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86Th Annual Report 2016 - 17

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86Th Annual Report 2016 - 17 86th Annual Report 2016 - 17 ARVIND LIMITED CIN: L17119GJ1931PLC000093 Board of Directors Mr. Sanjay S. Lalbhai - Chairman & Managing Director CONTENTS Mr. Punit S. Lalbhai - Executive Director Message from Chairman ................................01 Mr. Kulin S. Lalbhai - Executive Director Company Overview ........................................03 Mr. Jayesh K. Shah - Wholetime Director & Chief Financial Officer Sustainability @ Arvind .................................06 Dr. Bakul Dholakia - Independent Director CSR @ Arvind .................................................14 Ms. Renuka Ramnath - Independent Director Notice.............................................................. 21 Mr. Dileep C. Choksi - Independent Director Mr. Vallabh Bhanshali - Independent Director Directors’ Report ........................................... 29 Mr. Samir Mehta - Independent Director Corporate Governance Report ..................... 60 Mr. Nilesh Shah - Independent Director Management Discussion and Analysis ........82 Business Responsibility Report ...................87 Audit Committee Auditors’ Report .............................................99 Mr. Dileep C. Choksi - Chairman Balance Sheet ............................................. 104 Dr. Bakul Dholakia - Member Profit & Loss Account ..................................105 Mr. Jayesh K. Shah - Member Cash Flow Statement ................................. 106 Mr. Nilesh Shah - Member Notes to Financial Statements ................. 109 Consolidated Financial Statements ...........169 Stakeholders’ Relationship Committee Locations & Sites .........................................250 Dr. Bakul Dholakia - Chairman Mr. Sanjay S. Lalbhai - Member Mr. Jayesh K. Shah - Member Nomination and Remuneration Committee Bankers Dr. Bakul Dholakia - Chairman State Bank of India Ms. Renuka Ramnath - Member Bank of Baroda Mr. Dileep C. Choksi - Member State Bank of Patiala HDFC Bank Ltd. Corporate Social Responsibility Committee Standard Chartered Bank ICICI Bank Ltd. Dr. Bakul Dholakia - Chairman YES Bank Ltd. Mr. Sanjay S. Lalbhai - Member Axis Bank Ltd. Mr. Punit S. Lalbhai - Member IDBI Bank Ltd. Mr. Jayesh K. Shah - Member Registered Office Management Committee Naroda Road, Ahmedabad-380025, Gujarat, India. Mr. Sanjay S. Lalbhai - Member Website : www.arvind.com Mr. Jayesh K. Shah - Member Mr. Punit S. Lalbhai - Member (With effect from 11th May, 2017) Registrar And Transfer Agent Mr. Kulin S. Lalbhai - Member (With effect from 11th May, 2017) Link Intime India Private Limited Company Secretary 506-508, Amarnath Business Centre -1 (abc-1), beside Gala Business Centre, Mr. R.V. Bhimani Near St. Xavier’s College Corner, Off. C. G. Road, Ellisbridge, Auditors Ahmedabad-380006. Sorab S. Engineer & Co. Phone & Fax No. 079-26465179/86/87 Chartered Accountants E-mail : [email protected] 902, Raheja Centre, Free Press Journal Marg, Website: www.linkintime.co.in Nariman Point, Mumbai - 400 021. Annual Report - 2016 / 17 Message from Chairman Dear Shareholders, 2016-17 has been a very interesting year. Trump and Brexit grabbed political headlines – in extreme interpretation even prompting questions about end of western liberalism, and clearly a mandate against globalization. Closer home, demonetization came as an unexpected shock to an economy preparing for arrival of the biggest tax reform since independence. On the other hand, technology and innovation continued their march and broke new grounds in diverse fields including Machine Learning, Artificial Intelligence, Nanotech, Autonomous Vehicles and Additive Manufacturing. Global apparel industry grew 3.6% in FY16 on the back of strong growth in Asia-Pacific. Trends in the apparel industry are changing rapidly with new-age apparel gaining ground. Modern apparel is coming packed with features and functionalities never seen before – smart connectivity, ultra-light weight, active temperature management, multi-dimensional super-stretch are the areas where manufacturers are pushing new bar. There is a clear trend in shift towards sports and sports inspired clothing – which in turn requires specialty yarns such as performance polyester, polyamides and spandex. In general, I see cotton losing its predominance as the default fibre for making fabrics and apparel. While it still accounts for majority share in India, the global trends already reflect shift towards man-made fibres. On an overall basis, these man-made fibres end up being more cost effective and environment friendly. One more reality is the global success of European fast fashion majors which is clearly impact the supply chain for many of the global brands. 1 Annual Report - 2016 / 17 At the retail end, the transformation is even more pronounced. Two key factors have been impacting the financial performance Online shopping accounts for over 20% of the US apparel sales. for all industry players including Arvind. Firstly, the cotton prices Retailers and brands especially in the developed markets have have unusually continued to stay high. This price movement is been pushing for extreme personalization and a seamless online- not driven by global demand and supply situation, but purely as a offline experience. Apparel retail in India is also slowly moving result of speculators holding on to their positions. Secondly, the online with ~9% of the apparel sales being done on internet. continuing strength of the Indian currency impacts all exports Unlike some of the other major markets, apparel and fashion is adversely. Both these factors have had and will continue to have a the leading category driving the adoption of ecommerce in India significant bearing on our financial performance as well. and currently contributes almost 30% to the total e-commerce in India. Implementation of GST will bring few fundamental shifts in the textile and apparel retail market. While estimates vary, we We at Arvind have always believed in being at the leading edge can safely assume at least 75% of the Indian apparel market of transformations impacting our businesses. Innovation always today is unorganised. Once the initial hiccups related to GST excites us and we continue to experiment with new products, implementation are resolved, I expect the apparel retail industry technologies and business models. For instance, our expanded to shift towards organised sector, which augurs very well for apparel manufacturing facilities and the new plants in Ethiopia are players such as Arvind. Our value retail format “Unlimited” has designed to plug seamlessly into the global supply-chains of our been doing extremely well for last few quarters, and I expect an customers, at least total cost and best supply times. The patented even better traction in the post-GST era. Neo process creates water-less dyed Indigo products which have significantly reduced environmental impact. During the year, we Sustainability is central to our policies and practices – our launched Azurite, which is our patented technology of premium Fundamentally Right philosophy guides our choices with regard saturated indigo fabrics. to both environmental and social sustainability. Our innovative methods for conserving natural resources in our facilities got Our brands and retail business is one of the most proactive us multiple awards. We were also chosen as supplier of Zero adopters of omni-channel commerce, which enables our Liquid Discharge system by the Ethiopian government for their customers to create seamless offline-online shopping journeys. largest apparel manufacturing park at Hawassa. As a responsible This proprietary platform has already been rolled out to more corporate citizen, our foundation runs the Gyanda program than 600 of our stores, and we will be connecting many more that provides a highly effective remedial education program stores in the current year. for 1200+ children from less privileged backgrounds. We also run four health-clinics in collaboration with Swasth that provide In terms of business, the US consumer market continued to comprehensive healthcare services including consultation, remain steady with soaring housing prices and low interest rates. diagnostics and pharmacy – all for a small fee. EU has been grappling with multiple years of slowdown. The Chinese economy also has clearly cooled down. Apparel exports Change and adaptability is the key to success in the ever evolving from India remained flat, although overall textiles exports from textile and apparel market globally. I am confident that if we are India fell during the year primarily on account lower yarn and able to adapt to the changing market, the future will be extremely fabric exports. Despite the impact of demonetization in parts of rewarding for all our stakeholders. I take this opportunity to thank Q3 and Q4, the domestic market grew by about 10% during the all our partners and stakeholders for their continued support and I year. In this context, our key global accounts continued to remain look forward to an exciting journey ahead, together. strong provided helped our textiles business grow by a healthy 10%. The brands and retail business delivered a market leading growth of 26%. 2 Annual Report - 2016 / 17 Purpose ‘To create impact by fashioning possibilities’ Arvind Ltd is a leading conglomerate with interests in textile, brands, retail, engineering and advanced materials sectors, amongst others. Company is headquartered in Ahmedabad, Gujarat and ranks amongst the top suppliers of fabric worldwide. With an annual production capacity of more than 100
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