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Course Code:- MGN101 Course Title:- BUSINESS ORGANIZATION AND

MANAGEMENT
Academic task No:- 1 Academic task Title:- INDIVIDUAL
Date of allotment:- 02/09/2023 Date of Submission:-21/09/2023
Student Roll no:-RQ2306B57 Student reg No:- 12317554
Term:- Section:-Q2306
Max.Marks:-30 Marks Obtained:-
Evaluation Parameters:-

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I declare that this Assignment is my individual work. I have not copied it from any other students’ work or from any other
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Discovering HUF
Explore the fascinating world of Hindu Undivided Fam ily (H UF) and the
unique leg al structure that makes it a popular choice for fam ilies in India.

By:- Priyanshu Anand

What is HUF?
Legal Definition
HUF is a fam ily arrang em ent
recog nised under Hindu Law,
which consists of all persons
lineally descended from a
com m on ancestor and
includes their wives and
unm arried daug hters.
Fam ily Concept
HUF em bodies the concept of
a joint fam ily, wherein several
g enerations live under one
roof, share responsibilities, and
pool their financial resources.
Fam ily Tree
HUF is typically form ed around
a fam ily patriarch, from whom
all mem bers are descended.
HUF mem bers share in the
ancestral property and carry
out joint fam ily business.
History of HUF
1 Ancient Roots 🌳
The concept of a joint
fam ily dates back to
ancient tim es in India
when larg e fam ilies lived
tog ether and shared
resources, both physical
and intellectual.
2 Evolution of the Law 3 Adaptation to Modern
📜 Times 🏙️
Hindu Law recog nised While the joint fam ily
the concept of HUF in system has underg one
the 19th century with sig nificant chang es over
the landm ark decision the years, HUF rem ains a
of the Privy Council in popular leg al structure
the case of Hunoom an that provides for
Persaud Panday. collective property
rig hts and tax benefits.
HUF and its Legal Structure
Formation Membership

HUF can be form ed by a Hindu undivided All mem bers of a joint fam ily from a com m on
fam ily by birth or throug h marriag e. No ancestry are considered mem bers. This
specific docum entation is required to form includes the wives of male mem bers and
an HUF. unm arried daug hters.

Property Rights Taxation

Under HUF law, ancestral property passes on HUF enjoys several tax benefits, including
automatically to the male descendants. Female separate tax exem ption lim its and access to
members have limited rights and can only claim a lower tax rates, making it an attractive option
share in the event of partition. for tax planning .
Formation of HUF
Legal Requirements
While no specific docum ent is
required to form an HUF,
opening a separate bank
account in the nam e of the
HUF is a g ood practice for ease
of accounting and taxation.
Membership Criteria
All mem bers should be lineally
descended from a com m on
ancestor and share joint fam ily
property. Fem ale mem bers
include wives and unm arried
daug hters.
Rituals & Traditions
Som e fam ilies perform
traditional rituals and
cerem onies to mark the
form ation of the HUF, such as
the "Hawan" and "Pooja".
Taxation of HUF
Tax Exemption Limits
Like individuals, HUFs are entitled to various
tax exemption limits and deductions for
expenses incurred in the course of running
the business.
1 Separate Tax Entity
An HUF is considered a separate leg al
entity for taxation purposes and files
2 taxes using a separate PAN card. It
enjoys the sam e tax benefits as
individuals.
3 Lower Tax Rates
HUFs enjoy lower tax rates com pared
to individuals, with a maxim um rate of
30% for incom e above a certain
threshold.
Montecarlo: A Legacy of
Quality and Trust
For over 25 years, Montecarlo has been a leader in providing prem ium
quality products and services. With a focus on innovation and a
com m itm ent to excellence, Montecarlo has built a reputation of trust and
reliability am ong its custom ers.
History
The history of the Monte Carlo Company primarily revolves around the fashion industry. Monte Carlo is a popular clothing brand known for its
casual and winter wear.
Here's a brief overview of its history:
Monte Carlo Fashions Limited is an Indian clothing brand that was founded in (1984) by Oswal Woolen Mills Ltd, and is owned by Parental
Company Nahar Group based in Ludhiana Punjab. Mr.Jawahar lal Oswal Jain is the chairman and managing director of the company.
The company is headquartered in Ludhiana, Punjab, India.
Monte Carlo initially focused on producing woolen and knitwear products, capitalizing on the expertise of its parent company in the textile
sector.
The brand quickly gained popularity for its high-quality winter wear, including sweaters, cardigans, and other woolen garments.
Over the years, Monte Carlo expanded its product range to include a wide variety of clothing, such as jackets, trousers, shirts, and T-shirts,
catering to both men and women.
The brand has also ventured into accessories and footwear.
Monte Carlo is known for its trendy and stylish designs, making it a favored choice for fashion-conscious consumers, especially during the
winter season.
It has a strong retail presence in India, with a network of exclusive brand outlets, multi-brand outlets, and an online store, making its products
easily accessible to customers
across the country.
The company has continued to evolve and adapt to changing fashion trends, using innovative materials and manufacturing techniques.
Today, Monte Carlo is a well-established and reputable fashion brand in India, offering a wide range of clothing and accessories for all seasons.
Our Products and Services
Apparel Accessories Home Decor
• Menswear • Watches • Furniture

• Wom enswear • Jewelry • Bedding

• Childrenswear • Handbags • Decorative Accessories

Expansion And Diversification
New Delhi- Monte Carlo Fashions, known mostly as a winter-wear brand, is looking to expand the
product range to be recognised as an all-season apparel brand and increase footprint across the
country.The company in an investor presentation to analysts said it will "focus on a comprehensive
range of cotton and cotton- blended products which cater to all seasons in order to expand our all-
season product range and strengthen our pan-India operations".

In the previous fiscal, 58.1 per cent of Monte Carlo Fashions' total revenue of Rs 534.3 crore
came from cotton segment.Home furnishings, kids and winter products accounted for 9.1 per cent,
4.78 per cent and 28.1 per cent sales, respectively."The company is expanding presence in
western and southern markets as well as expanding its product offerings in home furnishing and
kids segments in order to reduce the overall seasonality impact," it added.

The company said it plans to diversify its pan-India presence by penetrating into the southern and
western regions.At present, 46 per cent of the revenue comes from North region and 30 per cent
from East. Sales from Central, South and West India regions together account for 24 per cent of
the total revenue.The company operates 231 exclusive brand outlets across the country and sells
products through over 2,300 multi-brand outlets such as Shoppers Stop.
Growth
Monte Carlo Fashions, in its business update for the quarter ended June 2023, said that the
company recorded revenue growth of ~20 per cent in Q1FY24. “The quarterly sales have
increased on the back of strong brand equity among consumers, latest fashion products and
superior quality aided by solid end of season sales, encouraging festive & wedding season across
India,” it said in a regulatory filing.During the first quarter of the financial year 2023-24, Monte
Carlo opened 11 new EBOs, of which five are in the northern region, two in central region, two in
eastern region, one in southern region and one in western region.

The new store openings took the total number of EBOs to approximately 366 across 21 states and
4 union territories. “The company is well on track to complete the shared target of opening 50-55
EBOs in this financial year. Apart from this, the company also has presence through MBOs and
distributors, NCS along with presence over all the major online platforms like Ajio, Amazon,
Flipkart, FirstCry, Myntra, Jabong, Kapsons and its own website,” it said. Further, it added that the
company has a strong order booking for the next winter season.

In May, Monte Carlo had posted a net profit of Rs 19.8 crore for the fourth quarter of FY23, up 56
per cent as compared to the same period last year. On the operating front, the company’s EBITDA
came in at Rs 32.3 crore, up 43.1 per cent. The company had stated that it opened a total of 47
EBOs, surpassing its target for the year of 40 to 45. As of March 2023, Monte Carlo’s total EBO
count was at 356.
Our Organizational Structure
1 Board of Directors

Oversees overall strateg y and direction.

2 Executive Team

Responsible for day-to-day operations of the org anization.

3 Regional Managers

Manag es store locations in specific reg ions.

4 Store Managers

Manag es daily operations of each store.

Our Employees

Employee Satisfaction Diversity & Inclusion Collaboration

We prioritize a positive work Our diverse and inclusive We encourag e team

culture and prioritize employee workplace fosters creativity, collaboration and foster an
satisfaction to ensure happy and innovation, and em pathy environm ent that values
motivated teams. am ong all em ployees. team work to achieve success
tog ether.
Montecarlo Limited is a Construction company and has headquarters in Ahmedabad, Gujarat, India.
Montecarlo Limited has 678 employees.
Our Annual Turnover
Year Annual Turnover

2 0 1 6 $10 million

2017 $15 million

2 0 1 8 $20 million

2019 $ 3 0 million

2 0 2 0 $25 million
Our Locations

Flagship Store London Location Japan Location

Com e visit our iconic flag ship Experience the best of Discover our innovative
store in the heart of New York Montecarlo at our London products and services at our
City. location. Japan location.
The Challenges We Face
Economic uncertainty
We must rem ain vig ilant in
the face of econom ic
uncertainty and constantly
adapt to chang es in the
market.
Com petition
As a leader in the industry,
we face constant
com petition from both
established brands and up -
and-com ing players.
Sustainability
We are committed to
promoting sustainability and
reducing our environmental
impact, but we still face
challenges in meeting our
goals.
Challenges faced by
stakeholders
Sometimes business people may face various types of problems in the course of their business. One of these problems may be deciding
on the duration of the project and the likelihood that it will be completed and completed. In addition, the Monte Carlo simulation
method allows to solve many other problems, for example, calculating the budget, schedule, and other elements of the project (Ayres et
al., 2017). The great advantage of this simulation method is that it has a visual and graphic design, which helps to establish a clear link
between the project management and stakeholders.

For example, one can give a task that, using the Monte Carlo method, will provide accurate results to the project handlers. First, it is
necessary to determine the work schedule and duration of each action aimed at achieving the final goal of the project. Then optimistic
and pessimistic outcomes are calculated, as well as the most preferred ones .Then it is important to calculate the total number of
months required to complete the project in the best case, the worst, and the most preferred.

This will give a precise time frame on which the members of the project team can rely.This mathematical method allows to get solutions
to complex problems and makes it possible to get an accurate answer. The calculation is made by calculating the input data, selecting
only the necessary indicators, choosing as many possible solutions as possible, and comparing the data obtained (Ayres et al., 2017). In
addition to solving problems related to projects, the Monte Carlo method will help solve several engineering, finance, and other issues.
This method is often used in practice, as it does not require much time and gives clear results.
Our Viewpoint: Overcoming Challenges with
Innovation and Collaboration
Innovation
We will continue to lead the market with new
products and processes that challeng e the
norm and provide unique value to our
custom ers.
Collaboration
We will foster better com m unication and
collaboration across all levels of the
org anization to drive better decision-m aking ,
increased ag ility, and more innovative solutions
to the challeng es we face.
References

• https://en.wikipedia.org/wiki/Hindu_joint_family
• https://incometaxindia.gov.in/pages/i-am/huf.aspx
• https://www.montecarlo.in
• https://retail.economictimes.indiatimes.com
• https://www-financialexpress-com
• Monte Carlo Simulation Method Discussion | Free Essay Example (studycorgi.com)