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Notes to Accounts of Sutlej Textiles & Industries Ltd.

Mar 31, 2015

1 NATURE OF OPERATIONS

The Company is a manufacturer of Synthetic Staple Fibres Yarn, Man made Fibres blended yarn & Cotton Yarn and Fabrics. It has two spinning units viz. Rajasthan Textile Mills, Bhawanimandi (Raj) & Chenab Textile Mills, Kathua (J & K), one weaving unit (upto 01.10.2014) & processing unit viz. Damanganga Fabrics, and one Home Textiles unit viz. Damanganga Home Textiles at Village Daheli, near Bhilad (Gujarat).

2 In respect of Okara Mills, Pakistan, (Which remained with the Company as a result of transfer of textiles division of Sutlej Industries Limited with the Company ) no returns have been received after 31.03.1965. Against net assets of Okara Mills, Pakistan amounting to `232.35 lakhs, the demerged/transferor Company had received adhoc compensation of `25.00 lakhs from Government of India in the year 1972-73. These assets now vest in the Custodian of Enemy Property, Pakistan for which claim has been filed with the Custodian of Enemy Property in India .The Company shall continue to pursue its claim for compensation/ restoration of assets. Hence, further compensation, if any received, credit for the same will be taken in the year of receipt. In the year 2003-04, net assets of ` 207.35 lakhs (net of compensation received) as on 31.03.1965, valued at pre-devaluation exchange rate, has been provided for.

3 Proportionate expenses reimbursed for utilising services of establishments maintained by other entities have been included in respective heads of expenses.

4 During the first quarter of the financial year 2014-15, some stocks of finished goods in a godown were totally gutted by fire. In a separate incident, there was damage to some factory buildings & machinery and stocks due to a severe hailstorm. The Company has already filed claims for the above damages with the Insurance Companies and the Surveyors have also filed their reports with the respective Insurance Companies. To reflect true and fair results for the year ended, the Company had accounted for insurance claims of `1333.63 lakhs towards cost of finished goods damaged by fire and expenses incurred for replacement of the damaged assets, instead of accounting on receipt basis as per earlier policy. The Management is hopeful of recovery of the entire insurance claim. If earlier accounting policy would have been followed, other operating income would have decreased by ` 930.99 lakhs, other expenses would have increased by ` 402.64 lakhs and Income Tax & Profit after Tax for the year would have been reduced by ` 453.30 lakhs & ` 880.33 lakhs respectively

5 The Company has closed its weaving unit (Part of fabric division) w.e.f. 01.10.2014 situated at Daheli as per decision taken by its Board of Directors in their meeting held on 17.09.2014. As it is not a major line of business hence no separate disclosure for discontinuing operation has made in the financial statement

6 CONTINGENT LIABILITIES AND COMMITMENTS (Rs. in lakhs)

Particulars As at As at 31st March, 31st March, 2015 2014 A. Contingent Liabilities (Not provided for) in respect of:

1 Claim against the Company not acknowledged as debts:

a) Labour Matters, except for which the liability is unascertainable 69.31 69.45

2 Other matters for which the Company is contingently liable:

a) Demand raised by Excise Department for various matters 216.08 220.95

b) Demand for Service Tax 23.91 23.91

c) Demand for Entry Tax (penalty & interest on penalty) 555.50 483.05

(Net of Rs. 582.59 lakhs provided in accounts/ paid)

The Company has a strong chance of success in the above cases, therefore no provision is considered necessary.

3 Bills Discounted with Bankers 3831.08 4683.58

(Since Realised upto 30.04.2015 Rs. 1530.62 lakhs, Previous year Rs. 1907.33 lakhs)

4 The Company has discharged its export obligation under EPCG Scheme for procurement of certain capital goods at concessional rate of duty. Therefore, the Company is not liable to pay any differential custom duty (Previous year Rs. 354.50 lakhs).

B. Commitments :

a) Estimated amount of Contracts remaining to be executed on Capital Account [Net of 4360.43 9463.00 Advances] and not provided for

b) The Company has availed certain government subsidies/ grants. As per the terms and conditions, the Company has to continue production for specified number of years failing which amount of subsidies availed alongwith interest, penalty etc. will have to be refunded.

c) The Board of Directors at their meeting held on 14th March 2015, has approved the purchase of Birla Textile Mills (BTM) a unit of Chambal Fertilisers and Chemicals Limited as a going concern on 'slump sale' basis effective from 1st April 2015, subject to necessary approvals. BTM is located at Baddi (Himachal Pradesh) and is having 83,376 Spindles and manufactures Cotton, Synthetic and Blended Yarn in Grey and Dyed forms.

7 NATURE OF OPERATIONS

The Company is a manufacturer of Synthetic Staple Fibres Yarn, Man made Fibres blended yarn & Cotton Yarn and Fabrics. It has two spinning units viz. Rajasthan Textile Mills, Bhawanimandi (Raj) & Chenab Textile Mills, Kathua (J & K), one weaving unit (upto 01.10.2014) & processing unit viz. Damanganga Fabrics, and one Home Textiles unit viz. Damanganga Home Textiles at Village Daheli, near Bhilad (Gujarat). 31.03 In respect of Okara Mills, Pakistan, (Which remained with the Company as a result of transfer of textiles division of Sutlej Industries Limited with the Company ) no returns have been received after 31.03.1965. Against net assets of Okara Mills, Pakistan amounting to Rs. 232.35 lakhs, the demerged/transferor Company had received adhoc compensation of Rs. 25.00 lakhs from Government of India in the year 1972-73. These assets now vest in the Custodian of Enemy Property, Pakistan for which claim has been filed with the Custodian of Enemy Property in India .The Company shall continue to pursue its claim for compensation/ restoration of assets. Hence, further compensation, if any received, credit for the same will be taken in the year of receipt. In the year 2003-04, net assets of Rs. 207.35 lakhs (net of compensation received) as on 31.03.1965, valued at pre-devaluation exchange rate, has been provided for.

8 Proportionate expenses reimbursed for utilising services of establishments maintained by other entities have been included in respective heads of expenses.

9 During the first quarter of the financial year 2014-15, some stocks of finished goods in a godown were totally gutted by fire. In a separate incident, there was damage to some factory buildings & machinery and stocks due to a severe hailstorm. The Company has already filed claims for the above damages with the Insurance Companies and the Surveyors have also filed their reports with the respective Insurance Companies. To reflect true and fair results for the year ended, the Company had accounted for insurance claims of Rs. 1333.63 lakhs towards cost of finished goods damaged by fire and expenses incurred for replacement of the damaged assets, instead of accounting on receipt basis as per earlier policy. The Management is hopeful of recovery of the entire insurance claim. If earlier accounting policy would have been followed, other operating income would have decreased by Rs. 930.99 lakhs, other expenses would have increased by Rs. 402.64 lakhs and Income Tax & Profit after Tax for the year would have been reduced by Rs. 453.30 lakhs & Rs. 880.33 lakhs respectively

10 The Company has closed its weaving unit (Part of fabric division) w.e.f. 01.10.2014 situated at Daheli as per decision taken by its Board of Directors in their meeting held on 17.09.2014. As it is not a major line of business hence no separate disclosure for discontinuing operation has made in the financial statement.

11 Other Information:

(i) The Company is organised into two main business segments, namely;

* Yarn comprising of Cotton and Man Made Fibres Yarn;

* Fabrics comprising woven of Worsted/ Synthetic Staple Yarn, Fabric Processing and Home Furnishings.

(ii) The segment revenue in the geographical segments considered for disclosure are as follows:

(a) Revenue within India includes sales to customers located within India and earnings in India.

(b) Revenue outside India includes sales to customers located outside India and earnings outside India and export incentives benefits.

(iii) The company has common assets for producing goods for domestic market and overseas market. However, it has export trade receivable Rs. 3671.99 lakhs (Previous year Rs. 3963.06 lakhs).

12 RELATED PARTY DISCLOSURE

(a) Key Management Personnel and Shri S.K. Khandelia [President] their relatives Smt. Manju Khandelia (wife), Smt. Indra Devi Khandelia (mother), & Shri Anurag Khandelia (son) Shri Dilip Kumar Ghorawat (Wholetime Director & CFO) (w.e.f. 28.01.2014) Shri C. Singhania (Wholetime Director & CFO) (upto 20.07.2013)

13 Previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2014

1.01 Nature of Operations

The Company is a manufacturer of Synthetic Staple Fibres Yarn, Man made Fibres blended yarn & Cotton Yarn and Fabrics. It has two spinning units viz. Rajasthan Textile Mills, Bhawanimandi (Raj) & Chenab Textile Mills, Kathua (J & K), one weaving & processing unit viz. Damanganga Fabrics, and one Home Textiles unit viz. Damanganga Home Textiles at Village Daheli, near Bhilad (Gujarat).

1.02 In respect of Okara Mills, Pakistan, ( Which remained with the Company as a result of transfer of textiles division of Sutlej Industries Limited with the Company) no returns have been received after 31.03.1965. Against net assets of Okara Mills, Pakistan amounting to Rs.232.35 lakhs, the demerged/transferor Company had received adhoc compensation of Rs.25 lakhs from Government of India in the year 1972-73. These assets now vest in the Custodian of Enemy Property, Pakistan for which claim has been filed with the Custodian of Enemy Property in India The Company shall continue to pursue its claim for compensation/ restoration of assets. Hence, further compensation, if any received, credit for the same will be taken in the year of receipt. In the year 2003-04, net assets of Rs.207.35 lakhs (net of compensation received) as on 31.03.1965, valued at pre-devaluation exchange rate, has been provided for.

1.03 Proportionate expenses reimbursed for utilising services of establishments maintained by other entities have been included in respective heads of expenses.

Other Information:

(i) The Company is organised into two main business segments, namely;

- Yarn comprising of Cotton and Man Made Fibres Yarn;

- Fabrics and apparels comprising woven of Worsted/ Synthetic Staple Yarn, Fabric Processing , Home Furnishings and Garments. However, operations of Garment Division closed w.e.f. 31st January, 2013.

(ii) The segment revenue in the geographical segments considered for disclosure are as follows:

(a) Revenue within India includes sales to customers located within India and earnings in India.

(b) Revenue outside India includes sales to customers located outside India and earnings outside India and export incentives benefits.

(iii) The company has common assets for producing goods for domestic market and overseas market. However, it has export trade receivable Rs.3963.06 lakhs (Previous year Rs.2998.83 lakhs).

Note 1.04: RELATED PARTY DISCLOSURE

(a) Key Management Personnel and their relatives

Shri S.K. Khandelia [President ]

Smt. Manju Khandelia (wife), Smt. Indra Devi Khandelia (mother), & Shri Anurag Khandelia (son)

Shri Dilip Kumar Ghorawat (Wholetime Director) (w.e.f. 28.01.2014) #

Shri C. Singhania (Wholetime Director) (upto 20.07.2013)

Shri K.C. Agarwal (Joint Executive President, Daheli Unit) (upto 11.01.2013;

Smt. Savita Agarwal (wife), Ms. Sweta Agarwal (daughter), Smt. Indra Devi Agarwal (mother), & Radhey Shyam Agarwal (father) HUF

# Subject to approval of Shareholders in the forthcoming Annual General Meeting.

$ Remuneration to Key managerial personnel do not include provision for leave encashment and contribution to the approved gratuity fund of the Company, which are actuarially determined for the Company as a whole. Note : The above information has been identified on the basis of information available with the Company and relied upon by the Auditors.

# Pursuant to the resolution passed by the Shareholders through Postal Ballot Shares of Rs.10/- each as fully paid-up Bonus Shares in the Ratio of 1 (one) Bonus Share for every 2 (two) existing Equity Share held by the Shareholders as on the Record Date i.e., 28th June, 2013 and date of allotment is 1st July, 2013. Consequently, the number of equity shares of the Company has increased from 10921908 to 16382862 and the Earnings per Share (EPS) has been recomputed for the previous year as per AS-20 (Earnings Per Share).


Mar 31, 2013

1.01 NATURE OF OPERATIONS

The Company is a manufacturer of Synthetic Staple Fibres Yarn, Man made Fibres blended yarn & Cotton Yarn and Fabrics. It has two spinning units viz. Rajasthan Textile Mills, Bhawanimandi (Raj) & Chenab Textile Mills, Kathua (] & l<), one weaving & processing unit viz. Damanganga Fabrics, one Garments unit viz. Damanganga Garments and one Home Textiles unit viz. Damanganga Home Textiles at Village Daheli, near Bhilad (Gujarat). The Management has decided to close the operations of Damanganga Garments w.e.f. 31st January, 2013, in view of its un-economic working.

1.02 In respect of Okara Mills, Pakistan, ( Which remained with the Company as a result of transfer of textiles division of Sutlej Industries Limited with the Company ) no returns have been received after 31.03.1965. Against net assets of Okara Mills, Pakistan amounting to Rs.232.35 lakhs, the demerged/transferor Company had received adhoc compensation of Rs.25.00 lakhs from Government of India in the year 1972-73. These assets now vest in the Custodian of Enemy Property, Pakistan for which claim has been filed with the Custodian of Enemy Property in India .The Company shall continue to pursue its claim for compensation/ restoration of assets. Hence, further compensation, if any received, credit for the same will be taken in the year of receipt. In the year 2003-04 net assets of Rs. 207.35 lakhs (net of compensation received) as on 31.03.1965, valued at pre-devaluation exchange rate, being diminution in value has been provided for.

1.03 Proportionate expenses reimbursed for utilising services of establishments maintained by other entities have been included in respective heads of expenses.

NOTE 2

(a) Key Management Personnel and their relatives

Shri S.K. Khandelia [President]

Smt. Manju Khandelia (wife), Smt. Indra Devi Khandelia (mother),

Shri Ashish Khandelia (son) & Shri Anurag Khandelia (son)

Shri C. Singhania (Wholetime Director)

Shri K.C. Agarwal (Joint Executive President, Daheli Unit) (upto 11.01.2013)

Smt. Savita Agarwal (wife), Ms. Sweta Agarwal (daughter), Smt. Indra Devi Agarwal (mother), Shri Harsut Agarwal (son) & Radhey Shyam Agarwal (father) HUF

NOTE 3 Previous year figures have been regrouped/rearranged wherever necessary.


Mar 31, 2012

Terms/ rights attached to Equity shares

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. There is no restriction on distribution of dividend. However same is subject to the approval of the shareholders in the Annual General Meeting.

@ The Board of Directors has recommended dividend of Rs.5 per Equity Share (Previous year Rs.5 per Equity Share and a one time special dividend of Rs.2.50 per Equity Share ) of Rs.10 each for the year ended 31st March, 2012. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(a) (i) Securities :

Term Loans are secured/to be secured by first equitable mortgage ranking pari- passu over the Company's Immovable Properties situated at Bhawanimandi (Rajasthan), Kathua (Jammu 8 Kashmir) and Daheli (Gujarat) and moveable assets (save and except book debts) both present and future, subject to prior charges created/to be created in favour of Bankers on moveables including book debts for securing Working Capital Borrowings.

(b) Secured by subservient charge over moveable fixed assets and current assets of the Company, carries rate of Interest @ 11.25% p.a. (Previous year 11% p.a.) and repayable within 1 year from the balance sheet date.

(c) (i) Fixed deposit from public carries rate of interest @ 9.50% to 10% p.a. ( Previous year 8.50% to 9% p.a.) and are repayable after 2 to 3 years ( Previous year 2 to 3 years) from the date of acceptance of Deposits.

(ii) Current maturities of fixed deposits includes amount accepted from related parties Rs.678.20 lakhs.(Previous year Rs.504.60 lakhs)

(i) Provision of disputed statutory matters are on account of legal matters, where the Company anticipates probable outflow. The amount of provision is based on estimate made by the Company considering the facts and circumstances of each case. The timing and amount of cash flow that will arise from these matters will be determined by the relevant authorities only on settlement of these cases.

(ii) Figures in brackets represents previous year's amounts.

* The Company has not received any intimation from its suppliers being registered under Micro, Small and Medium Enterprises Development Act, 2006 (MSME). Hence the necessary disclosure required under MSME Act, 2006 can not be made. However, the Company generally makes payment to all its suppliers within the agreed credit period (generally less than 45 days) and thus the Management is confident that the liability of interest under this Act, if any, would not be material.

Notes:

1 Land includes Freehold Land of Rs.511.11 lakhs( Previous year Rs.382.43 lakhs ) and Leasehold Land of Rs.409.27 lakhs ( Previous year Rs.404.27 lakhs ). In case of Kathua unit Leasehold Land for Rs.263.37 lakhs ( Previous year Rs.258.37 lakhs) are pending for registration in the name of the unit.

2 Fixed assets includes share of the company in a Holiday Flome at Flaridwar jointly owned with other Bodies Corporates.

3 Additions includes Borrowing Cost Rs.20.28 lakhs ( Previous Year Nil) 8 Employees cost Rs.7.86 lakhs ( Previous Year Nil)

# Represents Amortisation of Lease Rent.

@ The same has been recognised by the Company, represents that portion of MAT liability, which can be recovered and set off in subsequent years based on the provisions of Section 115JAA of the Income Tax Act, 1961. The management based on the present trend of profitability and also the future profitability projections, opines that there would be sufficient taxable income in foreseeable future, which will enable the Company to utilise MAT credit entitlement.

# Includes Rs.108.33 lakhs (Previous year Rs.108.33 lakhs) being not allowed by Excise Department towards simultaneous claim for rebate of duty on input 8 finished goods, hence Company has filed writ petition before the Hon'ble Rajasthan High Court, Jaipur against the order. Pending disposal of appeal by the Hon'ble High Court, above amount has been considered good by the Management. (Rs.in lakhs)

As at

31st March' 2012 31st March' 2011

NOTE NO. 1

Contingent Liabilities and Commitments

(A) Contingent Liabilities (Not provided for) in respect of:

1 Claim against the Company not acknowledged as debts:

a) Labour Matters, except for which the liability is unascertainable 84.31 93.84

b) Demand raised by Excise Department for various matters 66.28 66.28

c) Demand for Service Tax, being contested by the Company 23.91 23.91

d) Demand for Entry Tax (including penalty & interest): 365.25 317.47 (stay granted by the Tribunal)

Note: The management believes that the Company has a strong chance of success in above mentioned cases and hence, no provision their against is considered necessary.

2 Bills Discounted with Bankers 1961.03 5696.09

(Since Realised upto 30.04.2012 Rs.1106.11 lakhs, Previous year Rs.2037.84 lakhs)

3 The Company has procured certain capital goods under EPCG Scheme at concessional rate of duty. As on 31st March, 2012, the Company is contingently liable to pay differential custom duty Rs.3257.92 lakhs (Previous year Rs.4334.58 lakhs) on such import. In view of past export performance and future projections, the management is hopeful of completing the export obligation within stipulated time, and expect no cash outflow on this account.

(B) Commitments:

1 Estimated amount of Contracts remaining to be executed on Capital Account [Net 257.27 1249.06 of Advances Rs.208.81 lakhs (Previous Year Rs.575.20 lakhs)] and not provided for

2 The Kathua unit of the Company has availed certain government subsidies. As per the terms and conditions, the unit has to continue production for specified number of years failing which amount of availed subsidies alongwith interest, penalty etc. will have to be refunded.

@ Amount is net of Nil (Previous year Rs.42.72 lakhs) Insurance Subsidy received under Central Government Scheme.

* Includes excise duty on increase/(decrease) of finished goods stock Nil (Previous year Rs.6.17 lakhs), Wealth Tax Rs.6.49 lakhs (Previous year Rs.6.10 lakhs) and Sales tax Rs.56.82 lakhs (Previous year Rs.8.15 lakhs).

$ Amount is net of credit of Rs.196.40 lakhs ( Previous year Rs.209.46 lakhs) for Sharing of Common Expenses with a body corporate.

# Including service tax wherever applicable.

$$ Previous year includes Stores 8 Spares Consumed Rs.9.57 lakhs , Power, Fuel and Water Charges Rs.44.07 lakhs and Miscellaneous Expenses Rs.8.50 lakhs related to earlier years.

## The Company has complied with the announcement issued by the Institute of Chartered Accountants of India (ICAI) on Accounting for Derivatives' requiring provision for loss on all outstanding derivative contracts by marking them to market rate.

Accordingly Loss on Forward Contracts amounting to Rs.109.70 lakhs included herein above (Previous year Rs.3.90 lakhs is net off with Net Gain on Foreign Currency transactions and translation under Note no. 21-Other income).

# Net of 4% / 5% interest subsidies received/receivable under TUF (Technology Upgradation Fund) scheme amounting to Rs.2353.15 lakhs (Previous year Rs.2634.94 lakhs).

$ Previous year includes Rs.83.64 lakhs related to earlier years .

@ The Minimum Alternate Tax (MAT) provided during the year is as per provisions of section 115 JB of the Income Tax Act, 1961 and same is eligible for set off in the specified assessment years as per the provisions of the Income Tax Act,1961.

2.01 Nature of Operations

The Company is a manufacturer of Synthetic Staple Fibres Yarn, Man made Fibres blended yarn 8 Cotton Yarn and Fabrics. It has two spinning units viz. Rajasthan Textile Mills, Bhawanimandi (Raj) 8 Chenab Textile Mills, Kathua (J 8 K), one weaving 8 processing unit viz. Damanganga Fabrics, one Garments unit viz. Damanganga Garments and one Home Textiles unit viz. Damanganga Home Textiles at Village Daheli, near Bhilad (Gujarat) .

2.02 In respect of Okara Mills, Pakistan, ( Which remained with the Company as a result of transfer of textiles division of Sutlej Industries Limited with the Company ) no returns have been received after 31.03.1965. Against Net Assets of Okara Mills, Pakistan amounting to Rs.232.35 lakhs, the demerged/transferor Company had received adhoc compensation of Rs.25 lakhs from Government of India in the year 1972-73. These assets now vest in the Custodian of Enemy Property, Pakistan for which claim has been filed with the Custodian of Enemy Property in India .The Company shall continue to pursue its claim for compensation/ restoration of assets. Hence, further compensation, if any received, credit for the same will be taken in the year of receipt. In the year 2003-04, net assets of Rs. 207.35 lakhs (net of compensation received) as on 31.03.1965, valued at pre-devaluation Exchange Rate, being diminution in value has been provided for.

2.3 Proportionate expenses reimbursed for utilising services of establishments maintained by other entities have been included in respective heads of expenses.

2.4 Segment Reporting

Segment information has been prepared in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company.

As part of Secondary reporting, revenues are attributed to geographic areas based on the location of the customers.

The following tables present the revenue, profit, assets and liabilities information relating to the Business/Geographical segment for the year ended 31.03.2012.

Other Information:

The company has common assets for producing goods for domestic market and overseas market. However, it has Export Trade Receivable Rs.1703.96 lakhs (Previous year Rs.4049.06 lakhs).

Notes:

(i) The Company is organised into two main business segments, namely;

- Yarn comprising of Cotton and Man Made Fibres Yarn;

- Fabrics and Apparels comprising woven of Worsted/ Synthetic Staple Yarn, Fabric Processing, Home Furnishings and Garments.

Segments have been identified and reported taking into account, the nature of products, the differing risks and returns, the organisation structure, and the internal financial reporting systems.

(ii) Segment revenue in each of the above domestic business segment primarily includes sales, other income and export incentives in the respective segments.

(iii) The segment revenue in the geographical segments considered for disclosure are as follows:

(a) Revenue within India includes sales to customers located within India and earnings in India.

(b) Revenue outside India includes sales to customers located outside India and earnings outside India and export incentives benefits.

(iv) Segment, Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

(v) Previous year figures has been regrouped to make them comparable with current year figures.

$ Remuneration to Key Managerial personnel do not include provision for leave encashment and contribution to the approved Gratuity Fund of the Company, which are actuarially determined for the Company as a whole.

Note : The above information has been identified on the basis of information available with the Company and relied upon by the Auditors.

# Deposited in Indian Rupees in the Bank Accounts maintained by the shareholders in India.

2.5 The Company has prepared current year account as per presentation and disclosure requirement of Revised Schedule VI to the Companies Act, 1956 applicable with effect from 1st April, 2011. Previous year figures have been reclassified/regrouped to conform current year figures.

 
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