :
  • Arvind PD Composites Private Limited
  • Arvind Goodhill Suit Manufacturing Private Limited
  • Arvind Niloy Exports Private Limited, Bangladesh
  • Arvind OG Nonwovens Private Limited

 

 

Limited Liability Partnership  :
  • Arvind Bsafal Homes LLP
  • Ahmedabad East Infrastructure LLP
  • Arvind Infracon LLP
  • Arvind Five Homes LLP
  • Arvind Altura LLP
  • Arvind Industrial Infrastructure (One) LLP
  • Arvind Alcove LLP
  • Arvind and Smart Value Homes LLP
  • Changodar Industrial Infrastructure (One) LLP

 

 

Company under the control of Key Managerial Personnel :
  • Aura Securities Private Limited
  • Amplus Capital Advisors Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

565,000,000

Equity Shares

Rs. 10/- each

Rs. 5650.000 Million

10,000,000

Preference Shares

Rs. 100/- each

Rs. 1000.000 Million

 

 

 

 

 

Total

 

Rs. 6650.000 Million

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

258,243,969

Equity Shares

Rs. 10/- each

Rs. 2582.400 Million

 

 

 

 

 

Subscribed and fully paid up Equity Shares :

No. of Shares

Type

Value

Amount

 

 

 

 

258,243,069

Equity Shares

Rs. 10/- each

Rs 2582.400 Million

 

 

 

 

 

Reconciliation of Number of Equity Shares

 

Particulars

As At March 31, 2015

Balance at the beginning of the year

258,176,389

2581.700

Add :

 

 

Shares alloted persuant to exercise of Employee Stock Option Plan

66,680

0.700

Balance at the end of the year

258,243,069

2582.400

 

 

Rights, Preferences and Restrictions attached to Shares

Equity Shares:

The Company has one class of shares referred to as equity shares having a par value of Rs. 10 each. Each shareholder is entitled to one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

 

Details of Shares held by Shareholders holding more than 5% of the aggregate shares in the Company

 

Particulars

As at

March 31, 2015

Aura Securities Private Limited

95,325,590

36.91%

Life Insurance Corporation of India

15,591,817

6.04%

 

 

Shares allotted as fully paid up pursuant to contract without payment being received in cash (during 5 years immediately preceding March 31, 2015)

3,410,528 Equity Shares of Rs. 10 each were issued during the year 2012-2013 to the erstwhile shareholders of Arvind Products Limited pursuant to the Scheme of Amalgamation without payment being received in cash.

 

Proposed Dividend

The final dividend proposed for the year is as follows:

 

Particulars

As at

March 31, 2015

On Equity Shares of Rs.10/- each

 

Dividend per Equity Share (Rs. )

2.55

Percentage of Dividend Proposed

25.50%

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2582.400

2581.700

2580.400

(b) Reserves & Surplus

25870.400

23779.800

20414.700

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

28452.800

26361.500

22995.100

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

11713.200

11544.600

9471.000

(b) Deferred tax liabilities (Net)

966.400

600.200

128.200

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

143.600

185.900

119.800

Total Non-current Liabilities (3)

12823.200

12330.700

9719.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

13315.700

10947.200

10155.400

(b) Trade payables

7217.200

7151.900

6644.800

(c) Other current liabilities

3788.200

2783.700

2453.300

(d) Short-term provisions

927.100

760.100

869.600

Total Current Liabilities (4)

25248.200

21642.900

20123.100

 

 

 

 

TOTAL

66524.200

60335.100

52837.200

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

26108.300

24906.200

23340.100

(ii) Intangible Assets

94.400

55.800

56.500

(iii) Capital work-in-progress

755.300

723.200

2003.200

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

8853.900

7003.300

4928.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

4078.400

3506.300

2359.300

(e) Other Non-current assets

51.500

0.100

5.400

Total Non-Current Assets

39941.800

36194.900

32693.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

10405.400

9426.100

8779.600

(c) Trade receivables

4622.700

5189.300

4424.200

(d) Cash and cash equivalents

450.200

1238.200

1506.000

(e) Short-term loans and advances

8008.800

5030.400

2502.400

(f) Other current assets

3095.300

3256.200

2931.900

Total Current Assets

26582.400

24140.200

20144.100

 

 

 

 

TOTAL

66524.200

60335.100

52837.200

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

52246.900

47754.800

37802.900

 

 

Other Income

1282.500

844.400

934.600

 

 

TOTAL                                     (A)

53529.400

48599.200

38737.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

21740.400

20965.000

16412.200

 

 

Purchases of Stock-in-Trade

984.000

779.200

844.400

 

 

Project Expenses

84.300

145.700

280.700

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(936.700)

(663.000)

(1660.100)

 

 

Employees benefits expense

5710.700

5088.400

4422.200

 

 

Other expenses

16392.300

13677.800

11636.600

 

 

Exceptional Items

319.300

164.000

0.000

 

 

TOTAL                                     (B)

44294.300

40157.100

31936.000

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

9235.100

8442.100

6801.500

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

3200.600

2781.100

2684.400

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

6034.500

5661.000

4117.100

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1258.300

1575.100

1504.900

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

4776.200

4085.900

2612.200

 

 

 

 

 

Less

TAX                                                                  (H)

1001.900

472.000

0.000

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

3774.300

3613.900

2612.200

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods calculated on F.O.B. basis

19786.600

18622.900

14449.400

 

 

Non-Compete Fees

0.000

54.200

0.000

 

 

Better Cotton Grant

0.000

22.800

25.200

 

 

Agriculture Income

4.400

0.000

0.000

 

TOTAL EARNINGS

19791.000

18699.900

14474.600

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

1393.200

490.600

929.100

 

 

Raw Materials and Accessories

3802.000

2451.000

2870.500

 

 

Dyes and Chemicals, Stores and Spares

1021.800

816.800

738.700

 

TOTAL IMPORTS

6217.000

3758.400

4538.300

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

14.62

14.00

10.12

 

Diluted

14.61

14.00

10.12

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

2472.700

1675.500

1564.800

Cash generated from operations

6892.300

4960.400

4809.700

Net cash flow from operating activity

7114.100

4947.300

4311.700

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2015

30.09.2015

UnAudited

1ST Quarter

2nd  Quarter

Net Sales

13112.400

13358.400

Total Expenditure

11016.800

11352.500

PBIDT (Excl OI)

2095.600

2005.900

Other Income

289.800

330.500

Operating Profit

2385.400

2336.400

Interest

848.900

784.800

Exceptional Items

(28.700)

(37.700)

PBDT

1507.800

1513.900

Depreciation

359.500

352.000

Profit Before Tax

1148.300

1161.900

Tax

360.000

360.000

Provisions and contingencies

NA

NA

Profit After Tax

788.300

801.900

Extraordinary Items

NA

NA

Prior Period Expenses

NA

NA

Other Adjustments

NA

NA

Net Profit

788.300

801.900

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

7.22

7.57

6.91

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

17.68

18.06

17.99

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.39

7.77

5.69

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.17

0.15

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.97

0.92

0.92

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.05

1.12

1.00

 

 

STOCK PRICES

 

 

Face Value

Rs.10.00/-

Market Value

Rs.322.35/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2580.400

2581.700

2582.400

Reserves & Surplus

20414.700

23779.800

25870.400

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

22995.100

26361.500

28452.800

 

 

 

 

long-term borrowings

9471.000

11544.600

11713.200

Short term borrowings

10155.400

10947.200

13315.700

current maturities of long-term debts

1564.800

1675.500

2472.700

Total borrowings

21191.200

24167.300

27501.600

Debt/Equity ratio

0.922

0.917

0.967

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

37802.900

47754.800

52246.900

 

 

26.326

9.407

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

37802.900

47754.800

52246.900

Profit

2612.200

3613.900

3774.300

 

6.91%

7.57%

7.22%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 4 of 2015

Status: PENDING                       ( Converted from : O/ST/3204/2014)                    CCIN No: 001092201500004

 

Last Listing Date: 07/01/2015

 

Coram: - HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

 

HONOURABLE MR.JUSTICE R.P.DHOLARIA

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF CENTRAL EXCISE AND SERVICE TAX

MR RJ OZA for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

ARVIND LIMITED

MR DHAVAL SHAH for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 04/12/2014

Registered On

: 05/01/2015

Bench Category

: -

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/ HER/ THEIR ADVOCATE

Listed

: 2 times

Stage Name

: FOR FINAL DISPOSAL

Classification

DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G

Act

CENTRAL EXCISE RULES, 1944

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

A/10972-10973/2014

CESTA WEST ZONAL BENCH AHMEDABAD

JUDICIAL MEMBER

13/05/2014

AHMEDABAD

 

                                                                                                

Office Details

 

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

04/12/2014

APPEARANCE NOTE

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR RJ OZA(520) for P:1

2

04/12/2014

MEMO OF PETITION/APPEAL/SUIT

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MR RJ OZA(520), for P:1

3

30/12/2014

ADDITIONAL FEE ON CERTIFIEDCOPY

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

2

MR RJ OZA(520) for P:1

4

08/06/2015

VAKALATNAMA

MR DHAVAL SHAH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR DHAVAL SHAH(2354) for R:1

 

 

COMPANY BACKGROUND

 

Company is one of India’s leading vertically integrated textile companies with the presence of almost eight decades in this industry. It is among the largest denim manufacturers in the world. It also manufactures a range of cotton shirting, denim, knits and bottom weights (Khakis) fabrics and Jeans and Shirts Garments. Arvind, through its subsidiary company Arvind Lifestyle Brands Limited, is marketing in India the branded apparel under various brands and is also licensee in India for various international brands. The brands portfolio of the company includes International brands like Arrow, US Polo, Izod, Elle, Cherokee etc. It also operates apparel Value Retail stores MEGAMART. It also operates the specialty retail stores under the licensing arrangement with international brands of Debanhams and Next. Arvind also has the presence in Telecom business directly and through joint venture companies. Recently Arvind has made foray in to Technical Textiles on its own and in joint venture with leading global players.

 

 

OPERATIONS

 

The macroeconomic scenario during the was characterized by world economy continuing its recovery from the recession in the last decade, the global growth of 3.4% showed a continued path to improvement taking into account growth of 3.4% in 2013. India’s economy also showed a continued cyclical upswing, in FY 2014-15, India’s GDP grew by 7.2%, as compared to 6.9% in FY14. While these higher numbers partially reflect the change in base year used for calculation of GDP, the overall growth demonstrates a strong recovery. Due to record-low oil prices and focus on fiscal policy by the new Government at the centre, inflation has eased. It has also allowed easing of interest rates. However the consumer spending is yet to pick-up in tandem with growth in GDP. In the backdrop of above macro-economic scenario, the Company has closed the financial year 2014-15 with 10% growth in Revenue and 10% growth in Operating Earnings before Interest, Depreciation and Taxes (EBITDA). Profit Before Tax (excluding Exceptional Items) has shown a growth of 19% compared to FY14. The Revenue growth is led by 33% growth in Knits fabrics, followed by 10% growth in Voiles fabrics, 8% growth in Woven fabrics, 6% growth in Garments and 2% growth in Denim fabrics.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

OVERVIEW OF THE ECONOMY

 

In 2014, world economy continued its recovery from the recession in the last decade; the global growth of 3.4% showed a continued path to improvement taking into account growth of 3.4% in 2013. India’s economy also showed a continued cyclical upswing; in FY 2014-15, India’s GDP grew by 7.2%, as compared to 6.9% in FY14. While these higher numbers partially reflect the change in base year used for calculation of GDP, the overall growth demonstrates a strong recovery. Due to record-low oil prices and focus on fiscal policy by the new Government at the centre, inflation has eased. It has also allowed easing of interest rates. Strong investor sentiment and record FII inflows have helped stabilize the currency. However, deadlock in the parliament on key reforms and the prospect of taxation under MAT has led to short-term jitters in the market. Lack of pickup in credit growth due to high banking NPAs is a worrying sign. While the markets have reached record levels, showing great optimism, it remains to be seen whether it will be seen in the performance of industry sector.

 

Looking ahead, the outlook for FY 2015-16 appears optimistic. Policy initiatives, pick-up in investments and continued low oil prices are likely to continue the momentum. While a lot will depend on the ability of the Government to drive 2nd generation reforms and remove structural bottle-necks, the intent and continued support to industrial growth in the country is unquestioned.

 

In FY 2014-15, India is likely to accelerate GDP growth rate to 7%-7.5%. The increase in growth rate is expected to be contributed majorly by the industrial sector. Unclogging of domestic policy logjam as well as improvement in private consumption demand is likely to drive the growth. Though addressing supply-side constraints (e.g. in mining, power, and steel sectors) will be the key to continue this momentum and achieve the increase in growth rate.

 

The prospects of long-term growth in India remain strong. India brings to the table a rare set of strengths: A long standing tradition of stable democratic governments, capable private sector, huge consumer base and restless entrepreneurs. Given India’s demographic transition, the country will still be a relatively young nation 20 years from now. This is likely to generate significant volumes of savings and investment over the coming years. All of the above will create a huge market opportunity for companies who are willing to take long-term bets on the Indian consumer.

 

SEGMENT

 

The business segment comprise of the following:

 

Textiles: Fabric, Yarn and Garments Brands and Retail: Retailing of Branded Garments, Apparels and Fabrics

 

Real Estate: Real Estate Development

 

Others: Electronics, Technical Textile, Construction and Project Activity

 

 

OUTLOOK

 

The Company’s future growth is built on two parallel growth drivers, domestic consumption in apparel and branded retail as well as large global opportunity in textiles and clothing world trade. The company is expected to grow around 20%-22% at consolidated level in next 4-5 years. However, the growth shall be driven by its B2C business model. It is expected that B2C business shall constitute about 35% of revenue & about 30% of EBIDTA at the consolidated level.

 

In Brands and Retail space, the company has built a breakthrough growth portfolio of Power Brands and Specialty Retail. With such a strong portfolio of brands and retail format, the company is well poised to achieve CAGR of over 25% in next 4-5 years. To achieve this goal, the company is making category extension of its existing brands and rapid expansion of its distribution footprint. In next 4-5 years, the company is planning to cover almost 300 cities with over 3 million square feet retail space.

 

In Textiles, the company is driving the growth through asset-light Garmenting Business as part of vertical integration strategy so as to capture entire values in textile chain. It is also expanding its Knits fabrics capacities after having expanded Woven fabric capacity in the recent times. It is expected that Textile Business shall continue to grow at 10%- 12%.

 

The company having made foray in Technical Textiles Business is looking at growing this business in years to come through joint venture with global companies who either bring the technology or access to international customers. The company has also chalked-out well thought-out strategy of building E-Commerce platforms. The company is looking to develop multiple ‘Differentiated Online Formats’ to play in E-Commerce space.

 

For the financial year 2015-16, the revenue of the company at the consolidated level is expected to grow by around 15%-17% driven by around 24%-26% growth in Brands and Retail Business and growth of 9%-11% in Textile Business. The company is expected improvement in consolidate margin as EBIDTA margin for Brands and Retail Business is expected to improve by around 150 bps.

 

 

UNSECURED LOANS

 

Particulars

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

From Financial Institutions

25.800

25.800

SHORT TERM BORROWINGS

 

 

Under Buyer’s Credit Arrangement

1297.900

884.700

Intercorporate Deposits

From Related Parties

28.000

0.100

From Others

48.800

4.300

Commercial Papers

1500.000

0.000

Total

2900.500

914.900

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10515334

15/07/2014

2,830,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

C16686990

2

10493707

11/03/2014

500,000,000.00

CANARA BANK

PCB, 104, JYOTI COMMERCIAL COMPLEX, NR. SHYAMAL CROSS ROADS, SATELLITE, AHMEDABAD, GUJARAT - 380015, 
INDIA

C04357356

3

10482339

28/02/2014

3,830,000,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP, COMMERCIAL BRANCH, "PARAMSIDDHI" COMPLEX,NR.MAHAKANT BLDG., ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B98398761

4

10472196

20/01/2014

3,900,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B94256500

5

10453218

06/09/2013

1,350,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B86723749

6

10429849

14/05/2013

750,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B76623339

7

10419190

22/03/2013

1,350,000,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP, COMMERCIAL BRANCH, "PARAMSIDDHI" COMPLEX, NR.MAHAKANT BLDG., ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B73026858

8

10419216

22/03/2013

1,000,000,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP, COMMERCIAL BRANCH, "PARAMSID 
DHI"COMPLEX, NR.MAHAKANT BLDG., ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B73034290

9

10393746

29/11/2012

1,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B64792104

10

10388441

30/10/2012

250,000,000.00

ICICI BANK LIMITED

ZONAL HOUSE, 9TH FLOOR, JMC HOUSE, OPP. PARIMAL GARDEN, AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA

B62762398

11

10381413

17/10/2012

800,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B60039781

12

10376483

17/09/2012

550,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B58096124

13

10377372

28/08/2012

1,000,000,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP, COMMERCIAL BRANCH, "PARAMSIDDHI", NR. MAHAKANT BLDG., ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B58435439

14

10363118

08/06/2012

535,000,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP, COMMERCIAL BRANCH, 1ST FLOOR, "PARAMSIDDHI", NR. MAHAKANT BLDG., ELLSBRIDGE, 
AHMEDABAD, GUJARAT - 380006, INDIA

B42681239

15

10358930

14/05/2013 *

1,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARAS 
HTRA - 400025, INDIA

B76624253

16

10333350

22/03/2013 *

400,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, 
, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS 
HTRA - 400025, INDIA

B72430879

17

10312288

05/10/2011

700,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B23289382

18

10310959

15/07/2014 *

17,316,400,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

C19159359

19

10292233

31/05/2011

820,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B15008220

20

10292222

11/05/2011

75,000,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP, COMMERCIAL BRANCH, 3RD FLOOR, "PARAMSIDDHI", NR. MAHAKANT BLDG., ELLSBRIDGE, 
AHMEDABAD, GUJARAT - 380006, INDIA

B15004443

21

10292227

09/05/2011

500,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B15007438

22

10269521

17/02/2011

500,000,000.00

AXIS TRUSTEE SERVICES LIMITED

2ND FLOOR, E, AXIS HOUSE,BOMBAY DYEING MILLS COMP, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

B06476824

23

10268862

10/02/2011

300,000,000.00

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

1ST FLOOR, NAVJIVAN AMRIT JAYANTI BHAVAN, NAVJIVAN P.O., AHMEDABAD, GUJARAT - 380014, INDIA

B05657176

24

10251221

16/12/2011 *

500,000,000.00

EXPORT - IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA

B31737703

25

10247115

28/09/2010

750,000,000.00

AXIS TRUSTEE SERVICES LIMITED

MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA

A97280226

26

10194926

28/12/2009

400,000,000.00

AXIS BANK LIMITED

CENTRAL OFFICE, MAKER TOWERS, "F" 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, 
INDIA

A76346972

27

10133914

10/01/2011 *

232,500,000.00

AXIS BANK LIMITED

CORPORATE OFFICE, AXIS HOUSE, 02ND FLOOR, E WING, 
BOMBAY DYEING MILLS COMPOUND, P B MARG, MUMBAI, MAHARASHTRA - 400025, INDIA

B06297907

28

10126987

10/01/2011 *

400,000,000.00

AXIS BANK LIMITED

CORPORATE OFFICE, AXIS HOUSE, 02ND FLOOR, E WING, 
BOMBAY DYEING MILLS COMPOUND, P B MARG, MUMBAI, MAHARASHTRA - 400025, INDIA

B06302004

29

10123879

10/01/2011 *

1,101,000,000.00

AXIS BANK LIMITED

CORPORATE OFFICE, AXIS HOUSE, 02ND FLOOR, E WING, 
BOMBAY DYEING MILLS COMPOUND, P B MARG, MUMBAI, MAHARASHTRA - 400005, INDIA

B06297550

30

10119694

10/01/2011 *

500,000,000.00

AXIS BANK LIMITED

CORPORATE OFFICE, AXIS HOUSE, 02ND FLOOR, E WING, 
BOMBAY DYEING MILLS COMPOUND, P B MARG, MUMBAI, MAHARASHTRA - 400025, INDIA

B06306278

 

* Date of charge modification

 

 

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE YEAR QUARTER AND SIX MONTHS ENDED 30.09.2015

(Rs. In Million)

Sr.

No

 

 

Particulars

Quarter Ended 30.09.2015

Quarter Ended 30.06.2015

Half Year Ended 30.09.2015

1

Income From Operations

 

 

 

 

a. Net Sales/ Income from  Operations

(Net of Excise Duty)

13357.100

13094.100

26451.200

 

b. Other Operating Income

1.300

18.300

19.600

 

Total Income from Operations (Net)

13358.400

13112.400

26470.800

2

Expenditure

 

 

 

 

a. Cost of material Consumed

5240.600

5150.500

10391.100

 

b. Purchase of Stock-in trade

272.800

205.600

478.400

 

c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade

(353.300)

(89.600)

(4.429)

 

d. Employees Benefit Expenses

1620.200

1552.300

3172.500

 

e. Depreciation and Amortisation Expenses

352.000

359.500

711.500

 

f. Other expenses

2139.400

1947.300

4086.700

 

g. Project Expenses

31.800

14.900

46.700

 

h. Power and Fuel

1205.200

1150.800

2356.000

 

i.Stores and Consumption

1194.600

1079.000

2273.600

 

j. Foreign Exchange

1.200

6.000

7.200

 

Total Expenses

11704.500

11376.300

23080.800

3

Profit from Operations before Other Income, Interest and Exceptional Items

1653.900

1736.100

3390.000

4

Other Income

330.500

289.800

620.300

5

Profit from ordinary activities before finance cost & exceptional items

1984.400

2025.900

4010.300

6

Finance Costs

784.800

848.900

1633.700

7

Profit from ordinary activities after finance costs & exceptional items

1199.600

1177.000

2376.600

8

Exceptional items

(37.700)

(28.700)

(66.400)

9

Profit from ordinary activities before tax

1161.900

1148.300

2310.200

10

Tax Expense

 

 

 

 

- Current Tax

260.000

240.000

500.00

 

- Deferred Tax

30.000

40.000

70.000

 

-(Excess / Short Provision)

0.000

0.000

0.000

 

-MAT Credit Entitlement

70.000

80.000

150.000

11

Net Profit from ordinary activity after tax

801.900

788.300

1590.200

12

Extraordinary Items

0.000

0.000

0.000

13

Net Profit After Tax

801.900

788.300

1590.200

14

Paid-up equity share capital (face value of Rs.10 per share)

2582.100

258.2400

2582.400

15

Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year

 

 

 

16

Earning Per Share (of Rs.10 each) (not annualized)

 

 

 

 

Basic EPS 

3.11

3.05

6.16

 

Diluted EPS

3.11

3.05

6.16

A

PARTICULARS OF SHAREHOLDING

 

 

 

17

Public Shareholding

 

 

 

 

- No. of shares

145183414

145183414

145183414

 

- Percentage of shareholding

56.22%

56.22%

56.22%

18

Promoter & Promoter Group Shareholding

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

- No. of shares

455000

455000

455000

 

- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)

0.40%

0.40%

0.40%

 

- Percentage of shareholding (as a % of the total share capital of the company)

0.18%

0.18%

0.18%

 

b) Non-encumbered

 

 

 

 

- No. of shares

112604655

112604655

112604655

 

- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)

99.60%

99.60%

99.60%

 

- Percentage of shareholding (as a % of the total share capital of the company)

43.60%

43.60%

43.60%

 

 

Particulars

Quarter ended 30.09.2015

B

Investor Complaints

 

 

Pending at the beginning of the quarter

Nil

 

Received during the quarter

14

 

Disposed off during the quarter

14

 

Remaining unresolved at the end of the quarter

Nil

 

NOTES:

 

The limited review of above unaudited financial results as required under Clause 41 of listing agreement has been carried out by statutory auditors.

 

The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on November 05, 2015.


Other Income for the quarter includes (a) profit/(loss) on sale of land held for sale/fixed assets Rs. 113.000 Million (quarter ended June 30, 2015 Rs. 9.300 Million, quarter ended September 30, 2014 Rs. 128.300 Million, six months ended September 30, 2015 Rs. 122.300 Million, six months ended September 30,2014 Rs. 118.200Million, year ended March 31, 2015 Rs. 143.100 Million ), (b) profit/(loss) on sale of investments of Rs. Nil, (six months ended September 30, 2015 Rs. Nil, six months ended September 30,2014 Rs.159.700 Million, year ended March 31,2015 Rs.18.15 Crores) and (c) Compensation income of Rs. Nil ( quarter ended June 30,2015 Rs. 50.000 Million).


Exceptional Item for the quarter includes (a) Settlement charges of Deferred Electricity Duty Rs. Nil (quarter and six months ended September 30,2014 Rs. 28.900 Million, year ended March 31, 2015 Rs. 28.900 Million) and (b) Retrenchment Compensation paid to workers retired under Voluntary Retirement Scheme Rs. 37.700 Million (quarter ended June 30,2015 Rs. 28.700 Million, quarter ended September 30,2014 Rs. 3.800 Million, Six Months ended September 2015 Rs. 66.400 Million, six months ended September 2014 Rs. 5.500 Million, year ended March 31, 2015 Rs. 290.400 Million)


The Scheme of Arrangement ("the Scheme") between Arvind Limited ("the Company") and its wholly owned subsidiary Arvind Infrastructure Limited ("AIL")for demerger and transfer of Real Estate Undertaking ("demerged undertaking") to AIL sanctioned by the Hon'ble High Court of Gujarat has become effective from 1st April,2015. Consequent to the Scheme, the Company has demerged the Real Estate Undertaking and hence the results for the quarter are not strictly comparable with previous corresponding periods presented.


6. During the quarter, the Company has purchased all the rights, interest and title in the Business or Division known as "Creayte and MBO Division" of Arvind Internet Limited, a subsidiary of the Company as a going concern basis.

7. Figures of the previous quarter/year have been regrouped wherever necessary.

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Half Year Ended

( Unaudited)

 

30.09.2015

30.06.2015

30.09.2015

Segment revenue

 

 

 

Textile

12801.900

12523.200

25325.100

Brand and Retail

259.500

249.600

509.100

Real Estate

0.000

0.000

0.000

Others

435.100

504.800

939.900

Total

13496.500

13277.600

26774.100

Add: Other Unallocable Income

0.000

0.000

0.000

Less: Inter segment revue

138.100

165.200

303.300

Net Sales/ Income from Operations

13358.400

13112.400

26470.800

 

 

 

 

Segment results (Profit before Interest and Tax)

 

 

 

Textile

2130.700

2042.400

4173.100

Brand and Retail

(74.300)

(63.600)

(137.900)

Real Estate

0.000

0.000

0.000

Others

(142.300)

(68.200)

(210.500)

Less:

1914.100

1910.600

3824.700

Finance cost

784.800

848.900

1633.700

Other un – allocable expenditure

(32.600)

(86.600)

(119.200)

Profit before tax Extra Ordinary Items

1161.900

1148.300

2310.200

 

 

 

 

Capital employed

 

 

 

Textile

29939.500

29662.500

29939.500

Brand and Retail

827.400

811.400

827.400

Real Estate

0.000

0.000

0.000

Others

2312.100

1632.000

2312.100

Unallocable

26013.400

25360.400

26013.400

Total

59092.400

57466.300

59092.400

 

 

Note:

 

Figures of the previous quarter/year have been regrouped wherever necessary.

 

The company has demerged Real Estate Undertaking as per the Scheme sanctioned bt The Hon’ble Court of Gujarat w.e.f. 1st April, 2015.

 

 

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

(a) Bills Discounted

1983.600

1517.200

(b) Claims against the Company not acknowledged as debts

56.800

83.800

(c) Guarantees given by the Banks on behalf of the Company

839.400

654.100

(d) Guarantees given by the Company to Banks on behalf of Subsidiaries/

Joint Ventures

6319.600

5333.100

(e) Disputed Demands in respect of Excise/Custom Duty

324.700

337.100

Sales Tax

203.700

203.700

Income Tax

62.200

47.900

Service Tax

30.000

7.000

 

NOTE:

Future cash outflows in respect of (e) above are determinable only on receipt of judgements/ decisions pending with various forums/ authorities.


FIXED ASSETS:

 

Tangible Assets

v  Leasehold Land

v  Freehold Land

v  Building

v  Plant and Machinery

v  Furniture and Fixtures

v  Office Equipments

v  Leasehold Improvements

v  Vehicles

 

Intangible Assets

 

v  Patent and Technical Knowhow

v  Computer Software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.42

UK Pound

1

Rs.99.17

Euro

1

Rs.72.13

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILITY 

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

70

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.