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Arrow Textiles

BSE: 533068|NSE: ARROWTEX|ISIN: INE933J01015|SECTOR: Textiles - Weaving
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Mar 15
Notes to Accounts Year End : Mar '16

1) Terms & Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

The Directors have recommended, subject to approval of shareholders at the ensuing Annual General Meeting, a Dividend for the Year Ended on 2016 : 10% (2015 : Nil)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. This distribution will be in proportion to the number of equity shares held by the shareholders.

2) 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 2015-20 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 -2015-2020, the Company has to fulfill the specific export obligation against the said EPCG license. The pending export obligation for the year ended 31st March, 2016 is Rs. Nil and in USD Nil, [(Previous Year Rs. Nil and in USD Nil] and further the average export obligation against the EPCG license pending for the year ended 31st March, 2016 of Rs. 11,873.94 (Rs. ‘000) [(Previous Year of Rs. 14,733.80 (Rs. “000)]

3) 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 primary 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 statements as it is not applicable.

4) 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.

5) 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:

- Mr. Chand Arora (CA) - Managing Director

- Mr. Ulhas Kale (UK) - CFO

(ii) Individuals owning directly/indirectly an interest in the voting power that gives them significant influence:

- Mr. Jaydev Mody (JM) - Chairman

- Mrs. Zia Mody (ZM) - Wife of the Chairman

- Ms. Anjali Mody (AM) - Daughter of the Chairman

(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)

- Delta Corp Ltd. (DCL)

(6) Employee Benefits

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, 2016 based on actuarial valuation carried out using the Project & Unit Credit Method.

ii) The below disclosure have been obtained from independent actuary. The other disclosures are made in accordance with Accounting Standard-15 (revised) pertaining to the Defined Benefit Plan is as given below:

7) Lease Rent Agreement

The Company has operating lease agreement for assets taken on lease. The aggregate lease rentals payable are charged as rent in the Statement of Profit and Loss Account.

8) Previous Year Comparatives

The previous year’s figures have been reworked, regrouped, rearranged, recanted and reclassified wherever necessary to conform to current year’s classification.

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