Accounting Policies of MFS Intercorp Ltd. Company

Mar 31, 2024

NOTE: 15 SIGNIFICANT ACCOUNTING POLICIES:

a) General:

i) Accounting policies not specifically referred to otherwise are in consistence with earlier year and in
consonance with generally accepted accounting principles.

ii) Expenses and income considered payable and receivable respectively are accounted for on accrual basis.

b) Valuation of Inventories: The cost of inventories shall comprise all costs of purchase, costs of conversion
and other costs incurred in bringing the inventories to their present location and condition.

c) Fixed assets and depreciation: The Company does not have any fixed assets.

d) Investments: The Company does not have any Investment.

e) Foreign currency Transactions: There is no foreign currency transaction.

f) Retirement Benefits: Provident fund and employees state insurance scheme contribution is not applicable
to the company.

g) Taxes on Income:

Current Tax: Provision for Income-Tax is determined in accordance with the provisions of Income-tax Act 1961.

Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable
incomes and accounting income that originate in one period and are capable of reversal in one or more
subsequent periods.

Note: 16 Balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and
reconciliation.

Note: 17 In the opinion of the Board of directors, the current assets, Loans & advances are approximately of the
value stated if realized in the ordinary course of business. The provision of all known liabilities is adequate and not
in excess of the amount reasonably necessary.

Note: 18 No remuneration has been paid to the directors during the year.

Note: 19 No related party transaction were carried out during the year.

Note: 20 there is no reportable segment as per the contention of the management.

Note: 21 Basic and Diluted Earnings per share (EPS) computed in accordance with Accounting Standard (AS)

20 "Earning Per Share".

Note: Previous year figures have been regrouped and re-casted wherever necessary.

FOR H. G. SARVAIYA & CO For MFS Intercorp Limited

Chartered Accountants

Sd/- Dhipendra Rathod

Hasmukhbhai G. Sarvaiya Chief Financial officer

M.NO.045038

FRN: 115705W Sd/- Sd/-

Place: Ahmedabad Kiran Vishwakarma Meet Khant

Date: 30/05/2024 Chairman & W.T.D Indep. Director

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Mar 31, 2015

NOTE: 1 ACCOUNTING POLICIES:

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

Basis of accounting: The accounts have been prepared on the basis of historical cost and accrual basis.

Earnings Per Share: In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

Contingent Liabilities: Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

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Mar 31, 2014

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

Basis of accounting:

The accounts have been prepared on the basis of historical cost and accrual basis.

Earning Per Share:

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

Contingent Liabilities:

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

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Mar 31, 2013

ACCOUNTING POLICIES:

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

Basis of accounting:

The accounts have been prepared on the basis of historical cost and accrual basis.

Earning Per Share:

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

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Mar 31, 2012

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India.

The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting

The accounts have been prepared on the basis of historical cost and accrual basis.

ii Earning Per Share

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

iii Contingent Liabilities

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

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Mar 31, 2010

(a) DEPRECIATION

Upto the end of the year the Company could not start commercial production depreciation on any fixed Assets has not been provided.

(b) MISCELLANEOUS EXPENDITURE

Premilinary expenses has not been amortised as the Company could not start its commercial production.

(c) CONTIGENT LIABILITIES

Contigent Liabilities if any have been shown by way of the notes on accounts.