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Accounting Policies of Rajasthan Petro Synthetics Ltd. Company

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.

 
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