Divinus Fabrics and Their Audits With the Accounting Standards

August 31, 2021 , Fabrics

The annual financial reports of divinus fabrics and related companies are prepared by CMM, a division of Kraft Foods Corporation. The data reflects the business processes, product offers, services, and other essential events related to the manufacture of divinus fabrics by CMM. The management of DIVINUS FABRICS is very transparent, while the external auditors are very strict and objective. The aim is not only to make profit, but also to make the best use of resources and reduce expenses.

In the past, the divinus fabrics were mainly used for making shirts and blouses. These products became popular in the early 80s and at that time, there were no competitors in the United States of America. However, the emergence of the internet and the worldwide web has changed everything. Nowadays, people have the opportunity to shop for different types of clothing, not only for casual wear or for work wear. And since the demand for different kinds of apparel is on the increase, the manufacturers of divinus fabrics and related items are also expanding their businesses both domestically and internationally.

DIVINUS FABRICS manufactures and distributes different kinds of items. Apart from these products, it also manages the manufacturing, marketing, distribution, and payment functions of the company. In addition, the company also has three main business divisions Digital Fabrications, Textile Fabrics and Agarwal Contract Manufacturing and is located in Hyderabad, India. The chief financial officer of the company is Mr. Navesh Verma and the managing directors are Mr. Gautam, Mr. Sudhindra, Mr. Gopalakrishnan and Mr. Premchandran. The company was incorporated in 1981 and the year before another division was launched Cruise Line. Divinus fabric is one of the lines manufactured by the company.

The company obtains its financial information like the profit and loss and the net income by maintaining and updating the books of accounts maintained by it. The books of accounts are prepared by the CFO and submitted to the Annual General Meeting of the companies. The annual report of the company will contain the following information revenue, loss in kind, gain in kind, income taxes, expenses, net worth etc. The company pays tax at the appropriate rate to the government authorities on its income. The annual report should be submitted on the prescribed format to the Ministry of Corporate Affairs of the Government of India. This format is also used by other similar companies dealing with similar products.

Divinus fabrics have been able to overcome the competition and have been able to maintain their status in the market. Divinus fabric is manufactured in a very simple process, which includes sewing of different patterns and fabrics, cutting them to size, quilting of the fabrics, pressing and adding the different designs. The main goal of the company is to provide its customers with high quality and durable fabric that are also eco friendly. The companies act has ensured that all the standards that are applicable laws are abided by.

The directors of Divinus fabrics have ensured that the company adheres to all the rules and regulations that are applicable laws. It also ensures that they submit their financial year results on time and before the deadline. The companies have submitted the audited result for the last three years and the financial year profit and loss has also been submitted on time and submitted to the Annual General Meeting. The directors of Divinus fabrics take a very keen interest in maintaining the quality and credibility of the products of Divinus fabrics and also in ensuring that the company complies with all the Accounting Standards.