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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