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Arrow Coated Products Ltd. Notes to Accounts, Arrow Coated Products Ltd. Company
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Notes to Accounts of Arrow Coated Products Ltd.

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 year’s 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 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

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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