Note 3: The Company has pledged 4,63,51,265 equity shares of Arvind Lifestyle Brands Limited as a security against working capital loans availed by the Company and Arvind Lifestyle Brands Limited.
The Company has pledged 4,05,75,090 equity shares of Arvind Youth Brands Retail Private Limited as a security against working capital loans availed by the Company.(Refer Note 13(a)).
Note 4: The Company has complied with the requirement with respect to number of layers prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.
Note 5: The Company had subscribed to 8% Perpetual Non-Convertible Debentures aggregating to ?100 Crores issued by Arvind Lifestyle Brands Limited on March 29, 2022. The investment was classified as a financial asset and measured at amortised cost in accordance with Ind AS 109.
During the current year, the Issuer exercised its call option and redeemed the entire outstanding debentures at par value. The Company has received ?100 Crores from the issuer towards such redemption.
Note 6: The carrying amounts of long-term investments in equity shares of Arvind Lifestyle Brands Limited (“ALBL”) is Rs. 1727.48 crore. The ALBL has erosion in net worth as compared to investment made by the Company as at March 31, 2026. The Company has determined the recoverable amounts to be higher of (i) value in use and (ii) fair value less cost to sell as applicable.
The value in use has been determined based on management’s best estimates, which require the application of significant judgment. These estimates involve forecasting future cash flows, primarily relating to revenue growth, profitability, terminal growth rate, and discount rates. Furthermore, the Company applies sensitivity analysis to key inputs to ensure the value in use reflects potential variability in future cash flows.
Fair value less cost to sell, wherever applicable, has been determined using the Comparable Companies Multiple (CCM) approach, as evaluated by the Company with the assistance of an external valuation expert in previous year. Also, the management has conducted look back analysis and considering the actual performance and evaluation of the aforesaid factors, the Company has concluded that no provision for impairment in respect of such investments are considered necessary at this stage.
Note 7: The carrying amounts of long-term investments in equity shares and compulsory convertible preference share of Arvind Youth Brands Private Limited (“AYBPL”) aggregates to Rs. 182.45 crore, indirect investment from ALBL in AYBPL by Rs. 68.16 crores as at March 31, 2026. The AYBPL has erosion in net worth as compared to investment made by the Company as at March 31, 2026. The Company has determined the recoverable amounts to be higher of (i) value in use and (ii) fair value less cost to sell as applicable.
Fair value less cost to sell, wherever applicable, has been determined using the Comparable Companies Multiple (CCM) approach, as evaluated by the Company with the assistance of an external valuation expert. Also, the management has conducted look back analysis and considering the actual performance and evaluation of the aforesaid factors, the Company has concluded that no provision for impairment in respect of such investments are considered necessary at this stage.
Note 8: Company has considered PVH Arvind Fashion Limited as a subsidiary even though the company has 50% ownership interest in the entity. Based upon the contractual agreement between the company and other investor, the company has power to appoint the chairman of the board of directors and has the power to direct the relevant activities. Therefore,the directors of the company concluded that they have the practical ability to direct the power to affect the relevant activities and thus,criteria for effective control are fulfilled.
Note 9: During the year, the company has entered into a Share Purchase Agreement (SPA”) with Flipkart India Private Limited (“Seller”) to acquire its entire 31.25% stake, on a fully diluted basis, in Arvind Youth Brands Private Limited (“AYBPL”) for Rs. 135.00 crores, and the transaction was completed on December 29, 2025.
11.5. Issue of Equity Shares on Preferential Basis
On August 21, 2021 the Board of Directors approved issuance of equity shares on a preferential basis to various investors. The Company received the approval of shareholders in the extra ordinary general meeting held on September 16, 2021. The Board of Directors approved allotment of 1,83,06,624 fully paid equity shares to various investors at ?218.50 per equity share (of which ?4/- is towards face value and ?214.50/- towards premium) on receipt of consideration. There has been no deviation in the use of proceeds of the Preferential Issue, from the Objects stated in the Offer Letter.
11.6. Issue of Shares under Right Issue
On June 21,2020, the Board of Directors of the Company had approved the revised size of Rights Issue of 3,99,79,347 shares of face value of ?4 each (the "Rights Issue Shares") at a price of ?100 per Right Equity Share (including premium of ?96 per Right Equity Share) in the ratio of 62:91, i.e. 62 Rights Equity Shares for every 91 existing Equity Shares held by the eligible equity shareholders on the record date, i.e. March 18, 2020. On July 24, 2020, the Company has approved the allotment of 3,99,79,347 equity shares of face value ?4/- each to the eligible equity shareholders as fully paid up.
On February 03, 2021, the Board of Directors of the Company and subsequently on February 18, 2021, the Committee of Directors had approved the Rights Issue of 1,48,02,856 equity shares of face value of ?4 each (the "Right Issue Shares") at a price of ?135 per Rights Equity Shares (including premium of ?131 per Rights Equity Share) in the ratio of 3:20, i.e. 3 Rights Equity Shares for every 20 existing Equity Shares held by the eligible equity shareholders on the record date, i.e. February 24, 2021. On March 25, 2021, the Company has approved the allotment of 1,48,01,776 equity shares of face value ?4/- each to the eligible equity shareholders as partly paid up for an amount of ?70/- per Rights Issue Share received on application (of which ?2/- was towards face value and ?68/-towards premium). The allotment of 1,080 Rights Equity Shares has been kept in abeyance pending regulatory/other clearance. The third reminder to pay first and final call of ?65/- was made in the month of August 2022 and the Company has received ?17,01,440/- against 26,176 equity shares (of which ?2/- was towards face value and ?63/- towards premium). As on date the First and Final call payment for 24,689 shares amounting to ?0.16 Crores is yet to be received.
11.7. Shares reserved for issue under options and contracts :
Refer Note 32 for details of shares to be issued under Employee Stock Option Schemes (ESOPs)
The description of the nature and purpose of each reserve within equity is as follows :
a. Capital Reserve
Capital reserve represents capital reserve on amalgamation/business combination. This reserve arose pursuant to scheme of arrangement and shall not be considered to be reserve created by the Company.
b. Securities Premium
Securities premium is created due to premium on issue of shares. This reserve is utilised in accordance with the provisions of the Companies Act.
c. Share Based Payment Reserve
This reserve relates to share options granted by the Company to its employees (including Subsidiary Companies) and erstwhile Holding Company's employee share option plan. Further information about share-based payments to employees is set out in Note 32.
d. Retained Earnings
Retained earnings are the profit that the Company has earned to date, less dividends, or other distributions paid to equity shareholders. Retained earnings include remeasurement loss/(gain) on defined benefit plans, net of taxes, that will not be reclassified to the Statement of Profit & Loss.
2. All necessary charges or satisfaction are registered with ROC within the statutory period.
3. The Company has Fund based and Non-Fund based limits of working capital from Banks and Financial Institutions. For the said facility, the revised submissions made by the Company to its lead bankers based on closure of book of accounts at the year end, the revised quarterly returns or statements comprising stock statements, book debt statements, statements on ageing analysis of the debtors/other receivables, and other stipulated financial information filed by the Company with such banks or financial institutions are in agreement with the unaudited books of account of the Company of the respective quarters and no material discrepancies have been observed.
4. The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was taken.
Note : The Company participates in a supplier finance arrangement under which its suppliers may elect to receive early payment of their invoices from a bank. Under this arrangement, the bank agrees to pay amounts due to participating suppliers in respect of invoices owed by the Company and the Company repays the bank at a later date. The principal purpose of this arrangement is to facilitate efficient payment processing and provide the willing suppliers early payment terms, compared with the related invoice payment due date.
From the Company’s perspective, the arrangement does not significantly extend the payment terms beyond the normal terms agreed with other suppliers that are not participating; however, the arrangement does provide participating suppliers with the benefit of early payment. The financing terms are negotiated by the Company, and it bears interest in the range of 6-9% on the credit availed beyond the due date, and the interest cost has been presented under finance costs.
During the current year, the Company has regrouped interest-bearing short term trade credits which are availed from financial institutions and banks for payments to suppliers, have been reclassified from trade payable and shown as a separate line item under financial liabilities as trade credits, to provide user with a clearer assessment of the impact on the liabilities, cash flows and liquidity risk. The comparative figures have also been classified in line with the current year’s presentation. The said reclassification by the Company is for better presentation and does not have any impact on profit or total equity of the Company.
(1) The Company has determined that it is not feasible to reliably estimate the timing of any cash outflows, if any, related to the aforementioned pending resolutions of legal proceedings.
(2) The Company does not expect any reimbursements in respect of the above Contingent liabilities.
(3) The Company believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company’s financial position and results of the operations.
(b) Other Commitment
In the previous year, the Company has entered into an Share Purchase Agreement(SPA) for the sale of erstwhile subsidiary company, wherein the Company has agreed to indemnify the Purchaser against the legal matters pertaining to the period prior to the sale of the subsidiary.
During the year, the erstwhile subsidiary has received various GST-related litigations pertaining to the said period amounting to INR 10.69 crores , which are currently under adjudication. The Company has evaluated the potential obligations arising from these matters and has disclosed them as other commitments.
Based on the assessment of the underlying facts and circumstances, the management believes that the claims are unsubstantiated and not tenable. Accordingly, no provision is considered necessary in the standalone financial statements as at March 31, 2026.
B Defined Benefit Plans
The Company has following post employment benefits which are in the nature of defined benefit plans:
Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn salary per month computed proportionately for 15 days’ salary multiplied for the number of years of service. The Gratuity plan is a Funded plan administered by the Company .
Liabilities with regard to the Gratuity Plan are determined by actuarial valuation, performed by an independent actuary, at each Balance Sheet date using the projected unit credit method. The Company fully contributes all ascertained liabilities to the Life Insurance Coporation - Insurance product. The Company recognises the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through remeasurements of the net defined benefit liability/(asset) are recognised in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligations recognised in other comprehensive income.
The above sensitivity analysis may not be representative of the actual benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using the projected unit credit method at the end of reporting period.
In presenting the above sensitivity analysis, the present value of defined benefit obligation has been calculated using the projected unit credit method at the end of reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.
The Company has a Gratuity plan as a part of its employee benefit program. This is a defined benefit scheme that exposes the Company to various risks. Some of the common risks associated with similar schemes are as follows:
Interest Rate Risk: The defined benefit obligation represents the present value of future cash flows expected to be paid from the plan, calculated using prevailing interest rates. Although changes in interest rates do not impact the actual cash flows from the scheme, they do not affect the value of the liability (defined benefit obligation), thereby impacting the Company's balance sheet and profit & loss statement.
Investment Risk: Plans funded with assets are exposed to market fluctuations in asset values. The Company may experience these fluctuations impacting its balance sheet and profit & loss statement.
Demographic Risk: When determining the defined benefit scheme, it is assumed that employees will follow certain patterns of attrition or morality. If the actual trend differs from these assumptions. The Company may incur costs different from those provisioned.
Asset Liability Matching Strategy
The Company has purchased insurance policy, which is basically a year-on-year cash accumulation plan in which the interest rate is declared on yearly basis and is guranteed for a period of one year. The insurance Company, as part of the policy rules, makes payment of all gratuity outgoes happening during the year (subject to sufficiacy of funds under the policy). The policy, thus, mitigates the liquidity risk. However, being a cash accumulation plan, the duration of assets is shorter compared to the duration of liabilities. Thus, the Company is exposed to movement in interest rates (in particular, the significant fall in interest rates, which should result in an increase in liability without corresponding increase in the asset).
Leave Encashment
The Company has a policy on leave encashment which are both accumulating and non-accumulating in nature. The expected cost of accumulating leave encashment is determined by actuarial valuation performed by an independent actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on nonaccumulating compensated absences is recognised in the period in which the absences occur.
(a) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by market risk include borrowings, deposits, investments, trade and other receivables, trade and other payables and derivative financial instruments.
The Management assessed that the fair values of cash and cash equivalents, other bank balances, loans, trade receivables, other current financial assets, trade payables and other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values.
The fair value of borrowings and other financial liabilities is calculated by discounting future cash flows using rates currently available for debts on similar terms, credit risk and remaining maturities.
Within the various methodologies to analyse and manage risk, Company has implemented a system based on “sensitivity analysis” on symmetric basis. This tool enables the risk managers to identify the risk position of the entities. Sensitivity analysis provides an approximate quantification of the exposure in the event that certain specified parameters were to be met under a specific set of assumptions. The risk estimates provided here assume:
- a parallel shift of 50-basis points of the interest rate yield curves in all currencies.
- a simultaneous, parallel foreign exchange rates shift in which the INR appreciates/depreciates against all currencies by 2%.
The potential economic impact, due to these assumptions, is based on the occurrence of adverse/inverse market conditions and reflects estimated changes resulting from the sensitivity analysis. Actual results that are included in the Statement of Profit & Loss may differ materially from these estimates due to actual developments in the global financial markets.
The analyses exclude the impact of movements in market variables on: the carrying values of gratuity, pension and other post-retirement obligations and provisions.
The following assumption has been made in calculating the sensitivity analyses:
- The sensitivity of the relevant Statement of Profit or Loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at respective year end including the effect of hedge accounting.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations with floating interest rates.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. As at March 31,2026, none of the Company's Borrowings are at fixed rate of interest (March 31, 2025: 0.14%)
Interest Rate Sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Company’s profit before tax is affected through the impact on floating rate borrowings, as follows:
Fair Value Hierarchy
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.
There are no transfer between level 1, 2 and 3 during the year.
The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.
The Company’s principal financial liabilities, other than derivatives, comprise borrowings and trade & other payables. The main purpose of these financial liabilities is to finance the Company’s operations and to support its operations. The Company’s principal financial assets include Investments, loans given, trade and other receivables and cash & short-term deposits that derive directly from its operations.
The Company's activities expose it to market risk, credit risk and liquidity risk. In order to minimise any adverse effects on the financial performance of the Company, derivative financial instruments, such as foreign exchange forward contracts, foreign currency option contracts are entered to hedge certain foreign currency exposures. Derivatives are used exclusively for hedging purposes and not as trading/speculative instruments.
The Company's risk Management is carried out by a Treasury department under policies approved by the Board of Directors. Company's treasury identifies, evaluates and hedges financial risks in close co-operation with the Company's operating units. The Board provides written principles for overall risk Management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.
Exclusion from this analysis are as follows:
- Fixed rate financial instruments measured at cost: Since a change in interest rate would not change the carrying amount of this category of instruments, there is no net income impact and they are excluded from this analysis.
- The effect of interest rate changes on future cash flows is excluded from this analysis.
Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company transacts business in local currency and in foreign currency, primarily in USD. The Company has obtained foreign currency loans and has foreign currency trade payables and receivables etc. and is, therefore, exposed to foreign exchange risk. The Company may use forward contracts or foreign exchange options towards hedging risk resulting from changes and fluctuations in foreign currency exchange rate.
The Company manages its foreign currency risk by hedging appropriate percentage of its foreign currency exposure, as approved by the Board as per established risk management policy. Details of the hedge & unhedged position of the Company given in Note 27.
(b) Credit Risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. To manage this, the Company periodically assesses financial reliability of customers and other counterparties, taking into account the financial condition, current economic trends and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks, foreign exchange transactions and other financial instruments.
Trade Receivables
Customer credit risk is managed by each business unit subject to the Company’s established policy, procedures and control relating to customer credit risk Management. Trade receivables are non-interest bearing and are generally on 30 days to 180 days credit term. Credit limits are established for all customers based on internal rating criteria. Outstanding customer receivables are regularly monitored and any shipments to major customers are generally covered by letters of credit. The Company has no concentration of credit risk as the customer base is widely distributed both economically and geographically.
An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on actual incurred historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7(b). The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.
Financial Instruments and Cash Deposits
Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance with the Company’s policy. Investments of surplus funds are made only with approved counterparties who meets the minimum threshold requirements under the counterparty risk assessment process.The Company monitors the ratings, credit spreads and financial strength of its counterparties. Based on its ongoing assessment of counterparty risk, the Company adjusts its exposure to various counterparties. The Company's maximum exposure to credit risk for the components of the Balance sheet as is the carrying amount as disclosed in Note 37.
(c) Liquidity Risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company's objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash Management system. It maintains adequate sources of financing including bilateral loans, debt and overdraft from both domestic and international banks at an optimised cost. It also enjoys strong access to domestic capital markets across equity.
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments:
Excessive Risk Concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company’s performance to developments affecting a particular industry.
For the purpose of the Company’s capital Management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital Management is to ensure that it maintains an efficient capital structure and healthy capital ratios in order to support its business and maximise shareholder value.
The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions or its business requirements to optimise return to our shareholders through continuing growth. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The funding requirements are met through a mixture of equity, internal fund generation and other non-current borrowings. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings less cash and short-term deposits (including other bank balance). The Company is not subject to any externally imposed capital requirements.
In order to achieve this overall objective, the Company’s capital Management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements and other ratios. Breaches in meeting the financial covenants would permit the bank to charge penal interest. There have been no breaches in the financial covenants of any long-term borrowing in the current period as of March 31, 2026. Accordingly, the Management has not created provision for penal interest.
No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2026 and March 31, 2025.
(i) The Company does not have any benami property held in their name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(ii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(iii) The Company has complied with the requirement with respect to number of layers as prescribed under Section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.
(iv) Utilisation of borrowed funds and share premium
I. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall: a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Parent Company (Ultimate Beneficiaries) or b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
II. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall: a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (Ultimate Beneficiaries) or b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries except as mentioned below.
(v) The Company has not invested or traded in Crypto Currency or Virtual Currency during the year.
(vi) The Company has no income surrendered or disclosed as income during the year in tax assessments under the Income tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.
(vii) The Company does not have any transactions with the companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.
Note 41: Events Occurring after the Reporting Period
The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to the approval of financial statements to determine the necessity for recognition and/or reporting of subsequent events and transactions in the financial statements. The Board of Directors recommended a final dividend of ?1.60 per equity share of face value of ?4 each, for the financial year ended March 31, 2026, subject to the approval of shareholders in the ensuing Annual General Meeting.
The Ministry of Corporate Affairs(MCA) has issued a notification(Companies(Accounts) Amendments Rules, 2021) which is effective from April 01, 2023, state that every Company which uses accounting software for maintaining its books of account shall use only such accounting software which has a feature of recording audit trail of each and every transaction, and further creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.
Further no instance of audit trail feature being tampered with was noted and the audit trail has been preserved by the Company as per the statuatory requirements for record retention for accounting software used by Company during the year.