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Arrow Textiles
BSE: 533068|NSE: ARROWTEX|ISIN: INE933J01015|SECTOR: Textiles - Weaving
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« Mar 12
Notes to Accounts Year End : Mar '13
(a) The Company has obtained licenses under the Export Promotion
 Capital Goods (EPCG) Scheme for importing capital goods at concessional
 rates of custom duty.
 
 Under the terms of respective schemes, the Company is required to earn
 foreign exchange value equivalent to 8 times of the CIF value of
 imports and / or the duty saved in respect of license where export
 obligation has been fixed by the order of the Director General Foreign
 Trade, Ministry of Finance as applicable within a period of 8 years
 from date of license of capital goods. The Export Promotion Capital
 Goods Schemes, Foreign Trade Policy 2009-14 as issued by the Central
 Government of India covers manufacturers, exports and service
 providers. Accordingly, in accordance with the chapter 5 of Foreign
 Trade Policy –2009-14, the company have to fulfill export obligation
 pending for the year ended 31st March 2013 of Rs. 2,196.73 (''000) and in
 USD 48.04 (''000),[( Previous Year Rs. 21,489.40 (,000) and in USD 452.75
 (''000)]
 
 The Company has also obtained Advance License on 7th March 2012 under
 the Foreign Trade Policy 2009-14 as issued by the Central Government of
 India (FTP) for importing Raw Material ie. Polyester Satin Tape at a
 free of custom duty.
 
 Under the terms of respective schemes, the Company is required to
 fulfill export obligation in Rs. 4 Crores.  The said obligation has been
 fixed by the order of the Director General Foreign Trade, Ministry of
 Finance as applicable within a period of 3 years from date of license.
 Accordingly, in accordance with the Chapter 3 of Foreign Trade Policy -
 2009-14, the Company has to fulfill export obligation pending for the
 year ended 31st March, 2013 of Rs.13,600 (''000),[( Previous Year Rs. Nil
 (,000).]
 
 (b) segment reporting
 
 The Company is engaged in the business of manufacturing of textile
 woven labels, fabric printed labels and elastic/woven tape primarily in
 India. As the Company primarily operates in a single segment, the
 reporting requirement of primarily and secondary segment disclosures
 prescribed by Accounting Standard – 17 (Segment Reporting) issued by
 the Institute of Chartered Accountants of India, have not been provided
 in these financial statement as it is not applicable.
 
 (c) Debit & Credit balances of various parties are subject to
 confirmation/reconciliation and consequent adjustments, if any. The
 Company is of the view that reconciliation(s), if any, arising out of
 final settlement of accounts with these parties is not likely to have
 any material impact on the accounts. Current Assets are stated in the
 Balance Sheet at least at the value which is reasonably certain to
 recover in ordinary course of business.
 
 (d) related party disclosures
 
 (1) Related parties and transactions with them during the year as
 identifed by the management are given below:
 
 (i) Key Management Personnel''s and their Relatives:
 
 Mr. Chand Arora (CA) – Managing Director (ii) Individuals owning
 directly/indirectly an interest in the voting power that gives them
 significant influence:
 
 Mr. Jaydev Mody (JM)
 
 Mrs. Zia Mody (ZM) (iii) Enterprises over which persons or their
 relatives mentioned in (i) & (ii) above exercise significant influence:
 
 AZB & Partners (AZB)
 
 Aarti Management Consultancy Private Limited (AMCPL)
 
 Aditi Management Consultancy Private Limited (AMCOPL)
 
 Freedom Registry Limited. (FRL)
 
 (e) Employee Benefts: -
 
 Disclosure required under Accounting Standard-15 (revised 2005) for
 Employee Benefits are as under:
 
 i) The Company has recognized the expected liability out of the
 Compensated Absence and Gratuity as at 31st March, 2013 based on
 actuarial valuation carried out using the Project Credit Method.
 
 ii) The below disclosure have been obtained from independent actuary.
 The other disclosure are made in accordance with As-15 (revised)
 pertaining to the Defined Benefit Plan is as given below:
 
 (i) Note on utilization of funds raised through Right Issue of Equity
 Shares during the year
 
 During the F.Y.2011-12, The Company has raised Rs. 59,852.39 (''000'')
 through allotment of 54,41,126 shares of Rs.10 each at a price of Rs.11 per
 equity share to Promoters Group. The details of utilization of the
 above proceeds are as under:
 
 f) contingent liabilities
 
                                     (Rs. in ''000)
 
 particulars            march 31,
                       2013          march 31, 2012
 
 2009-2010                              371.93
 
 2010-2011              716.58         1548.93
 
 2011-2012            1,781.47 
 
 ToTal                2,498.05         1920.86
 
 (g) The Company has reversed its earlier years Income Tax provision on
 the basis of Supreme Court''s judgment of CIT vs. Smifs Securities Ltd.,
 where it is held that the goodwill created on amalgamation is an
 intangible asset eligible for depreciation. Accordingly, the Company
 has claimed depreciation on the Goodwill for earlier years and the
 excess provision of Income Tax made in the accounts have been reversed.
 
 h) previous year comparatives
 
 The previous year''s figures have been reworked, regrouped, rearranged,
 re casted and reclassified wherever necessary to confirm to current
 year''s classification.
Source : Dion Global Solutions Limited
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