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Notes to Accounts of Gini Silk Mills Ltd.

Mar 31, 2015

CORPORATE INFORMATION

Gini Silk Mills Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange Limited, Mumbai. The company is engaged in the manufacturing and selling of shirting and suiting with reputed brand name "GINI".

b) Rights, Preference and restrictions attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per shares. Each holder of equity shares is entitled to one vote per shares. The Company declares and pay 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 except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaning assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

During the year ended 31 March 2015, the amount of per share dividend recognized as distribution of equity shareholders was Rs. 27,96,300/- (31st March 2014 : Rs. 27,96,300/- ).

Nature of Security

The Term Loan from State Bank of India are primary secured by entire Plant and Machinery at Tarapur plant acquired out of this loan and entire stock of trading goods. The Company has provided collateral security of equitable mortgage of leasehold factory land & building at Tarapur. The Director Mr. Vishwanath S. Harlalka and Mr. Deepak V. Harlalka has provided personal guarantee for the said loan.

Terms of Repayment and Interest Rate

Repayable in 70 monthly installment staring from June 2015 having moratorium period of 12 months from June 2014 to May 2015. Rate of interest 3.90% margin above base rate which is presently 10.00%. Effective rate is 13.90% p.a. as at year end. (P.Y. Nil). Rate of margin vary based on the credit risk assessment of the company.

During the year, Company has taken term loan of Rs.6.67 Corers under the Technology Up-gradation Fund Scheme (TUFS). Under this Scheme Company will receive the 10% capital subsidy in some items and reimbursement of 5% of interest cost. Scheme's Benefits would available on the approval of the Department of Textile, Central Government. The Capital Subsidy benefit and interest benefits under the scheme would be accounted on the receipt of the approval.

Nature of Security

The Cash Credit from State Bank of India are primary secured by entire Plant and Machinery at Tarapur plant acquired out of this loan and entire stock of trading goods. The Company has provided collateral security of equitable mortgage of leasehold factory Land & Building at Tarapur. The Director Mr. Vishwanath S. Harlalka and Mr. Deepak V. Harlalka has provided personal guarantee for the said loan.

Terms of Repayment and Interest rate

Repayable on demand rate of interest 2.75% margin above base rate which is presently 10.00%. Effective rate is 12.75% p.a. as at year end.( P.Y. Nil). Rate of margin vary based on the credit risk assessment of the company.

# The Company had entered in to partnership with Gini Construction Co for development and construction of residential building. The share of profit / loss of each partner are Gini Silk Mills Limited is 9%, Gini Tex Private Limited is 9%, Shree Gini Textunsing Private Limited 2%, Shri Vishwanath S. Harlalka 15%, Shri Deepak V. Harlalka 15%, Shri Gautam Vinod Harlalka 20%, Shri Manish Vinod Harlalka 20% and Shri Vinod S. Harlalka 10%. The fixed capital of the partnership firm is Rs. NIL

#Commissioner of Central Excise, Thane II has demanded of Rs. 3, 38,418/- on Deemed Credit. The Company has deposited Rs. 1,00,000/- ( Previous year Rs. 1,00,000/-)to Asst. Registrar the Customs Excise Service Tax Applellate Tribunal W.Z.B. (Previous year Rs. 3,38,418/-)

The employees' gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

2 CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for) a CONTINGENT LIABILITIES

Central Excise duty Demand of Rs. 215,820 /-for Interest and Penalty on differential amount of Excise duty [The Company has gone in appeal to the Commissioner (Appeal)] ( Previous year Rs. 215,820/-).

Liability if any, arising on account of an undertaking given by the company to Excise authorities on account of purchase of land & building from GINI TEX PVT LTD. Of which amount cannot be ascertained.

Commissioner of Central Excise, Thane 11 has demanded of Rs.. 3, 38,418/- on Deemed Credit. The Company has deposited Rs. 1,00,000/- ( Previous year Rs. 1,00,000/-) to Asst. Registrar the Customs Excise Service Tax Appellate Tribunal W.Z.B. ( Previous year Rs. 3,38,418/-).

Textile Committee has demanded Rs. 2,99,150/- on collection of Cess under the Textile Committee Act & Cess Rules Reg. ( Previous year Rs. 2,99,150/-).

Central Excise duty demand for Rs. 1,85,09,688/- for excise duty and interest on differential amount on excise duty. (The Central Excise Department has made Special Leave Petition in Supreme Court).( Previous Year Rs. 1,85,09,688/-).

Bank Guarantees of Rs. 1,75,000/- given to the commissioner of custom on account of bond for availing duty exemption under EPCG scheme.

Bank Guarantee of Rs. 200,000/- given to the Maharashtra Pollution Control Board for compliance of directions issued by Board.

Disputed Demand in respect of Income -Tax for FY 2011-12 of Rs. 14,51,720/-.

b COMMITMENTS

Commitment for Capital Expenditure is Rs.11,93,625/- (P.Y Rs. 39,000,000/-), advance paid Rs. 11,93,625/- (P.Y. Rs. 58,42,500 ).

Other Commitment of Rs. 25,60,000/- (P.Y. Nil) towards capital contribution to Tarapur Enviornment Protection Society, advance paid Rs. 8,57,600/- (P.Y. Nil)

3 Balances of Trade Receivables, Loans and Advances and Trade Payables, Advances from Customers and to Suppliers have been taken as per books awaiting respective confirmation and Reconciliation if any.

4 Income Tax assessment is completed up to the Assessment Year 2012- 2013.

5 The Company is in process of appointing the Company Secretary, however during the year under audit the company unable to appoint the same.

6 The Company's operation fall under single segment namely "Textile" therefore, separate business segment is not disclosed.

7 Previous year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification/ disclosure.


Mar 31, 2014

CORPORATE INFORMATION

Gini Silk Mills Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange Limited, Mumbai. The company is engaged in the manufacturing and selling of shirting and suiting with reputed brand name "GINI".

1 SEGMENT REPORTING

The Company''s operation fall under single segment namely "Textile" therefore, separate business segment is not disclosed

b) Terms/rights attached to equity shares

The Compnay has only one class of equity shares having a par value of Rs. 10 per shares. Each holder of equity shares is entitiled to one vote per shares. The Company declares and pay dividends in Indian rupees. The dividend prpoposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 March 2014, the amount of per share dividend recognized as distribution of equity shareholders was Rs. 27,96,300/- (31 st March 2013 : Rs. 27,96,300/-).

2 RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transections with the related parties are given below:

List of related parties where control exists and related parties with whom transactions have taken place and relationship

Name of the Related Party Relationship

Vishwanath Harlalka Key Managerial Personal

Deepak Harlalka Key Managerial Personal

Gini Tex Private Limited Associates

Shree Enterprises Partner

Gini Construction Co. Partner

Gini Constructions Pvt Ltd Associates

Gini Citicorp Reality LLP Partner

3 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS Contingent Liability Not Provided For In Respect Of Central Excise duty Demand of Rs. 215,820 /-for Interest and Penalty on differential amount of Excise duty [The Company has gone in appeal to the Commissioner (Appeal)] ( Previous year Rs. 215,820/-)

Liability if any, arising on account of an undertaking given by the company to Excise authorities on account of purchase of land & building from GINI TEX PVT LTD. Of which amount cannot be ascertained.

Commissioner of Central Excise, Thane II has demanded of Rs. 3, 38,418/-on Deemed Credit. The Company has deposited Rs. 1,00,000/- ( Previous year Rs. 1,00,000/-)to Asst. Registrar the Customs Excise Service Tax Applellate Tribunal W.Z.B. ( Previous year Rs. 3,38,418/-)

Textile Committee has demanded Rs. 2,99,150/- on collection of Cess under the Textile Committee Act & Cess Rules Reg. ( Previous year Rs. 2,99,150/-)

Central Excise duty demand for Rs. 1,85,09,688/- for excise duty and interest on differential amount on excise duty ( The Central Excise Department has made Special Leave Petition in Supreme Court).( Previous YearRs. 1,85,09,688/-)

Bank Gurantees of Rs. 1,75,000/- given to the commissioner of custom on account of bond for availing duty exemption under EPCG scheme Bank Guarantee of Rs. 200,000/- given to the Maharashtra Pollution Control Board

4 Previous year''s fgures have been regrouped/ reclassifed wherever necessary to correspond with the current year''s classifcation/ disclosure.

5 Balances of Trade Receivables, Loans and advances and Trade Payables, Advances from Customers and to Suppliers have been taken as per books awaiting respective confrmation and Reconciliation.

6 There are no dues to Micro & Small Enterprises as on 31st March'' 2014. This information as required to be disclosed under the Micro, Small & Medium Enterprise Development Act,2006 has been determined to the extent such parties have been identifed on the basis of information available with the Company.

7 The company is in process of appointing the Company Secretary, however during the year under audit the company unable to appoint the same.

8 Income Tax assessment is completed up to the Assessment year 2011- 2012.


Mar 31, 2013

CORPORATE INFORMATION

Gini Silk Mills Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1 Its shares are listed on Bombay Stock Exchange Limited, Mumbai. The company is engaged in the manufacturing and sellii shirting and suiting with reputed brand name "GINI",

1 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS Contingent Liability Not Provided For In Respect Of

Central Excise duty Demand of Rs.. 215,820 /-for Interest and Penalty on differential amount of Excise duty [The Company has gone in appeal to the Commissioner (Appeal)] ( Previous year Rs.. 215,820/-)

Liability if any, arising on account of an undertaking given by the Company to Excise authorities on account of purchase of land & building from GINI TEX PRIVATE LIMITED of which amount cannot be ascertained.

Commissioner of .Central Excise, Thane II has demanded of Rs.. 3,38,418/-on Deemed Credit. The Company has deposited Rs.. 1,00,000/- ( Previous year Rs.. 1,00,000/-) to Asst. Registrar the Customs Excise Service Tax Applellate Tribunal W.Z.B. (Previous yearRs.. 3,38,418/-)

Textile Committee has demanded Rs.. 2,99,150/- on collection of Cess under the Textile Committee Act & Cess Rules Reg. (Previous year Rs.. 2,99,150/-)

Central Excise duty demand for Rs.. 1,85,09,688/- for excise duty and interest on differential amount on excise duty ( The Central Excise Department has made Special Leave Petition in Supreme Court).( Previous YearRs. 1,85,09,688/-) Bank Gurantees of Rs. 1,75,000/- given to the commissioner of custom on account of bond for availing duty exemption under EPCG scheme

Bank Guarantee of Rs. 200,000/- given to the Maharashtra Pollution Control Board

2 Estimated amount of contracts remaining to be executed on capital account and not provided for Tangible assets

3 Previous year''s figures have been regrouped/ reclassified wherever necessary to correspond with the current year''s classification/ disclosure.

4 Balances of Trade Receivables, Loans and advances and Trade Payables, Advances from Customers and to Suppliers have been taken as per books awaiting respective confirmation and Reconciliation.

5 There are no dues to Micro & Smail Enterprises as on 31st March'' 2013. This information as required to be disclosed under the Micro, Small & Medium Enterprise Development Act,2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6 The company is in process of appointing the Company Secretary, however during the year under audit the company unable to appoint the same

7 Income Tax assessment is completed up to the Assessment year 2011 - 2012


Mar 31, 2012

CORPORATE INFORMATION

Gini Silk Mills Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange Limited, Mumbai. The company is engaged in the manufacturing and selling of shirting and suiting fabrics with reputed brand name "GINI".

a) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs 10 per shares. Each holder of equity shares is entitled to one vote per shares. The Company declares and pay 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.

During the year ended 31 March 2012, the amount of per share dividend recognized as distribution of equity shareholders wasRs27,96,300/-(31 st March 2011 41,94,450/-).

# The Company had entered in to partnership with Gini Construction Co for development and construction of residential building. The share of profit / loss of each partner are Gini Silk Mills Limited is 9%, Gini Tex Private Limited is 9%, Shree Gini Texturising Private Limited 2%, Shri Vrhwanath S. Harlalka 15%, Shrj Deepak V. Harlalka 15%, Shri Gautam Vinod Harlalka 20%, Shri Manish Vinod Harlalka 20% and Shri Vinod S. Harlalka 10%. The fixed capital of the partnership firm is Rs NIL

# Commissioner of Central Excise, Thane Ii has demanded of Rs 3, 38,418/- on Deemed Credit. The Company has deposited Rs 1,00,000/- ( Previous year Rs 1,00,000/-)to Asst. Registrar the Customs Excise Service Tax Appellate Tribunal W.Z.B. (Previous yearRs 3,38,418/-)

Defined Benefit Plan

The employees' gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

2 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS

Contingent Liability Not Provided For In Respect Of

Central Excise duty Demand of Rs 215,820 /-for Interest and Penalty on differential amount of Excise duty [The Company has gone in appeal to the Commissioner (Appeal)] ( Previous year Rs 215,820/-)

Liability if any, arising on account of an undertaking given by the company to Excise authorities on account of purchase of land & building from GINI TEX PVT LTD. Of which amount cannot be ascertained.

Commissioner of Central Excise, Thane II has demanded of Rs 3, 38,418/- on Deemed Credit. The Company has deposited Rs 1,00,000/- ( Previous year Rs 1,00,000/-)to Asst. Registrar the Customs Excise Service Tax Applellate Tribunal W.Z.B. (Previous year Rs 3,38,418/-) .

Textile Committee has demanded Rs 2,99,150/- on collection of Cess under the Textile Committee Act & Cess Rules Reg. ( Previous yearRs 2,99,150/-)

3 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification/ disclosure.

4 Balances of Sundry Debtors, Loans and advances and Sundry creditors have been taken as per books awaiting respective confirmation and Reconciliation.

5 There are no dues to Micro & Small Enterprises as on 31st March' 2012. This information as required to be disclosed under the Micro, Small & Medium Enterprise Development Act,2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6 The company is in process of appointing the Company Secretary, however during the year under audit the company ' unable to appoint the same

7 Income Tax assessment is completed up to the Assessment year 2009 - 2010


Mar 31, 2011

1) CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF

i) Central Excise duty Demand of Rs. 215,820 /-for Interest and Penalty on differential amount of Excise duty. [The Company has gone in appeal to the Commissioner (Appeal)] (Previous year Rs. 215,820/-)

ii) Liability if any, arising on account of an undertaking given by the company to Excise authorities on account of purchase of land & building from GINI TEX PVT LTD. Of which amount cannot be ascertained.

iii)Commissioner of Central Excise, Thane II has demanded of Rs. 3, 38,418/- on Deemed Credit. The Company has deposited Rs. 1,00,000/- (Previous year Rs. 1,00,000/-)to Asst. Registrar the Customs Excise Service Tax Applellate Tribunal W.Z.B. (Previous year Rs. 3,38,418/-)

iv) Textile Committee has demanded Rs. 2,99,150/- on collection of Cess under the Textile Committee Act & Cess Rules Reg. (Previous year Rs. 2,99,150/-)

v) Central Excise duty demand for Rs. 1,85,09,688/- for excise duty and interest on differential amount on excise duty (The Central Excise Department has made Special Leave Petition in Supreme Court). (Previous YearRs. 1,85,09,688/-)

2) SUNDRY DEBTORS AND LOANS & ADVANCES INCLUDES DEBTS DUE FROM

i) FIRMS IN WHICH DIRECTORS ARE INTERESTED

Shree Enterprises (Nil) (Previous Year Rs. 54,549/-)(Maximum balance outstanding on any day during the year Rs? 16,69,133/- (Previous Year Rs. 20,51,320/-)

ii) COMPANIES UNDER THE SAME MANAGEMENT

Gini Tex Private Limited. (Rs. Nil) ( Previous Year Rs. Nil )(Maximum balance outstanding on any day during the year ? 3,538,395/-) (Previous YearRs. 1,33,38,802/-)

Gini Constructions Co Private Limited. On Account of Share Application Money (? Nil) (Previous Year ? Nil) (Maximum balance outstanding on any day during the year Rs. 87,00,000/-) (Previous Year Rs. 2,25,50,128/-)

4) As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below: Defined Contribution Plan Contribution to Defined Contribution Plan, recognized as expense for the year are as under:

Defined Benefit Plan

The Eployees' gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

Principal actuarial assumptions at the Balance Sheet date are as follows:

Mortality Table (LIC) 1994-96

Discount rate per annum 8.00%

Withdrawal rate 1% to 3% depending on age

Retirement age 58 years

The rate of escalation in salary considered in actuarial calculation is estimated taking into account inflation, seniority, promotion and other relevant factors.

* Previous year figure. Note : Related party relationship is as identified by the Company & relied upon by the Auditors

6) The Company had entered in to partnership with Gini Construction Co for development and construction of residential building. The share of profit / loss of each partner are Gini Silk Mills Limited is 9%, Gini Tex Private Limited is 9%, Shree Gini Texturising Private Limited 2%, Shri Vishwanath S. Harlalka 15%, Shri Deepak V. Harlalka 15%, Shri Gautam Vinod Harlalka 20%, Shri Manish Vinod Harlalka 20% and Shri Vinod S. Harlalka 10%. The fixed capital of the partnership firm is Rs. NIL

The Company's share in the profit / loss of the partnership firm, Gini Construction Co. Of Rs. 75 lacs is accounted as per the unaudited accounts of the Partnership firm.

7) The Company had entered in to partnership with Gini Citicorp Realty LLP for development and construction of residential building. The share of profit / loss of each partner are Gini Silk Mills Limited is 1%, Gini Tex Private Limited is 1%, Shri Vishwanath S. Harlalka 16%, Shri Deepak V. Harlalka 16%, Shri Pranav Deepak Harlalalka 16%, Shri Gautam Vinod Harlalka 20%, Shri Manish Vinod Harlalka 20% and Shri Vinod S. Harlalka 10%. The fixed capital of the partnership firm is Rs. NIL

8) In compliance with Accounting Standard 20 '"EARNING PER SHARE" issued by the Institute of Chartered Accountants of India, basic earning per share has been calculated by dividing net profit after tax and prior period Adjustments with the weighted average number of Equity Shares outstanding during the year as per details given below:

10) The Company has taken Group/Master insurance Policy with Life Insurance Corporation of India for the future payments of retiring employee's gratuities. The premium thereon has been so adjusted as to cover the liability under scheme in respect of eligible employees at the end of their future anticipated service with the company.

11) Balances of Sundry Debtors, Loans and advances and Sundry creditors have been taken as per books awaiting respective confirmation and Reconciliation,

12) There are no dues to Micro & Small Enterprises as on 31st March' 2011. This information as required to be disclosed under the Micro, Small & Medium Enterprise Development Act,2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

13) The company is in process of appointing the Company Secretary, however during the year under audit the company unable to appoint the same

14) Income Tax assessment is completed up to the Assessment year 2008 - 2009.

15) ADDITIONAL INFORMATION REQUIRED TO BE FURNISHED PURSUANT TO PARA 3 & 4 (c) & (d) OF THE PART II OF SCHEDULE VI OF THE COMPANIES ACT, 1956.

16) Other additional information required to be furnished under Part II of Schedule VI are either NIL or NOT APPLICABLE

17) Previous year figures have been reworked, reclassified, regrouped / re-arranged, wherever necessary.

18) Figures have been rounded off to the nearest rupee.


Mar 31, 2010

1) CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF

i) Central Excise duty Demand of Rs. 215,820 /-for Interest and Penalty on differential amount of Excise duty [The Company has gone in appeal to the Commissioner (Appeal)] (Previous year Rs. 215,820/-)

ii) Liability if any, arising on account of an undertaking given by the company to Excise authorities on account of purchase of land & building from GINI TEX PVT LTD. Of which amount cannot be ascertained.

iii) Commissioner of Central Excise, Thane II has demand of Rs. 3,38,418/- on Deemed Credit. The Company has deposited Rs. 1,00,000/- (Previous year Rs. 1,00,000/-)to Asst. Registrar the Customs Excise Service Tax Applellate Tribunal W.Z.B. (Previous year Rs. 3,38,418/-)

iv) Textile Committee has demanded Rs. 2,99,150/- on collection of Cess under the Textile Committee Act & Cess Rules Reg. (Previous year Rs. 2,99,150/-)

v) Central Excise duty demand forRs.1,85,09,688/- for excise duty and interest on differential amount on excise duty (The Central Excise Department has made Special Leave Petition in Supreme Court). (Previous yearRs Nil/-)

2) The Company had entered in to partnership with Gini Construction Co for development and construction of residential building. The share of profit / loss of each partner are Gini Silk Mills Limited is 9%, Gini Tex Private Limited is 9%, Shree Gini Texturising Private Limited 2%, Shri Vishwanath S. Harlalka 15%, Shri Deepak V. Harlalka 15%, Shri Gautam Vinod Harlalka 20%, Shri Manish Vinod Harlalka 20% and Shri Vinod S. Harlalka 10%. The fixed capital of the partnership firm is Rs. NIL

3) The Company has taken Group/Master insurance Policy with Life Insurance Corporation of India for the future payments of retiring employees gratuities. The premium thereon has been so adjusted as to cover the liability under scheme in respect of eligible employees at the end of their future anticipated service with the company.

4) Balances of Sundry Debtors, Loans and advances and Sundry creditors have been taken as per books awaiting respective confirmation and Reconciliation.

5) There are no dues to Micro & Small Enterprises as on 31 st March 2010. This information as required to be disclosed under the Micro, Small & Medium Enterprise Development Act,2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6) Other additional information required to be furnished under Part II of Schedule VI are either NIL or NOT APPLICABLE

7) Previous year figures have been reworked, reclassified, regrouped / re-arranged, wherever necessary.

8) Figures have been rounded off to the nearest rupee.

 
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