Mittal Life Style Ltd Directors Report.

To,

The Members,

Mittal Life Style Limited,

The Board of directors of your Company is pleased in presenting the 14th Annual Report of your Company together with the Audited Financial Statements (Standalone) for the period ended 31st March, 2019.

FINANCIAL RESULTS:

Particulars Current Year Ended Previous Year Ended
on 31/03/2019 on 31/03/2018
Income from operations 897,404,794 80,13,21,803
Other Income 20,729,492 2,34,11,323
Depreciation & amortization 1,428,113 22,82,187
Expenses other than Depreciation 895,930,848 80,01,32,819
Net Profit/(Loss) Before Tax 20,775,325 2,23,18,120
Current Tax 58,00,000 77,00,000
Deffered Tax (160,436) (3,43,565)
Prior period Tax adjustment - 16,53,040
Profit/(Loss) After Tax 15,135,761 1,33,08,645
Proposed Dividend 35,25,000 0.00
Provision for dividend distribution Tax 724,574 0.00
Balance Carried to Balance Sheet 10,886,187 1,33,08,645

PRESENT OPERATIONS AND FUTURE PROSPECTS:

During the year under review, the Company has generated revenue total revenue of Rs.897,404,794 as against Rs. 80,13,21,803 during the previous financial year. The net profit after tax for the year under review has been Rs. 15,135,761 as against Rs. 1,33,08,645 during the previous financial year which shows tremendous growth in the Net Profit of the company. Your Directors are continuously looking for the new avenues for future growth of the Company and expect more growth in future period. A detailed analysis of the financial results is given in the Management Discussion and Analysis Report, which forms part of this report.

INITIAL PUBLIC OFFER (IPO) & LISTING AT NSE (eMERGE):

The Company approached the capital market on March 19, 2018 with an Initial Public Offer 21,00,000 (Twenty One Lakh) equity shares of company of face value of Rs 10 each fully paid for cash at a price of Rs. 21/- Per Equity Share ("The Issue Price") (Including a Share Premium of Rs. 11 Per Equity Share aggregating Rs. 441.00 Lakhs (The "Issue") , of which 1,20,000 equity Shares of Rs.10/- each fully paid up reserved for subscription by market maker to the issue ("market maker reservation portion". The Basis of Allotment was finalized in consultation with the Designated Stock Exchange National Stock Exchange of India Limited on March 28, 2018.

The trading of Equity shares of the company commenced on NSE e- Merge (SME Emerge Platform) on April 02, 2018.

RESERVES AND SURPLUS:

The Company had reserves and surplus of Rs. 48,350,688 in the present financial year as against the reserve and surplus of Rs. 39,364,501 during the previous financial year.

DIVIDEND:

The interim Dividend of Rs. 0.50/- per equity shares was paid.

BONUS SHARES

The Company had allotted 47,00,000/- Bonus Equity shares of Rs.10/- each on 24th June, 2019 in the proportion of 2 (Two) new fully paid up equity shares of Rs. 10 each for 3 (Three) existing fully paid up equity shares of Rs. 10 each.

BOARD OF DIRECTORS:

The existing and present structure of Board of Directors is as follows:

CATEGORY NAME OF DIRECTORS
Promoter and Executive Director
1. Chairman & Managing Director Mr. Brijesh Jagdishkumar Mittal
2. Director & CFO Mr. Pratik Brijeshkumar Mittal
Promoter and Non Executive
3. Woman Director Mrs. Sudha Brijeshkumar Mittal
Non Executive Director
4. Independent Non Executive Mr. Prasun Muljibhai Modi
Director
5. Independent Non
Executive Director Mr. Praful Jadavji Shah
Company Secretary & Compliance Officer
6. Company Secretary & Compliance Officer Ms. Jalpa Shivshankar Purohit

During the Year under review, Following Independent Directors and Key Managerial Personnel(s) were appointed on the board of the Company:

I. APPOINTMENT/RE-APPOINTMENT & CHANGE IN DESIGNATION:

There has been no change in the constitution of Board during the year under review i.e. the structure of the Board remains the same.

DECLARATION BY INDEPENDENT DIRECTORS:

The following directors are appointed as independent directors in terms of Section 149(6) of the Act and SEBI (Listing Obligations and Disclosure requirements) Regulations 2015;

1. MR. PRAFUL JADAVJI SHAH

2. MR. PRASUN MULJIBHAI MODI

The Company has received requisite declarations/ confirmations from all the above Directors confirming their independence.

III. RE-APPOINTMENT OF DIRECTOR:

In accordance with the provisions of section 152 of the Companies Act, 2013, Mr. Pratik Brijeshkumar Mittal (DIN: 05188126), will retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment and brief profile of his is given in this report as notes to the notice.

SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANY:

The Company has no subsidiary, Joint Venture and associates Company.

CORPORATE GOVERNANCE:

Since the Company is listed on SME Emerge Platform of NSE, by virtue of Regulation 15 of SEBI (Listing Obligation And Disclosure Requirements) Regulation, 2015 the compliance with the corporate governance provisions as specified in regulations 17 to 27 and clauses (b) to (i) of sub regulation (2) of Regulation 46 and Para C, D and E of Schedule V are not applicable to the Company. Hence, Corporate Governance Report does not form part of this Annual Report.

PUBLIC DEPOSIT:

During the year under review your Company has neither accepted the deposit from public nor renewed the same and has neither defaulted in the repayment of deposits or payment of interest during the financial year as envisaged under Section 73(2) read with Chapter V of the Companies Act, 2013.

CHANGE IN THE NATURE OF BUSINESS:

There is no Change in the nature of the business of the Company done during the year.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS/ OUTGO:

As required by the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 the relevant data pertaining to conservation of energy are Annexed as Annexure-A. Technology absorption information is not applicable to the company. Moreover, during the year, the Company has no Foreign Exchange earnings and foreign exchange outgo is Rs. 293,903/- on account of Travelling Expenses during the year.

DISCLOSURES:

I. PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

During the year under review, contracts or arrangements entered into with the related party, as defined under section 2(76) of the Companies Act, 2013 were in the ordinary course of business and on arms length basis. Details of transactions pursuant to compliance of section 134(3)(h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 are annexed herewith as per Annexure-B in the FORM AOC-2.

During the year the company has not entered into any materially significant related party transactions which may have potential conflict with the interest of the Company and stakeholders at large. Suitable disclosures as required are provided in AS-18 which is forming part of the notes to the financial statement.

II. NOMINATION AND REMUNERATION POLICY:

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors, senior management personnel and their remuneration. Remuneration Policy of the Company acts as a guideline for determining, inter alia, qualification, positive attributes and independence of a Director, matters relating to the remuneration, appointment, removal and evaluation of the performance of the Director, Key Managerial Personnel and senior managerial personnel. Nomination and Remuneration Policy is annexed as Annexure "C" to this report and also placed on the Companys website: https://mittallifestyle.in/.

Secertarial Standards

The company has complied with the applicable secretarial standards as issued by the Institute of Company Secretaries of India on Board Meetings and General Meetings.

PARTICULARS OF EMPLOYEES:

The Company has no employee, who is in receipt of remuneration of Rs. 8,50,000 per month/- or Rs. 1,02,00,000 per annum and hence, the company is not required to give information under Sub Rule 2 and 3 of Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Further the following details form part of Annexure D and Annexure E to the Boards Report: i) Pursuant to Rule 5 (2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 statement containing the names and other particulars of top ten employees in terms of remuneration drawn by them- Annexure D

Disclosure under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014- Annexure E.

DISCLOSURE OF RELATIONSHIPS BETWEEN DIRECTORS INTER-SE:

Name of directors Relationship with other Director
Shri. Brijeshkumar J. Mittal Managing Director and self
Shri Pratik Brijeshkumar Mittal Director and Son of Mr. Brijeshkumar Mittal
Shri. Praful Jadavji Shah None
Shri. Prasun Muljibhai Modi None
Smt. Sudha Brijeshkumar Mittal Director and Wife of Mr. Brijeshkumar Mittal

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAS OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

No such material changes and commitments, affecting the financial position of the company have occurred and hence no comments required.

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS:

During the year no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future.

CHANGES IN SHARES CAPITAL:

I: INCREASE IN AUTHORISED SHARE CAPITAL:

With view to expand its business activities, the company has increased the authorised share capital from Rs. 100,000,000/- (Rupees Ten Cores Only) divided into 10,000,000 equity shares of Rs. 10/- (Rupees Ten) each to Rs.120,000,000/- (Rupees Twelve Crores Only) divided into 12,000,000 (One Crores Twenty Lakh only) equity shares of Rs. 10/- each by creation of 20,00,000 equity shares of Rs.10/- each, rank pari-passu with the existing shares in the company.

INSURANCE:

All the assets of the company are adequately insured and the Company has developed proper system for taking insurance on all its insurable assets in order to mitigate the risk.

EXTRACT OF ANNUAL RETURN:

Pursuant to Section 134(3) (a) of the Companies Act, 2013 read with rules 12(1) of the Companies (Management and Administration) Rules, 2014, the extract of annual return is annexed herewith as Annexure F in MGT-9 and forming part of the report.

AUDITORS:

I. STATUTORY AUDITORS & AUDITORS REPORT:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 (the Act) read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification (s) or re-enactment thereof, for the time being in force), M/s Jain Jagawat Kamdar & Co., Chartered Accountants, (FRN: 122530W) were appointed as Statutory Auditors of the Company for a term of five (5) years, to hold office from the conclusion of Thirteen Annual General Meeting of the Company held on 29th September, 2018, subject to ratification of their appointment at every subsequent Annual General Meeting.

The requirement of seeking ratification of the members for continuance of their appointment has been withdrawn consequent upon the changes made by the Companies (Amendment) Act, 2018 with effect from May 7, 2018. Hence the resolution seeking ratification of the members for their appointment is not being placed at the ensuing Annual General Meeting.

Your Company has received necessary certificate form M/s Jain Jagawat Kamdar & Co., Chartered Accountants confirming that they satisfy the criteria provided under section 141 of the Companies Act, 2013 and are not disqualified from continuing as Statutory Auditors of the Company.

The Auditors Report for 2018-19, does not contain any qualification, reservation or adverse remarks.

Auditors Report:

The Auditors Report does not contain any qualification, reservation or adverse remark(s) on the financial statements for the year ended March 31, 2019. The notes of accounts referred to in the auditors report are self explanatory and therefore do not require any further comments.

II. INTERNAL CONTROL AUDITOR AND SYSTEM:

Pursuant to the provisions of section 138 of the Companies Act and rules made there under, the company has its proper system of Internal Control and it regularly monitor the safeguarding of its assets, prevention and detection of frauds and errors and accuracy and completeness of accounting records including timely preparation of financial information.

K. S. Balasubramanian & Co (FRN: 129537W) together with Statutory Auditor of the Company M/s Jain Jagawat Kamdar & Co. consults and reviews the effectiveness and efficiency of these systems and procedures to ensure that all the assets are protected against loss and that the financial and operational information is accurate and complete in all respects..

III. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:

Pursuant to Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company had appointed M/s. Malay Shah & Associates, Practicing Company Secretaries, Mumbai as its Secretarial Auditors to conduct the secretarial audit of the Company for the financial year 2018-19. The Report of Secretarial Auditor for the financial year 2018-19 is set out as Annexure and forms part of this report.

Certificate from Company Secretary in Practice

Mr. Malay Shah of M/s. Malay Shah & Associates, Practicing Company Secretaries has issued a certificate as required under Listing Regulations, confirming that none of the Directors on the Board of the Company were debarred or disqualified from being appointed or continuing as directors of companies by Ministry of Corporate Affairs.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

As per the provisions of Section 135, Corporate Social Responsibility activity (CSR Activity) is not applicable to the company.

ENVIRONMENT, HEALTH AND SAFETY:

The Company accords the highest priority to Environment, Health and Safety. The management is constantly reviewing the safety standards of the employees and the management believes in the concept of sustainable development.

MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES:

i. Vigil Mechanism / Whistle Blower Policy:

The Company has established vigil mechanism and framed whistle blower policy for Directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of Companys Code of Conduct or Ethics Policy. During the year, none of the matter having any unethical practices or behavior was reported to the Company.

ii. Business Conduct Policy:

The Company has framed "Business Conduct Policy". Every employee is required to review and sign the policy at the time of joining and an undertaking shall be given for adherence to the Policy. The objective of the Policy is to conduct the business in an honest, transparent and in an ethical manner. The policy provides for anti-bribery and avoidance of other corruption practices by the employees of the Company.

ACCOUNTING STANDARDS AND FINANCIAL REPORTING:

The Company incorporates the accounting standards as and when issued by the Institute of chartered Accountants of India. The Company Complied with the Stock Exchange and legal requirement concerning the Financial Statements at the time of preparing them for the Annual Report.

MANAGEMENTS DISCUSSION AND ANALYSIS REPORT:

In terms of Regulation 34(3) and 53(f) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 the Corporate Governance Report, the Management Discussion & Analysis Statement, and the Auditors Certificate regarding Compliance of Conditions of Corporate Governance are part of this Annual Report.

INDUSTRIAL RELATIONS:

Industrial Relations during the year under review, continued to be cordial.

DEMATERIALISATION OF EQUITY SHARES:

As per direction of the SEBI and National Stock Exchange Limited, the shares of the Company are under compulsory demat form. The Company has established connectivity with both the Depositories i.e. National Securities Depository Limited and Central Depository Services (India) Limited and the demat activation number allotted to the Company is ISIN: INE997Y01019. Presently all the shares of the company i.e 100% shares are held in electronic mode.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (Prevention, Prohibition and Redressal Act, 2013):

The Company has in place an Anti Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. Your Directors further state that no complaints regarding the sexual harassment were raised during the year.

DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provision of section 134(5) the Board confirms and submits the Directors Responsibility Statement:-

a) in preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b) the Directors had selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;
c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d) the Directors had prepared the Annual Accounts on a going concern basis; and
e) the directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
f) the directors had devised proper system to ensure compliance with the provision of all applicable laws and that such systems were adequate and operating effectively.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186:

The Company has not provided directly or indirectly any loan to any other person or body corporate or has given any guarantees or provide security in connection with loan to any other body corporate or person and acquire by way of subscription, purchase or otherwise, the securities of any other body corporate, exceeding sixty percent of its paid up capital, free reserves and securities premium account or one hundred percent of its free reserves and securities premium account, whichever is more and hence it is outside the purview of Section 186 of the Companies Act, 2013.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR), 2015, the Board has carried out an annual performance evaluation of its own performance, the directors individually, as well as, the evaluation of the working of its Audit, Nomination and Remuneration Committee. The performance of the Board was evaluated by the Board after seeking feedback from all the Directors on the basis of the parameters/criteria, such as, degree of fulfillment of key responsibility by the Board, Board Structures and Composition, establishment and delineation of responsibilities to the Committees, effectiveness of Board processes, information and functioning, Board culture and dynamics and, Quality of relationship between the Board and the Management. The performance of the committees viz. Audit Committee and Nomination & Remuneration Committee was evaluated by the Board after seeking feedback from Committee members on the basis of parameters/criteria such as degree of fulfillment of key responsibilities, adequacy of committee composition, effectiveness of meetings, committee dynamics and, quality of relationship of the committee with the Board and the Management.

FRAUD:

No cases of fraud have been reported by the company during the period under review.

BOARD MEETING:

Attendance of each Director at the Board meetings, Last Annual General Meeting and Number of Other Directorships and Chairmanships / Memberships of Committees of each Director in various companies, during the year 2018-2019:

Name Of Directors Attendance particulars No. of Directorships and Committee Memberships / Chairmanships
Board Meetings Last AGM Directorshi p in Other Listed Co. Committee Membership Committee Chairman- ship None
Shri. Brijeshkumar J. Mittal 5 Present 0 1
Shri Pratik Brijeshkumar Mittal 5 Present 0 1 None
Shri. Praful Jadavji Shah 5 Present 0 3 2
Shri. Prasun Muljibhai Modi 5 Present 0 3 1
Smt. Sudha Brijeshkumar Mittal 5 Present 0 1 None

Note:

I) Details of the Committee membership / chairmanship are in accordance with the Regulation 17 of SEBI (LODR) Regulations, 2015.

II) None of the Directors of the Company is a member of more than ten committees nor is the Chairman of more than five Committees across all the Companies in which he is a Director.

Number of Board Meetings held and dates on which held:

5 (Five) Board Meetings were held during the year 2018-2019, as against the minimum requirement of 4 meetings. The dates on which the meetings were held are 01/04/2018, 21/07/2018, 04/09/2018, 12/11/2018 and 04/02/2019.

The Information as required under Regulation 17 of SEBI (LODR) Regulations, 2015 is made available to the Board. The agenda and the papers for consideration at the Board meeting are circulated to the Directors in advance before the meeting. Adequate information is circulated as part of the Board papers and is also made available at the Board Meeting to enable the Board to take informed decisions. Where it is not practicable to attach supporting / relevant document(s) to the Agenda, the same are tabled at the meeting and specific reference to this is made in the agenda.

COMMITTEES AND THEIR MEETINGS:

Audit Committee:

The Board of Directors of the Company has constituted an Audit Committee on 10th October, 2017 as mentioned in the Directors Report. Presently, the Audit Committee comprising of 2 (Two) independent Non-Executive Directors namely Shri. Prasun Muljibhai Modi, Chairman and Shri. Praful Jadavji Shah and 1 (One) Executive Promoter Director Shri Brijeshkumar Jagdishkumar Mittal as members of the committee.

The Constitution, composition and functioning of the Audit Committee also meets with the requirements of Section 177 of the Companies Act, 2013.

Terms of Reference:

The terms of reference of the Audit Committee include approving and implementing the audit procedures, reviewing financial reporting systems, internal control systems and control procedures and ensuring compliance with the regulatory guidelines and also include those specified under Section 177 of the Companies Act, 2013.

Powers of the Audit Committee:

The Audit Committee has powers that include the following:

a) To investigate any activity of the Company within its terms of reference

b) To seek information from any employee

c) To obtain outside legal and other professional advice

d) To secure attendance of outsiders with relevant expertise, if it considers necessary.

Names of Members and Chairman of the Audit Committee and the meetings attended by them during the Financial Year 2018-19 ending on 31st March, 2019, are as under:

Name of Committee Members Category Status / Designation No. of Meeting attended
Shri. Prasun Muljibhai Modi Non-executive / Independent Chairman 4
Shri Praful Jadavji Shah Non-executive / Independent Member 4
Shri Brijeshkumar Jagdishkumar Mittal Executive Promoter Director Member 4

The Committee met 4 (Four) times during the year 2018-2019. The dates on which the Audit Committee meetings were held are 21/07/2018, 04/09/2018, 12/11/2018 and 04/02/2019.

Members of the Audit Committee have requisite accounting, financial and management expertise.

II. NOMINATION AND REMUNERATION COMMITTEE:

The Nomination and remuneration committee is entrusted with the responsibility of finalizing the remuneration of Executive / Whole Time Directors.

Presently, Mr. Praful Jadavji Shah, Independent Director is Chairman of Nomination and Remuneration Committee and Mr. Prasun Muljibhai Modi, Independent Director and Mrs. Sudha Brijeshkumar Mittal, Non Executive woman director are members of the Committee. The Company Secretary of the Company acts as the Secretary to the Nomination and Remuneration Committee.

The Committee met 2 (Two) times during the year 2018-2019. The dates on which the Nomination and remuneration committee meetings were held are 12/11/2018 and 04/02/2019. It has complied with the provisions of Section 178 of the Companies Act, 2013.

Attendance of Nomination and Remuneration Committee Meeting:

Name of Committee Members No. of NRC Meeting
Held Attended
1. Praful Jadavji Shah 2 2
2. Prasun Muljibhai Modi 2 2
3. Sudha Brijeshkumar Mittal 2 2

Stakeholders Relationship Committee:

The Board of Directors of the Company has constituted a Stakeholders Relationship Committee as per Regulation 20 of SEBI (LODR) Regulations, 2015. Presently, the Stakeholders Relationship Committee comprising of Shri. Praful Jadavji Shah, Chairman of the Committee, Shri. Prasun Muljibhai Modi, Independent Director and Shri. Pratik Brijeshkumar Mittal, Executive Director of the company. Members of the Committee, inter alia, approve issue of duplicate certificates and oversee and reviews all matters connected with the securities transfers. The Committee also looks into redressal of shareholders complaints like transfer of shares, non-receipts of balance sheet, non-receipt of declared dividends etc. The Committee overseas the performance of the Registrar and Transfer Agents and recommends measures for overall improvement in the quality of investor services.

As required by the provisions of Regulation 20 of SEBI (LODR) Regulations, 2015, the Company has designated the below cited e-mail ID of the Grievance Redressal Division / Compliance Officer Ms. Jalpa Shivshankar Purohit exclusively for the purpose of registering complaints by investors. E-mail ID – jalpapurohit@mittallifestyle.in

None of the request for transfers, dematerialization and re-materialization was pending for approval as on 31st March, 2019. The Committee met 4 (Four) times during the year on 21/07/2018, 04/09/2018, 12/11/2018 and 04/02/2019.

Attendance of Stakeholder Relationship Committee Meeting:

Name of committee members No. of SRC Meeting
Held Attended
1. Praful Jadavji Shah 4 4
2. Prasun Muljibhai Modi 4 4
3. Pratik B Mittal 4 4

Independent Directors Meeting:

During the year under review, a separate meeting of Independent Directors was held on 04/02/2019, inter alia, to discuss:

1. Evaluation of performance of Non-Independent Directors and the Board of Directors as a whole,

2. Evaluation of performance of the Chairman of the Company, taking into account the views of the Executive and Non-Executive Directors and

3. Evaluation of the quality, content and timelines of flow of information between the Management and the Board and that is necessary to effectively and reasonably perform its duties.

All the Independent Directors were present at the meeting.

Annual General Meetings:

Location, Date and Time for last three Annual General Meetings were as follows:

Year Location Date Time
2015-16 Unit No. 8/9, Ravikiran, Ground Floor, New 30/09/2016 11.00
Link Road, Andheri (West) Mumbai MH 400053. a.m.
2016-17 Unit No. 8/9, Ravikiran, Ground Floor, New 25/09/2017 11.00
Link Road, Andheri (West) Mumbai MH 400053. a.m.
2017-18 Unit No. 8/9, Ravikiran, Ground Floor, New 29/09/2018 11.00
Link Road, Andheri (West) Mumbai MH 400053. a.m

Means of Communication:

The Company regularly intimates half yearly un-audited as well as yearly audited financial results to the Stock Exchanges, immediately after the same are taken on record by the Board. These results are normally published to NSE SME PLATFORM (NSE EMERGE).

The Management Discussion and Analysis Report forms part of this report.

? General Shareholder Information: 14th Annual General Meeting

Date : 16th day of September, 2019
Time : 2:00 p.m.
Venue : Unit No. 8/9, Ravikiran, Ground Floor, New Link Road,
Andheri [West], Mumbai, 400053

Financial Year / Calendar

The Company follows April to March as its Financial Year. The results for every half year beginning from April are being declared within 45 days of following the half year as per the SEBI [Listing Obligations and Disclosure Requirements] Regulations, 2015.

Date of Book Closure

From Tuesday, 10th day of September, 2019 to Monday, 16th day of September, 2019, (both days inclusive).

Listing of Equity Shares on Stock Exchanges at:

National Stock Exchange Limited, Mumbai-SME SEGMENT (NSE Emerge), Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra(E), Mumbai -400051, Maharashtra.

Annual listing fees for the year 2019-2020, as applicable, have been paid to the National Stock Exchange Limited. The Company has also paid Annual Custodial Fees for the year 2019-2020, as applicable, to National Securities Depository Limited [NSDL] and Central Depository Services (India) Limited [CDSL].

Stock Code:
National Stock Exchange Limited (NSE EMERGE) : MITTAL
Demat ISIN Number in NSDL & CDSL for Equity Shares : INE997Y01019

Share Transfer / Demat System:

All the shares related work is being undertaken by our R & T Agent, Bigshare Services Private Limited, Mumbai. To expedite the process of share transfer, transmission, split, consolidation, re-materialization and de-materialization etc. of securities of the Company, the Board of Directors has delegated the power of approving the same to the Companys R & T Agent under the supervision and control of the Compliance Officer Ms. Jalpa Shivshankar Purohit, who is placing a summary statement of transfer / transmission etc. of securities of the Company at the meeting of the Board.

Share lodged for transfer at the R & T Agents address are normally processed and approved within 15 days from the date of its received, subject to the documents been valid and complete in all respect. The investors / shareholders grievances are also taken-up by our R & T Agent.

The Company has obtained and filed with the Stock Exchange(s), the half yearly certificates from a Company Secretary in Practice as required Clause 40(9) & 40(10) of the SEBI (LISTING OBLIGATION AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.

Distribution Schedule and Shareholding Pattern as on 31st March, 2019 Distribution Schedule:

SHAREHOLDING OF NOMINAL RS. No. of Shareholders % of Total Shares Amount Rs. % of Total
10001-20000 2 6.8966 30000 0.0426
20001-30000 1 3.4483 30000 0.0426
50001-100000 12 41.3793 800000 1.1348
100001 and above 14 48.2759 69640000 98.7801
Total 29 100.00 70500000 100

Shareholding Pattern:

Category As on March 31, 2019 As on March 31, 2018
Nos. of Shares held Voting Strength % Nos. of Shares held Voting Strength %
1 Promoters 1644000 23.31 1440000 20.43
2 Mutual Fund & UTI 0 0 0 0
3 Bank, Financial Institutions
(FIs),
Insurance Companies 0 0 0 0
Foreign Institutional
4 Investors (FIIs) 0 0 0 0
Private Bodies Corporate
5 (Promoter Cos) 3510000 49.79 3510000 49.79
6 Indian Public 327000 4.64 1980000 28.08
7 Market Maker 1569000 22.26 120000 1.70
8 Others (Non Resident Indians) 0 0 0 0
Total 7050000 100 7050000 100

RISK MANAGEMENT SYSTEM:

The Company has developed and implemented a risk management system which identifies, assess, monitor and mitigate various risks on continuation basis, which may threaten the existence of the Company.

APRECIATIONS AND ACKNOWLEDGMENT:

Your Directors place on record their deep appreciation to employees at all levels for their hard work, dedication and commitment.

The Board places on record its appreciation for the support and co-operation your Company has been receiving from its suppliers, distributors, retailers, business partners and others associated with it as its trading partners. Your Company looks upon them as partners in its progress and has shared with them the rewards of growth. It will be your Companys endeavour to build and nurture strong links with the trade based on mutuality of benefits, respect for and co-operation with each other, consistent with consumer interests.

Your Directors also take this opportunity to thank all Shareholders, Clients, Vendors, Banks, Government and Regulatory Authorities and Stock Exchanges, for their continued support.

Regd. Office:

By Order of the Board

Unit No.8/9, Ground Floor,

For, MITTAL LIFE STYLE LIMITED

Ravikiran,
New Link Road,
Andheri [West], Mumbai -
400053, Maharashtra
Sd/- Sd/-
Brijeshkumar J. Mittal Pratik B Mittal
Chairman & Managing Director Director
DIN: 02161984 DIN: 05188126
Date: 17th August, 2019