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Company Information

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MITTAL LIFE STYLE LTD.

22 November 2024 | 12:00

Industry >> Textiles - Denim

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ISIN No INE997Y01027 BSE Code / NSE Code / Book Value (Rs.) 1.40 Face Value 1.00
Bookclosure 03/10/2024 52Week High 3 EPS 0.04 P/E 53.63
Market Cap. 91.89 Cr. 52Week Low 2 P/BV / Div Yield (%) 1.47 / 0.00 Market Lot 1.00
Security Type Other

NOTES TO ACCOUNTS

You can view the entire text of Notes to accounts of the company for the latest year
Year End :2024-03 

Company has split the equity shares of Rs. 10/- each to Re. 1/- each in the month of November, 2023.

There are no Shares with differential Voting rights.

The company has only one class of equity shares having par value of Re. 1/- per share.each holder of equity shares entitled for one vote per share.

In the event of liquidation of companies, the holder of equity shares will be entitled to receive assets of company after distribution of all preferential amount.

The distribution will be in proportion to number of equity shares held by the share holders.

Terms of Inter Corporate Loan

All the Inter corporate loans and other unsecured loan taken from related parties are generally having repayment period of within 12 Months on demand, hence considered as short term in nature.

Loan taken from the related parties are interest free and taken for thr purpose to support working capital. Terms of Working Capital

Working Capital Loans are secured against the Hypothecation of Inventories and Receivables.

Collateral Securities provided by the company against the Working Capital Loans

In the opinion of the Board, all the Current Assets and Loans and Advances are approximately of the value stated if they are realised in the ordinary course of Business, and the adequate provisions are made for all known liabilities including depreciation.

The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been furnished.

Previous Years figures have been re-grouped / re-arranged wherever necessary.

The sensitivity anlysis have been determined based on reasonable changes of the respective assumptions occuring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analyisis presented above may not be reprsentative of the actual change In the projected benefit obligation as it is unlikely that the change in assumptions would occur in insolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period,which is the same method as applied in calculating the projected benefit obligation as recognized in the balance sheet.

Notes

Gratuity is payable as per company's scheme as detailed in the report.

Acturial gains/losses are recognized in the period of occurrence under other comprehensive income (OCI). All above reported figures of OCI are gross of taxation.

Salary escalation and attrition rate are considered as advised by the company ; they appear to be in line with the industry practise considering promotion and demand and supply of the employees.

Maturity analysis of benefit payments is undiscounted cashflows considering future salry, attrition and death is respective year for members as mentioned above.

Average expected future service represnets estimated term of post - Employment benefit obligations.

Qualitative disclosures

Para 139 (a) characteristics of defined benefit plan

The company has a defined benefit gratuity plan in India (Unfunded). The company's defined benefit gratuity plan is a final salry plan for employees.

Gratuity Is paid from company as and when it becomes due and is paid as per companys for gratuity.

Para 139 (b) risks associated with defined benefit plan

Gratuity is a defined benefit plan and company is exposed to the following risks:

Interest rate risks: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision.

Salary risks: the present value of the defined benefit plan liablity is calculated by reference to the future salaries of members. As such, an increase in the salry of the members more than assumed level will increase the plan's liability.

Asset liability matching risk: the plan faces the ALM risks as to the matching cash flow. Company has to manage pay-out based on pay as you go basis from own funds.

Morality risks: Since the benefit under the plan is not payable for life time and payable till retirement age only, plan does not have Para 139 (C) characterisctics of defined benefit plans

During the year, the company has changed the benefit scheme in line with payment of gratuity act, 1972 by increasing monetary Para 147(a) :- Gratuity plan is unfunded.

34 Additional Regulatory Information pursuant to Amendment in Schedule III to the Companies Act, 2013

a. The company does not hold any immovable property which is not held in the name of the company.

b. The Company does not hold any Investment Property. Accordingly, reporting on fair valuation of Investment Property is not

c. The Company has not revalued its Property Plant & Equipment diuring the year.

d. The Company does not hold any Intangible Assets. Accordingly, reporting on revaluation of Intangible Assets is not applicable.

e. The Company has not advanced loans or advances in the nature of loans to promoters, directors, KMPs and the related parties.

f. The Company does not hold any Capital-work-in-progress. Accordingly, reporting on Capital Work-in-progress ageing and completion schedule is not applicable.

g. The Company does not hold any Intangibles assets under development. Accordingly,reporting on Intangibles assets under development ageing and completion schedule is not applicable.

h. The Company does not have any property, where any proceeding has been initiated or pending against the Company for holding any benami property.

i. The Company has availed borrowings from banks or financial institutions on the basis of security of current assets & the quarterly statements submitted to Banks wherever mandated are in agreement with the books of accounts.

j. The Company is not declared wilful defaulter by and bank or financials institution or lender during the year.

k. The Company has not undertaken any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

l. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

m. The Company does not have any investment in subsidiaries. Accordingly, Compliance with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 is not applicable.

n. Reporting under Compliance with approved Scheme(s) of Arrangements is not applicable to the Company.

o. The Company has not advanced or loaned or invested funds to any other person(s) or Company(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (ultimate beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

p. The Company has not received any fund from any person(s) or Company(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

q. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, except for those mentioned in the Audit report.

r. Reporting on Corporate Social Responsibility (CSR) is not applicable to the Company.

s. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.