2.10 Provisions and Contingent Liabilities:
Provisions are recognised when the Company has a present obligation (legal or constructive) as a
result of a past event, 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. Provisions are measured at the best estimate of the expenditure required to settle the
present obligation at the Balance Sheet date.
2.11 Related Parties
Related party disclosure as required by Ind AS -24 issued by Ministry of Corporate Affairs (MCA) are
as under:-
(A) List of related parties and their relationship:
(a) Key Management Personnel
Shri G C Jain - Director
Shri Ankur Jain - Director
Smt. Alka Jain - Director
(b) Company under same management-
MFPL Tex Private Limited
Mascot Fashions Private Limited
2.12 Taxation
Current income tax: assets and liabilities are measured at the amount expected to be recovered
from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount
are those that are enacted or substantively enacted, at the reporting date. Current income tax
relating to items recognised outside profit or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Current tax items are recognised in correlation to the
underlying transaction either in OCI or directly in equity. Management periodically evaluates
positions taken in the tax returns with respect to situations in which applicable tax regulations are
subject to interpretation and establishes provisions where appropriate.
2.13 Cash Flow
Cash flows are reported using indirect method as set out in Ind AS -7 "Statement of Cash Flows",
whereby profit / (loss) before tax is adjusted for the effects of transactions of non- cash nature and
any deferrals or accruals of past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are segregated based on the available
information.
2.14 Other statutory requirement-
• Valuation of PP&E and Intangible Assets: The Company has not revalued its property, plant
and equipment (including right-of-use assets) or intangible assets or both during the current
or previous year.
• Loans and Advances in the nature of Loans to Promoters, Directors, KMPs and the related
parties: The Company has not granted loans and advances in the nature of loans to Promoters,
Directors, KMPs and the related parties either severally or jointly with any other person.
• Details of Benami Property: No proceedings have been initiated or are pending against the
Company for holding any Benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and the rules made thereunder.
• Wilful Defaulter: The Company has not been declared wilful defaulter by any bank or financial
institution or Government and any Government Authority.
• Relationship with Struck off Companies: The Company does not have any
transaction/relationship with any struck off company
• Registration of Charges or Satisfaction with Registrar of Companies: The Company does not
have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
• Compliance with number of layers of companies: The Company has complied with the number
of layers prescribed under the Companies Act, 2013.
• Compliance with approved scheme(s) of arrangements: The Company has not entered into
any scheme of arrangement which has an accounting impact on current or previous financial
year.
• Undisclosed Income: There is no income surrendered or disclosed as income during the
current or previous year in the tax assessments under the Income Tax Act, 1961, that has not
been recorded in the books of account.
• Details of Crypto Currency or Virtual Currency: The Company has not traded or invested in any
crypto currency or virtual currency during the current or previous year.
For D B S & ASSOCIATES For and on behalf of Board
Chartered Accountants R S C International Limited
FRN 081627N
ROXY Teniwal G.C.Jain Ankur Jain Alka Jain
Partner Director Director Director
MRN:141538 DIN 00498094 DIN 01129847 DIN 00498124
Place :- Jaipur
Jitendra Bansal Subhash Jain Deepak Goyal
Director Director CompanySecretary
DIN 02292667 DIN 08581079
Vinod Mishra
Director
DIN 08581720
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