Notes to Accounts of Mittal Life Style Ltd.

Mar 31, 2025

11.1 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.

11.2 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

27 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.

28 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.

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

30 In the opinion of the opinion of the management loan from Related parties are payable at value stated.The said loan are interest free and payable on demand.

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.

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 payout 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 any longevity risks.

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 ceiling from 10 lakhs to 20 lakhs. Change in liability (if any) due to this scheme change is recognised as past service cost.

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 applicable.

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.

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Mar 31, 2024

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.

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Mar 31, 2023

7 Provisions, Contingent Liabilities and Contingent Assets

a) Provisions are recognised when the Company has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Such provisions are determined based on management estimate of the amount required to settle the obligation at the Balance Sheet date. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtual ly certain that reimbursement will be received and the amount of the receivable can be measured reliably. The expense relating to a provision net of any reimbursement is presented in the Statement of Profit and Loss or in the carrying amount of an asset if another standard permits such inclusion.

b) If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows using a current pre-tax rate that reflects the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

c) Contingent liabilities are possible obligations that arise from past events and whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events not wholly within the control of the Company. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Contingent liabilities are disclosed on the basis of judgment of management/ independent experts. These are reviewed at each Balance Sheet date and are adjusted to reflect the current management estimate.

d) Contingent assets are possible assets that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are disclosed in the financial statements when inflow of economic benefits is probable on the basis of judgment of management. These are assessed continually to ensure that developments are appropriately reflected in the financial statements.

8 Employee Benefit

1. Short Term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed or included in the carrying amount of an asset if another standard permits such inclusion as the related service is provided.

A liability is recognised for the amount expected to be paid under short-term performance related cash bonus if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

2. Defined contribution plan

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into separate trusts and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in the Statement of Profit and Loss or included in the carrying amount of an asset if another standard permits such inclusion in the periods during which services are rendered by employees. Contributions to a defined contribution plan that is due more than 12 months after the end of the period in which the employees render the service are discounted to their present value.

Employees Defined Contribution Superannuation Scheme (EDCSS) for providing pension benefits and contribution to Social Security Scheme are accounted as defined contribution plan.

3. Defined Benefit plan

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company''s Gratuity Scheme, Retired Employees Health Scheme (REHS), Provident Fund Scheme, Allowance on Retirement/Death and Memento on Superannuation to employees are in the nature of defined benefit plans.

The liability or asset recognised in the Balance Sheet in respect of Gratuity, Retired Employees Health Scheme and Provident Fund Scheme is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.

The defined benefit obligation is calculated annually by actuary using the Projected Unit Credit Method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss or included in the carrying amount of an asset if another standard permits such inclusion.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in Other Comprehensive Income. They are included in retained earnings in the Statement of Changes in Equity and in the Balance Sheet.

4. Other Long Term employee benefit

Benefits under the Company''s leave encashment scheme constitute other long term employee benefits.

The Company''s net obligation in respect of long-term employee benefits is the amount of future benefits that employees have earned in return for their service in the current and prior periods. The benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is based on the prevailing market yields of Indian government securities as at the reporting date that have maturity dates approximating the terms of the Company''s obligations. The calculation is performed using the Projected Unit Credit Method. Contributions to the scheme and actuarial gains or losses are recognised in the Statement of Profit and Loss or included in the carrying amount of an asset if another standard permits such inclusion in the period in which they arise.

5. Termination benefit

The expenses incurred on terminal benefits in the form of ex-gratia payments and notice pay on voluntary retirement schemes are charged to the Statement of Profit and Loss in the year of incurrence of such expenses

9 Revenue Recognition and Other Income

a) Company has applied Ind AS 115. which establishes a comprehensive framework for determining whether, how much and when revenue is to be recognized.

b) Ind AS 115 five step model is used to determine whether revenue should be recognised at a point in time or over time, and at what amount is as below:

• Step 1: Identify the contract with the customer

• Step 2: Identify the performance obligations in the contract

• Step 3: Determine the transaction price

• Step 4: Allocate the transaction price to the performance obligations

• Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.

c) Revenue is recognised upon transfer of control of promised goods or services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those products or services.

- Revenue from sales of goods is recognised on output basis measured by units delivered, number of transactions etc.

- Revenue from the sale of goods is recognised at the point in time when control is transferred to the customer which coincides with the performance obligation under the contract with the customer.

- Revenue from services is recognized in accordance with the terms of contract when the services are rendered and the related costs are incurred.

Revenue is measured based on the transaction price, which is the consideration, adjusted for discounts, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.

d) Revenue from related party is recognised based on transaction price which is at arm''s length.

e) The company recognizes Project cost in the Profit and Loss Account in respect of sales of flats on progress of construction based on technical certificate for which revenue is recognized as stated in to note 2 above.

f) Dividend income is recognized when right to receive the same is established.

g) Interest/Surcharge recoverable from customers and liquidated damages /interest on advances to contractors is recognised when no significant uncertainty as to measurability and collectability exists

h) For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial asset to the gross carrying amount of the financial asset. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does no t consider the expected credit losses. Interest income is included in other income in the Statement of Profit and Loss.

10 Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying tangible assets that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs. Capitalisation of borrowing cost ceases when substantially all the activities necessary to prepare the qualifying tangible assets for their intended use are complete.

11 Depreciation & Amortisation

a) Depreciation on additions to /deductions from Property, Plant & Equipment (PPE) during the year is charged on pro-rata basis from/ up to the date on which the asset is available for use/ disposal.

b) Depreciation in respect of items of PPE is charged on Written Down Method based on the life and residual value (5%) given in the Schedule II of the Companies Act, 2013.

12 Impairment of non-financial assets other than inventories

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or cash-generating unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets of the Company. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The resulting impairment loss is recognised in the Statement of Profit and Loss.

13 Income Taxes

Income tax expense comprises current and deferred tax. Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax is also recognised directly in equity or in other comprehensive income.

a) Current tax

i) The current tax is the expected tax payable on the taxable income for the year on the basis of the tax laws applicable at the reporting date and any adjustments to tax payable in previous years. Taxable profit differs from profit as reported in the Statement of Profit and Loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible (permanent differences).

ii) Additional income taxes that arise from the distribution of dividends are recognised at the same time that the liability to pay the related dividend is recognised.

b) Deferred tax

i) Deferred tax is recognised on temporary differences between the carrymg amounts of assets and liabilities in the Company''s financial statements and the corresponding tax bases used in the computation of taxable profit and are accounted for using the Balance Sheet method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences, unused tax losses and unused tax credits can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of an asset or liability in a transaction that at the time of the transaction affects neither the taxable profit or loss nor the accounting profit or loss.

ii) The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available against which the temporary differences can be utili sed.

iii) Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the Balance Sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would flow in the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

iv) Deferred tax is recognised in the Statement of Profit and Loss except to the extent that it relates to items recognised directly in other comprehensive income or equity, in which case it is recognised in other comprehensive income or equity.

v) Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

vi) Deferred tax recovery adjustment account is credited/ debited to the extent the deferred tax for the current period which forms part of current tax in the subsequent periods and affects the computation of return on equity (ROE), a component of tariff.

14 Segment Reporting

a) In accordance with Ind AS 108 - Operating Segment, the operating segments used to present segment information are identified on the basis of internal reports used by the Company''s Management to allocate resources to the segments and assess their performance. The Board of Directors is collectively the Company''s "Chief Operating Decision Maker" or "CODM" within the meaning of lnd AS 108.

b) Dealing in supply of Bottom weight Fabrics & Denims is the principal business activity of the Company.

15 Statement of Cash Flows

a) Cash and Cash Equivalents:

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.

b) Statement of cash flows is prepared in accordance with the indirect method prescribed in Ind AS 7- ''Statement of Cash Flows''.

15 Current versus non-current classification

The Company presents assets and liabilities in the Balance Sheet based on current/ non-current classification.

a) An asset is current when it is:

- Expected to be realised or intended to be sold or consumed in the normal operating cycle

- Held primarily for the purpose of trading

- Expected to be realised within twelve months after the reporting period, or

- Cash or Cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

b) A liability is current when:

- It is expected to be settled in the normal operating cycle

- It is held primarily for the purpose of trading

- It is due to be settled within twelve months after the reporting period, or

- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

All other liabilities are classified as non-current.

16 Inventories :-

Inventories is valued at lower of cost or net realisable value.

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 cash flows considering future salary, attrition and death is respective year for members as mentioned above.

Average expected future service represents 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 salary plan for employees.

Gratuity Is paid from company as and when it becomes due and is paid as per company’s 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 lability is calculated by reference to the future salaries of members. As such, an increase in the salary 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 any longevity risks.

Para 139 (C) characteristics 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 ceiling from 10 lakhs to 20 lakhs. Change in liability (if any) due to this scheme change is recognised as past service cost.

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"ofthe"company."

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

c. "The"Company"has"not"revalued"its"Property"Plant"& Equipment''during''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 Intangible 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"wilfufdefaulter"by"any"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."

For Jain Jagawat Kamdar & Co. For and on behalf of the Board of

Chartered Accountants Mittal Life Style Limited

Firm Registration No. 122530W

Sd/- Sd/- Sd/-

CA Chandra Shekhar Jagawat Brijeshkumar Mittal Pratik Mittal

Partner Managing Director Director & CFO

Membership No. 116078 DIN : 02161984 DIN : 05188126

Sd/-

Ankitsingh Rajpoot

Place : Mumbai Company Secretary

Date : May 02nd, 2023_M.No. A49998

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Mar 31, 2018

General company profile :

Mittal Lifestyle Limited (the ‘Company’) was incorporated on 31/08/2005 as Private Limited Company under the Companies Act 1956 and the same was converted in Public Limited Company on 22/11/2017. The company Is engaged mainly in supply of Bottom weight Fabrics & Denims.The company has tied-up with about 16 Composite mills to get denim fabric manufactures as per its need and requirements. The Company is listed on SME Platform of National Stock Exchange (NSEJ.

(a) Rights, preferences and restrictions attached to shares

(i) The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- per. share. Each holder of equity shares is entitled to one vote per share.

(ii) In the event of liquidation of the Company, the holders of the equity shares of the Company will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.

Details of Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act,2006 (“MSMED Act’1) Under Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act,2006 (“MSMED Act’1), certain disclosure are required to be made relating to Micro, Small and Medium Enterprises. The Company is in process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is not readily available, no disclosure have been made in the accounts. However in view of the management, the impact of interest, if any, that may be payable in accordance with the provision of this Act is not expected to be material.

The disclosure required as per the revised AS 15 is as under:

a) Retirement Benefits

The Company has following long term retirement employees benefits: i) Defined Contribution Plan:

Note This being the first year of liability of the company toward gratuity payble to employees, hence comparative previous year figure not being given,

b) Short Term Employee Benefits

All employees benefits falling due wholly with in twelve months of rendering services are classified as short term employee benefits, which include salaries, wages, bonus, leave encashement ets. The said benefits are recognised as expenses in the period in which the employee renders the related service and measured accordingly.

Leave encashment is provided on the basis of earned leave standing to the credit of the employees and the same is discharged by the company by the year end or rn the immediate subsequent year.

1 Closing stock of Finished Goods include excise duty of Rs.3,99,24,919/-(31 March, 2017 Rs.3,71,37,782/ ).

2 In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, tf realised, in the ordinary course of the business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

3 Previous period figures have been regrouped and. recast wherever necessary to conform to the current year classification.