SENSEX NIFTY India | Notes to Account > Textiles - Weaving > Notes to Account from Arrow Textiles - BSE: 533068, NSE: ARROWTEX

Arrow Textiles

BSE: 533068|NSE: ARROWTEX|ISIN: INE933J01015|SECTOR: Textiles - Weaving
Feb 23, 16:00
-0.05 (-0.11%)
VOLUME 4,507
Feb 23, 15:50
0.1 (0.22%)
VOLUME 21,857
« Mar 14
Notes to Accounts Year End : Mar '15
1. Terms & Rights attached to Equity Shares The Company has only one
 class of equity shares having a par value of ` 10/- per share. Each
 holder of equity shares is entitled to one vote per share. 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 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, 2015 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, 2015 of Rs.14,733.80 (Rs. ''000) [(Previous Year of Rs.17,141.76
 (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. On account of change in method of providing depreciation on tangible
 assets to comply with provision of Schedule II of the Companies Act,
 2013, the depreciation is higher by Rs.5362.51 (''000)
 6. 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)
 7. Employee Benefits
 Disclosure required under Accounting Standard-15 (Revised 2005) for
 Employee Benefits are as under:
 8. The Company has recognized the expected liability out of the
 Compensated Absence and Gratuity as at 31st March, 2015 based on
 actuarial valuation carried out using the Project & Unit Credit Method.
 9. Contingent Liabilities and Commitments (to the extent not provided
                                                          (Rs. in ''000)
 Financial Year                     For the year          For the year
                                   31st March, 2015    31st March, 2014
 i)  The contingent CST
     liabilities on account
     of non receipt of
     C& H Forms is
     as follows:
     FY 2002-2003(H Forms,
     case in High Court pending
     for decision)                       715.23              715.23
     FY 2012-2013                         -                2,041.99
     FY 2013-2014                       2740.97                -
 ii) Income Tax
     A.Y2010-2011 (Appeal Pending
     before CIT Appeal)                  164.49               -
      TOTAL                             3620.69             2757.22
 iii) Commitments
     Estimated amount of contracts
     remaining to be executed   on      1249.79             2921.74
     capital accounts and not
     provided for (Net of Advances)
 10 Previous Year Comparatives
 The previous year''s figures have been reworked, regrouped, rearranged,
 recasted and reclassified wherever necessary to conform to current
 year''s classification.
Source : Dion Global Solutions Limited
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