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