Investor Presentaiton
NOTE 1 BASIS OF CONSOLIDATION AND SIGNIFICANT
ACCOUNTING POLICIES UNDER IND AS
A)
General Information:
B)
The Consolidated Financial Statements comprise Financial
Statements of MRF Limited (the Holding Company) and its
Subsidiaries (collectively, the Group) for the year ended 31st March
2023.
The Group, except for MRF Corp Ltd., a subsidiary company, is
engaged interalia in the manufacture of Rubber Products such as
Tyres, Tubes, Flaps, Tread Rubber and dealing in rubber. MRF Corp
Ltd., is engaged in the manufacture of specialty coatings.
Principles of Consolidation:
The Consolidated Financial Statements comprise of the Financial
Statements of the Holding Company and the following Subsidiaries
as on 31st March 2023:
Name
Country of
Proportion Financial Accounting
incorporation of ownership Statement
•
•
Power over the investee (i.e. existing rights that give it the
current ability to direct the relevant activities of the investee),
Exposure, or rights, to variable returns from its involvement
with the investee, and
The ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights
result in control. To support this presumption and when the Holding
Company has less than a majority of the voting or similar rights of
an investee, the Holding Company considers all relevant facts and
circumstances in assessing whether it has power over an investee,
including:
•
The contractual arrangement with the other vote holders of
the investee
•
Rights arising from other contractual arrangements
•
170
interest
as on
MRF Corp
India
100%
Ltd.
March 31,
2023
Period covered
for consolidation
1st April 2022 -
31st March 2023
MRF
India
94.66%
International
March 31,
2023
1st April 2022 -
31st March 2023
Ltd.
MRF Lanka
Sri Lanka
100%
Pvt. Ltd.
100%
March 31,
2023
March 31,
2023
1st April 2022 -
31st March 2023
1st April 2022 -
31st March 2023
MRF SG PTE Singapore
LTD.
The Consolidated Financial Statements comprise the Financial
Statements of the Holding Company and its Subsidiaries as at
31st March 2023. Control is achieved when the Holding Company
is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through
its power over the investee. Specifically, the Holding Company
controls an investee if and only if the Holding Company has:
The Holding Company's voting rights and potential voting
rights
The size of the Holding Company's holding of voting rights
relative to the size and dispersion of the holdings of the other
voting rights holders
The Holding Company re-assesses whether or not it controls an
investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control. Consolidation of
a Subsidiary begins when the Holding Company obtains control
over the Subsidiary and ceases when the Holding Company loses
control of the Subsidiary. Assets, liabilities, income and expenses of
a Subsidiary acquired or disposed of during the year are included
in the Consolidated Financial Statements from the date the Holding
Company gains control until the date the Holding Company ceases
to control the Subsidiary.
Consolidated Financial Statements are prepared using uniform
accounting policies for like transactions and other events in similar
circumstances. If a member of the group uses accounting policies
other than those adopted in the Consolidated Financial Statements
for like transactions and events in similar circumstances, appropriate
adjustments, if material, are made to that group's Financial
Statements in preparing the Consolidated Financial Statements to
ensure conformity with the group's accounting policies.View entire presentation