Note 1: CORPORATE INFORMATION

Globe Textiles (India) Limited having CIN: L65910GJ1995PLC027673 originally incorporated as a private limited company under the provisions of the Companies Act, 1956 and is domiciled in India. The company is based in Ahmedabad and is primarily involved in trading and manufacturing of textile products.

a) Terms/ Rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs 10/- per share and each holder of the 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 shareholders in the ensuing Annual General Meeting, except in case of Interim dividend.

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

c) Shares held by holding/ ultimate holding company and/ or their subsidiaries/ associates - NIL

d) Bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date.

a) Vehicle Loan is of Rs 78,41,000/- repayable in 60 equal monthly installments of Rs. 1,60,908/- each including interest, from 5th March, 2017. The loan is secured by hypothecation of vehicle of the company.

b) The term loan is to be repaid by 48 equal monthly installments of each Rs 6,44,699, Rs. 4,40,302, Rs. 6,03,432 & Rs. 2,08,333 respectively. The monthly interest charged in account, during the moratorium and repayment period, will be serviced seprately. The loan is secured by hypothecation of all movable and immovable assets located at the SEZ Unit of the company. The loan carries an interest rate of Base Rate 1.50%.

c) The loan from bank is further secured by collateral securities given in the form of Equitable mortagage of Residential Flat held by Mrs. Shardhhaben B. Parikh & the additional Equitable Mortagage of Immovable Property held by The Company named "Aditya Green City Private Limited.

b) In accordance with “Accounting Standard 22”, the Deferred Tax liability of Rs. 37,58,512 /- (Previous year deferred tax liability Rs. 6,83,975 /-) for the year has been recognised in the Statement of Profit & Loss.

a) Secured Loan from bank includes cash credit and packing credit. It is secured against all trade receivables and stock. Cash credit and packing credit are repayable on demand and carry interest @ Base Rate 1.75% and Base Rate 0.25% respectively.

b) For details of Security Given Refer Note-5

c) Unsecured loan from shareholders and their relatives are interest free and are repayable on demand.

a) The Company has circulated letters to all its suppliers requesting them to confirm whether they are covered under the Micro, Small and Medium Enterprises Act, 2006 (‘MSMED’). However from the majority of the suppliers these confirmations are still awaited. Hence disclosure relating to amount unpaid as at the yearend together with interest paid/payable as required under the said act has not been made.

a) Provision for taxation for the year has been made after considering allowance, claims and relief available to the Company as considered and perceived by the management.

b) Some taxes related assessments are pending against the Company. Potential liabilities, if any, have been adequately provided for, and the management does not estimate any incremental liability in respect of the legal proceedings.

NOTE 2: EARNINGS PER SHARE (EPS)

(a) The following reflects the profit and share data used in the basic and diluted EPS computations:

b) The Company does not have any outstanding dilutive potential equity shares. Consequently the basic and diluted earnings per share of the Company remain the same.

NOTE 3: RELATED PARTY DISCLOSURES

a) Related Parties with whom transactions have taken place during the year:

NOTE 4: OTHER DISCLOSURES

a) Sundry Creditors, Receivables and Loans and Advances include certain items for which confirmations are yet to be received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, arising out of reconciliation will be made at the appropriate time.

b) In the opinion of the Management and to the best of their knowledge and belief the value under the head of Current and Non Current Assets (other than fixed assets and non current investments) are approximately of the value stated, if realised in ordinary course of business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

c) Contingent liabilities not provided for:

NOTE 5: SEGMENT REPORTING:

i) Primary Segment

In accordance with Accounting Standard 17 "Segment Reporting” as prescribed under Companies (Accounting Standards) Rules, 2006 (as amended), the company has determined its business segment as Textile Trading and Manufacturing. Since, there are no other business segments in which the company operates, there are no other primary reportable segments. Therefore, the segment revenue, results, segment assets, segment liabilities, total cost incurred to acquire segment assets, depreciation charge are all as reflected in the financial statements.

ii) Secondary Segment

Secondary segment reporting is based on the geographical location of customers. Company has its operations in India and outside India.

NOTE 6: PREVIOUS YEAR FIGURES

Previous year’s figures have been regrouped wherever necessary to confirm to this year’s classification.

Previous year’s figures have been regrouped wherever necessary to confirm to this year’s classification.