Mar 31, 2015
1 CORPORATE INFORMATION
Richway International Trade Ltd (the (Company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956.
2. BASIS OP PREPARATION
The Company maintains its accounts on accrual basis following the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP) in India, in compliance with the provisions of the Companies Act, 2013 and the Accounting Standards as specified in the Companies (Accounting Standards) (Second Amendment) Rules, 2011, prescribed by the Central Government. Management evaluates all recently used or revised accounting standards on an ongoing basis.
The accounting policies adopted in the preparation of financial statements axe consistent with those of previous year, except for the change in accounting policy explained below.
3. The Company has only one class of shares referred to as Equity Shares having a par value of Rs.10 /-. Each holder of Equity Shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution, will be in proportion to the number of Equity Shares held by the shareholders.
Mar 31, 2014