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Mar 31, 2025
P Provisions
Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation. Provisions are not discounted to its present value and are determined based on best
estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.
Q Contingent Liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not
recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability
also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably.
The company does not recognize a contingent liability but discloses its existence in the Financial Statements.
R Cash and cash equivalents
Cash and cash equivalents in the Balance Sheet include cash on hand, cheques on hand, deposits held at call with financial
institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents includes cash on hand, deposits
held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and
overdrawn bank balances.
S Cash Flows
Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of transactions of a
non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or
expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities
are segregated.
T Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
a. Financial Liabilities
Initial recognition and measurement
Financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the
instrument. Financial liability is initially measured at transaction price and where such price is different from fair value, at
fair value.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss:
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition at fair value through profit or loss.
Loans and borrowings:
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the
EIR method. Gains and losses are recognized in Statement of profit and loss when the liabilities are derecognized as well
as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the
Statement of profit and loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the
original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in
the Statement of Profit and Loss.
b. Financial assets
Initial recognition and measurement
At initial recognition, financial asset is measured at its fair value plus or minus, in the case of a financial asset not âat fair
value through profit or lossâ are measured at transaction costs that are directly attributable to the acquisition of the
financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in statement
of profit and loss.
Classification and subsequent measurement
Subsequent measurement is determined with reference to the classification of the respective financial assets. Based on
the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset,
the Company classifies financial assets as subsequently measured at amortised cost, fair value through OCI or fair value
through profit and loss.
i) Financial assets amortised at cost
A financial asset is subsequently measured at amortised cost if it is held with in a business model whose objective is
to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely consisting payments of principal and interest on the principal amount
outstanding.
ii) Financial assets at fair value through other comprehensive income
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a
business model whose objective is achieved by both collecting contractual cash flows and selling financial assets
and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
principal and interest on the principal amount outstanding.
iii) Financial assets at fair value through profit or loss
A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or
loss. Interest and dividend income from these financial assets is included in âOther incomeâ. Net gains and losses,
including any interest or dividend income are recognized in statement of profit and loss.
Equity investments
All equity investments within the scope of Ind-AS 109 are measured at fair value. Such equity instruments which are held
for trading are classified as FVTPL. For all other such equity instruments, the Company decides to classify the same
either as FVOCI or FVTPL. The Company makes such election on an instrument-by-instrument basis. The classification
is made on initial recognition and is irrevocable.
For equity instruments classified as FVOCI, all fair value changes on the instrument, excluding dividends, are recognized
in OCI. Dividends on such equity instruments are recognised in the Statement of Profit and Loss.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the
Statement of Profit and Loss. Dividends on such equity instruments are recognised in the Statement of Profit and Loss.
Derecognition
A financial asset is derecognized when:
- the Company has transferred substantially all the risks and rewards of the asset, or
- the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
c. Offsetting of financial instruments
Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and
only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the
asset and settle the liability simultaneously.
U Current-non-current classification
All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the following criteria:
a) it is expected to be realised in, or is intended for sale or consumption in, the company''s normal operating cycle;
b) it is held primarily for the purpose of trade;
c) it is expected to be realised on demand or within 12 months after the reporting date; or
d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months
after the reporting date.
Current assets include the current portion of non-current financial assets.
All other assets are classified as non-current.
Liabilities
A liability is classified as current when it satisfies any of the following criteria:
a) it is expected to be settled in the company''s normal operating cycle;
b) it is held primarily for the purpose of trade;
c) it is due to be settled in demand or within 12 months after the reporting date; or
d) there is no unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a
liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect
its classification.
Current liabilities include current portion of non-current financial liabilities.
All other liabilities are classified as non-current.
V Operating cycle
Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their
realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of
classification of its assets and liabilities as current and non-current.
W Segment Reporting
The Company determines segments based on the internal organisation and management structure of the Company and its
system of internal financial reporting and the nature of its risks and its returns. The Board of Directors of the Company has been
identified as Chief Operating Decision Maker (CODM). CODM evaluates the Company''s performance, allocate resources
based on analysis of various performance indicators of the Company for disclosing in the segment report. The accounting
policies adopted for segment reporting are in line with the accounting policies of the Company.
Segment revenue includes income directly identifiable with the segments.
Expenses that are directly identifiable with the segments are considered for determining the segment result. Expenses which
relate to the Company as a whole and not allocable to segments and expenses which relate to the operating activities of the
segment but are impracticable to allocate to the segment, are included under "Unallocable corporate expenses".
Income which relates to the Company as a whole and not allocable to segments are included in Unallocable Income and
netted off from Unallocable corporate expenses.
Segment assets and liabilities include those directly identifiable with the respective segments. Unallocable corporate assets
and liabilities represent the assets and liabilites that relate to the Company as a whole and not allocable to any segment.
X Other income
i. Interest income is accrued on a time basis by reference to the principal outstanding and the effective interest rate.
ii. Dividend income is accounted for in the period in which the right to receive the same is established.
iii. Exchange gain/loss consists of realized gain/loss and revaluation gain/loss on translation of foreign currency assets and
liabilities.
iv. Other items of income are accounted as and when the right to receive arises and it is probable that the economic benefits
will flow to the Company and the amount of income can be measured reliably.
Y Employee Stock option scheme
In respect of stock options granted pursuant to the Companyâs stock options scheme, the excess of fair value of the option over
the exercise price is treated as discount and accounted as employee compensation cost over the vesting period. The amount
recognised as expense each year is arrived at based on the number of grants expected to vest. If a grant lapses after the
vesting period, the cumulative discount recognised as expense in respect of such grant is transferred to general reserve.
Z Borrowing cost
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other
borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an
entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent
regarded as an adjustment to the borrowing costs.
AA Recent Accounting Pronouncements
Ministry of Corporate Affairs (âMCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. There are no standards of accounting or any addendum
thereto, prescribed by Ministry of Corporate Affairs under section 133 of the Companies Act, 2013, which are issued and not
effective as at March 3l, 2025.
The Board of Directors at its meeting held on May 17, 2025 have recommended a payment of final dividend of ? 4 per equity share of
face value of ? 10 each for the financial year ended March 31,2025 resulting in a dividend payout of ? 604 lakhs.The final dividend
proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Note
Nature of reserves
a) General Reserve
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the
General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive
income, items included in the General reserve will not be reclassified subsequently to the Statement of Profit and Loss.
b) Capital Reserve
The Capital reserve is created on account of forfeiture of share application money.
c) Securities Premium
Securities premium account comprises of premium on issue of shares. The reserve is utilised in accordance with the specific
provision of the Companies Act, 2013.
d) Retained Earnings
Retained earnings represents surplus/accumulated earnings of the Company and are available for distibution to shareholders.
42 Financial Instruments - Accounting Classifications and Fair Value Measurements
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced of liquidation sale.
The following methods and assumptions were used to estimate the fair values:
Fair value of cash and cash equivalent, bank balances other than cash and cash equivalent, trade receivables, trade payables,
other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly
or indirectly.
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable
market data.
During the reporting period ended 31 March 2025 and 31 March 2024, there was no transfer between level 2 and level 3 fair value
measurements.
43 Financial risk management
The Group has exposure to the following risks arising from financial instruments:
- Credit risk;
- Liquidity risk; and
- Market risk
The Companyâs board of directors has overall responsibility for the establishment and oversight of the Companyâs risk management
framework. The board of directors is responsible for developing and monitoring the Companyâs risk management policies.
The Companyâs risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed periodically to reflect changes in market conditions and the Companyâs activities. The Company, through its training,
standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand
their roles and obligations.
The audit committee oversees how management monitors compliance with the companyâs risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit
committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk
management controls and procedures, the results of which are reported to the audit committee.
Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the
Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic
trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase
in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk
that company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of
initial recognition. It considers reasonable and supportive forwarding-looking information such as:
i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counterparty,
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its
obligations,
iv) Significant increases in credit risk on other financial instruments of the same counterparty,
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Company. Where receivables have been written off, the Company continues to engage in enforcement
activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss.
Trade and other receivables
The Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is
managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business. Credit terms are in line with industry trends."
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a
financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency
exchange rates, equity prices and other market changes that affect market risk sensitive instruemtns. Market risk is attributable to
all market risk sensitive financial instruments including investments and deposits, foreign currency receivables and payables.
The Company manages market risk through a treasury department, which evaluates and excercises independent control over the
entire process of market risk management. The treasuy department recommends risk management objectives and policies, which
are approved by Senior Management and the Audit Committee. The activities of this deparment include management of cash
resources, implementing hedging strategies for foreign currency exposures and ensuring compliance with market risk limits and
policies.
49 Investment in Subsidiary company
During the previous year, the Company, vide resolution dated March 27, 2024, passed in the meeting of Board of Directors,
converted outstanding loans (inclusive of interest) amounting to ? 3,614 lakhs of Avery Pharmaceuticals Private Limited
(âsubsidiary companyâ) into 4,64,500 equity shares of face value ? 10 each at a price of ? 778 (including Security premium of ? 768
per equity share).
50 Additional regulatory information required by Schedule III to the Companies Act, 2013
(i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending
against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016)
and rules made thereunder.
(ii) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.
(iii) The Company has not come across any transaction ocurred with struck-off companies under section 248 of the Companies Act,
2013 or section 560 of the Companies Act, 1956.
(iv) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any
government authority.
(v) The Company does not have any charges or satisfaction of charges which is yet to be registered with the Registrar of the
Companies beyond the statutory period.
(vi) Utilization of borrowed funds and share premium :
(I) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
(II) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
(vii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961
(such as search or survey), that has not been recorded in the books of account.
viii) The Company has not revalued its Property,Plant and Equipment during the year.
ix) The Company has not revalued its intangible assets during the year.
x) The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021. The said proviso requires
companies, which uses accounting software for maintaining its books of accounts, to use only such accounting software which
has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of
accounts along with the dates when such changes were made and ensuring that the audit trail cannot be disabled.Further, for
the accounting softwares used by the Company during the year ended March 31,2025, audit trail (edit log) facility was enabled
and operated throughout the year there were no instances of the audit trail feature being tampered with.Additionally, the audit
trail has been preserved by the Company as per the statutory requirements for record retention except for the audit trail of
previous year, which has been preserved by the Company as per the statutory requirements for record retention to the extent it
was enabled and recorded in previous year.
xi) The Company uses software applications to maintain its books of accounts and other books and papers in electronic mode
(âElectronic recordsâ). During the year, the Company has maintained backups of these electronic records on server physically
located in India on daily basis, as required by Companies (Accounts) Rules, 2014 (as amended).
51 The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year-
end, the Company has reviewed all such contracts and confirmed that no provision is required to be created under any law /
accounting standard towards any foreseeable loss.
52 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company
towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social
Security, 2020 on November 13, 2020, and invited suggestions from stakeholders which are under consideration by the Ministry.
The Company will assess the impact and its evaluation once the subject rules are notified. The Company will give appropriate
impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.
53 The Board of Directors have recommended a dividend of ? 4/- per Equity Share of ? 10/- each (40%) for the year ended 31st
March,2025, which is subject to approval of shareholder''s in ensuing Annual General Meeting.
54 Figures for previous year have been regrouped/rearranged wherever necessary to confirm to current year''s classification.
55 There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the
balance sheet date.
56 The financial statements are approved for issue by the Audit Committee and the Board of Directors on May 17, 2025.
As Per our report of even date
For Haribhakti & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants Arrow Greentech Limited
ICAI Firm Registration No. 103523W / W100048 CIN : L21010MH1992PLC069281
Sumant Sakhardande Shilpan Patel Neil Patel
Partner Managing Director Joint Managing Director
Membership No: 034828 DIN No : 00341068 DIN No : 00607101
Place : Mumbai Hitesh Punglia Poonam Bansal
Date : May 17, 2025 Chief Financial Officer Company Secretary
Mar 31, 2024
N Provisions
Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
O Contingent Liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the Financial Statements.
P Cash and cash equivalents
Cash and cash equivalents in the Balance Sheet include cash on hand, cheques on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and overdrawn bank balances.
Cash Flows
Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.
Q Dividend
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
R Derivatives and hedging activities
The Company holds derivative financial instruments such as forward contracts to mitigate risk of changes in exchange and interest rates. The counterparty for these contracts is generally banks.
(i) Cash flow hedges that qualify for hedge accounting:
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to the Statement of Profit and Loss.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.
(ii) Derivatives that are not designated as hedges
The Company enters into certain derivative contracts to hedge risks which are not designated as hedges. Such contracts are accounted for at fair value through profit and loss and are included in other income / expenses. Assets/liabilities are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.
S Financial instruments
a. Financial Liabilities
Initial recognition and measurement
Financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liability is initially measured at fair value plus, for an item not at fair value through profit and loss, transaction costs that are directly attributable to its acquisition or issue.
Subsequent measurement
Financial liabilities are subsequently carried at fair value through profit and loss. For trade payables and other liabilities maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.
b. Financial assets
Initial recognition and measurement
Trade Receivables are initially recognised when they are originated at transaction cost. All other financial assets are initially recognised when the Company becomes a party to the contractual provisions of the instrument. All financial assets other than those measured subsequently at fair value through profit and loss, are recognised initially at fair value plus transaction costs that are attributable to the acquisition of the financial asset.
Classification and subsequent measurement
Subsequent measurement is determined with reference to the classification of the respective financial assets. Based on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset, the Company classifies financial assets as subsequently measured at amortised cost, fair value through OCI or fair value through profit and loss.
i) Financial assets amortised at cost
A financial asset is subsequently measured at amortised cost if it is held with in a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely consisting payments of principal and interest on the principal amount outstanding.
ii) Financial assets at fair value through other comprehensive income
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments principal and interest on the principal amount outstanding.
iii) Financial assets at fair value through profit or loss
A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss. Equity investments
All equity investments within the scope of Ind-AS 109 are measured at fair value. Such equity instruments which are held for trading are classified as FVTPL. For all other such equity instruments, the Company decides to classify the same either as FVOCI or FVTPL. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.
For equity instruments classified as FVOCI, all fair value changes on the instrument, excluding dividends, are recognized in OCI. Dividends on such equity instruments are recognised in the Statement of Profit and Loss.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss. Dividends on such equity instruments are recognised in the Statement of Profit and Loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when the rights to receive cash flows from the asset have expired, or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''pass-through'' arrangement; and either:
- the Company has transferred substantially all the risks and rewards of the asset, or
- the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
On de-recognition, any gains or losses on all debt instruments (other than debt instruments measured at FVOCI) and equity instruments (measured at FVTPL) are recognised in the Statement of Profit and Loss. Gains and losses in respect of debt instruments measured at FVOCI and that are accumulated in OCI are reclassified to profit or loss on de-recognition. Gains or losses on equity instruments measured at FVOCI that are recognised and accumulated in OCI are not reclassified to profit or loss on de-recognition.
T Current-non-current classification
All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the following criteria:
a) it is expected to be realised in, or is intended for sale or consumption in, the company''s normal operating cycle;
b) it is held primarily for the purpose of trade;
c) it is expected to be realised on demand or within 12 months after the reporting date; or
d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date.
Current assets include the current portion of non-current financial assets.
All other assets are classified as non-current.
Liabilities
A liability is classified as current when it satisfies any of the following criteria:
a) it is expected to be settled in the company''s normal operating cycle;
b) it is held primarily for the purpose of trade;
c) it is due to be settled in demand or within 12 months after the reporting date; or
d) there is no unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.
Current liabilities include current portion of non-current financial liabilities.
All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.
U Operating cycle
Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.
V Segment Reporting
The Company determines segments based on the internal organisation and management structure of the Company and its system of internal financial reporting and the nature of its risks and its returns. The Board of Directors of the Company has been identified as Chief Operating Decision Maker (CODM). CODM evaluates the Company''s performance, allocate resources based on analysis of various performance indicators of the Company for disclosing in the segment report. The accounting policies adopted for segment reporting are in line with the accounting policies of the company.
Segment revenue includes income directly identifiable with the segments.
Expenses that are directly identifiable with the segments are considered for determining the segment result. Expenses which relate to the Company as a whole and not allocable to segments and expenses which relate to the operating activities of the segment but are impracticable to allocate to the segment, are included under "Unallocable corporate expenses".
Income which relates to the Company as a whole and not allocable to segments are included in Unallocable Income and netted off from Unallocable corporate expenses.
Segment assets and liabilities include those directly identifiable with the respective segments. Unallocable corporate assets and liabilities represent the assets and liabilites that relate to the Company as a whole and not allocable to any segment.
Recent Accounting Pronouncements
The Company has applied the following Ind AS pronouncements pursuant to issuance of the Companies (Indian Accounting Standards) Amendments rules, 2023, with effect from April 01,2023. The effect is described below:
Application of New Accounting Pronouncements
The Company has applied the following INDAS pronouncements pursuant to issuance of the Companies (Indian Accounting Standards) Amendment Rules, 2023 with effect from 1st April, 2023. The effect is described below:
a. Ind AS 1 - Presentation of Financial Statements -The amendment requires disclosure of material accounting policies instead of significant accounting policies. In the financial statements the disclosure of accounting policies including presentation of financial statements has been accordingly modified. The impact of such modification to the accounting policies including presentation of financial statements is insignificant.
b. Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - The amendment has defined accounting
estimate as well as laid down the treatment of accounting estimate to achieve the objective set out by accounting policy. There is no impact of the amendment on the Financial Statements.
c. Ind AS 12 - the definition of deferred tax asset and deferred tax liability is amended to apply initial recognition exception on
assets and liabilities that does not give rise to equal taxable and deductible temporary differences. There is no impact of the
amendment on the Financial Statements.
Note
Nature of reserves
a) General Reserve
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General reserve will not be reclassified subsequently to the Statement of Profit and Loss.
b) Capital Reserve
The Capital reserve is created on account of forfeiture of share application money
c) Securities Premium
Securities premium account comprises of premium on issue of shares. The reserve is utilised in accordance with the specific provision of the Companies Act, 2013.
d) Retained Earnings
Retained earnings represents surplus/accumulated earnings of the Company and are available for distibution to shareholders.
ii) Defined Benefits Plans
Gratuity: The Company provides for gratuity, a defined benefit plan (the âGratuity Planâ) covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employeeâs salary and the tenure of employment. The Companyâs liability is actuarially determined (using the Projected Unit Credit method) at the end of each year. The fair value of the plan assets of the trust administered by the Company, is deducted from the gross obligation.
The following table sets forth the status of the gratuity plan of the Company, and the amounts recognized in the Balance sheet and Statement of Profit and Loss.
Funding : The Company makes annual contributions to the Group Gratuity cum Life Assurance Schemes administered by the LIC, a funded defined benefit plan for qualifying employees
The Group has exposure to the following risks arising from financial instruments:
- Credit risk;
- Liquidity risk; and
- Market risk
The Companyâs board of directors has overall responsibility for the establishment and oversight of the Companyâs risk management framework. The board of directors has established the Risk Management Committee, which is responsible for developing and monitoring the Companyâs risk management policies. The committee reports to the board of directors on its activities.
The Companyâs risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed periodically to reflect changes in market conditions and the Companyâs activities. The Company, through its training, standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees how management monitors compliance with the companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk that company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:
i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counterparty,
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,
iv) Significant increases in credit risk on other financial instruments of the same counterparty,
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss.
Trade and other receivables
The Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. Credit terms are in line with industry trends.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables and payables.
The Company manages market risk through a treasury department, which evaluates and excercises independent control over the entire process of market risk management. The treasuy department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this deparment include management of cash resources, implementing hedging strategies for foreign currency exposures and ensuring compliance with market risk limits and policies.
For the purpose of the Companyâs capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Companyâs capital management is to safeguard the Companyâs ability to remain as a going concern and maximise the shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions, annual operating plans, long term and other strategic plans and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust its dividend payment (Refer Note 18) ratio to shareholders, return capital to shareholders or issue fresh shares. The Company monitors capital using a ratio of ''adjusted net debt'' to ''equity''. For this purpose, adjusted net debt is defined as liabilities, comprising interest-bearing loans and borrowings less cash and cash equivalents. Equity comprises all components of equity including share premium and all other equity reserves attributable to the equity share holders.
48 Loss by Fire
The company has successfully concluded its Fire Insurance Claim for the year 2019, by receiving the final tranche of settlement amount of ? 79 Lakhs. The company had prudently made provisions totalling ? 71 Lakhs in anticipation of potential claim liabilities. Furthermore, as part of the reconciliation process following the final settlement, the company reversed a provision of ? 8 Lakhs.
49 Investment in Subsidiary company
During the year the Company vide resolution dated March 27, 2024, passed in the meeting of Board of Directors, converted loans (including interest) amounting to ? 3,614 lakhs of Avery Pharmaceuticals Private Ltd. (âsubsidiary companyâ) in to 4,64,500 equity shares of face value ? 10 each at a price of ? 778 (including Security premium of ? 768 per equity share).
50 Additional regulatory information required by Schedule III to the Companies Act, 2013
(i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
(ii) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.
(iii) The Company has not come across any transaction ocurred with struck-off companies under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
(iv) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(v) The Company does not have any charges or satisfaction of charges which is yet to be registered with the Registrar of the Companies beyond the statutory period.
(vi) Utilization of borrowed funds and share premium :
(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
(ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
(vii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.
viii) The Company has not revalued its Property,Plant and Equipment during the year.
ix) The Company has not revalued its intangible assets during the year
51 The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year-end, the Company has reviewed all such contracts and confirmed that no provision is required to be created under any law / accounting standard towards any foreseeable loss.
52 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from stakeholders which are under consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified. The Company will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published
53 The financial statements are approved for issue by the Audit Committee and the Board of Directors at their respective meetings conducted on May 25, 2024.
54 The Board of Directors have recommended a dividend of ? 2/- per Equity Share of ? 10/- each (20%) for the year ended March 31, 2024, which is subject to approval of shareholder''s in ensuing Annual General Meeting.
55 Comparative previous year''s figures have been reworked, regrouped and reclassified to the extent possible, wherever necessary to confirm to current year''s classification and presentation
For and on behalf of the Board of Directors of
Arrow Greentech Limited
CIN : L21010MH1992PLC069281
Shilpan Patel Neil Patel
Managing Director Joint Managing Director
DIN No - 00341068 DIN No - 00607101
Place : Mumbai Hitesh Punglia Poonam Bansal
Date : May 25, 2024 Chief Financial Officer Company Secretary
Mar 31, 2023
a) Terms /Rights attached to Equity shares
The Company has only one class of equity shares having par value of ? 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 the approval of the shareholders in the ensuing Annual General Meeting.
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. The distribution will be in proportion to the number of equity shares held by the shareholders.
b) Pursuant to resolution passed at the meeting of the Board of Directors on Company held on October 17, 2022, the members of the Company be and is hearby accorded to increase the eixsting Authorised share capital of the Company of ? 15,00 divided into 1,50,00,000 equity shares of face value of ?. 10 each to ? 17,50 divided into 1,75,00,000 equity shares of face value of ?. 10 each.
c) "Pursuant to resolution passed at the meeting of the Board of Directors on Company held on October 17, 2022, the Company had issued and allotted, on preferential basis 10,00,000 equity shares of face value of ? 10/- each at a price of ? 108/- (including securities premium of ? 98/- per equity share) to promoter and non-prometer group. The object of this preferential issue is to utilize the proceeds to meet working capital requirement and expansion of business, general corporate purpose and such other purpose as the Board may decide from time to time. Funds raised are utilised for working capital purpose and kept in fixed deposits."
a) General Reserve
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General reserve will not be reclassified subsequently to the Statement of Profit and Loss.
b) Capital Reserve
The Capital reserve is created on account of forfeiture of share application money.
c) Securities Premium
Securities premium account comprises of premium on issue of shares. The reserve is utilised in accordance with the specific provision of the Companies Act, 2013.
d) Retained Earnings
Retained earnings represents surplus/accumulated earnings of the Company and are available for distribution to shareholders.
In accordance with IND AS 108 "Operating Segments", segment information has been given in the consolidated financial statements of the Company, and therefore, no separate disclosures on segment information is given in these financial statements.
40 Employee benefit obligationsi) Defined Contribution Plans
Provident Fund: Contribution towards provident fund for employees is made to the regulatory authorities, where the Company has no further obligations. Such benefits are classified as Defined Contribution Schemes as the Company does not carry any further obligations, apart from the contributions made on a monthly basis.
Gratuity: The Company provides for gratuity, a defined benefit plan (the âGratuity Planâ) covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employeeâs salary and the tenure of employment. The Companyâs liability is actuarially determined (using the Projected Unit Credit method) at the end of each year. The fair value of the plan assets of the trust administered by the Company, is deducted from the gross obligation.
The following table sets forth the status of the gratuity plan of the Company, and the amounts recognized in the Balance sheet and Statement of Profit and Loss.
The Company makes annual contributions to the Group Gratuity cum Life Assurance Schemes administered by the LIC, a funded defined benefit plan for qualifying employees
Salary escalation rate: The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
Discount rate: The discount rate is based on the prevailing market yields of Indian government securities for the estimated term of the obligations.
Assumptions regarding future mortality experience are set in accordance with the statistics published by the Life Insurance Corporation of India.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to change in the market scenario.
Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligations by the amounts shown below;
42 Financial Instruments - Accounting Classifications and Fair Value Measurements
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced of liquidation sale.
The following methods and assumptions were used to estimate the fair values:
Fair value of cash and cash equivalent, bank balances other than cash and cash equivalent, trade receivables, trade payables, other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
During the reporting period ended 31 March 2023 and 31 March 2022, there was no transfer between level 2 and level 3 fair value measurements.
43 Financial risk managementThe Group has exposure to the following risks arising from financial instruments:
- Credit risk;
- Liquidity risk; and
- Market risk
The Companyâs board of directors has overall responsibility for the establishment and oversight of the Companyâs risk management framework. The board of directors has established the Risk Management Committee, which is responsible for developing and monitoring the Companyâs risk management policies. The committee reports to the board of directors on its activities.
The Companyâs risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed periodically to reflect changes in market conditions and the Companyâs activities. The Company, through its training, standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees how management monitors compliance with the companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk that company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:
i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counterparty,
ii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,
iv) Significant increases in credit risk on other financial instruments of the same counterparty,"
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss.
Trade and other receivablesThe Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. Credit terms are in line with industry trends.
Expected credit loss assessment for customers as at March 31,2022 and March 31,2023
Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine credit losses. Given that the macro economic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue.
The Company held cash and bank balance with credit worthy banks and financial institutions of ? 2,319 lacs and ? 1,125 lacs as at March 31,2023 and March 31,2022, respectively.The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time. The Company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecast on the basis of expected cash flows.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruemtns. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables and payables.
The Company manages market risk through a treasury department, which evaluates and excercises independent control over the entire process of market risk management. The treasuy department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this deparment include management of cash resources, implementing hedging strategies for foreign currency exposures and ensuring compliance with market risk limits and policies.
Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate because of changes in market interest rates. The Company main interest rate risk arises from long-term borrowings with fixed rates.
The companyâs borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.
For the purpose of the Companyâs capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Companyâs capital management is to safeguard the Companyâs ability to remain as a going concern and maximise the shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions, annual operating plans, long term and other strategic plans and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust its dividend payment (refer note 18) ratio to shareholders, return capital to shareholders or issue fresh shares. The Company monitors capital using a ratio of ''adjusted net debt'' to ''equity''. For this purpose, adjusted net debt is defined as liabilities, comprising interest-bearing loans and borrowings less cash and cash equivalents. Equity comprises all components of equity including share premium and all other equity reserves attributable to the equity share holders.
In order to achieve this overall objective, the Companyâs capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital of the Company during the current and previous year.
46 Statement of right issue proceeds
On March 19, 2020 the Company has allotted 23,47,990 fully paid-up Equity Shares of face value ? 10 each (âEquity Sharesâ) at an issue price of ? 36/- (including a premium of ? 26/- per Equity Share) for cash to the existing equity shareholders in the ratio of 1 (One) fully paid up Equity Shares for every 5 (Five) fully paid Equity Shares held by the existing equity shareholders on Rights basis. There is no deviation in use of proceeds from the objects stated in the Offer document for rights issue. Pursuant to IND AS 33, basic and diluted earnings per share have been adjusted in respect of right issue made during the year ended 31st Mar 2020.
Explanation for variance exceeding 25% :
1 Performance of the Company has improved. So the Current ratio has also improved.
2 Debt - Equity ratio has improved with infusion of more equity as preferential allotment by promoter and non promoter group.
3 With good performance of the Company, the Company''s EBITDA has increased considerably, which has resulted in improved Debt service Coverage ratio.
4 PAT has improved significantly due to increase in turnover of the Company, which has resulted in to increase in ratio.
5 Turnover of the Company has improved considerably. As a result, the inventory turnover ratio has decreased.
6 Turnover of the Company has improved considerably. As a result, Debtors turnover ratio has its effect.
7 Adjusted Expenses has increased with increase in turnover.Average Trade payables has come down with regular payment, hence payable turnover ratio has improved.
8 Improved performance in turnover has resulted in better capital turnover ratio,better return on capital & better profit ratio.
9 No dividend received from subsidiary in FY 22-23.
There was incidence of fire at one of the unit in factory of the Company located at Ankleshwar on October 30, 2019 in which certain property, plant and equipment and inventories were damaged and destroyed. The Company had duly filed its insurance claim. Pending finalisation of insurance claim, the Company had written off inventories and written down the value of property, plant and equipment of ? 295 and ? 349, respectively and recognised an insurance claim of ? 612. The Company had received amount of ? 363 on February 11,2022 and ? 12 towards salvage value of materials. Consequently, ? 224 was pending to be received from the insurance company as on March 31,2022, out of which the Company has accepted loss of claim of ? 82 and written off the same in the books of account on March 31, 2022. The Company had made application with insurance company on March 18, 2022 for considering the balance claim of ? 142, which was ex-parte rejected by the insurance company on April 29, 2022. The Company had re-lodged the claim with insurance company on May 6, 2022, hearing of which is under progress. The Company is confident of recovery of the balance claim of ? 142. However, on prudence basis, provision of ? 71 has been made.
50 Investment in Subsidiary company
The Company has made investment of ? 25 in Avery Pharmaceuticals Private Limited (Subsidiary Company) and granted loan (including interest) of ? 3,050 to said subsidiary company. Net worth of subsidiary company as at March 31,2023 is negative. The Company has obtained fair valuation of the said subsidiary company from the independent external valuer company as at March 31, 2023. Based on the fair valuation report and approved business operation plan, the management does not expect any major impairment in the value of investment in subsidiary as required under IND AS 27 "Separate Financial Statements". A provision of ? 74 for expected credit loss has however been provided as required under IND AS 109 "Financial instruments".
51 Additional regulatory information required by Schedule III to the Companies Act, 2013
(i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
(ii) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.
(iii) The Company has not come across any transaction ocurred with struck-off companies under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
(iv) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(v) The Company does not have any charges or satisfaction of charges which is yet to be registered with the Registrar of the Companies beyond the statutory period.
(vi) Utilization of borrowed funds and share premium :
(I) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
(II) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
(vii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.
viii) The Company has not revalued its Property,Plant and Equipment during the year.
ix) The Company has not revalued its intangible assets during the year
52 The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year-end, the Company has reviewed all such contracts and confirmed that no provision is required to be created under any law / accounting standard towards any foreseeable loss.
53 The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from stakeholders which are under consideration by the Ministry. The Company will assess the impact and its evaluation once the subject rules are notified. The Company will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published
54 The financial statements are approved for issue by the Audit Committee and the Board of Directors at their respective meetings conducted on May 27, 2023.
55 The Board of Directors have recommended a dividend of ? 1/- per Equity Share of ? 10/- each (10%) for the year ended March 31, 2023, which is subject to approval of shareholder''s in ensuing Annual General Meeting.
56 Comparative previous year''s figures have been reworked, regrouped and reclassified to the extent possible, wherever necessary to confirm to current year''s classification and presentation
Mar 31, 2018
1 Corporate Information
Arrow Greentech Limited ("the Company") is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on BSE & NSE in India. The Company is engaged in business of bio-degradable products and having Patents income for such products/technology. The company caters to both domestic and international markets.
Amendment to Ind AS 21:
On 28th March, 2018, MCA has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing âAppendix B to Ind AS 21: Foreign currency transactions and advance considerationâ which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. This amendment will come into force from 1st April, 2018.
Standard issued but not yet effective (Ind AS 115):"
On 28th March, 2018, the MCA notified the Ind AS 115, Revenue from Contracts with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entityâs contracts with customers.
The effective date for adoption of Ind AS 115 is financial periods beginning on or after 1st April, 2018.
The Company is in process of evaluating the impact due to above changes in accounting principles.
2 First time adoption of Ind AS Transition to Ind AS reporting
As stated in Note 2 A., the Company''s financial statements for year ended financial statements prepared in compliance with Ind AS.
The adoption of Ind AS was carried out in accordance with Ind AS 101, using April 1, 2016 as the transition date. Ind AS 101 requires that all Ind AS standards that are effective for the first Ind AS Financial Statements for the year ending March 31, 2018, be applied consistently and retrospectively for all fiscal years presented.
All applicable Ind AS have been applied consistently and retrospectively wherever required. The resulting difference between the carrying amounts of the assets and liabilities in the financial statements under both Ind AS and Previous GAAP as of the Transition Date have been recognized directly in equity at the Transition Date.
On transition the Company did not revise estimates previously made under IGAAP except where required by Ind AS
Reconciliations: The following reconciliations help to understand the effect of significant differences arising from the transition from Previous GAAP to Ind AS in accordance with Ind aS 101:
Notes to the reconciliation:
1 Diminution in value of investments
Company has provided for diminution in value of investment. However, investment being valued at fair value in accordance under Ind AS, the provision has been written back
2 Fair valuation of Mutual Funds Investments
Under IGAAP, Mutual Funds Investments were carried at cost and only mark to market losses were recognised in Statement of Profit and Loss. Under Ind AS, Mutual Funds Investments are fair valued at the period end and resulting mark to market loss or gain is transferred to Statement of Profit and Loss.
3 Reversal of straight lining of lease rent
Lease rentals straight-lined under IGAAP, to the extent linked to inflation are reversed under Ind AS 17.
4 Fair valuation of non-current security deposits
Under IGAAP, security deposits are carried at their book values. Under Ind AS, non-cancellable deposits are required to be measured at their fair values at inception using an appropriate discounting rate.
5 Actuarial gain/loss on employee benefit plan
As per Ind AS 19, actuarial gains and losses relating to defined employee benefit plans are recognized in other comprehensive income as compared to being recognized in the Statement of profit and loss under IGAAP.
6 Right issue expenses written off
Company had capitalised the right issue expenses in 2015-16 and written off in 2016-17. These expense cannot be capitalised hence the same is expensed off in 2015-16.
7 Proposed dividend
Under IGAAP, proposed dividends are recognised as a liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, a proposed dividend is recognised as a liability in the period in which it is declared by the Group (usually when approved by shareholders in a general meeting) or paid.
In the case of the Group, the declaration of dividend has occurred after period end. Therefore, the liability recorded for this dividend and tax thereon, has been derecognised against retained earnings for April 01, 2016 and recognised in the year March 31, 2017.
8 Investment Property
In accordance with Ind AS 40, Property which has been held either to earn rental income or for capital appreciation or for both has been reclassified from property, plant and equipment to investment property
9 Trade receivables
As per Ind AS 109, the Company is required to apply expected credit loss model for recognising the allowance for doubtful debts. As a result, the Company has estimated life time expected credit losses and recorded the same as at the transition date.
(1) Building having gross value of Rs.45 (P.Y. Rs. 45) is pending for registration in the name of the Company. Management is of the opinion that the building will be transferred in the name of the Company in due course.
1 Building having gross value of Rs.45 (P.Y. Rs.45) is pending for registration in the name of the Company. Management is of the opinion that the building will be transferred in the name of the Company in due course.
2 The Company has elected to use the exemption available under Ind AS 101 to continue the carrying value for all of its Property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and used that as its deemed cost as at the date of transition (April 01, 2016) as per the following details:
# Estimation of Fair value
Company has carried out the fair valuation of property involving external independent valuation expert. As per the fair valuation report dated May 21,2018 the fair value of investment property is 2,555(000)â. The valuation model has considered various inputs like cost, location, market appreciation, etc.
c) Terms /Rights attached to Equity shares
The Company has only one class of equity shares having 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 the approval of the shareholders in the ensuing Annual General Meeting.
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. The distribution will be in proportion to the number of equity shares held by the shareholders.
Note
Nature of reserves
a) General Reserve
The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General reserve will not be reclassified subsequently to the Statement of Profit and Loss.
b) Capital Reserve
The Capital reserve is created on account of forfeiture of share application money
c) Securities Premium
Securities premium account comprises of premium on issue of shares. The reserve is utilised in accordance with the specific provision of the Companies Act, 2013.
d) Retained Earnings
Retained earnings represents surplus/accumulated earnings of the Company and are available for distribution to shareholders
3. Based on the guiding principles given in Ind AS 108 - "Operating segments", the Company is primarily engaged in the business of Manufacturing of Water Soluble Film. As the Company''s business activity falls within a single primary business segment, the disclosure requirements of Ind AS-108 in this regard are not applicable.
4. Employee benefit obligations
i) Defined Contribution Plans
Provident Fund: Contribution towards provident fund for employees is made to the regulatory authorities, where the Company has no further obligations. Such benefits are classified as Defined Contribution Schemes as the Company does not carry any further obligations, apart from the contributions made on a monthly basis.
ii) Defined Benefits Plans
Gratuity: The Company provides for gratuity, a defined benefit plan (the âGratuity Planâ) covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employeeâs salary and the tenure of employment. The Companyâs liability is actuarially determined (using the Projected Unit Credit method) at the end of each year. The fair value of the plan assets of the trust administered by the Company, is deducted from the gross obligation.
The following table sets forth the status of the gratuity plan of the Company, and the amounts recognized in the Balance sheet and Statement of profit and loss.
Funding :
The Company makes annual contributions to the Group Gratuity cum Life Assurance Schemes administered by the LIC, a funded defined benefit plan for qualifying employees
Notes :
Salary escalation rate: The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
Discount rate: The discount rate is based on the prevailing market yields of Indian government securities for the estimated term of the obligations.
Assumptions regarding future mortality experience are set in accordance with the statistics published by the Life Insurance Corporation of India.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to change in the market scenario.
Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligations by the amounts shown below;
iii) Compensated absences
The Company accrues for the compensated absences, a long term employee benefit plan based on the entire available leave balance standing to the credit of the employees at year end. The value of such leave balance eligible for carry forward, is determined by actuarial valuation as at the Balance sheet date and is charged to Statement of profit and loss in the period determined. The provision as at balance sheet dates are as follows:
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced of liquidation sale.
The following methods and assumptions were used to estimate the fair values:
Fair value of cash and cash equivalent, bank balances other than cash and cash equivalent, trade receivables, trade payables, other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
5. Financial risk management
The Group has exposure to the following risks arising from financial instruments:
- Credit risk;
- Liquidity risk; and
- Market risk
The Companyâs board of directors has overall responsibility for the establishment and oversight of the Companyâs risk management framework. The board of directors has established the Risk Management Committee, which is responsible for developing and monitoring the Companyâs risk management policies. The committee reports to the board of directors on its activities.
The Companyâs risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed periodically to reflect changes in market conditions and the Companyâs activities. The Company, through its training, standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees how management monitors compliance with the companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
i) Credit risk
Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk that company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:
i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counterparty,
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,
iv) Significant increases in credit risk on other financial instruments of the same counterparty,
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss.
Trade and other receivables âThe Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. Credit terms are in line with industry trends.
Summary of the Company''s exposure to credit risk by age of the outstanding from various customers is as follows
Expected credit loss assessment for customers as at April 1, 2016, March 31, 2017 and March 31, 2018
Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine credit losses. Given that the macro economic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue.
Cash and bank balance
The Company held cash and bank balance with credit worthy banks and financial institutions of l 12,520, l 39,448 and l 54,381 as at March 31, 2018, March 31, 2017 and April 1, 2016, respectively. The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.
ii) Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time. The Company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecast on the basis of expected cash flows.
The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments.
iii) Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables and payables.
The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures and ensuring compliance with market risk limits and policies.
6. Capital management
For the purpose of the Companyâs capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company and borrowings. The primary objective of the Companyâs capital management is to maximise the shareholder value.
The Company manages its funds in a manner that it achieve maximum returns (net of taxes) with minimum risk to the capital and consider the liquidity concerns for its working capital requirements.
Mar 31, 2017
b) Leave Encashment
Provision towards liability towards leave encashment made on the basis of actuarial valuation as per Accounting Statndard 15(Revised). Actuarial Value of Liability is Rs, 97(Rs,000) ( P.Y. Rs,105(Rs,000)).
1. Based on the guiding principles given in Accounting Standard on Segment Reporting (AS-17) specified in the Companies (Accounting Standards) Rules 2006, the Company is primarily engaged in the business of Manufacturing of Water Soluble Film. As the Company''s business activity falls within a single primary business segment, the disclosure requirements of AS-17 in this regard are not applicable.
2. Related Party Disclosure as required by Accounting Standard 18 of the Institute of Chartered Accountants of India. Related parties as defined under clause 3 of the Accounting standard have been identified on the basis of representation made by management.
i) List of Related Parties with whom transaction entered :-
Name of Related Party__Relationship_
Arrow Green Technologies (U.K.) Ltd Subsidiary Company
Arrow Secure Technology Pvt. Ltd__
Advance IP Technology Ltd.__Step Down Subsidiary Company_
SP Arrow Bio-Polymer Products Private Limited Associate Company
Sphere Bio-Polymers Private Limited__
Mr. Shilpan P. Patel (CMD)
Mr. Neil Patel
Mr. Navin Narayan Jha Key Management Personnel
Mr. Hitesh Punglia
Mrs. Poonam Bansal__
Mrs. Jigisha S Patel Relative of Key Management Personnel
Grace Paper Industries Private Limited. Enterprises over which Key Management Personnel are
Arrow Convertors Private Limited able to exercise signficant influence
Avery Bio -Degradable Products Private Limited
3. As stipulated in Accounting Standard 28, the company assessed potential generation of economic benefits from its business units and is of the view that assets employed in continuing are capable of generating adequate returns over their useful lives in the usual course of business, there is no indication to the contrary and accordingly the management is of the view that no impairment provision is called for in these accounts.
b) Lease payments recognized in the statement of Profit & Loss for the period April 01, 2016 to March 31, 2017- Rs, 4,590(Rs,000) (P.Y. Rs, 3,007(Rs,000)).
4. Previous year figures have been regrouped / reclassified, where necessary, to conform to this yearâs classification.
Mar 31, 2015
1. Contingent liabilities and Commitments: (Rs. in '000)
As at As at
Particulars
31st March, 2015 31st March, 2014
(i) Contingent Liabilities
(a) Sales tax matters not
acknowledged as debt 14,982 14,982
(b) Income tax matters not
acknowledged as debt - -
(c) Bank Guarantees given 701 696
(d) Other money for which the
company is contingently
liable - -
Total 15,683 15,678
2. Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and
Advances are subjected to reconciliation and confirmation, necessary
adjustment if required, will be made after reconciliation. The
management does not expect any material difference affecting the
current yearÂs financial statements.
3. In the opinion of the Board and to the best of their knowledge and
belief all the Current Assets, Loans and Advances have value on
realisation at least of an amount at which they are stated in Balance
Sheet.
4. The Company does not possess information as to which of its
Suppliers are covered under micro, small and medium Enterprise
Development Act, 2006.However, the company is regular in making payment
to its Suppliers and has not received any claim in respect of interest
for delayed payment.
5. Liability In respect of leave encashment are not accounted on basis
of actuarial valuation which is not in conformity with Accounting
Standard (AS)15 (Revised 2005) on Employee Benefits as issued by the
Institute of Chartered Accountant of India.
6. For the purpose of distribution of dividend, separate bank account
for each year is opened. The balance in this bank account represents
the unclaimed /unpaid dividend warrants of the respective years. Unpaid
dividends are subject to reconciliation.
7. As the companyÂs business activity, in the opinion of the
management, falls within single primary segment printing products and
packaging material , which are subject to the same risks and returns,
the disclosure requirement of Accounting Standard (AS)-17 "Segment
Reporting" issued by the Institute Of Chartered Accountant of India
are, in the opinion of the management, not applicable
8. Related Party Disclosure as required by Accounting Standard 18 of
the Institute of Chartered Accountants of India. Related parties as
defined under clause 3 of the Accounting standard have been identified
on the basis of representation made by management.
i) List of Related Parties with whom transactions entered
Name of Related Party
Relationship
Arrow Coated Products (U.K.) Ltd
Arrow Secure Technology Pvt. Ltd
Subsidiary Company
Advance IP Technology Ltd.
SP Arrow Bio-Polymer Products Pvt. Ltd
Step Down Subsidiary Company Associate Company
Sphere Bio-Polymers (P) Ltd Mr. Shilpan P. Patel (CMD)
Key Management Personnel
Mr. Neil Patel
Mr. Harish Mishra
Mr. Haresh Mehta
Mr Dinesh Modi
Mrs. Suneeta Thakur
Dr. Anil Saxena
Mr.Rishil S Patel Mrs. Jigisha S Patel
Relative of Key Management Personnel
Arrow Convertors Pvt. Ltd.
Grace Paper Industries Pvt. Ltd.
Avery Bio-Degradable Products Pvt. Ltd.
Enterprises over which Key Management Personnel are able to exercise
significant influence
9. Some Assets of which the company is the beneficial owner are pending
for transfer in the name of the company.
10 The Company had decided in the year 2008-09 to discontinue the
Trading activities in Digital Printing machines and digital signage
cutting machines and the management is of the opinion that all the
assets relatable to the machine division will realize at a value at
which they appear in the books of accounts in aggregate.
11. As stipulated in Accounting Standard 28, the company assessed
potential generation of economic benefits from its business units and
is of the view that assets employed in continuing are capable of
generating adequate returns over their useful lives in the usual course
of business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
12. Managerial remuneration paid during the FY 2012-13 is subject to
approval from the Central Government. The Company has already filled
necessary application under Sec 198 & 309 of the Companies Act,1956.
The application is under process with the Central Government.
13. During the previous year Company has made donation of Rs. 5000 ('000)
on 28th September, 2013, which was not in compliance of Section
293(1)(e) of the Companies Act,1956. However the Company on 4th
January, 2014 has obtained shareholders approval for the same.
14. The company based on its accounting policies followed, does not
consider it necessary to provide for diminution in value of investment
in subsidiary company.
15. Previous Year figures have been regrouped, rearranged wherever
necessary to confirm current year classification.
Mar 31, 2014
Contingent liabilities and Commitments: (Rs. in ''000)
As at As at
31st March, 2014 31st March, 2013
Particulars
(i) Contingent Liabilities
(a) Sales tax matters not
acknowledged as debt 14,982 14,982
(b) Income tax matters not
acknowledged as debt - -
(c) Bank Guarantees given 696 72,298
(d) Other money for which the company
is contingently liable - -
Total 15,678 87,280
Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and
Advances are subjected to reconciliation and confirmation, necessary
adjustment if required, will be made after reconciliation. The
management does not expect any material difference affecting the
current year''s financial statements.
In the opinion of the Board and to the best of their knowledge and
belief all the Current Assets, Loans and Advances have value on
realisation at least of an amount at which they are stated in Balance
Sheet.
The Company does not possess information as to which of its suppliers
are covered under micro, small and medium Enterprise Development Act,
2006.However, the company is regular in making payment to its suppliers
and has not received any claim in respect of interest for delayed
payment.
Liability In respect of leave encashment are not accounted on basis of
actuarial valuation which is not in conformity with Accounting Standard
(AS)15 (Revised 2005) on Employee Benefits as issued by the Institute
of Chartered Accountant of India.
For the purpose of distribution of dividend, separate bank account for
each year is opened. The balance in this bank account represents the
unclaimed /unpaid dividend warrants of the respective years. Unpaid
dividends are subject to reconciliation.
As the company''s business activity, in the opinion of the management,
falls within single primary segment printing products and packaging
material, which are subject to the same risks and returns, the
disclosure requirement of Accounting Standard (AS)-17 "Segment
Reporting" issued by the Institute Of Chartered Accountant of India
are, in the opinion of the management, not applicable
Related Party Disclosure as required by Accounting Standard 18 of the
Institute of Chartered Accountants of India. Related parties as defined
under clause 3 of the Accounting standard have been identified on the
basis of representation made by management.
Some Assets of which the company is the beneficial owner are pending
for transfer in the name of the company.
The Company had decided in the year 2008-09 to discontinue the Trading
activities in Digital Printing machines and digital signage cutting
machines and the management is of the opinion that all the assets
relatable to the machine division will realize at a value at which they
appear in the books of accounts in aggregate.
As stipulated in Accounting Standard 28, the company assessed potential
generation of economic benefits from its business units and is of the
view that assets employed in continuing are capable of generating
adequate returns over their useful lives in the usual course of
business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
Managerial remuneration paid during the previous year is subject to
approval from the Central Government. The Company has already filled
necessary application under Sec. 198 & 309 of the Companies Act,1956.
During the previous year Company has decided not to pursue certain
patents for which the management does not forsee future market.
Consequent to it expenditure amounting to Rs. 4018 ("000") thereon has
been transfered to patent expenses.
During the year Company has made donation of Rs. 5000 (Rs. 000) on 28th
September, 2013 [(P.Y. Rs. 1525) (''000)] which was not in compliance of
Sec. 293(1)(e) of the Companies Act,1956. However the Company on 4th
January, 2014 has obtained shareholders approval for the same.
Mar 31, 2013
1 Corporate Information
The Company is mainly in business of water soluble film and bio
compostible products.
2 Contingent liabilities and Commitments:
(Rs.in ''000)
As at 31
March, 2013 As at 31
March, 2012
(i) Contingent Liabilities
(a) Sales tax matters not
acknowledged as debt 14982 10829
(b) Income tax matters not
acknowledged as debt
(c) Bank Guarantees given 2657 1732
(d) Other money for which the company i
s contingently liable
Total 17639 12561
(ii) Commitment
(a) Estimated amount of contracts
remaining to be executed on capital
account and not provided for
(b) Buy back of Machine 18928
Total 18928
3. Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and
Advances are subjected to reconciliation and confirmation, necessary
adjustment if required, will be made after reconciliation. The
management does not expect any material difference affecting the
current year''s financial statements.
4. Overdraft facility availed in the previous year from Indusind Bank
amounting to Rs. 25512 thousands was against pledge of personal Term
Deposit of Shilpan Patel and their relatives due upto 31st May 2012 or
maturity of term deposit whichever is earlier.
5. During the previous year the Term Loan Lender had waived Rs. 800
thousands principal amount on conversion of Term Loan into Overdraft
facility.
6. In the opinion of the Board and to the best of their knowledge and
belief all the Current Assets, Loans and Advances have value on
realisation at least of an amount at which they are stated in Balance
Sheet.
7. The Company does not possess information as to which of its
suppliers are covered under micro, small and medium Enterprise
Development Act, 2006.However, the company is regular in making payment
to its suppliers and has not received any claim in respect of interest
for delayed payment.
8. As at 31st March Sundry Creditors include Due from the associate
company - Nil (previous year Rs 8 thousand) S.P. Arrow - Bio Plast Pvt
Ltd.
9. Liability In respect of leave encashment are not accounted on
basis of actuarial valuation which is not in conformity with Accounting
Standard (AS)15 (Revised 2005) on Employee Benefits as issued by the
Institute of Chartered Accountant of India.
10 For the purpose of distribution of dividend, separate bank account
for each year is opened. The balance in this bank account represents
the unclaimed /unpaid dividend warrants of the respective years. Unpaid
dividends are subject to reconciliation. And amount of Rs. 111
thousands due to be transfered to Investors and Educations Protection
Fund has been transferred in May 2013.
11 As the company''s business activity, in the opinion of the
management, falls within single primary segment printing products and
packaging material , which are subject to the same risks and returns,
the disclosure requirement of Accounting Standard (AS)-17 "Segment
Reporting" issued by the Institute Of Chartered Accountant of India
are, in the opinion of the management, not applicable
12. Related Party Disclosure as required by Accounting Standard 18 of
the Institute of Chartered Accountants of representation made by
management.
India. Related parties as defined under clause 3 of the Accounting
standard have been identified on the basis of representation made by
management. i) List of Related Parties
13 As required by Accounting Standard 20 on Earning per Share issued by
the Institute of Chartered Accountant of India (ICAI), basic earning
per share has been calculated by dividing net profit after tax by the
weighted average number of equity shares outstanding during the year as
per detail given below: (Rs. In ''000)
14 Some Assets of which the company is the beneficial owner are pending
for transfer in the name of the company.
15 The Company had decided in the year 2008-09 to discontinue the
Trading activities in Digital Printing machines and digital signage
cutting machines and the management is of the opinion that all the
assets relatable to the machine division will realize at a value at
which they appear in the books of accounts in aggregate.
16 As stipulated in Accounting Standard 28, the company assessed
potential generation of economic benefits from its business units and
is of the view that assets employed in continuing are capable of
generatin gadequate returns over their useful lives in the usual course
of business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
17 Managerial remunerational paid during the year is subject to
approval from the Central Government. The Company is in the process of
filling necessary application under sec. 198 and 309 of The Companies
Act., 1956.
18. During the year Company has decided not to pursue certain patents
for which the management does not forsee future market. Consequent to
it expenditure amounting to Rs. 4018 thousands thereon has been
transfered to patent expenses.
19. During the year Company has made Donation of Rs. 1525 thousands
which is not in compliance of section 293(1)(e) of The Companies Act.,
1956.
20 The company based on its accounting policies followed, does not
consider it necessary to provide for diminution in value of investment
in subsidiary company.
21 The utilisation of funds received by way of Shares issued on Rights
basis:
22 The Employee Stock Options outstanding as at 31st March 2013 were
83,550 (prev. yr. 1,45,300). The weighted- average exercise price is
Rs.10/- & weighted average fair value of options is Rs. 26.6/-.
23 The Company has not appointed Cost Auditor as required u/s 233B of
The Companies Act., 1956.
24 Disclosures of Loans /Advances to Subsidiaries, Associate Companies
Etc.(As required by clause 32 of the Listing agreement with Mumbai Stock Exchange).
25 Previous Year figures have been regrouped, rearranged wherever
necessary to confirm current year classification.
Mar 31, 2012
1 Corporate Information
The Company is mainly in business of water soluble film and bio
compostible products.
Notes:
a) During the year the Company has allotted 53,50,198 fully paid-up
Equity Shares of face value of Rs.10/- each together with 10,70,040
detachable warrants, convertible into equity shares of the Company
within a period of 12 months from the date of issue at such price as
may be determined in accordance with the provisions of SEBI (ICDR)
Regulations, 2009, on the Rights basis.
b) The Company has only one class of Equity Shares with a par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one vote
per share.
c) Reconciliation of the shares outstanding at the beginning and at the
end of the reporting period
Note 2
A sum of Rs.4269 ('000) is being carried as share application money,
received as subscription money for allotment of shares upon conversion
of warrants, but inadvertently, shares not allotted pertaining to
financial year 2008-2009.
3 Contingent liabilities and Commitments: (Rs. in'000)
Particulars As at As at
31st March 2012 31st March 2011
(i) Contingent Liabilities
(a) Sales tax matters not
acknowledged as debt 10829 10829
(b) Income tax matters not
acknowledged as debt - 983
(c) Bank Guarantees given 1732 1732
(d) Other money for which the
Company is contingently liable
Total 12561 13544
(ii) Commitment - -
(a) Estimated amount of contracts
remaining to be executed
on capital account and not provided for - 17700
(b)Buy back of Machine 18928 18928
Total 18928 18928
4 Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and
Advances are subjected to reconciliation and confirmation, necessary
adjustment if required, will be made after reconciliation. The
management does not expect any material difference affecting the
current year's financial statements.
5 During the previous year Term Loan from Indusind Bank of Rs.23132
('000) was secured by hypothecation of inventory, book Debts and other
current assets and first mortgage and / or hypothecation of Factory
Plant at Ankleshwar and other Fixed Asset of Company at various loca-
tion and office premises in Mumbai of Arrow Convertors Pvt Ltd with
additional corporate guaran- tee of M/s Arrow Convertors Pvt Ltd and
also personal guarantee of Mr. Shilpan P. Patel and during current year
it was converted into Overdraft from Indusind Bank of Rs.2551 2 ('000)
against pledge of Term Deposit of Mr. Shilpan P. Patel and their
relatives and it is payable upto 31st May, 2012 or maturity of term
deposit whichever is earlier.
6 During the previous year Board of Directors have decided to
surrender the proposed Unit at Sachin, Surat (SEZ unit) for which
Company had received a sum of Rs.484 ('000) against the deposit towards
land & Building (capital work in progress) and a sum of 7 260 ('000)
which was incurred for factory building & maintainance was not
recoverable.
During the year the Term Loan Lender had waived Rs.800 ('000) principal
amount on conversion of Term Loan into Overdraft facility.
7 In the opinion of the Board and to the best of their knowledge and
belief all the Current Assets, Loans and Advances have value on
realisation at least of an amount at which they are stated in Balance
Sheet.
8 The Company does not possess information as to which of its
suppliers are covered under micro, small and medium Enterprise
Development Act, 2006.However, the Company is regular in making payment
to its suppliers and has not received any claim in respect of interest
for delayed payment.
9 Sundry Creditors include
Due from the associate Company -
Rs. 8 ('000) (previous year Rs. 8 ('000)) SP Arrow - Bio Plast Pvt Ltd
10 Liability In respect of gratuity and leave encashment are not
accounted on basis of actuarial valua- tion which is not in conformity
with Accounting Standard (AS)15 (Revised 2005) on Employee Benefits as
issued by the Institute of Chartered Accountant of India.
11 For the purpose of distribution of dividend, separate bank account
for each year is opened. The balance in this bank account represents
the unclaimed/unpaid dividend warrants of the respective years Unpaid
dividends are subject to reconciliation.
12 As the Company's business activity, in the opinion of the
management, falls within single primary segment printing products and
packaging material , which are subject to the same risks and re- turns,
the disclosure requirement of Accounting Standard (AS)-17 "Segment
Reporting" issued by the Institute Of Chartered Accountant of India
are, in the opinion of the management, not applicable
13 Related Party Disclosure as required by Accounting Standard 18 of
the Institute of Chartered Accountants of India. Related parties as
defined under Clause 3 of the Accounting standard have been identified
on the basis of representation made by management.
14 Some Assets of which the Company is the beneficial owner are pending
for transfer in the name of the Company.
15 The Company had decided in the year 2008-09 to discontinue the
Trading activities in Digital Printing machines and digital signage
cutting machines and the management is of the opinion that all the
assets relatable to the machine division will realize at a value at
which they appear in the books of accounts in aggregate.
16 As stipulated in Accounting Standard 28, the Company assessed
potential generation of economic benefits from its business units and
is of the view that assets employed in continuing are capable of
generating adequate returns over their useful lives in the usual course
of business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
17 The Company based on its accounting policies followed, does not
consider it necessary to provide for diminution in value of investment
in Subsidiary Company.
18 The Employee Stock Options outstanding as at 31st March, 2012 were
1,45,300 (prev. yr. 1,45,300). The weighted-average exercise price is
Rs.10/- and weighted average fair value of options is Rs. 26.6/-.
19 Previous Year figures have been regrouped, rearranged wherever
necessary to confirm current year classification.
Mar 31, 2010
1) Estimated amount of contracts remaining to be executed on Capital
Accounts for Rs. 10.00 Lacs (Previous Year Rs. 10.00Lacs).
2) Balances of Sundry Debtors, Sundry Creditors, Deposits, Loans and
Advances are subjected to reconciliation and confirmation, necessary
adjustment if required, will be made after reconciliation. The
management does not expect any material difference affecting the
current years financial statements.
3) Calls in Arrears for the previous years in respect of shares have
been computed on the basis of information certified by the management.
4) Contingent liabilities not provided for are:
Customs Authority amounting to Rs. NIL. (Perious Year Rs 66.00 Lacs)
Provident fund and Esicamounting to Rs. NIL (Perious Year Rs 2.43 Lacs)
Sales Tax amounting to Rs 35.73 Lacs (Perious Year Rs NIL)
Income Tax Rs.. 9.83 Lacee (Perious Year Rs.9.83 Lacs)
Buy back of Machine Rs. 296.06 Lacs (Perious Year Rs 450.45 Lacs)
5) In the opinion of the Board and to the best of their knowledge and
belief all the Current Assets, Loans and Advances have value on
realisation at least of an amount at which they are stated in Balance
Sheet.
6) The Company does not possess information as to which of its
suppliers are covered under micro, small and medium Enterprise
Development Act, 2006.However, the company is regular in making payment
to its suppliers and has not received any claim in respect of interest
for delayed payment.
7) Advances recoverable in cash or in kind or value to be received
(Schedule 10) include
8) For the purpose of distribution of dividend, separate bank account
for each year is opened. The balance in this bank account represents
the unclaimed /unpaid dividend warrants of the respective years. Unpaid
dividends are subject to reconciliation.
9) As the companys business activity, in the opinion of the
management, falls within single primary segment printing products and
packaging material, which are subject to the same risks and returns,
the disclosure requirement of Accounting Standard (AS)-17 "Segment
Reporting" issued by the Institute Of Chartered Accountant of India
are, in the opinion of the management, not applicable.
10) Related Party Disclosure as required by Accounting Standard 18 of
the Institute of Chartered Accountants of India. Related parties as
defined underclause 3 of the Accounting standard have been identified
on the basis of representation made by management.
A. List of related parties:
I) Entities where controle exists;
Arrow Coated Products (U.K.) Ltd. (Subsidiary Company)
Nagra ID Arrow Secure Cards Pvt. Ltd. ( Subsidiary Company)
SP Arrow Bio - Plast Pvt. Ltd. (Associate Company)
II) Key Management Personnel :
Mr. Shilpan P, Patel Chairman / Managing director
Mr. R. Somashekhar Executive Director (Upto 15.062009)
III) Entities in Which Directors or Their Relatives Have Control/
Significant Influence:
Arrow Convertors Pvt. Ltd.
Grace Paper Industries Private Limited.
Jayna Packaging Private Limited.
Arrow Digital Private Limited.
11) Some Assets of which the company is the beneficial owner are
pending for transfer in the name of the company.
12) The company does not have a full time company secretary as per
section 383Aof the Companies Act, 1956.
13) The Company had decided in the year 2008-09 to discontinue the
Trading activities in Digital Printing machines and digital signage
cutting machines and the management is of the opinion that all the
assets relatable to the machine division will realize at a value at
which they appear in the books of accounts in aggregate.
14) As stipulated in Accounting Standard 28, the company assessed
potential generation of economic benefits from its business units and
is of the view that assets employed in continuing are capable of
generating adequate returns over their useful lives in the usual course
of business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
15) The company based on its accounting policies followed, does not
consider it necessary to provide for diminution in value of investment
in subsidiary company.
16) The company has during the previous year allotted 238086 equity
share upon convention of even number of warrants issued on preferential
basis. A sum of Rs 39.49 lacs has been forfeited during the previous
year received as application money for allotment of warrants on
preferential basis, a sum of Rs 36.94 lacs is being carried as share
application money, received as subscription money for allotment of
shares upon conversion of warrants, but inadvertently, shares not
allotted pertaining to Financial year 2008-2009.
17) During the previous year, the company filed petition with the High
Court of Bombay for reduction of share capital under sec 100 to 103.
The Court sanctioned for the reduction of share capital vide its order
dtd. 18th January 2010 and copy order is filed with the Registrar of
Companies, Maharashtra, Mumbai on 12th February 2010.
Pursuant to the said order, the Equity Share Capital of the Company as
at 31st March 2009 of Rs. 5,30,60,980 divided into 53,06,098 equity
shares of Rs 10 each reduced by Rs. 1,65,000 divided into 16,500 equity
shares of Rs.10 each to Rs. 5,28,95,980 divided into 52,89,598 equity
shares of Rs 10 each as at 31st March 2010 and the Share Premium of
Rs.6,60,000/- has been reduced on 16500 equity shares at the rate of
Rs. 40 per equity share .Honorable High court has directed the Company
to repay the amount of Share Capital along with Share Premium.
18) The Employee Stock Options outstanding as at 31st March 2010 were
2, 33,900 (previous year 2,48,900).During the year 15,000 options have
lapsed.
None of the options have been exercised as on date. Hence
weighted-average exercise prices and weighted-average fair values of
options have not been calculated.
19) Previous years figures have been regrouped, rearranged wherever
necessary to Confirm to currentyearclassification.
Mar 31, 2001
1. Estimated amount of contracts remaining to be executed onCapital
Accounts for Rs.2100000/-(Previous Year Rs.15950i07-)
2. Outstanding Guarantees furnished to Banks including in respect of
Letters of Credit Rs. NIL/- (Previous year Rs. 1,25,7s/-)
3. Balances of Sundry Debtors and Sundry Creditors, Deposits Loans and
advances are subjected to reconciliation and confirmation, necessary
adjustment if required, will be made after reconciliation.
4. Calls in Arrears in respect of shares has been computed on the
basis of information certified by the Registrar.
5. Company has applied for SalesTax exemption in respect of sales made
from Ankleshwer unit. No provision for sales tax liability has been
provided as necessary papers for exemption has been filed with the
Goverment Authority and the sime is pending.
6. Auditors Remuneration includes a sum of Rs.15,0007- being the tax
Audit.
7. For pending Sales Tax and Income Tax assessment, management does
not foresee any liability at this point of tim*.
8. In the opinion of the Board and to the best of their knowledge and
belief all the current assets loans and advances rave value on
realisation at least of an amount at which they are stated in Balance
Sheet.
9. The company does not possess information as to which of its
suppliers are ancillary industrial undertakings/small stale Industrial
undertaking holding permanent registration certificate issued by the
Directorate of Industries of a State or union territory. However, the
company is regular in making payment to its suppliers and has not
received any claim in respect of interest for delayed payment.
10. Loans & Advances includes amount due from director of the company
amounting to Rs. 1,33,606/-(Previous Year Rs.NIL)
11. The company has not made any provision for Bad & Doubtfull Debts
for the matter is under dispute or litigation.
12. Retirement Benifit including Gratuity & Leave Salary which is
accounted for on PAY-AS-YOU-GO method which is not in accordance with
the Accounting Standard 15 of the Institute of Chartered Accountants of
India. The amount is not ascertainable.
15. Additional information as required under part II of scheduled to
the companies act 1956 has been given to the extent applicable to the
company.
16. Previous Years figures have been regrouped, rearranged and recast
wherever necessary to confirm to current year classification.
17. Balance Sheet Abstract and Companys General Business Pro file/as
per Schedule VI of the Companies Act, 1956.
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Arrow Greentech Ltd. पर और जानकारी
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Arrow Greentech Ltd. टूल
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Arrow Greentech Ltd. कंपनी का विवरण
- कंपनी का प्रोफाइल
- कंपनी का इतिहास
- मैनेजमेंट टीम
- पूंजी ढांचा
- प्रॉडक्ट मिक्स
- बैंकर/ऑडीटर/रजिस्ट्रार
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कंपनी का इतिहास
- अधिकार
- बीएसई मूल्य इतिहास
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Arrow Greentech Ltd. मुख्य वित्तीय अनुपात
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Arrow Greentech Ltd. परिणाम
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- वार्षिक परिणाम
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Arrow Greentech Ltd. Financial Data
- ऑडिट के परिणाम
- नकदी प्रवाह
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- लेखा नीति
- ऑडीटर की रिपोर्ट
- निदेशक की रिपोर्ट
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Arrow Greentech Ltd. कॉर्पोरेट घोषणाएं
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Stock Market Outlook: होर्मुज स्ट्रेट में संकट! क्या आने वाला है भारतीय शेयर बाजार में बड़ा गिरावट का दौर? -
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