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Company Information

Home » Market » Company Information

Arvind Ltd.

Dec 03
116.90 +0.45 (+ 0.39 %)
 
VOLUME : 69309
Prev. Close 116.45
Open Price 115.60
TODAY'S LOW / HIGH
115.60
 
 
 
119.85
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
40.20
 
 
 
146.75
Dec 03
116.85 +0.35 (+ 0.30 %)
 
VOLUME : 963456
Prev. Close 116.50
Open Price 115.60
TODAY'S LOW / HIGH
115.60
 
 
 
119.90
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
40.10
 
 
 
146.90
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Market Cap. ( ₹ ) 3044.95 Cr. P/BV 1.12 Book Value ( ₹ ) 104.42
52 Week High/Low ( ₹ ) 147/40 FV/ML 10/1 P/E(X) 0.00
Bookclosure 18/08/2021 TTM EPS ( ₹ ) 5.35 Div Yield (%) 0.00
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2018-03 

Report on the Standalone Ind AS financial statements

We have audited the accompanying Standalone Ind AS financial statements of ARVIND LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Standalone Ind AS financial statements based on our audit.

In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions ofthe Act and the Rules made thereunder and the Order issued under section 143(11) of the Act.

We conducted our audit ofthe Standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the Standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the Standalone Ind AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Ind AS and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Other Matter

(a) We draw attention to Note 20 regarding share of profit from investment in two Limited Liability Partnership (“LLPs”) amounting to Rs. 0.18 crores included in the Standalone Ind AS financial statements, is based on the unaudited financial statements of such entities. Our audit report on the audited financial statements of the Company is based solely upon the management prepared unaudited financial statements.

(b) The Standalone Ind AS financial statement ofthe Company for the year ended March 31, 2017 has been audited by the predecessor auditor who has expressed an unmodified opinion on the Standalone Ind AS financial statement on May 11, 2017. The adjustments to the reported figures for the year ended March 31, 2017, pursuant to the Scheme of Amalgamation sanctioned by the National Company Law Tribunal vide its Order dated August 24, 2017 referred in Note 45 (I) to the Statement have been audited by us.

Our opinion on the Standalone Ind AS financial statements is not modified in respect of above matters.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books and the reports of the other auditors.

(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.

(d) In our opinion, the aforesaid Standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its Standalone Ind AS financial statements.

(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(iii) Following are the instances of delay in transferring amounts required to be transferred, to the Investor Education and Protection Fund by the Company:

Year for which the amount pertains

Amount involved (Rs. In crores)

Number of days delay in depositing the amount

1986-87

(Rs. 40,539)*

541 days

1995-96

(Rs. 50,500)*

541 days

1996-97

Rs. 0.02

541 days

*Amount in bracket represents absolute Rupees

2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Act

We have audited the internal financial controls over financial reporting of ARVIND LIMITED (“the Company”) as of March 31, 2018 in conjunction with our audit of the standalone IND AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India” (“the Guidance Note”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note.

ANNEXURE “B” TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 2 under “Report on Other Legal and Regulatory Requirements” section of our report of even date)

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) Some of the fixed assets were physically verified during the year by the Management in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date, except the following:

Particulars

Total No. of Cases

Area

Amount (Gross Carrying amount as at the balance sheet date)

Amount (Net Carrying amount as at the balance sheet date)

Remarks

Freehold land

42

3,85,274 Sq. Mtr.

Rs.84.57 crore

Rs.84.57 crore

The Company is in process to register title deed in its name.

Building

7

12,506 Sq. Mtr.

Rs.1379 crore

Rs.935 crore

The Company is in process to register title deed in its name.

Freehold Land

40

4,13,896 Sq. Mtr.

Rs.21.11 Crores

Rs.21.11 crores

The title deeds are in the name of Arvind Brands and Retail Limited, Dholka Textile Park Private Limited and Arvind Garment Park Private Limited (erstwhile companies) which were merged with the Company u nder scheme of amalgamation sanctioned by National Company Law Tribunal vide its order dated 24th August 2017, with effect from 1st April 2016.

Building

9

1,329 Sq. Mtr.

Rs.1.66 Crores

Rs.1.57 1.57 Crores

Immovable properties of land whose title deeds have been pledged as security for loans, guarantees, etc. are held in the name of the Company based on the confirmations directly received by us from lenders / parties except for the freehold land of the Khatraj amounting to Rs. 44.72 crores admeasuring 1,27,784 sq. meter which are pledged with banks and are not available with the company and have not been independently confirmed by the bank.

In respect of immovable properties of land and buildings that have been taken on lease and disclosed as fixed asset in the financial statements, the lease agreements are in the name of the Company, where the Company is the lessee in the agreement.

(ii) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us, the Company has granted unsecured loans to companies covered in the register maintained under section 189 of the Act, in respect of which:

(a) The terms and conditions of the grant of such loans are, in our opinion, prima facie, not prejudicial to the Company’s interest.

(b) The schedule of repayment of principal and payment of interest has not been stipulated and in the absence of such schedule, we are unable to comment on the regularity of the repayments or receipts of principal amounts and interest or whether there is an overdue amount remaining outstanding at year end.

The Company has not granted any loans, secured or unsecured, to firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities, as applicable.

(v) According to the information and explanations given to us, the Company has not accepted any deposits during the year from the public to which the directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 2014, as amended, would apply. Accordingly, the provisions of Cause 3(v) of the Order are not applicable to the Company.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central Government under sub-section (1) of Section 148 of the Act, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees’ State Insurance, Sales Tax, Excise Duty, Service Tax, Value Added Tax, Goods and Service Tax, Custom Duty, Income tax, Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Sales Tax, Goods and Service Tax, Service Tax, Income tax, Cess and other material statutory dues in arrears as at March 31, 2018 for a period of more than six months from the date they became payable except for Value Added Tax which are unpaid as of date and details of which are given as follows:

Name of Statute

Nature of Dues

Amount (Rs. in crores)

Period to which the Amount Relates

Due Date

The Karnataka Value Added

Value Added

Rs.0.01

2012-13

20-08-2012

Tax Act, 2003

Tax

Rs.0.00*

2013-14

20-07-2013

Rs.0.00^

2015-16

20-10-2015

Rs.0.01

2015-16

20-01-2016

* Rs.9,240 and “ Rs.26,066

(c) Details of Income Tax, Excise Duty, Custom Duty, Service Tax, Sales Tax and Value Added Tax dues which have not been deposited as on March 31, 2018 on account of disputes are given below:

Name of Statute

Nature of Dues

Amount involved and Unpaid (Rs. in crores)

Period to which the Amount Relates

Forum where Dispute is pending

The Income Tax Act, 1961

Income Tax

Rs.1.33

2004-05, 2008-09, 2014-15

Commissioner of Income Tax Appeal

Rs.346

2000-01, 2005-06, 2008-09, 2009-10, 2010-11, 2011-12, 2012-13

Income Tax Appellate Tribunal

Fringe Benefit Tax

Rs.0.01

2005-06

Income Tax Appellate Tribunal

The Central Excise Act, 1944

Excise Duty

Rs.9.17

1999-00, 2000-01

Supreme Court

Rs.10.97

2000-01, 2001-02, 2002-03, 2003-04

High Court

Rs.0.47

2008-09

Assistant Commissioner

The Customs Act, 1962

Custom Duty

Rs.2.88

2012-13

Customs, Excise and Service Tax Appellate Tribunal

The Finance Act, 1994

Service Tax

Rs.1.92

2004-05, 2005-06, 2006-07, 2007-08, 2013-14 2014-15, 2015-16, 2016-17

Assistant Commissioner

Rs.0.77

2013-14, 2014-15

Principal Commissioner

Rs.1.27

2004-05, 2005-06, 2006-07, 2007-08, 2012-13

Commissioner

Rs.0.58

2003-04, 2004-05, 2005-06, 2006-07, 2007-08, 2012-13, 2013-14, 2014-15

Customs, Excise and Service Tax Appellate Tribunal

Gujarat Value Added Tax Act, 2003

Value Added Tax

Rs.0.09

2013-14

Deputy Commissioner

‘. 387

2006-07, 2007-08

Joint Commissioner (Appeal)

Central Sales Tax Act, 1956

Central Sales Tax

Rs.0.60

2005-06

Deputy Commissioner

Rs.9.26

2002-03, 2003-04, 2004-05, 2006-07, 2007-08

Joint Commissioner (Appeal)

(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders. The Company has not borrowed money from Government.

(ix) In our opinion and according to the information and explanations given to us, the Company has not raised moneys by way of initial public offer or further public offer (including debt instruments). The Company has utilized the money raised by way of term loans during the year for the purposes for which they were raised.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 188 and 177 of the Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the Standalone Ind AS financial statements as required by the applicable accounting standards.

(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him and hence provisions of section 192 of the Act are not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm’s Registration No: 117366W/W-100018)

Kartikeya Raval

Partner

(Membership no. 106189)

Ahmedabad,

May 9, 2018