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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

503614

Report Date :

12.04.2018

 

 

 

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) :

31.03.2017

 

 

Date of Incorporation :

01.06.1931

 

 

Com. Reg. No.:

04-000093

 

 

Capital Investment / Paid-up Capital :

INR 2583.600 Million

 

 

CIN No.:

[Company Identification No.]

L17119GJ1931PLC000093

 

 

IEC No.:

[Import-Export Code No.]

0888003421

 

 

GSTN :

[Goods & Service Tax Registration No.]

24AABCA2398D1Z0

 

 

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 :

4668 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 93000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is the flagship company of the Ahmedabad-based Lalbhai Group which was founded by  Late Mr. Kasturbhai Lalbhai in 1931, is a diversified conglomerate having presence in textiles, apparel retailing, engineering and real estate businesses amongst others.

 

For the financial year ended 2017, the company has achieved 11.01% growth in its revenue as compared to previous year revenue and has maintained satisfactory profitability margin of 4.55% during the year under review.

 

The rating takes into consideration the robust financial profile of the company marked by healthy networth base along with negligible debt level.

 

Rating continue to derive strength from the wide experience of its promoters, long-standing operational track record of the company as an integrated textile manufacturer having a presence across the textile value chain and the strong growth potential associated with its diversified brand portfolio spread across all customer and product segments supported by widespread retail distribution network.

 

The company has its share price trading at around INR. 411 against the Face Value (FV) of INR 10 on BSE as on 12th April, 2018.

 

As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 15957.6 million and has reported profit margin of 3.79%.

 

Rating also factors in improvement in performance of subsidiaries and associates companies which reduces Arvind’s propensity to support and enhancement in financial flexibility of the company which helps in raising resources.

 

However, rating strength is partially offset by company’s working capital intensive nature of operations, susceptibility of its profitability to volatile cotton prices and forex rate fluctuation, subdued profitability of its brands and retail business albeit improving year on year and its presence in the cyclical and competitive textile and apparel industry.

 

Business is active. Payment seems to be regular. 

 

In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTE: As per the press release the company will demerge its brands and engineering businesses from the parent company. The brand apparel business will be demerged into Arvind Fashions and the engineering business into Anup Engineering.

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = AA

Rating Explanation

High degree of safety and very low credit risk

Date

15.11.2017

 

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

15.11.2017

 

 

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 31-03-2018

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 12.04.2018

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DENIED

 

Management Non-Cooperative (91-79-30138000 / 91-2764-395447)

 

91-9342827657 – Not working.

 

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 :

Shirting Division

 

Santej, P.O Khatraj, Taluka: Kalol, District: Gandhinagar – 382721, 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, Khatraj, Taluka Kalol, District: Gandhinagar – 382721, Gujarat, India

 

·         Arvind Cotspin, D-64, MIDC, Gokul Shirgaon, Taluka: Karveer, Kolhapur – 416234, Maharashtra, India

 

 

Branch Offices :

Located at:

 

·         Gandhinagar 

·         Bangalore 

·         Ahmedabad

 

 

Overseas Offices :

Located at:

 

·         United States of America

·         Bangladesh

 

 

DIRECTORS

 

AS ON 31.03.2018

 

Name :

Mr. Sanjaybhai Shrenikbhai Lalbhai

Designation :

Managing Director

Address :

Lalbaug, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Appointment :

01.01.2010

Date of Birth/ Age :

10.04.1954

Qualification :

B.Sc. MMS

Expertise in specific functional area :

Business Strategy, Product Development and Branding, Operations and General Management.

DIN No.:

00008329

 

 

Name :

Mr. Punit Sanjay Lalbhai

Designation :

Whole-Time Director

Address :

Lalbaug, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Appointment :

01.08.2012

DIN No.:

05125502

 

 

Name :

Mr. Kulin Sanjay Lalbhai

Designation :

Whole-Time Director

Address :

Lalbaug, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Birth/ Age :

13.08.1985

Qualification :

B.Sc.(Electrical Engineering), Stanford University, USA MBA - Harvard Business School, USA

Expertise in specific functional area :

Consumer Businesses, Corporate Strategy, B2C Business, E-Commerce Business and Real Estate Business.

Date of Appointment :

01.08.2012

DIN No.:

05206878

 

 

Name :

Mr. Jayesh Kantilal Shah

Designation :

Whole Time Director

Address :

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

Date of Appointment :

01.10.2008

DIN No.:

00008349

 

 

Name :

Dr. Bakul Harshadrai Dholakia

Designation :

Director

Address :

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

Date of Appointment :

25.09.2010

DIN No.:

00005754

 

 

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 :

30.09.2011

DIN No.:

00147182

 

 

Name :

Mr. Dileep Chinubhai 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 :

Mr. Vallabh Roopchand 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. Samir Uttamlal Mehta

Designation :

Director

Address :

Akalpya Opposite Jain Temple, Sarkhej Gandhinagar Highway, Ahmedabad, 380058, Gujarat, India

Date of Appointment :

30.07.2014

DIN No.:

00061903

 

 

Name :

Mr. Nilesh Dhirajlal 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. Ramnik Vashrambhai Bhimani

Designation :

Company Secretary

Address :

F - 33, Hiramani Apartmet, Near Prerak Lad Society Road, Nehru Park, Vastrapur, Ahmedabad – 380015, Gujarat, India

Date of Appointment :

11.09.2003

PAN No.:

ABEPB9270E

 

 

Audit Committee:

 

 

 

Name :

Mr. Dileep C. Choksi

Designation :

Chairman

 

 

Name :

Dr. Bakul Dholakia

Designation :

Member

 

 

Name :

Mr. Jayesh K. Shah

Designation :

Member

 

 

Name :

Mr. Nilesh Shah

Designation :

Member

 

 

Stakeholders’ Relationship Committee:

 

 

 

Name :

Dr. Bakul Dholakia

Designation :

Member

 

 

Name :

Mr. Sanjay S. Lalbhai

Designation :

Member

 

 

Name :

Mr. Jayesh K. Shah

Designation :

Member

 

 

Nomination and Remuneration Committee:

 

 

 

Name :

Dr. Bakul Dholakia

Designation :

Chairman

 

 

Name :

Ms. Renuka Ramnath

Designation :

Member

 

 

Name :

Mr. Dileep C. Choksi

Designation :

Member

 

 

Corporate Social Responsibility Committee:

 

 

 

Name :

Dr. Bakul Dholakia

Designation :

Chairman

 

 

Name :

Mr. Sanjay S. Lalbhai

Designation :

Member

 

 

Name :

Mr. Punit S. Lalbhai

Designation :

Member

 

 

Name :

Mr. Jayesh K. Shah

Designation :

Member

 

 

Management Committee:

 

 

 

Name :

Mr. Sanjay S. Lalbhai

Designation :

Member

 

 

Name :

Mr. Jayesh K. Shah

Designation :

Member

 

 

Name :

Mr. Punit S. Lalbhai

Designation :

Member (With effect from 11th May, 2017)

 

 

Name :

Mr. Kulin S. Lalbhai

Designation :

Member (With effect from 11th May, 2017)

 

 

SHAREHOLDING PATTERN

 

AS ON December 2017

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Promoter & Promoter Group

110998894

42.92

(B) Public

147618175

57.08

Grand Total

258617069

100.00

 

 

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of Shareholder

No. of Shares

Percentage of Holding

A1) Indian

 

0.00

Individuals/Hindu undivided Family

76345

0.03

Hansaben Niranjanbhai Lalbhai

38052

0.01

Swati S Lalbhai

9712

0.00

Badlani Manini Rajiv

6902

0.00

Sunil Siddharth Lalbhai

5437

0.00

Vimla S Lalbhai

4590

0.00

Taral S Lalbhai

4074

0.00

Punit Sanjaybhai

3714

0.00

Astha Lalbhai

1925

0.00

Sanjaybhai Shrenikbhai Lalbhai

1564

0.00

Jayshreeben Sanjaybhai Lalbhai

345

0.00

Sunil Siddharth

18

0.00

Kalpana Shripal Morakhia

12

0.00

Any Other (specify)

110922549

42.89

Aura Securities Private Limited

95561810

36.95

Aml Employee Welfare Trust

6327317

2.45

Atul Limited

4127471

1.60

Aagam Holdings Private Limited

1876258

0.73

Amazon Investments Private Limited

1152962

0.45

Aura Business Ventures LLP

810000

0.31

Lalbhai Realty Finance Private Limited

455000

0.18

Aeon Investments Private Limited

179244

0.07

Adore Investments Private Limited

132296

0.05

Anusandhan Investments Limited

115000

0.04

Amardeep Holdings Private Limited

94250

0.04

Aayojan Resources Private Limited

84505

0.03

Adhinami Investments Private Limited

6000

0.00

Akshita Holdings Private Limited

136

0.00

Aura Merchandise Private Limited

100

0.00

Aura Securities Private Limited

100

0.00

Fast Credit Consulting Private Limited

100

0.00

Sub Total A1

110998894

42.92

A2) Foreign

 

0.00

A=A1+A2

110998894

42.92

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category of Shareholder

No. of Shares

Percentage of Holding

B1) Institutions

0

0.00

Mutual Funds/

26648136

10.30

Kotak Select Focus Fund

6011282

2.32

Franklin Templeton Mutual Fund A/C Franklin India Prima Plus

5020122

1.94

Sundaram Mutual Fund A/C Sundaram Select Small Cap Series - II

4927900

1.91

Reliance Capital Trustee Co. Ltd. A/C Reliance Focused Large Cap Fund

4483100

1.73

Uti - Capital Protection Oriented Scheme - Series VI - I (1098 Days)

2644512

1.02

Alternate Investment Funds

13150

0.01

Foreign Portfolio Investors

68689885

26.56

Nordea 1 Sicav - Emerging Stars Equity Fund

6982742

2.70

Multiples Private Equity FII I

4720067

1.83

Kotak Funds - India Midcap Fund

2716282

1.05

Financial Institutions/ Banks

8943719

3.46

Life Insurance Corporation Of India

8428439

3.26

Sub Total B1

104294890

40.33

B2) Central Government/ State Government(s)/ President of India

0

0.00

Central Government/ State Government(s)/ President of India

200

0.00

Sub Total B2

200

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 million

26552764

10.27

Individual share capital in excess of INR 0.200 million

5985560

2.31

Any Other (specify)

10784761

4.17

Trusts

1041304

0.40

HUF

1312521

0.51

NRI – Non- Repat

443132

0.17

NRI – Repat

889041

0.34

Overseas corporate bodies

2900

0.00

Clearing Members

554837

0.21

Bodies Corporate

6541026

2.53

Sub Total B3

43323085

16.75

B=B1+B2+B3

147618175

57.08

 

 

BUSINESS DETAILS

 

Line of Business :

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

 

 

Products / Services :

Name and Description of main products / services

NIC Code

Fabrics

13131

Garments

14101

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

No. of Employees :

4668 (Approximately)

 

 

Bankers :

Banker Name :

IDBI Bank Limited

Branch :

--

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

·         State Bank of India

·         Bank of Baroda

·         State Bank of Patiala

·         HDFC Bank Limited.

·         Standard Chartered Bank

·         ICICI Bank Limited

·         YES Bank Limited

·         Axis Bank Limited

 

 

 

Facilities :

(INR In Million)

SECURED LOANS

As on

31.03.2017

As on

31.03.2016

LONG TERM BORROWING

 

 

Term loan from Banks

5048.500

11827.700

Term loan from Financial Institutions and others

476.900

616.400

 

 

 

SHORT TERM BORROWING

 

 

Working Capital Loans repayable on demand from Banks (including channel financing)

12577.600

12641.500

 

 

 

Total

18103.000

25085.600

 

Nature of security:

 

Term loan of INR 6568.700 Million

 

Loans amounting to INR 6395.600 Million (March 31, 2016 INR 14993.600 Million, April 01, 2015 INR 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; (d) Secured by second charge on all the Company’s Current Assets both present and future relating to the Textile Plants and (e) first charge on Movable Fixed Assets of Jeans and Shirts Garment divisions at Bangalore.

 

Loans of INR 173.100 Million (March 31, 2016 INR 144.200 Million, April 01, 2015 INR 81.500 Million) are secured by hypothecation of related vehicles.

 

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 the facilities are additionally secured by second charge on movable Plant and Machinery of the Jeans and Shirts Garment divisions at Bangalore.

 

Rate of Interest

 

i. Working Capital Loans from banks carry interest rates ranging from 4.95% to 10.35% per annum.

ii. Inter Corporate Deposit carries interest rate of 8% to 10.25% per annum.

iii. Commercial Papers carry interest rates ranging from 6.44% to 6.50% per annum.

iv. Buyer’s credit arrangements carry interest rates ranging from 0.22% to 2.73%

 

 

Auditors :

 

Name :

Sorab S. Engineer and Company

Chartered Accountants

Address :

902, Raheja Centre, Free Press Journal Marg, Nariman Point, Mumbai - 400 021, Maharashtra, India

Tel. No.:

91-22-22824811

Fax No.:

91-22-22040861

E-Mail :

sorabsengineer@yahoo.com

ssemum@sseco.in 

Website :

www.sseco.in

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies :
  • The Anup Engineering Limited
  • Arvind Lifestyle Brands Limited
  • Syntel Telecom Limited
  • Arvind Brands and Retail Limited
  • Arvind Internet Limited
  • Arvind Worldwide Inc., USA
  • Arvind Garments Park Private Limited
  • Arvind Textile Mills Limited, Bangladesh
  • Dholka Textile Park Private Limited
  • Arvind Lifestyle Apparel Manufacturing PLC, Ethiopia
  • Arvind Beauty Brands Retail Private Limited
  • Arvind Envisol Limited
  • Arvind Foundation
  • Arvind Fashions Limited w.e.f. September 29, 2016
  • Arvind Ruf & Tuf Private Limited

 

 

Joint Venture Subsidiary Companies :
  • Arvind PD Composites Private Limited
  • Arvind Goodhill Suit Manufacturing Private Limited
  • Arvind Niloy Exports Private Limited, Bangladesh
  • Westech Advance Materials Limited
  • Arvind OG Nonwovens Private Limited
  • Arvind Premium Retail Limited w.e.f. March 30, 2017
  • Arvind True Blue Limited

 

 

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

 

 

Limited Liability Partnership :
  • Maruti Ornet and Infrabuild LLP
  • Arvind and Smart Value Homes LLP

 

 

Company under the control of Key Managerial Personnel :
  • Aura Securities Private Limited
  • Amplus Capital Advisors Private Limited
  • Arvind Smartspaces Limited (Formerly known as Arvind Infrastructure Limited)

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

565000000

Equity Shares

INR 100/- each

INR 5650.000 Million

10000000

Preference Shares

INR 100/- each

INR 1000.000 Million

 

Total

 

INR 6650.000 Million

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

258359969

Equity Shares

INR 10/- each

INR 2583.600 Million

 

 

 

 

 

 

Reconciliation of shares outstanding at the beginning and at the end of the Reporting year

 

Particulars

31.03.2017

No. of Shares

INR In Million

At the beginning of the year

258243069

2582.400

Add : Shares allotted pursuant to exercise of Employee Stock Option Plan

116000

1.200

Outstanding at the end of the year

258359069

2583.600

 

 

Terms/Rights attached to the equity shares

 

The Company has one class of shares referred to as equity shares having a par value of INR 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.

 

 

Number of Shares held by each shareholder holding more than 5% Shares in the company

 

Particulars

31.03.2017

No. of Shares

% of Holding

Aura Securities Private Limited

95561810

369.900

Life Insurance Corporation of India

--

--

 

 

Shares allotted as fully paid up pursuant to contract without payment being received in cash (during 5 years immediately preceding March 31, 2017)

 

3,410,528 Equity Shares of INR 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.

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2583.600

2582.400

2582.400

(b) Reserves & Surplus

29833.500

27278.900

25870.400

(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)

32417.100

29861.300

28452.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

10851.000

13320.100

11713.200

(b) Deferred tax liabilities (Net)

683.400

490.600

966.400

(c) Other long term liabilities

317.900

270.500

0.000

(d) long-term provisions

271.800

217.300

143.600

Total Non-current Liabilities (3)

12124.100

14298.500

12823.200

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

17502.600

15217.400

13315.700

(b) Trade payables

6677.300

6334.600

7217.200

(c) Other current liabilities

2750.100

4139.800

3788.200

(d) Short-term provisions

63.800

45.100

927.100

Total Current Liabilities (4)

26993.800

25736.900

25248.200

 

 

 

 

TOTAL

71535.000

69896.700

66524.200

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

28779.000

28150.700

26108.300

(ii) Intangible Assets

803.600

148.600

94.400

(iii) Capital work-in-progress

583.200

740.800

755.300

(iv) Intangible assets under development

0.000

237.900

0.000

(b) Non-current Investments

13826.600

12660.400

8853.900

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

24.500

27.600

4078.400

(e) Other Non-current assets

1034.900

979.400

51.500

Total Non-Current Assets

45051.800

42945.400

39941.800

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

12992.400

11372.000

10405.400

(c) Trade receivables

4900.300

4538.400

4622.700

(d) Cash and cash equivalents

132.800

234.100

450.200

(e) Short-term loans and advances

3530.800

5772.100

8008.800

(f) Other current assets

4926.900

5034.700

3095.300

Total Current Assets

26483.200

26951.300

26582.400

 

 

 

 

TOTAL

71535.000

69896.700

66524.200

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

 

Income

59556.800

53648.200

52246.900

 

 

Other Income

975.500

1012.000

1282.500

 

 

TOTAL                                               

60532.300

54660.200

53529.400

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

23853.300

20771.000

21740.400

 

 

Purchases of Stock-in-Trade

2471.400

1166.400

984.000

 

 

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

(1001.200)

(523.500)

(936.700)

 

 

Project Expenses

128.700

97.100

84.300

 

 

Employees benefits expense

7775.200

6510.800

5710.700

 

 

Impairment Loss

28.100

0.000

0.000

 

 

Other expenses

19107.200

17724.300

16392.300

 

 

Exceptional Items

180.600

(13.700)

319.300

 

 

TOTAL                                               

52543.300

45732.400

44294.300

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

7989.000

8927.800

9235.100

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

2342.800

2921.600

3200.600

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

5646.200

6006.200

6034.500

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                    

1819.800

1491.600

1258.300

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX 

3826.400

4514.600

4776.200

 

 

 

 

 

Less

TAX                                                                 

1117.600

1308.200

1007.600

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

2708.800

3206.400

3768.600

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

17879.800

15437.300

12453.300

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

NA

0.000

0.100

 

 

Dividend

NA

619.800

658.500

 

 

Tax on Dividend

NA

126.200

131.700

 

BALANCE CARRIED TO THE B/S

20588.600

17879.800

15437.300

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

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

NA

20534.900

19786.600

 

 

Agriculture Income

NA

0.000

4.400

 

TOTAL EARNINGS

NA

20534.900

19791.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

1307.900

1393.200

 

 

Raw Materials and Accessories

NA

2717.100

3802.000

 

 

Stock-in-Trade

NA

2.000

0.000

 

 

Dyes and Chemicals, Stores and Spares

NA

826.900

1021.800

 

TOTAL IMPORTS

NA

4853.900

6217.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

Basic

10.49

12.42

14.62

 

Diluted

10.48

12.41

14.62

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

1440.300

3309.200

2472.700

Cash generated from operations

6501.700

7695.100

8157.000

Net cash flows from (used in) operations

5434.600

6503.100

7114.100

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

(Unaudited)

30.09.2017

(Unaudited)

31.12.2017

(Unaudited)

 

1st Quarter

2nd Quarter

3rd Quarter

Net sales

16133.600

14931.100

15957.600

Total Expenditure

14314.900

13668.000

14430.400

PBIDT (Excluding Other Income)

1818.700

1263.100

1527.200

Other income

189.900

237.100

179.400

Operating Profit

2008.600

1500.200

1706.600

Interest

505.300

417.200

476.500

Exceptional Items

(69.100)

(44.600)

(105.500)

PBDT

1434.20

1038.400

1124.600

Depreciation

503.200

499.800

524.100

Profit Before Tax

931.000

538.600

600.500

Tax

197.600

117.500

(5.800)

Provisions and contingencies

NA

NA

NA

Profit after tax

733.400

421.100

606.300

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

733.400

421.100

606.300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

30.03

30.88

32.29

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

12.15

11.82

11.30

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

92.58

105.40

115.92

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.61

0.79

0.89

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.26

0.30

0.34

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.53

0.56

0.56

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.87

0.96

0.88

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.83

0.86

0.89

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.93

0.98

0.95

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

3.41

3.06

2.89

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

4.55

5.98

7.21

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

3.79

4.59

5.67

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

8.36

10.74

13.25

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

0.98

1.05

1.05

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.50

0.61

0.64

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.45

0.43

0.43

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

10.97

11.05

9.69

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.98

1.05

1.05

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 411.00/-

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

2582.400

2582.400

2583.600

Reserves & Surplus

25870.400

27278.900

29833.500

Net worth

28452.800

29861.300

32417.100

 

 

 

 

long-term borrowings

11713.200

13320.100

10851.000

Short term borrowings

13315.700

15217.400

17502.600

Current Maturities of Long term debt

2472.700

3309.200

1440.300

Total borrowings

27501.600

31846.700

29793.900

Debt/Equity ratio

0.967

1.066

0.919

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

52246.900

53648.200

59556.800

 

 

2.682

11.014

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

52246.900

53648.200

59556.800

Profit/(Loss)

3768.600

3206.400

2708.800

 

7.21%

5.98%

4.55%

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

I.              EQUITY AND LIABILITIES

 

 

(1)Shareholders' Funds

 

 

(a) Share Capital

2583.600

2582.400

(b) Reserves & Surplus

33098.100

23881.600

(c) Money received against share warrants

0.000

0.000

 

 

 

(2) Non-controlling Interest

1514.300

556.100

Total Shareholders’ Funds (1) + (2)

37196.000

27020.100

 

 

 

(3) Non-Current Liabilities

 

 

(a) long-term borrowings

7566.300

14926.100

(b) Deferred tax liabilities (Net)

816.600

675.200

(c) Other long term liabilities

804.400

678.800

(d) long-term provisions

407.200

286.900

Total Non-current Liabilities (3)

9594.500

16567.000

 

 

 

(4) Current Liabilities

 

 

(a) Short term borrowings

20649.500

19952.700

(b) Trade payables

14788.100

12141.700

(c) Other current liabilities

4308.000

5963.200

(d) Short-term provisions

168.200

275.700

Total Current Liabilities (4)

39913.800

38333.300

 

 

 

TOTAL

86704.300

81920.400

 

 

 

II.          ASSETS

 

 

(1) Non-current assets

 

 

(a) Fixed Assets

 

 

(i) Tangible assets

34044.600

32899.700

(ii) Intangible Assets

1304.700

485.200

(iii) Capital work-in-progress

957.000

982.700

(iv) Intangible assets under development

1.000

485.300

(v) Goodwill

183.000

183.000

(b) Non-current Investments

3960.200

5437.900

(c) Deferred tax assets (net)

2257.700

1914.900

(d)  Long-term Loan and Advances

27.700

31.800

(e) Other Non-current assets

3131.300

2778.200

Total Non-Current Assets

45867.200

45198.700

 

 

 

(2) Current assets

 

 

(a) Current investments

0.000

0.000

(b) Inventories

23828.000

19204.500

(c) Trade receivables

8138.900

7681.500

(d) Cash and cash equivalents

538.800

609.100

(e) Short-term loans and advances

1618.200

3280.700

(f) Other current assets

6713.200

5945.900

Total Current Assets

40837.100

36721.700

 

 

 

TOTAL

86704.300

81920.400

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

31.03.2017

31.03.2016

 

SALES

 

 

 

Income

92355.400

80105.700

 

Other Income

780.000

820.500

 

TOTAL

93135.400

80926.200

 

 

 

 

Less

EXPENSES

 

 

 

Cost of Materials Consumed

25481.100

22690.700

 

Purchases of Stock-in-Trade

20114.700

13047.600

 

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

(3630.600)

(1072.200)

 

Project Expenses

128.700

97.100

 

Employees benefits expense

10962.600

8980.900

 

Impairment Loss

28.100

13.500

 

Other expenses

29865.100

26850.800

 

Exceptional Items

180.600

(13.700)

 

Share of profit/(loss) of joint ventures accounted for using equity method

(19.100)

(53.700)

 

TOTAL

83111.200

70541.000

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

10024.200

10385.200

 

 

 

 

Less

FINANCIAL EXPENSES

2884.100

3586.300

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

7140.100

6798.900

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

2942.700

2391.300

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

4197.400

4407.600

 

 

 

 

Less

TAX

996.800

1246.200

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3200.600

3161.400

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

12.15

12.16

 

 

LEGAL CASES

 

 

HIGH COURT OF GUJARAT

 

FIRST APPEAL No. 2541 of 2015

[GROUP 02538-02541]

 

Status : PENDING

( Converted from : C/FAST/2205/2015 )

CCIN No : 001012201502541

 

 

Last Listing Date:

27/02/2018

Coram

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

 

S.NO.

Name of the Petitioner

Advocate On Record

1

THE GENERAL MANAGER

MR RITURAJ M MEENA for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

S.NO.

Name of the Respondant

Advocate On Record

1
2

ARVIND LTD (FORMALLY KNOWN AS THE ARVIND MILLS LTD)
THE SPECIAL LAND ACQUISITION OFFICER

MS.SHIVANI V TRIVEDI for :Defendant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

 

Presented On

: 27/10/2015

Registered On

: 22/12/2015

Bench Category

: DIVISON BENCH

District

: GANDHINAGAR

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 35 times

StageName

: FOR FINAL HEARING

 

Classification
  • DB - FIRST APPEAL - LAND ACQUISITION ACT, 1894 - REFERENCE ACQUISITION AWARD - U/S 18

Act
  • CIVIL PROCEDURE CODE, 1908

 

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

27/10/2015

MEMO OF PETITION/APPEAL/SUIT

MR RITURAJ M MEENA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

1

MR RITURAJ M MEENA(3224), for P:1

2

27/10/2015

VAKALATNAMA

MR RITURAJ M MEENA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MR RITURAJ M MEENA(3224) for P:1

3

27/10/2015

CERTIFIED COPY

MR RITURAJ M MEENA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

10

MR RITURAJ M MEENA(3224), for P:1

4

05/12/2015

ADDITIONAL FEE ON MEMO OF APPEAL/PETITION/SUIT

MR RITURAJ M MEENA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

75000

MR RITURAJ M MEENA(3224) for P:1

5

18/12/2015

CAVEAT

MS.SHIVANI V TRIVEDI CAVEATOR
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

MS.SHIVANI V TRIVEDI(7225), as CAVEATOR for R:1

6

21/12/2015

APPEARANCE NOTE

MS.SHIVANI V TRIVEDI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MS.SHIVANI V TRIVEDI(7225) for R:1

 

 

Applications

 

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

CIVIL APPLICATION/13279/2015

DISPOSED

21/12/2015

CA DISPOSED OF

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE K.J.THAKER

2

CIVIL APPLICATION/13399/2015

DISPOSED

23/12/2015

RULE ABSOLUTE/ALLOWED @ FH

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE K.J.THAKER

 

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

23/11/2015

6

-

FOR REMOVAL OF OFFICE OBJECTIONS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE K.J.THAKER

2

24/11/2015

6

24

FOR REMOVAL OF OFFICE OBJECTIONS

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE K.J.THAKER

3

23/12/2015

2

-

FOR REGULAR ADMISSION

RULE/ADMIT

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE K.J.THAKER

4

09/06/2016

2

107

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

5

24/06/2016

2

63

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

6

07/07/2016

2

99

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

7

21/07/2016

2

119

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

8

26/08/2016

2

43

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

9

02/09/2016

2

63

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

10

09/09/2016

2

41

FOR FINAL HEARING

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

11

12/09/2016

2

46

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

12

29/09/2016

2

63

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

13

07/10/2016

2

57

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

14

19/10/2016

2

70

FOR FINAL HEARING

NEXT DATE

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Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

FIRST APPEAL/2538/2015

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE K.J.THAKER

23/12/2015

N

ORDER

-

Y

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2

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·         HONOURABLE MR.JUSTICE ANANT S. DAVE

·         HONOURABLE MR.JUSTICE A.Y. KOGJE

01/12/2016

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ORDER

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3

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·         HONOURABLE MR.JUSTICE A.Y. KOGJE

09/03/2017

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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

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

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

 

 

CORPORATE INFORMATION

 

The 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 Fashions Limited and its subsidiaries is marketing in India the branded apparel under various brands. The brands portfolio of the Company includes Domestic and International brands like Flying Machine, Arrow, US Polo, Izod, Elle, Cherokee etc. It also operates apparel value retail stores Unlimited. 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.

 

The Company is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on two recognised stock exchanges in India. The registered office of the Company is located at Naroda Road, Ahmedabad - 380025.

 

The financial statements were authorised for issue in accordance with a resolution of the directors on May 11, 2017.

 

 

 

OPERATION

 

FY2016-17 was a mixed year for global economies with improving economic condition but new challenges emerging. Global trade growth in 2016 recorded its weakest performance since the global financial crisis. US saw a marked slowdown in economic growth in 2016 over the previous year. However, in spite of relatively weak underlying growth, unemployment in the economy continues to decline leading to high consumer confidence. Euro zone was shaken by UK’s referendum on exiting the European Union which led to sharp depreciation both in Euro and GBP. However, the Euro zone showed a lot of resilience post the Brexit and confidence in the regions remained high. Consumer demand was steady for most of the year thanks to continuously falling unemployment rate. China continues to face pressure on capital outflows and saw its currency depreciating in FY17 which provided some support to their exports

 

Indian economy continued to grow at a strong pace albeit slower than previous year. Government Agencies expect the economy to grow at 7.1% in 2016-17, slowing from 7.6% in the previous financial year. A few key acts including long awaited GST Act was finally approved paving the way for its implementation in the current financial year. Consumer spending got a huge shock when Government demonetised two highest denominated currency bills. However, as the year progressed, demand recovered and achieved normalcy by 4th quarter. Thanks to the sustained lower crude prices and good monsoon, inflation also remained in check.

 

In this economic scenario, the company delivered a growth of 15.3% in revenue while Operating Earnings before Interest, Depreciation and Taxes (EBITDA) was down 1% during FY2016-17. Strong growth of 26% in their brands and retail business drove the growth in overall revenue. Profit before taxes for the year was ` 436 crores, a growth of 0.4% over the previous year.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

Overview of the Economy

 

World economy grew at 2.3% in 2016, compared to growth of 2.7% in previous year. Against weak global growth, expansion in Indian economy was noteworthy. Despite some decline in growth due to slowdown in manufacturing and demonetisation, India remained the fastest growing major economy with ~7.1% yoy growth (forecasted). While the demonetisation of INR 500 and INR 1,000 currency bill impacted consumer demand for some time, the economy weathered the storm well and came out fairly unscathed. Considering India’s growth is primarily driven by Government spending and private consumption, latter of which got impacted by demonetisation, strong growth numbers provided a lot of comfort on the strength of the economy.

 

Not only growth but Indian economy did well on other macro-economic parameters also. Crude price rose again after remaining weak for last couple of years. However, in spite of higher crude prices, inflation remained under control. Consumer Price Index averaged below 5% for the year, a significant improvement over last few years when double digit inflation was the norm.

 

India also saw passing of long awaited GST bill. GST is likely to be implemented from July 1st and will provide a huge fillip to industry as it simplifies the tax structure in the country significantly and will likely provide an impetus to the private investment in the country. While in the long term, implementation of GST is a postive development, its impact, especially on exports, in the near future is still unclear as many export incentives are likely to be discontinued. The net impact of the new tax law will be known only after further details are shared. Domestically, however, the new law is likely to dilute the present tax arbitrage, which is available to unorganised players, moving the market towards organised players.

 

Country is still facing challenges on account of lower service exports and weak manufacturing growth. Indian currency strengthened significantly against US$ towards the end of the year creating another set of challenge for Indian exporters. By the end of FY2017, Indian rupee was at its highest level against both USD and EUR in almost one and a half years.

 

Nevertheless, growth outlook is improving, thanks to the strong private consumption. While private investments remain sluggish, continuous improvement in consumption and implementation of GST coupled with other fiscal reforms will possibly lead to even stronger growth in the economy over the coming years.

 

 

Indian Textile Outlook

 

Indian textile industry contributes around 4% to country’s gross domestic product (GDP), 14% to industrial production and ~13% to total export earnings and is one of the most important sectors of the economy. The industry is the second-largest employer in the country after agriculture providing employment to over 45 million people directly and 60 million people indirectly, including unskilled women. The modern textile sector accounts for 80 % of the industry

 

Indian textile industry continues to be dominated by cotton with nearly 3/4th share in total fibre consumption in the country. For an industry, so dependent on cotton, impact of its price volatility can’t be overstated. For the 2016-17 season, cotton production in the country is estimated at 351 lakhs bales, up from 338 lakhs bales produced last year. Coupled with inventory of last year and imports, total supply of cotton in FY16-17 is likely to be 411 lakhs bales vis-à-vis supply of 424 lakhs bales in FY15-16. Marginal fall in supply and heightened speculation in the commodity prices has driven the prices of cotton higher.

 

 

UNSECURED LOANS:

(INR In Million)

Particulars

As on

31.03.2017

As on

31.03.2016

LONG TERM BORROWING

 

 

From Financial Institutions

25.800

25.800

From Related parties

5299.800

850.200

 

 

 

SHORT TERM BORROWING

 

 

Under Buyer’s Credit Arrangement

1327.100

1570.600

Intercorporate Deposits From Related Parties

212.500

5.300

From Others

635.400

0.000

Commercial Papers

2750.000

1000.000

 

 

 

Total

10250.600

3451.900

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

[INR In Million]

PARTICULARS

 

Quarter ended

Nine Months ended

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

SALES

 

 

 

 

Income

15957.600

14931.100

47022.300

 

Other Income

179.400

237.100

607.000

 

TOTAL                                    

16137.000

15168.200

47629.300

EXPENSES

 

 

 

 

Cost of Materials Consumed

6155.100

6452.800

19578.600

 

Purchase of Traded Goods

1140.900

633.700

2135.500

 

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

213.500

(185.000)

(198.300)

 

Project Expenses

19.000

20.700

69.500

 

Employees benefits expense

1948.300

2062.900

6080.800

 

Financial Cost

476.500

417.200

1306.000

 

Depreciation and Amortization Expenses

524.100

499.800

1527.500

 

Other Expenses

4953.600

4682.900

14747.400

 

TOTAL                                               

15431.000

14585.000

45247.000

 

 

 

 

PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX

706.000

583.200

2382.300

Add/(Less): Exceptional Items

(105.500)

(44.600)

(219.200)

PROFIT/(LOSS) BEFORE TAX 

600.500

538.600

2163.100

TAX EXPENSES

 

 

 

Current Tax

124.400

90.700

449.000

(Excess)/short provision of earlier years

(49.000)

--

(49.000)

Deferred Tax

(81.200)

26.800

(60.400)

Total tax Expenses

(5.800)

117.500

339.600

PROFIT/(LOSS) AFTER TAX

606.300

421.100

1823.500

OTHER COMPREHENSIVE INCOME

 

 

 

Items that will not be classified to profit and loss

 

 

 

i) Equity Instruments through other comprehensive income

--

--

--

ii) Remeasurement of defined benefit plan

3.000

3.000

9.000

iii) Income tax related to items no (ii) above

(1.000)

(1.100)

(3.100)

Items that will be reclassified to profit or loss

 

 

 

i) Effective portion of gain or loss on cash flow hedges

283.100

(163.400)

(170.800)

ii) Income tax related to items no (i) above

(98.000)

56.600

59.100

Other comprehensive income (net of tax)

187.100

(104.900)

(105.800)

Total Comprehensive Income for the Period

793.400

316.200

1717.700

Paid-up Equity Share Capital

2586.200

2585.200

2586.200

Earning Per Equity Share (nominal value of equity share INR 2/- each)

 

 

 

Basic

2.35

1.65

7.05

Diluted

2.34

1.64

7.04

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

[INR In Million]

Sr.

No.

Particulars

Quarter ended

Nine Months ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

A

Segment Revenue

 

 

 

 

a) Textiles

15069.700

14096.900

44495.700

 

b) Branded Apparels

79.800

157.800

418.000

 

c) Arvind Interest

18.200

18.500

53.300

 

d) Engineering

43.700

8.000

53.000

 

e) Others

745.300

659.700

2020.700

 

Total

15956.700

14940.900

47040.700

 

Less: Inter Segment Sales

(0.900)

9.800

18.400

 

Net Sales/Income from Operation

15957.600

14931.100

47022.300

 

 

 

 

 

B

Segment Results

 

 

 

 

Profit/(Loss) (Before Tax and Interest)

 

 

 

 

a) Textiles

1715.300

1524.300

5140.100

 

b) Branded Apparels

(75.100)

(63.400)

(214.100)

 

c) Arvind Interest

(112.300)

(142.000)

(422.200)

 

d) Engineering

5.400

0.600

5.000

 

e) Others

(215.400)

(186.400)

(520.100)

 

Total

1317.900

1133.100

3988.700

 

 

 

 

 

 

Less: Interest and Finance Charges

476.500

417.200

1306.000

 

Add :Other Net Unallocable Income / (Expenses)

240.900

177.300

519.600

 

Total Profit Loss Before Taxation

600.500

538.600

2163.100

 

 

 

 

 

C

SEGMENT ASSETS

 

 

 

 

a) Textiles

39994.300

40375.100

39994.300

 

b) Branded Apparels

4960.600

5096.900

4960.600

 

c) Arvind Interest

624.800

651.800

624.800

 

d) Engineering

405.900

113.100

405.900

 

e) Others

4187.500

4370.000

4187.500

 

f) Unallocable

20111.800

19498.500

20111.800

 

Total Assets

70284.900

70105.400

70284.900

 

 

 

 

 

D

SEGMENT LIABILITIES

 

 

 

 

a) Textiles

6556.900

6898.400

6556.900

 

b) Branded Apparels

148.500

207.700

148.500

 

c) Arvind Interest

60.800

74.100

60.800

 

d) Engineering

7.600

39.000

7.600

 

e) Others

884.700

842.600

884.700

 

f) Unallocable

2106.000

2128.500

2106.000

 

Total Liabilities

9764.500

10190.300

9764.500

 

NOTES:

 

1.     The above unaudited standalone financial results were reviewed by the Audit Committee and have been considered and approved by the Board of Directors at their meeting held on January 31st, 2018. The same have been subjected to Limited Review by the Statutory Auditors.

 

2.     Pursuant to the Scheme of Amalgamation (the Scheme) sanctioned by National Company Law Tribunal vide its order dated 24th August, 2017, Arvind Brands and Retail Limited, Arvind Garments Park Private Limited and Dholka Textile Park Private Limited have been merged with the Company with effect from April 1st, 2016 (the appointed date). The Scheme came into effect on 7th October,2017, the day on which the order was delivered to the Registrar of the Companies, and pursuant thereto the entire business and all assets and liabilities, income and expense have been included retrospectively in the financial statements of the Company prepared under Ind AS in accordance with Ind AS 103 as the amalgamated companies are entities under common control. Accordingly, figures have been adjusted to give the effect of the scheme.

 

3.     Post implementation of Goods and Service Tax (GST) with effect from July 1, 2017, revenue from operations is disclosed net off GST. Revenue from operations for the earlier periods included excise duty which is now subsumed in the GST. Revenue from operations for the nine months ended December 31, 2017 includes excise duty upto June 30, 2017.Accordingty, revenue from operations for the quarter and nine months ended December 31, 2017 are not comparable with those of previous periods presented.

 

4.     Effective from 1st July 2017, the Company has acquired controlling interest in the Arya Omnitalk Wireless Solutions Private Limited, thus it has become the subsidiary of the Company.

 

5.     Exceptional items represents following:

 

Particulars

Quarter ended

Nine Months ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

Retrenchment compensation

105.500

44.600

219.200

Loss on sale of investments in subsidiary

--

--

--

Total

105.500

44.600

219.200

 

6.     During the nine months ended December 31, 2017, the Company has issued unsecured listed rated redeemable non-convertible debentures amounting to INR 2000.000 million in two tranches. Additional disclosure as per Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation 2015.

 

7.     In the board meeting held on November 8, 2017, the Board of Directors of the Company has approved a scheme of arrangement between the Company and its subsidiary companies, Arvind Fashions Limited (AFL) and The Anup Engineering Limited (Anup) as well as with Anveshan Heavy Engineering Limited (Anveshan) whereby it is proposed to demerge Branded Apparel Undertaking and Engineering undertaking of the Company to AFL and Anveshan respectively and Anup will be merged with Anveshan. Subsequently, as part of the Scheme AFL and Anup would be demerged from the Group. The Scheme is subject to approval of relevant regulatory authorities. Pending aforesaid approvals, the Company has not given effect of the scheme in the financial results for the quarter and Nine Months ended December 31, 2017.

 

 

INDEX OF CHARGES:

 

S

No

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G05052816

100030888

AXIS TRUSTEE SERVICES LIMITED

30/03/2016

-

-

3600000000.0

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI, MUMBAI MA400025IN

2

C50215912

10561772

AXIS TRUSTEE SERVICES LIMITED

19/03/2015

-

-

2150000000.0

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI MH400025IN

3

C31567233

10528152

GDA TRUSTEESHIP LIMITED

29/09/2014

-

-

300000000.0

OFFICE NO 1,2,3,4TH FLOOR, HOMJI STREET RAHIMTOOLA HOUSE, FORT MUMBAI MH400001IN

4

C16686990

10515334

AXIS TRUSTEE SERVICES LIMITED

15/07/2014

-

-

2830000000.0

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI, MUMBAI MH400025IN

5

B94256500

10472196

AXIS TRUSTEE SERVICES LIMITED

20/01/2014

-

-

3900000000.0

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI, MUMBAI MH400025IN

6

B86723749

10453218

AXIS TRUSTEE SERVICES LIMITED

06/09/2013

-

-

1350000000.0

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI MH400025IN

7

B76623339

10429849

AXIS TRUSTEE SERVICES LIMITED

14/05/2013

-

-

750000000.0

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI, MUMBAI MH400025IN

8

B73026858

10419190

STATE BANK OF INDIA

22/03/2013

-

-

1350000000.0

MID CORPORATE GROUP, COMMERCIAL BRANCH "PARAMSIDDHI" COMPLEX, NR.MAHAKANT BLDG., ELLISBRIDGE AHMEDABAD GJ380006IN

9

B73034290

10419216

STATE BANK OF INDIA

22/03/2013

-

-

1000000000.0

MID CORPORATE GROUP, COMMERCIAL BRANCH "PARAMSIDDHI" COMPLEX, NR.MAHAKANT BLDG., ELLISBRIDGE AHMEDABAD GJ380006IN

10

C58775909

10393746

AXIS TRUSTEE SERVICES LIMITED

29/11/2012

19/03/2015

-

1000000000.0

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI MH400025IN

 

 

 

 

FIXED ASSETS:

 

·         Building

·         Furniture and Fixture

·         Plant and Machinery

·         Office equipment

·         Computer

·         Compute Software

·         Patent and Technical knowhow

 

 

PRESS RELEASE:

 

ARVIND LIMITED TO DEMERGE BRANDS, ENGINEERING BUSINESSES

 

November 8, 2017

 

NEW DELHI: Textile and apparel player Arvind Ltd has demerged its brands and engineering businesses from the parent company. The brand apparel business will be demerged into Arvind Fashions and the engineering business into Anup Engineering, the company said in a stock exchange filing.

 

On completion of the process, both the companies will be listed on BSE and NSE, it added.

 

Sanjay Lalbhai, Chairman and Managing Director of Arvind Ltd, said, "We are pleased to announce that Arvind Fashions and Anup Engineering will now also pursue their independent courses. Arvind Fashions has already demonstrated an industry-leading track-record in the branded apparel and accessory space. Anup has demonstrated an impeccable trajectory on customer delight, topline growth and profitability. Financial independence will help unlock the full potential of these businesses."

 

He further said that, "Over the next 3-4 years, we will invest almost INR 15000.000 million and tranform the textile business."

 

The company reported a consolidated net profit of INR 645.000 million for the quarter ended September 30 compared to a profit of INR 766.500 million during the same period previous fiscal.

 

 

ARVIND LIMITED TO DEMERGE AND LIST ENGINEERING, APPAREL BUSINESSES BY SEPTEMBER: KULIN LALBHAI

 

April 06, 2018

 

The Executive Director says demerger part of the strategy to push group revenues to INR 200000.000 million in 4-5 years.

Arvind Limited will demerge, and list, its apparel and engineering businesses by September, as the textile major presses the accelerator on its ambitious target to reach a topline of INR 200000.000 million, from the present INR 110000.000 million, in 4-5 years.

The demerger, Arvind’s Executive Director Kulin Lalbhai hopes, will “unleash the animal spirit” in these units. “We believe our growth rates will move from 10-12 percent today, to 16-18 percent on our INR 110000.000 million aggregate topline,” Lalbhai said in an interview to Moneycontrol.

The younger son of family patriarch Sanjay Lalbhai spearheads the real estate, digital and brand businesses in the group.

Apart from stressing that demerger is a good news for investors, the 34-year-old is also excited by the opportunity that is up for grabs for the Indian textile industry. “We haven’t seen this kind of an opportunity in decades,” says Kulin.

Excerpts:

Why do you want to demerge the apparel and engineering businesses from the parent?

We have been incubating these businesses over the last decade, and the cash flow of the parent was being used to build them. It’s time for them to be standalone businesses, with their own destinies.

This is the best way to unleash the animal spirit in the businesses.

How do you hope the market reacts to the demerger and listing?

For the market, the demerger is great. Because different people are interested in in different segments of the textile industry. So the same investors who likes the textile story, may not like brand story, or vice versa. This sort of multiple-company structure will allow people to select stocks that they are most excited about.

When do you expect the process to get over?

It’s a seven month process. We are going through it. We expect an August-September kind of a timeline to list these businesses.

Will the present market sentiment be a concern?

Not at all. The listing shouldn’t be dependent on market forces. We are doing this because this is the right thing for the business, it’s a long term call. We are not doing this to time the market.

You have some more businesses in the incubation stage – water management, advanced material and telecom. Do you plan to list them?

These businesses will remain in the incubation stage for the next few years. For the next few years, we do not see that (listing) happening.

What’s the outlook in your core textile business?

There are two structural things happening. China controls 35 percent of the USD 750-billion global trade. India has 5 percent. But China is losing competitiveness, and there are few places in the world that can replace that capacity. India, and rest of South Asia can do that.

The opportunity for India to double its trade is a real one. We haven’t seen this opportunity in many, many decades.

The second thing to happen is that the Indian market is growing very fast - 10 percent growth - and within that the organised part is growing at double the rate. Only large players like Arvind can support the growth of branded apparels.

How much are you investing in these businesses?

Over the next three years, we are investing INR 15000.000 million between the textile and apparel businesses. And we are going to invest along 3-4 themes.

One, we will be selling garment package instead of fabrics. Presently, 10 percent of our fabric gets converted into garments. In the next three years, this will increase to 40-50 percent.

New segments are emerging like at leisure, performance wear, and Arvind will enter these segments.

And third is branded textile, where we sell fabric under our brand name Arvind, one of the largest brands in the fabric segment. That is also growing 20 percent year-on-year.

We believe our growth rates will move from 5-6 percent today, to more like 10-12 per cent on our INR 60000.000 million aggregate topline.

You have been bullish about the brand business. How has it been doing?

Our brand business has been growing at industry leading growth rates, at more than 20 per cent over last five years. And we expect the same rates over the next five years.

In this business, as brands scale up there is huge operating leverage that kicks in as fixed costs remain the same. In our business, we are going through a strong maturity curve and the brands will start seeing the operating leverage.

We have four power brands. These have strong double-digit growth, and over 30 percent of ROCE. In another five years, we see another 4-5 power brands emerging.

Which are the power brands?

We don’t divulge brand specific data beyond a point. But some of our largest brands are US Polo, Arrow, Flying Machine and Tommy Hilfiger.  Some of the new brands like Sephora and Aeropostale and scaling up quickly.

There were reports that growth of some of the brands, including GAP, has been slower.

Whenever a new brand comes in, one keeps fine tuning the product. So we are now in a situation where GAP is going into a strong growth cycle again. We are bullish on getting the price value proposition right and GAP should be seeing strong growth in the coming years.

What are your plans to expand the retail network?

Across our 15 brand, we open close to 200 stores every year. These are a combination of franchisee and company owned.

How much are you investing?

On an average we invest around INR 2000.000 million a year in capex in our brand business.

You have been passionate about the digital part. What is your strategy?

In digital, we have three focus areas. One is third party market places - the large portals - which are already 10 per cent of our overall sales.

We have our own dotcom presence.

In the US, 50 percent of the buying decision happen on the phone, and 90 percent of the buying happens offline. Already, sales people use tablets to give recommendations, and if a size is not available in one store, customers can order the size from another store and get it home delivered….we have already rolled them in our 1,200 stores. And these technologies are contributing 2-4 percent additional sales. For us, digital is much broader than just e commerce.

What’s your pipeline in the real estate business?

 

We have now built 2.5 million square feet in last four-five years, and over the next three years we will be delivering 8 million square feet more of real estate. It focuses on the mid-market residential side, with a strong presence in Bengaluru. We are in Ahmedabad and we have just entered the Pune market.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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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.

 

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            Charges or investigation registered against subject:                                                        None

 

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CORPORATE GOVERNANCE

 

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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

INR

US Dollar

1

INR 65.13

UK Pound

1

INR 92.52

Euro

1

INR 80.59

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

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Report Prepared by :

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SCORE FACTORS

 

DEMERIT POINTS

 

 

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YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

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YES/NO

NO

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YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

 

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A

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C

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