Mahip Industries Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2025

Corporate information

Mahip Industries Ltd(Formerly Known As Care Corupack Ltd) having registered office at SURVEY NO. 127, JALALPUR - GODHNESHWAR
DHOLKA - BAGODARA HIGHWAY, Ahmedabad, Ahmedabad, Gujarat, India, 387810,engagend in the manufracture of Paper and Paper
Products.

Significant accounting policies
Accounting Convention

Accounts are prepared on the basis of historical cost convention. All income and expenses are generally accounted for on accrual basis.
Use of Estimates

The presentation of financial statements requires estimates and assumptions to be made that affect of assets and liabilities on the date
of the financial statements and the reported amount of revenues and expenses during the reported period. Difference between the
actual result and estimates are recognized in the period in which the results are known/ determined.

Property, Plant And Equipment

Property, Plant and Equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to
acquisition are capitalized until the property, plant and equipment are capable of operating, as intended by the management. The
company depreciates property, plant and equipment over their useful lives using the written down value method.

Depreciation and amortisation

Depreciation has been provided by WDV method on the basis of the useful life of assets as per prescribed in Section 123(2) and
Schedule II to the Companies Act, 2013.

Debtors

Debtors are stated at book value after making provisions for doubtful debts.

Inventories

Inventories are measured at cost or Net realisable Value Whichever is Lower.

Basis of accounting

Revenues / Income and costs / expenditure are generally accounted on accural as they are earned or incurred and to the extent
realisable and payable with reasonable certainty.

Sales & Income

Incomes are recognised as per mercantile basis inclusive of taxes.the turnover is in agreement with the monthly return filed of GST
under Goods & Services Tax, 2017.

Purchase & Expense

Expenses are recognised as per mercantile basis inclusive of taxes.

Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity shares
outstanding during the year.

Taxes on income

In accordance with Ind AS-12, Accounting for tax on Income, issued by the Institute of Chartered Accountants of India, the deferred tax
for timing differences between the book and tax profits for the year is accounted for using the tax rates and the laws that have been
enacted or substantively enacted as of the balance sheet date. Deferred tax asset arising from temporary timing differences are
recognised to the extent there is reasonable certainty that sufficient future taxable income will be available against which deferred tax
assets can be realised.

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Mar 31, 2024

2 Significant accounting policies

3 Accounting Convention

Accounts are prepared on the basis of historical cost convention. All income and expenses are generally
accounted for on accrual basis.

4 Use of Estimates

The presentation of financial statements requires estimates and assumptions to be made that affect of
assets and liabilities on the date of the financial statements and the reported amount of revenues and
expenses during the reported period. Difference between the actual result and estimates are recognized
in the period in which the results are known/ determined.

5 Property, Plant And Equipment

Property, Plant and Equipment are stated at cost, less accumulated depreciation and impairment, if any.
Costs directly attributable to acquisition are capitalized until the property, plant and equipment are
capable of operating, as intended by the management. The company depreciates property, plant and
equipment over their useful lives using the written down value method.

6 Depreciation and amortisation

Depreciation has been provided by WDV method on the basis of the useful life of assets as per
prescribed in Section 123(2) and Schedule II to the Companies Act, 2013.

7 Debtors

Debtors are stated at book value after making provisions for doubtful debts.

8 Inventories

Inventories are measured at cost or Net realisable Value Whichever is Lower.

9 Basis of accounting

Revenues / Income and costs / expenditure are generally accounted on accural as they are earned or
incurred and to the extent realisable and payable with reasonable certainty.

10 Sales & Income

Incomes are recognised as per mercantile basis inclusive of taxes.the turnover is in agreement with the
monthly return filed of GST under Goods & Services Tax, 2017.

11 Purchase & Expense

Expenses are recognised as per mercantile basis inclusive of taxes.

12 Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax by the weighted average
number of equity shares outstanding during the year.

13 Taxes on income

In accordance with Ind AS-12, Accounting for tax on Income, issued by the Institute of Chartered
Accountants of India, the deferred tax for timing differences between the book and tax profits for the year
is accounted for using the tax rates and the laws that have been enacted or substantively enacted as of
the balance sheet date. Deferred tax asset arising from temporary timing differences are recognised to
the extent there is reasonable certainty that sufficient future taxable income will be available against
which deferred tax assets can be realised.

Previous year''s figures have been regrouped/ reclassified wherever necessary to conform
to current year''s presentation.

The factory was under acquisition for Dholera Expressway and from mid-19 work totally
2 distributed and production came to stand still. As per quality surveyor report, the quality
of the stock has deteriorated.

Additional Regulatory Information

Details of benami property held: No proceedings have been initiated on or are pending

1 against the Company for holding benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

2 The Company has been declared defaulter by Reliance Finanace Ltd .

Relationship with struck off companies:

The Company did not have any transactions with the companies struck off under Section
248 of Companies Act, 2013 or Section 560 of Companies Act, 1956.

Compliance with number of layers of companies:

The Company is in compliance with the number of layers in accordance with clause 87 of

4

Section 2 of the Act read with Companies (Restriction on number of layers) Rules, 2017,
and there are no companies beyond the specified layers
Undisclosed Income:

The Company does not have any transaction 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. Further, there was no previously unrecorded income and
no additional assets were required to be recorded in the books of account during the year.

Details of Crypto Currency or Virtual Currency:

The Company has neither traded nor invested in Crypto currency or Virtual Currency
6 during the financial year ended March 31, 2024. Further, the Company has also not

received any deposits or advances from any person for the purpose of trading or investing
in Crypto Currency or Virtual Currency.

The Company has not borrowed from banks or financial institutions on the basis of
security of current assets.

No charges or satisfaction yet to be registered with ROC beyond the statutory period.