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Accounting Policies of Mitshi India Ltd. Company

Mar 31, 2015

1. SIGNIFICANT ACCOUNTING POLICIES

a) Basis of Preparation: The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards notified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention.

b) Sales: The figures of sales are inclusive of sales tax and excise duty.

c) Depreciation: Depreciation on Fixed Assets has been provided on Straight Line Method over the remaining useful life of the assets as specified in Schedule II to the Companies Act, 2013. The value of assets whose useful life has expired of Rs. 0.42 lacs has been adjusted against the retained earnings.

d) Valuation of Stocks: Raw Materials, Finished Goods & Semi Finished Goods are valued at lower of cost or net realizable value.

e) Investment: Investments of the Company, being non current investments, are stated at cost.

f) Taxes on Income: Tax expenses comprises of current and deferred tax. Provision for Current tax is made based on the liability computed in accordance with the Indian Income Tax Act, 1961. The tax rates and tax laws used to compute the tax liability are those that are enacted or substantively enacted at the reporting date. Deferred tax is recognized on the basis of timing differences arising between the taxable income and accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date. Deferred tax assets are recognized only if there is a virtual certainty that they will be realized and reviewed for the appropriateness of their carrying values at each balance sheet date.

g) Cash flows Statement : Cash flows are reported using the indirect method, whereby profit/(loss) loss before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated based on the available information.

h) Earning Per Share : Basic earnings per share is computed by dividing the profit/(loss) after tax (including post tax effect of extraordinary items if any) by the weighted average number of equity shares outstanding during the year.

i) Provisions, Contingent Liabilities and Contingent Assets: Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes after careful evaluation of facts and legal aspects of the matter involved. Contingent Assets are neither recognized nor disclosed. Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

j) Impairment of Assets: The carrying amounts of assets are reviewed at each Balance Sheet date, if there is any indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying cost of the assets exceeds its recoverable value. An impairment loss, if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognized in prior years is recorded when there is an indication that the impairment losses recognized for the assets no longer exist or have decreased.


Mar 31, 2014

A) Basis of Preparation: The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules 2006(as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

b) Sales: The figures of sales are inclusive of sales tax and excise duty.

c) Depreciation: Depreciation on Fixed Assets has been provided on Straight Line Method at rates prescribed in Schedule XIV to the Companies Act, 1956.

d) Valuation of Stocks: Raw Materials, Finished Goods & Semi Finished Goods are valued at lower of cost or net realizable value.

e) Investment; Investments of the Company, being non current investments, are stated at cost.

f) Taxes on Income: Tax expenses comprises of current and deferred tax. Provision for Current tax is made based on the liability computed in accordance with the Indian Income Tax Act, 1961.The tax rates and tax laws used to compute the tax liability are those that are enacted or substantively enacted at the reporting date. Deferred tax is recognized on the basis of timing differences arising between the taxable income and accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date. Deferred tax assets are recognized only if there is a virtual certainty that they will be realized and reviewed for the appropriateness of their carrying values at each balance sheet date.

g) Cash flows Statement : Cash flows are reported using the indirect method, whereby profit/(loss) loss before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated based on the available information.

h) Earning Per Share : Basic earnings per share is computed by dividing the profit/(loss) after tax (including post tax effect of extraordinary items if any) by the weighted average number of equity shares outstanding during the year.

i) Provisions, Contingent Liabilities and Contingent Assets: Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes after careful evaluation of facts and legal aspects of the matter involved. Contingent Assets are neither recognized nor disclosed. Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

j) Impairment of Assets: The carrying amounts of assets are reviewed at each Balance Sheet date, if there is any indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying

k) cost of the assets exceeds its recoverable value. An impairment loss, if any, is charged to Profit and Loss Account

l) in the year in which an asset is identified as impaired. Reversal of impairment losses recognized in prior years is recorded when there is an indication that the impairment losses recognized for the assets no longer exist or have decreased.


Mar 31, 2013

A) Basis of Preparation: The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies(Accourrting Standards) Rules 2006(as amended) and the relevant provisions of the Companies Act, 1956.. The financial statements have been prepared on an accrual basis and under the historical cost convention.

b) Sales: The figures of sales are inclusive of sales tax and excise duty.

c) Depreciation: Depreciation on Fixed Assets has been provided on Straight Line Method at rates prescribed in Schedule XIV to the Companies Act, 1956.

d) Valuation of Stocks: Stock-in-Trade are valued at lower of cost or net realizable value.

xe) Investment; Investments of the Company, being non current investments, are stated at cost.

f) Taxes on Income: Tax expenses comprises of current and deferred tax. Provision for Current tax is made based on the liability computed in accordance with the Indian Income Tax Act, 1961 .The tax rates and tax laws used to compute the tax liability are those that are enacted or substantively enacted at the reporting date. Deferrediax is recognized on the basis of timing differences arising between the taxable income and accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date. Deferred tax assets are recognized only if there is a virtual certainty that they will be realized and reviewed for the appropriateness of their carrying values at each balance sheet date.

g) Cash flows Statement: Cash flows are reported using the indirect method, whereby profit/(loss) loss before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated based on the available information.

h) Earning Per Share: Basicearnings per share is computed by dividing the profit/(loss) aftertax (including post tax effect of extraordinary items if any) by the weighted average number of equity shares outstanding during the year.

i) Provisions, Contingent Liabilities and Contingent Assets: Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes after careful evaluation of facts and legal aspects of the matter involved. ContingentAssets are not recognized. Provisions, Contingent Liabilities and ContingentAssets are reviewed at each Balance Sheet date.

j) Impairment of Assets: The carrying amounts of assets are reviewed at each Balance Sheet date, if there is any indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying cost of the assets exceeds its recoverable value. An impairment loss, if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognized in prior years is recorded when there is an indication that the impairment losses recognized for the assets no longer exist or have decreased.


Mar 31, 2012

A) Basis of Preparation: The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies(Accounting Standards) Rules 2006(as amended) and the relevant provisions of the Companies Act, 1956.. The financial statements have been prepared on an accrual basis and under the historical cost convention.

b) Sales: The figures of sales are inclusive of sales tax and excise duty.

c) Depreciation: Depreciation on Fixed Assets has been provided on Straight Line Method at rates prescribed in Schedule XIV to the Companies Act, 1956.

d) Valuation of Stocks: Stock-in-Trade are valued at lower of cost or net realizable value.

e) Investment; Investments of the Company, being non current investments, are stated at cost.

f) Taxes on Income : Tax expenses comprises of current and deferred tax. Provision for Current tax is made based on the liability computed in accordance with the Indian Income Tax Act, 1961.The tax rates and tax laws used to compute the tax liability are those that are enacted or substantively enacted at the reporting date. Deferred tax is recognized on the basis of timing differences arising between the taxable income and accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date. Deferred tax assets are recognized only if there is a virtual certainty that they will be realized and reviewed for the appropriateness of their carrying values at each balance sheet date.

g) Cash flows Statement : Cash flows are reported using the indirect method, whereby profit/(loss) loss before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated based on the available information.

h) Earning Per Share : Basic earnings per share is computed by dividing the profit/(loss) after tax (including post tax effect of extraordinary items if any) by the weighted average number of equity shares outstanding during the year.

i) Provisions, Contingent Liabilities and Contingent Assets: Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes after careful evaluation of facts and legal aspects of the matter involved. Contingent Assets are neither recognized nor disclosed. Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

j) Impairment of Assets: The carrying amounts of assets are reviewed at each Balance Sheet date, if there is any indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying cost of the assets exceeds its recoverable value. An impairment loss, if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognized in prior years is recorded when there is an indication that the impairment losses recognized for the assets no longer exist or have decreased.


Mar 31, 2011

A) Maintenance of Books of Account and Accounting Policies: The Company maintains its Books of Account on accrual 'basis. The Accounts are prepared on historical cost basis and on the basis of going concern. The Accounting policies not referred to otherwise are consistent with the generally accepted Accounting Policies.

b) Sales: The figures of sales are inclusive of sales tax and excise duty.

c) Depreciation: Depreciation on Fixed Assets has been provided on Straight Line Method at rates prescribed in Schedule XIV to the Companies Act, 1956.

d) Preliminary & Share Issue Expenses: The amount of Preliminary &Share Issue Expenses is being written off over a period of 10 years

e) Valuation of Stocks: Raw Materials, Finished Goods & Semi Finished Goods are valued at lower of cost or net realizable value.

f) Investment; Investments of the Company, being long-term investments, are stated at cost.


Mar 31, 2010

A) Maintenance of Books of Account and Accounting Policies: The Company maintains its Books of Account on accrual 'basis. The Accounts are prepared on historical cost basis and on the basis of going concern. The Accounting policies not referred to otherwise are consistent with the generally accepted Accounting Policies.

b) Sales: The figures of sales are inclusive of sales tax and excise duty.

c) Depreciation: Depreciation on Fixed Assets has been provided on Straight Line Method at rates prescribed in Schedule XIV to the Companies Act, 1956.

d) Preliminary & Share Issue Expenses: The amount of Preliminary &Share Issue Expenses is being written off over a period of 10 years

e) Valuation of Stocks: Raw Materials, Finished Goods & Semi Finished Goods are valued at lower of cost or net realizable value.

f) Investment; Investments of the Company, being long-term investments, are stated at cost.