Mar 31, 2015
1.1 Corporate Information
Rajasthan Petro Synthetics Limited is a public company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
Its shares are listed on BSE, Ahmedabad, Kolkata and National Stock
Exchanges. However, trading of shares is permitted on BSE Ltd. only.
Trading of shares on other stock Exchange is suspended due to non-
payment of Listing Fees. The Company is presently engaged in Office
Management Services.
1.2 Basis of Preparation and Presentation of Financial Statements
i. These accounts are prepared on historical cost basis and on the
Accounting principles of going concern. Accounting policies not
specifically referred to otherwise are consistent with generally
accepted accounting principles.
ii. The Company follows mercantile system of accounting and recognizes
income and expenditure on accrual basis except to the extent stated
otherwise.
iii. The expenses are shown net of recovery wherever there is any
recovery against respective expenses.
iv. All assets and liabilities have been classified as current and
non-current as per the Company's normal operating cycle and other
criteria set out in the Schedule III to the Companies Act, 2013. Based
on the nature of products and the time between the acquisition of
assets for processing and their realization in cash and cash
equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current and non-current classification of
assets and liabilities.
1.3 Fixed Assets and Depreciation & Amortization
i. Fixed assets are stated at cost of acquisition including freight,
taxes, duties and other incidental expenses related to acquisition and
installation.
ii. Depreciation on Fixed Assets has been provided on the basis of
useful life specified in Part "C" of Schedule II of the Companies Act,
2013.
1.4 Revenue Recognition
The Company has revenue from Office Management Services and are
recognized as income when the services are rendered.
1.5 Investments
Long term investments are stated at cost, unless the loss is other than
temporary in nature.
1.6 Current Tax
Current tax expense is based on the provisions of Income Tax Act, 1961
and judicial interpretations thereof as at the Balance Sheet date and
takes into consideration various deductions and exemptions to which the
Company is entitled to as well as the reliance placed by the Company on
the legal advices received by it. Current tax assets and current tax
liabilities are offset when there is a legally enforceable right to set
off the recognized amounts and there is an intention to settle the
asset and the liability on a net basis.
1.7 Retirement benefits
Gratuity and leave encashment are accounted for on cash basis as the
numbers of employees are very few.
Mar 31, 2014
1.1 Corporate information
Rajasthan Petro Synthetics Limited is companies act 1956,shares vs
company domicled in india and incororted the C&F opearations.
1.2 basis of preparation and presentation of Financial Statements
i. These accounts are prepared on historical cot bais and on the
accounting principle of going concern. Accounting policies not
speciafically referrred to otherwiae are consistent with generally
accepted accounting priciples.
ii. The company follows mercantile system of accounting and recognises
inckkome and expenditure on accrual basis except to the extent staed
otherwise.
1.3 investments
Long term investments are stated of cost, unless the loss is other than
temporary in nature.
1.4 Retirements benefits
Grahtrty and teave entashnten, ate accounted ,ot on cash basis.
Mar 31, 2013
1.1 Corporate Information
Rajasthan Petro Synthetics Limited is a public company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
Its shares are listed on BSE, Ahmadabad, Delhi, Kolkata, Jaipur and
National Stock Exchanges. However, trading of shares is permitted on BSE
Ltd. only. Trading of shares on other stock Exchange is suspended due
to non-payment of Listing Fees. The Company is presently engaged in
Billing Agency for C&F operations.
1.2 Basis of Preparation and Presentation of Financial Statements
i. These accounts are prepared on historical cost basis and on the
Accounting principles of going concern. Accounting policies not
specifically referred to otherwise are consistent with generally
accepted accounting principles.
ii. The Company follows mercantile system of accounting and recognizes
income and expenditure on accrual basis except to the extent stated
otherwise.
iii. The expenses are shown net of recovery wherever there is any
recovery against respective expenses.
iv. All assets and liabilities have been classified as current and
non-current as per the Company''s normal operating cycle and other
criteria set out in the revised Schedule VI to the Companies Act, 1956.
Based on the nature of products and the time between the acquisition of
assets for processing and their realization in cash and cash
equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current and noncurrent classification of
assets and liabilities.
1.3 Fixed Assets and Depreciation & Amortization
i. Fixed assets are stated at cost of acquisition including freight,
taxes, duties and other incidental expenses related to acquisition and
installation.
ii. Depreciation on Fixed Assets has been provided at written down
value method as per the rates specified in schedule XIV to the
Companies Act, 1956 on the cost of assets as referred to above.
1.4 Revenue Recognition
The Company has recognized revenue from Services namely Sub agency for
transportation and Clearing & Forwarding as and when becomes due and on
accrual basis.
1.5 Investments
Long term investments are stated at cost, unless the loss is other than
temporary in nature.
1.6 Current Tax
Current tax expense is based on the provisions of Income Tax Act, 1961
and judicial interpretations thereof as at the Balance Sheet date and
takes into consideration various deductions and exemptions to which the
Company is entitled to as well as the reliance placed by the Company on
the legal advices received by it. Current tax assets and current tax
liabilities are offset when there is a legally enforceable right to set
off the recognized amounts and there is an intention to settle the
asset and the liability on a net basis.
1.7 Retirement benefits
Gratuity and leave encashment are accounted for on cash basis.
Mar 31, 2012
1.1 Corporate Information
Rajasthan Petro Synthetics Limited is a public company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
Its shares are listed on Bombay, Ahmadabad. Delhi, KolKata, Jaipur and
National Stock Exchanges. However, the trading of shares on these Stock
Exchanges are suspended due to non-payment of listing fee. The Company
has received from Bombay Stock Exchange in-principle approval for
revocation of Suspension in trading of equity shares. The Company is
presently engaged in C & F Agency and Transportation business.
1.2 Basis of Preparation and Presentation of Financial Statements
i. These accounts are prepared on historical cost basis and on the
Accounting principles of going concern Accounting policies not
specifically referred to otherwise are consistent with generally
accepted accounting principles.
ii. The Company follows mercantile system of accounting and recognizes
income and expenditure on accrual basis except to the extent stated
otherwise.
iii. The expenses are shown net of recovery wherever there is any
recovery against respective expenses.
iv. All assets and liabilities have been classified as current and
non-current as per the Company's normal ousting cycle and other
criteria set out in the revised Schedule VI to the Companies Act, 1956
Based on the nature of products and the time between the acquisition of
assets for processing and their realization in cash and cash
equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current and non-Current classification of
assets and liabilities.
1.3 Fixed Assets and Depreciation & Amortization
i. Fixed assets are stated at cost of acquisition including freight,
taxes, duties and other incidental expenses related to acquisition and
installation.
ii. Depreciation on Fixed Assets has been provided at written down
value method as per the rates specified in schedule XIV to the
Companies Act. 1956 on the cost of assets as referred to above.
1.4 Revenue Recognition
The Company has recognized revenue from Services namely Sub agency for
transportation and Clearing & Forwarding as and when becomes due and on
accrual basis.
1.5 Investments
Long term investments are stated at cost, unless the loss is other than
temporary in nature
1.6 Current Tax
Current tax expense is based on the provisions of Income Tax Act, 1961
and judicial interpretations thereof as at the Balance Sheet date and
takes into consideration various deductions and exemptions to which the
Company is entitled to as well as the reliance placed by the Company on
the legal advices received by it. Current tax assets and current tax
liabilities are offset when there is a legally enforceable right to set
off the recognised amounts and there is an intention to settle the
asset and the liability on a net basis.
1.7 Retirement benefits
Gratuity and leave encashment are accounted for on cash basis.
Mar 31, 2010
(A) ACCOUNTING CONCEPT
i) The accounts are prepared on historical cost basis. Accounting
policies not specifically referred to otherwise are consistent with
generally accepted accounting principles.
ii) The Company follows mercantile system of accounting and recognizes
income and expenditure on accrual basis except to the extent stated
otherwise.
iii) The expenses are shown net of recovery wherever there is any
recovery against respective expenses.
(B) REVENUE RECOGNITION .
The Company has recognized revenue from Services namely Transportation
and Clearing & Forwarding Agents as and when becomes due and on accrual
basis.
(C) FIXED ASSETS
Fixed assets are stated at cost of acquisition including freight,
taxes, duties and other incidental expenses related to acquisition and
installation,
(D) DEPRECIATION & AMORTISATION
Depreciation on Fixed Assets has been provided at written down value
method as per the rates specified in schedule XiV to the Companies Act,
i 956.
(E) INVESTMENTS
Long term investments are stated at cost, unless the loss is other than
temporary in nature.
(F) RETIREMENT BENEFITS
i) In earlier years up to 31.03.2005 liability towards gratuity accrued
to employees was accounted on the basis of actuarial valuation. However
during the year 2005-08 the company has made the calculations of
payment of Gratuity as per provisions of the Payment of Gratuity Act
and provided the amount of Gratuity in accordance therewith. No
provision has been made for subsequent years as the plant closed down
in December, 2005 and the employees who were eligible for payment of
gratuity ceased to be in employment after 20th December, 2005 and
therefore no provision has been made in the current year.
ii) Payment of leave encashment to employees after 31st March 2000 is
accounted on cash basis & no provision is made in accounts thereafter.
(G) CONTINGENT LIABILITIES
Contingent liabilities are not provided and are disclosed by way of
notes in part II of this Schedule.
(H) TAXATION
The deferred tax charge or credit is recognised using current tax
rates, Where there is unabsorbed depreciation or carry forward losses,
deferred tax assets are recognised only if there is virtual certainty
of realisation of such assets. Other deferred tax assets are recognised
only to the extent there is reasonable certainty of realisation in
future. Such assets are reviewed as at each balance sheet date to
reassess realization, which in the opinion of Management is Nil.