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Arrow Textiles Directors Report, Arrow Textiles Reports by Directors
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    « Mar 12
The Directors present their Sixth Annual Report together with the
 Audited Statement of Accounts for the year ended 31st March 2013.
 
 Financial highlights
 
                                                    (Rs. in ''000)
 
 particulars                           year ended     year ended
                                       31.03.2013     31.03.2012
 
 Income for the year                  3,73,449.83    3,33,334.57
 
 Profit before Interest, 
 Depreciation and Tax                   87,831.92      74,910.11
 
 Finance Charges                        28,481.10      28,783.31
 
 Profit before Depreciation and Taxes   59,350.82      46,126.80
 
 Depreciation & Amortisation            44,621.59      43,240.61
 
 Provisions for Taxation/ Deferred Tax (15,192.07)      5,602.45
 
 Prior Period Items / 
 Extra Ordinary Items                      153.92
 
 Net Profit for the Current Year        29,767.38      (2,716.26)
 
 Net Profit available for Appropriation  1,013.38       3,729.64
 
 Balance carried to Balance Sheet       30,780.76       1,013.38
 
 Dividend
 
 The Directors do not recommend any dividend for the Financial Year
 ended 31st March, 2013.
 
 operations
 
 During the year under review, your Company recorded a total income of Rs.
 3,73,449.83 (Rs. ''000). For further information, kindly refer to
 Management Discussion and Analysis Report, forming part of this Annual
 report.
 
 corporate governance report
 
 Pursuant to Clause 49 of the Listing Agreement, the Management
 Discussion & Analysis Report and Corporate Governance Report together
 with Certificate from Auditors of the Company, on compliance with the
 conditions of Corporate Governance as laid down, forms part of this
 Annual Report.
 
 particulars of employees
 
 In terms of provisions of Section 217 (2A) of the Companies Act, 1956,
 read with the Companies (Particulars of Employees) Rules, 1975, the
 names and other particulars of the employees are set out in the
 Annexure to the Directors'' Report. However, having regard to the
 provisions of Section 219 (1)(b)(iv) of the said Act, the Annual Report
 excluding the aforesaid information is being sent to all members of the
 Company and other entitled thereto. Any member interested in obtaining
 such particulars may write to the Company Secretary at the Registered
 Office of the Company.
 
 particulars regarding conservation of energy, Technology absorption and
 foreign exchange earnings and outgo
 
 The particulars as required under Companies (Disclosure of Particulars
 in the Report of the Board of Directors) Rules, 1988 are furnished in
 the Annexure A to this Report.
 
 directors
 
 At the ensuing Annual General Meeting, in accordance with the
 provisions of the Companies Act, 1956 and the Articles of Association
 of the Company, Mr. Jaydev Mody, Director of the Company retire by
 rotation and being eligible, offer himself for re-appointment.
 
 The brief resume/details relating to Mr. Jaydev Mody, Director of the
 Company to be re-appointed is furnished as an Annexure to the notice of
 the ensuing Annual General Meeting.
 
 Your directors recommend his re-appointment at the ensuing Annual
 General Meeting.
 
 directors'' responsibility statement
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, the
 Directors confirm that:
 
 1.  in the preparation of the annual accounts for the financial year
 ended 31st March, 2013, the applicable accounting standards have been
 followed alongwith proper explanation relating to material departures;
 
 2.  the Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 as at 31st March, 2013 and of the profit of the Company for the year
 under review;
 
 3.  the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956, for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities.
 
 4.  the Directors have prepared the accounts for the financial year
 ended 31st March, 2013 on ''going concern'' basis.  fixed deposits
 
 During the year under review, the Company has not accepted any fixed
 deposits from the public.
 
 auditors
 
 The Board of Directors recommends to re-appoint M/s. Amit Desai & Co.,
 Chartered Accountants as Statutory Auditors of the Company, who retire
 at the conclusion of forthcoming Annual General Meeting and are
 eligible for re-appoinment.  M/s. Amit Desai & Co. have given their
 consent to act as Statutory Auditors, if re-appointed. Members are
 requested to consider their re-appointment. The auditors comments on
 the Company''s accounts for the year ended on 31st March, 2013 are self
 explanatory in nature and do not require any explanation as per the
 provisions of Section 217(3) of the Companies Act, 1956.
 
 cost auditor
 
 As per the requirement of Central Government and pursuant to the
 Section 233B of the Companies Act, 1956, your Company carries out an
 audit of cost records every year. Subject to the approval of the
 Central Government, the
 
 Company has appointed M/s. Shilpa & Co., Cost Accountants as Cost
 Auditors to audit the cost accounts of the Company for the Financial
 Year 2013-14. As required under the provisions of Section 224(1B) read
 with Section 233B(2) of the Companies Act, 1956, the Company has
 obtained a written confirmation from the Cost Auditor to the effect
 that they are eligible for appointment as Cost Auditors under Section
 233B of the Companies Act, 1956 and also a certificate certifying their
 independence and arm''s length relationship with the Company.
 
 The Cost Audit Report and Compliance Report for the Financial Year
 2011-12 which was due to be filed with the Ministry of Corporate
 Affairs on or before 28th February 2013 (as per General Circular No.
 2/2013 dated 31st January 2013 of Ministry of Corporate Affairs) was
 filed on 27th February 2013.
 
 acknowledgements
 
 Your Directors express their sincere appreciation of the co-operation
 received from shareholders, bankers and other business constituents
 during the year under review. Your Directors also wish to place on
 record their deep sense of appreciation for the commitment displayed by
 all executives, officers and staff, resulting in the successful
 performance of the Company during the year.
 
                                 By order of the Board of directors,
 
                                 JaydeV mody chairman
 
 Mumbai, 7th May, 2013
 
 Registerd Offce:
 
 Plot No. 101-103, 
 
 19th Street, MIDC, Satpur, 
 
 Nasik, Maharashtra.  
 
 Pin – 422 007.
Source : Dion Global Solutions Limited
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