India:Arvind Mills set to become one-stop garment major

One of the most professional run and transparent companies in textile sector, The Arvind Mills Limited reported unaudited financial results for the quarter ended 30th June, 2005.

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

2. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on 30th July, 2005.

3. During the quarter, the company has acquired 3,61,52,574 equity shares of Rs.10/- each aggregating to 53.96 percent of paid up equity capital of Arvind Brands Limited. Consequent upon the acquisition of the said shares, Arvind Brands Limited has become a wholly owned subsidiary of the Company.

4. The company has successfully raised US$ 37.19 million through the issue of 13.5 million Global Depositary Receipts (GDRs) underlying one Equity Share for each GDR and the said GDRs are listed on Luxembourg Stock Exchange on 18th July, 2005.

5. Other income for the quarter includes profit on sale of fixed assets(net) of Rs.5.54 crores.

6. At the beginning of the quarter, no complaint from investors were pending. 19 complaints received during the quarter were resolved. No complaints was lying unresolved at the end of the quarter.

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

Air-jet woven, heavy denim and shirting fabrics for the garment industry, from cotton. Also, ready-made clothing, knitted fabrics and bottomweights. Arvind Mills has set the pace for changing global customer demands for textiles and has focused its attention on select core products.

Such a focus has enabled the company to play a dominant role in the global textile arena. With its presence across the textile value chain, the company endeavors to be a one-stop shop for leading garment brands.