1.  Corporate Information
 
 Midwest Gold Limited (the company) is a public company domiciled in
 India and incorporated under the provisions of the companies Act, 1956.
 Its Shares are listed on stock exchanges in India. The company is
 presently engaged in the trading business of Granite, Marbles and Gold.
 
 2.  Basis of Preparation
 
 The financial statements of the company have been prepared in
 accordance with generally accepted accounting principles in India
 (Indian GAAP).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 provision of the companies Act, 1956. The financial
 statements have been prepared on an accrual basis and under the
 historical cost convention.
 
 The accounting policies adopted in the preparation of financial
 statements are consistent with those of previous year, except for the
 change in accounting policy explained below.
 
 a.  Terms/rights attached to equity shares
 
 The Company has only one class of equity shares having a par value of
 Rs.10/- per share. Each holder of equity shares is entitled to one vote
 per share.