1) Contingent liability:
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non - occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot, be recognized because it cannot be measured reliably.
la The Company is having only one class of Equity Share having a par value of Rs. 10/- Per Share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim Dividend. In the event of liquidaton, the equity shareholders are eligible to receive the remaininig assets of the company, after distribution of all preferential amounts, in proportion of their shareholding.
lb The company has issued 62,50,000 Bonus Equity Shares of Rs. 10 each fully paid up at par in the ratio of 5:4 to Existing Share holder as on 14/07/2017 out of General Reserve.
lc Pursuant to Intial Public Offering (IPO) 42,00,000 equity shares of the Company of Rs.10 each were alloted at Rs. 34 per Equity Share;
36 NOTESFORMINGPARTOFTHEACCOUNTSFORTHEYEARENDEDON 31st MARCH 2024
1 The Company changed its name on 03.04.2007 from M/s. Milton Laminates Ltd. to M/s Milton Industries Ltd.
2 i) Valley Velvette Pvt. Ltd. (VVPL) engaged in the business of manufacturing Coated
Fabrics cloth is amalgamated with the Company with effect from April 1,2008 in terms of Amalgamation (Scheme)sanctioned by the Hon'ble High Court of Gujarat vide its order dated 28/08/2009. The said Scheme came into effect from 25/09/2009 being effective date and pursuant thereto all assets, estates, title, interests, authorities, debts, out standings, credits, liabilities have been transferred to and vested in the Company retrospectively with effect from the appointed date i.e. April 1,2008.
ii) Each shareholder of Transferor Company received three (3) equity shares of Rs. 10/- each (Rupees Ten each only) fully paid up in the capital of Transferee Company for every one (1) equity share/s of Rs. 10/- each fully paid up and held in the capital of transferor company. All shares issued and allotted ranked pari passu in all respects with the existing equity shares in the transferee company.
3 The Company will make necessary adjustments on receipt of balance confirmations from the parties who have yet to send their confirmations.
4 Depreciation for the year has been provided on carrying cost at the rates and manner prescribed in Schedule II of the Companies Act, 2013 on Straight Line Method.
- Depreciation on original cost of assets is chargedto the Profit & Loss Ale.
37 The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year and comparative period.
38 The Company has not entered into any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956.
39 As at the reporting dates, none of the charges or satisfaction of charges are yet to be registered with ROC beyond the statutory time limit.
40 The provisions relating to number of layers prescribed under clause (87) of Section 2 of the Companies Act. 2013 read with Companies (Restriction on number of layers) Rules, 2017 are not applicable to the company.
41 The company does not have any scheme of Arrangements approved by the competent Authority in terms ofSection230to237 of Companies Act, 2013.
42 The Company does not hold any Benami Properties. No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibitions) Act, 1988 and the rules made thereunder.
43 There are no transactions that has not been recorded in the books of accounts and has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
44 GST Payable and Receivable booked on the basis of CGST, SGST and IGST act and all working done as per respective act and also follow the requirement of the act. GST Balance is Subject to the reconcilation of Annual GST Return.
45 Balances of Trade Payables and Trade Receivables are subject to confirmation, reconciliations and adjustment, if any.
46 Ratio Analysis.
Note- The Numerator and Denominator description given below is based on standard format only for understanding purpose. This need to be amended by each company based on specific items with reference to nomenclature used in its financial statement.
47 Previous year figures have been reclassified where necessary to confirm to this year's classification.
48 Significant accounting policies and practices adopted by the Company are disclosed in the statement annexedto these financial statement as Annexure I.
. . . . . .. , . For and on behalf of the Board of Directors
As per our report of even date attached
For, KPSJ and Associates LLP Vijay Pal Jain Saket Jain
Chartered Accountants Chairman Cum (WTD & CFO)
Firm Reg. N0.124845W Managing Director
Prakash M Parakh
P v Ronak Maheshwari AJAY MAHIPAL SINGH JAIN
(Company Secretary) (Director)
Membership No. 39946 Membership No. A60212
UDIN : 24039946BJZXYU4982
Place : Ahmedabad Place : Ahmedabad
Date : May30, 2024 Date : May30, 2024
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