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Accounting Policies of Rajasthan Gases Ltd. Company

Mar 31, 2015

(a) Basis of Accounting

The accompanying Financial Statements have been prepared to comply in all material aspects with the mandatory Accounting Standards ('AS') issued by the Institute of Chartered Accountants of India ('ICAI'). The company has consistently applied the Accounting policies and is consistent with those used in the previous year. The Company generally follows mercantile system of Accounting recognizing both Income & Expenditure on accrual basis.

(b) Accounting Assumptions

The accounts are prepared on historical cost convention and as a going concern, accounting policies, not specifically referred to otherwise, are consistent with generally accepted accounting principles, unless otherwise stated.

(c) Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported statements of assets and liabilities, the disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the period reported. Actual results could differ from these estimates and assumptions. Any revision to accounting estimates is recognized prospectively in the current and future periods.

(d) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. Costs includes cost of acquisition and subsequent improvements thereto including borrowing costs, all relevant levies and other incidental expenses incurred to bring the assets to its present location and condition.

(e) Event occurring after Balance Sheet Date

No material events have occurred after the balance sheet date.

(f) Impairment of Assets:

Management periodically assesses using, external and internal sources, whether there is an indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset's net sales price or present value as determined above. During the year under consideration, there was no indication, either internal or external as to the impairment of any of the assets.

(g) Contingent Liabilities

Based on the information available, no contingent liabilities have been ascertained at the end of the year. Therefore, no provision for any contingent liability has been provided.

(h) The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

(i) There was no employee of the company drawing the remuneration of Rs. 6000000/- or more P.A., if employed for whole of the year, or Rs. 500000/- or more P.M., if employed for part of the year.

(I) In opinion of the Board of Directors, the aggregate value of current assets, loans & advances on realization in ordinary course of business shall not be less than the amount at which these are stated in the Balance Sheet.

(m) Cash flow are reported using the indirect method as specified in AS - 3 issued by the Institute of Chartered Accountants of India, thereby profit after tax is adjusted for the effects of transactions of a non- cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, financing and investing activities of the company are segregated.


Mar 31, 2014

(a) Basis of Accounting

The accompanying Financial Statements have been prepared to comply in all material aspects with the mandatory Accounting Standards (''AS'') issued by the Institute of Chartered Accountants of India (''ICAI''). The company has consistently applied the Accounting policies and is consistent with those used in the previous year. The Company generally follows mercantile system of Accounting recognizing both Income & Expenditure on accrual basis.

(b) Accounting Assumptions

The accounts are prepared on historical cost convention and as a going concern, accounting policies, not specifically referred to otherwise, are consistent with generally accepted accounting principles, unless otherwise stated.

(c) Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported statements of assets and liabilities, the disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the period reported. Actual results could differ from these estimates and assumptions. Any revision to accounting estimates is recognised prospectively in the current and future periods.

(d) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. Costs includes cost of acquisition and subsequent improvements thereto including borrowing costs, all relevant levies and other incidental expenses incurred to bring the assets to its present location and condition.

(e) Event occurring after Balance Sheet Date

No material events have occurred after the balance sheet date.

(f) Impairment of Assets:

Management periodically assesses using, external and internal sources, whether there is an indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset''s net sales price or present value as determined above. During the year under consideration, there was no indication, either internal or external as to the impairment of any of the assets.

(g) Contingent Liabilities

Based on the information available, no contingent liabilities have been ascertained at the end of the year. Therefore, no provision for any contingent liability has been provided.

(h) The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

(i) There was no employee of the company drawing the remuneration of Rs. 6000000/- or more P.A., if employed for whole of the year, or Rs. 500000/- or more P.M., if employed for part of the year.

(j) Foreign Exchange Earning : Nil

Foreign Exchange Outgo : Nil

(k) CIF Value of Import : Nil

(l) In opinion of the Board of Directors, the aggregate value of current assets, loans & advances on realization in ordinary course of business shall not be less than the amount at which these are stated in the Balance Sheet.

(m) Cash flow are reported using the indirect method as specified in AS - 3 issued by the Institute of Chartered Accountants of India, thereby profit after tax is adjusted for the effects of transactions of a non- cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, financing and investing activities of the company are segregated.


Mar 31, 2013

(a) Basis of Accounting

The accompanying Financial Statements have been prepared to comply in all material aspects with the mandatory Accounting Standards (''AS'') issued by the Institute of Chartered Accountants of India (''ICAI''). The company has consistently applied the Accounting policies and is consistent with those used in the previous year. The Company generally follows mercantile system of Accounting recognizing both Income & Expenditure on accrual basis.

(b) Accounting Assumptions

The accounts are prepared on historical cost convention and as a going concern, accounting policies, not specifically referred to otherwise, are consistent with generally accepted accounting principles, unless otherwise stated.

(c) Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported statements of assets arid liabilities, the disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the period reported. Actual results could differ from these estimates and assumptions. Any revision to accounting estimates is recognised prospectively in the current and future periods.

(d) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. Costs includes cost of acquisition and subsequent improvements thereto including borrowing costs, all relevant levies and other incidental expenses incurred to bring the assets to its present location and condition.

(e) Event occurring after Balance Sheet Date

No material events have occurred after the balance sheet date.

(f) Impairment of Assets:

Management periodically assesses using, external and internal sources, whether there is an indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset''s net sales price or present value as determined above. During the year under consideration, there was no indication, either internal or external as to the impairment of any of the assets.

(g) Contingent Liabilities

Based on the information available, no contingent liabilities have been ascertained at the end of the year. Therefore, no provision for any contingent liability has been provided.

(h) The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

(i) There was no employee of the company drawing the remuneration of Rs. 6000000/- or more P.A., if employed for whole of the year, or Rs. 500000/- or more P.M., if employed for part of the year.

(j) Foreign Exchange Earning : Nil

Foreign Exchange Outgo : Nil

(k) CIF Value of Import : Nil


Mar 31, 2012

(a) Basis of Accounting

The accompanying Financial Statements have been prepared to comply in all material aspects with the mandatory Accounting Standards (''AS'') issued by the Institute of Chartered Accountants of India (''ICAI''). The company has consistently applied the Accounting policies and is consistent with those used in the previous year. The Company generally follows mercantile system of Accounting recognizing both Income & Expenditure on accrual basis.

(b) Accounting Assumptions

The accounts are prepared on historical cost convention and as a going concern, accounting policies, not specifically referred to otherwise, are consistent with generally accepted accounting principles, unless otherwise stated.

(c) Presentation and disclosure of financial statements

During the year end 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosure made in the financial statements. The company has also reclassified the previous year figures in accordance with requirements applicable in the current year.

(d) Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported statements of assets and liabilities, the disclosure of contingent liabilities on the date of the financial statements and the reported amounts ''of revenues and expenses during the period reported. Actual results could differ from these estimates and assumptions. Any revision to accounting estimates is recognised prospectively in the current and future periods.

(e) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. Costs includes cost of acquisition and subsequent improvements thereto including borrowing costs, all relevant levies and other incidental expenses incurred to bring the assets to its present location and condition.

(e) Event occurring after Balance Sheet Dote

No material events ''nave occurred after the balance sheet date.

(f) Impairment of Assets:

Management periodically assesses using, external and internal sources, whether there is an indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset''s net sales price or present value as determined above. During the year under consideration, there was no indication, either '' internal or external as to the impairment of any of the assets.

(f) Contingent Liabilities

Based on the information available, no contingent liabilities have been ascertained at the end of the year. Therefore, no provision for any contingent liability has been provided.

(h) The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company,

(i) There was no employee of the company drawing the remuneration of Rs. 6000000/- or more P.A., if employed for whole of the year, or Rs. 500000/- or more P.M., if employed for part of the year.

(j) Foreign Exchange Earning : Nil

Foreign Exchange Outgo : Nil

(k) CIF Value of Import : Nil

(I) In opinion of the Board of Directors, the aggregate value of current assets, loans & advances on realization in ordinary course of business shall not be less than the amount at which these are stated in the Balance Sheet.

 
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