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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