Subsequent Events

12 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 17 – SUBSEQUENT EVENTS

On May 23, 2023, the Board of Directors approved the payment of a dividend of $0.05 per share, payable on June 9, 2023, to stockholders of record as of the close of business as of June 2, 2023.

J&B International Limited (“J&B”) is a joint venture company established in Hong Kong on January 10, 2023. On March 20, 2023, Treasure Success and P. T. Eratex (Hong Kong) Limited entered into a Joint Venture and Shareholders’ Agreement, pursuant to which Treasure Success acquired 51% of the equity interests in J&B on April 11, 2023. J&B engages in the garment trading and manufacturing business for orders from customers.

Jerash Garments recently received documents from Capital Bank of Jordan for a credit facility of $10 million. Our board of directors has reviewed the documents and approved to enter into the credit facility on June 1, 2023. Execution is still in process and the credit facility has not been effective as of the date of this annual report.