SENSEX NIFTY
Moneycontrol.com India | Notes to Account > Textiles - Weaving > Notes to Account from Arrow Textiles - BSE: 533068, NSE: ARROWTEX
YOU ARE HERE > MONEYCONTROL > MARKETS > TEXTILES - WEAVING > NOTES TO ACCOUNTS - Arrow Textiles
Arrow Textiles
BSE: 533068|NSE: ARROWTEX|ISIN: INE933J01015|SECTOR: Textiles - Weaving
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Aug 28, 16:00
23.70
0.3 (1.28%)
VOLUME 9,322
LIVE
NSE
Aug 28, 16:01
23.70
0.05 (0.21%)
VOLUME 15,518
Mar 13
Notes to Accounts Year End : Mar '14
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 the said scheme, 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 has to fulfill the specific export
 obligation against the said EPCG license. The pending export obligation
 for the year ended 31st March, 2014 is Rs. Nil and in USD Nil, [(
 Previous Year Rs. 2,196.73 (,000) and in USD 48.04 (''000)] and further
 the average export obligation against the EPCG license pending for the
 year ended 31st March, 2014 is Rs. 17,141.76 (''000) [(Previous Year of Rs.
 23,330 (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 i.e. Polyester Satin Tape at a
 free of custom duty. The said license was valid till 06/03/2014 to
 Import Raw Material i.e. Polyester Satin Tape up to 60,000 kgs however,
 the Company has imported material of 57,743 Kgs. only till license
 validity.
 
 Under the terms of the said scheme, the Company is required to fulfill
 export obligation of Rs. 4 crores and import of 60,000 kgs of Raw
 Material. The said import has been fixed by the order of the Director
 General Foreign Trade, Ministry of Finance within a period of 2 years
 from date of license to import of raw material. The said export
 obligation has been fixed by the order of the Director General Foreign
 Trade, Ministry of Finance within a period of 3 years from date of
 License to export the finished goods product made out of imported raw
 material. Accordingly, in accordance with the Chapter 3 of Foreign
 Trade Policy - 2009-14, the Company has to fulfill export obligation.
 The pending export obligation for the year ended 31st March, 2014 is Rs.
 Nil [(Previous Year Rs. 13,600 (''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.
 
 (e) 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.
 
 (f) Related Party Disclosures
 
 (1) Related parties and transactions with them during the year as
 identified by the Management are given below: (i) Key Management
 Personnel''s and their Relatives:
 
 a) Mr. Chand Arora-Managing Director (CA) (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)
 
 Freedom Registry Limited (FRL)
 
 Highstreet Cruises & Entertainment Private Limited (HCEPL)
 
Source : Dion Global Solutions Limited
Quick Links for arrowtextiles
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.