SIGNIFICANT ACCOUNTING POLICIES :
Corporate Information
The Gaekwar Mills Limited (referred to as 'the Company') was incorporated on 16/06/1928 & its Corporate Identification Number (CIN) is L17120MH1949PLC007731)
a. STATEMENT OF COMPLIANCE :
The financial statements have been prepared in accordance with the Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards)(Amendment) Rules, 2016 as amended.
b. BASIS OF PREPARATION :
The financial statements are prepared under historical cost convention, on accrual basis.
c. REVENUE RECOGNITION :
Revenue in respect of Dividend Income is accounted as and when received & Interest income is accounted on accrual basis.
d. Property, Plant and Equipment
Land is carried at historical cost. All other items of property, plant and equipment are stated at historical cost less depriciation. Historical cost includes expenditure that is directly attributable to the acquistion of the items.
e. INVESTMENTS :
Investments are stated at Cost. No adjustments is made in respect of decline in value of temporary nature, if any, as they are considered long term by the management.
The company does not have any current investment.
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