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Notes to Accounts of Richway International Trade Ltd.
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.