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Notes to Accounts of Rajasthan Petro Synthetics Ltd.

Mar 31, 2015

1 Current Tax denotes Minimum Alternate Tax u/s 115 JB of the Income Tax Act 1961.

2 Income Tax assessments of the Company have been completed up to assessment year 2013-14.

3 The Company has no liability towards leave encashment, gratuity and bonus payable for the year under consideration.

4 The Company has no suppliers covered under "Micro, Small & Medium Enterprises Development Act, 2006". This has been relied upon by the auditors.

5 The Company will review the various credit balances appearing in the ledger for a considerable period of time and necessary adjustment, if any, shall be carried out upon the completion of review.

6 Exceptional items denotes PF arrear paid to Employees Provident Fund Organization.

7 The company has taken interest free Security deposit amounting to Rs. 25.51 lacs (Previous year Rs. 22.50 lacs).

8 Deferred taxation

The Company has adopted Accounting Standard 22 "Accounting for Taxation on Income" issued by the Institute of Chartered Accountants of India with effect from 1st April 2001. As on the date of Balance Sheet, the Company has significant unabsorbed depreciation and carry forward losses. In view of the absence of virtual certainty of realization of unabsorbed depreciation and carry forward losses, no deferred tax assets have been recognized.

9. Previous year's figures have been regrouped /rearranged wherever considered necessary to confirm to this year classification.


Mar 31, 2014

1. Contingent liabilities to the extend not provided for:

Claims against Company not acknowledged as debt: (Rs. in Lacs)

Current Previous Year Year

1. Customs & Excise demands in dispute/ 178.24 178.24 Under appeal as per order of CESTAT New Delhi for admission of appeals.

2. Sales Tax and other demands in dispute/ 82.77 82.77 Under appeal.

3. Provided Fund demand under appeal 9.59 Nil

4. Income Tax demands under appeal for AY 2008-09 1584.66 1584.66

2. Current Tax denotes Minimum Alternate Tax u/s 115 JB of the Income Tax Act 1961.

3. Income Tax assessments of the Company have been completed up to assessment year 2012-13.

4. The Company has no liability towards leave encashment, gratuity and bonus payable for the year under consideration.

5. The Company has no suppliers covered under "Micro, Small & Medium Enterprises Development Act, 2006". This has been relied upon by the auditors.

6. The Company will review the various credit balances appearing in the ledger for a considerable period of time and necessary adjustment, if any, shall be carried out upon the completion of review.

7. Exceptional items for year ended 31st March, 2014 denotes PF arrear paid to Employees Provident Fund Organization related to prior years; and for year ended 31st March, 2013 denotes fees paid to Bombay Stock Exchange Ltd for revocation of suspension in trading of equity shares of the company.

8. The company has taken interest free Security deposit amounting to Rs. 22.50 lacs during the current year.

9. Related Party Disclosures in accordance with the Accounting Standard-18, Related Party Disclosures" issued by the Institute of Chartered Accountants of India.

(a) SI. No. Name of Related Party Relationship

1) Sh Manoj Khemani Manager under the Companies Act,1956

10. Deferred taxation

The Company has adopted Accounting Standard 22 "Accounting for Taxation on Income" issued by the Institute of Chartered Accountants of India with effect from 1st April 2001. As on the date of Balance Sheet, the Company has significant unabsorbed depreciation and carry forward losses. In view of the absence of virtual certainty of realization of unabsorbed depreciation and carry forward losses, no deferred tax assets have been recognized.

11. Previous year's figures have been regrouped /rearranged wherever considered necessary to confirm to this year classification.


Mar 31, 2013

1 Contingent liabilities to the extend not provided for Claims against Company not acknowledged as debt:

(Rs. in Lacs)

Current Previous Year Year

1. Customs & Excise demands in dispute/ 178.24 178.24 Under appeal as per order of CEGAT New Delhi for admission of appeals.

2. Sales Tax and other demands in dispute/ 82.77 82.77 Under appeal.

3. Damages claim by Provident Fund Authorities 19.17 19.17

4. Income Tax demands under appeal for AY 2008-09 1584.66 1584.66

2 Current Tax denotes Minimum Alternate Tax u/s 115 JB of the Income Tax Act 1961.

3 Income Tax assessments of the Company have been completed up to assessment year 2010-11.

4 The company has made refund of the interest free Security deposit amounting to Rs. 9.50 lacs during the current year (taken in Previous Year Rs. 9.50 lacs).

5 The Company has no liability towards leave encashment, gratuity and bonus payable for the year under consideration.

6 The Company has no suppliers covered under ''Micro, Small & Medium Enterprises Development Act, 2006''. This has been relied upon by the auditors.

7 The Company will review the various credit balances appearing in the ledger for a considerable period of time and necessary adjustment, if any, shall be carried out upon the completion of review.

8 Exceptional Item relates to payments made for revocation of suspension of trading in Equity Shares of the Company on the Bombay Stock Exchange.

9 Related Party Disclosures in accordance with the Accounting Standard-18, Related Party Disclosures'' issued by the Institute of Chartered Accountants of India.

10 Deferred taxation

The Company has adopted Accounting Standard 22 "Accounting for Taxation on Income" issued by the Institute of Chartered Accountants of India with effect from 1" April 2001. As on the date of Balance Sheet, the Company has significant unabsorbed depreciation and carry forward losses. In view of the absence of virtual certainty of realization of unabsorbed depreciation and carry forward losses, no deferred tax assets have been recognized

Previous year''s figures have been regrouped /rearranged wherever considered necessary to confirm to this year classification in view of the revised Schedule VI.


Mar 31, 2012

1.1.1 The Company has only one class of shares referred to as equity shares having par value of Rs 10/- Each holder of equity shares is entitled to one vote per share.

1.1.2 Shares in respect of each class in the company held by its holding company rights ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company is aggregate : NIL

1.1.3 Shares reserved for issue under options and contracts / commitments for the sale of shares / disinvestment, including the terms and amounts : NIL

1.1.4 In the event of liquidation of the company, the holders of equity shares will be entitles to received 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.

1.2 Contingent liabilities to the extend not provided for:

Claims against Company not acknowledged as debt: (Rs, In Lacs)

Current Previous Year Year

1. Customs & Excise demands in dispute/ 178.24 178.24 Under appeal as per order of CEGAT New Delhi for admission of appeals.

2. Sales Tax and other demands in dispute/ 82.77 82.77 Under appeal.

3. Damages claim by Provident Fund Authorities 19.17 19.17

4. Income Tax demands under appeal for AY 2008-09 1584 66 1584.66

1.3 Current Tax denotes Minimum Alternate Tax u/s 115 JB of the Income Tax Act 1961.

1.4 Income Tax assessments of the Company have been completed up to assessment year 2009-10,

1.5 The Company has written off Rs 15.09 lacs as bad debt during the year based on the management s estimate. However the Company has initiated legal proceedings for recovery.

1.6 The company has refundable interest free security deposit of Rs 9.50 Lacs (Previous Year Rs. 38.51 lacs out of which Rs 26.51 lacs was interest bearing and the balance Rs, 12.00 lacs was interest free) as at end of the year.

1.7 The Company has no liability towards leave encashment, gratuity and bonus payable for the year under consideration

1.8 The Company has no suppliers covered under ' Micro, Small & Medium Enterprises Development Act. 2006'. This has been relied upon by the auditors.

1.9 The Company will review the various credit balances appearing in the ledger for a considerable period of time and necessary adjustment, if any. shall be carried out upon the completion of review.

1.10 Exceptional Item relates to payments made for revocation of suspension of trading in Equity Shares of the Company on the Bombay Stock Exchange.

1.11 Related Party Disclosures in accordance with the Accounting Standard- 18, Related Party Disclosures" issued by the Institute of Chartered Accountants of India.

1.12 Deferred taxation

The Company has adopted Accounting Standard 22 " Accounting for Taxation on Income" issued by the Institute of Chartered Accountants of India with effect from 1st April 2001. As on the date of Balance Sheet, the Company has significant unabsorbed depreciation and carry forward losses. In view of the absence of virtual certainly of realisation of unabsorbed depreciation and carry forward losses, no deferred tax assets have been recognised.

1.13 Previous year's figures have been regrouped / rearranged wherever considered necessary to confirm to this year classification in view of the revised Schedule VI.


Mar 31, 2010

A, i) The Company is awaiting no dues certificate in respect of extinguishment of secured liabilities from Bohemia Enterprises Pvt. Ltd, - First Charge Holder, consequent to takeover and sale of assets by secured creditors under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

ii) Kotak Mahindra Bank Ltd., one of the secured creditors, who had disagreed with other secured creditors had filed recovery suit in DRT for Rs.1.33 cr. During the year, the Company entered into a settlement with Kotak Mahindra Bank Ltd. by paying them an additional sum of Rs, 10.73 lacs over and above their share of dues receivable from SASF.

iii) During the year the Company has also written off/written back debit and credit balances amounting to Rs.41,920/- (Previous Year Rs 4,884,597.39/*) appearing in the accounts of customers, Suppliers, Deposit accounts etc, which in the opinion of Company are not recoverable/ payable. This include Nil (Previous year Rs37,37,731/-) towards interest warrant payable to 15% Nonconvertible debenture holders which is no more payable as it found part and parcel of the one time settlement of all their dues and accordingly IDBI trusteeship Services ltd ./Trustees to the 15% non convertible debenture holders has issued no due certificate to the company.

B, Claim of Nil (Previous Year Rs. 21 lacs) referred to arbitration in respect of foreign supplier of plant in earlier year will be dealt with in accordance with the award of arbitration in the year of receipt of funds, if any.

C, Remuneration under Section 198 of The Companies Act, 1956 to the Managing Director included in the relevant account heads in schedule J - Rs.622048A(salary Rs,8,00,000 lacs and Medici aim insurance Rs.22048/-; (Previous year- 600000/-)

D The Income tax assessments of the Company have been completed up to assessment year 2007-08, There is no demand outstanding forth© assessments completed by the Income tax Department.

E. (a) Sundry Debtors includes doubtful debts of Rs. 21,23,548.07 /- (Previous Year Rs,3,018,484.37 /-) and Loans & advances includes Rs.99494/- (Previous year Rs.99494/-) for which teal action have been taken for recovery but the management is doubtful of recovering these amounts. However no provision has been made against these doubtful debts & advances.

(b) The Company has written off Rs 15,09,242/- as bad debt during the year based on the management's estimates.

F. The Company has no liability towards leave encashment, gratuity and Bonus payable for the year under consideration..

G. The Company has no suppliers covered under "Micro, Small & Medium Enterprises Development Act, 2006". This has been relied upon by the auditors.

H. The Company is in the process of reviewing the various credit balances appearing in the ledger for a considerable period of time and necessary adjustment, if any, shall be carried out upon the completion of review process.

I Related Party Disclosures in accordance with the Accounting Standard-18 issued by the institute of Chartered Accountants of India

J. DEFERRED TAXATION

The Company has adopted Accounting Standard 22 "Accounting for Taxation on income" issued by the institute 1e„of Chartered Accountants of India with effect from 1st April 2001. As on the date of Balance Sheet, the Company has significant unabsorbed depreciation and carry forward losses. In view of the absence of virtual certainty of realisation of unabsorbed depreciation and carry forward losses, no deferred tax assets have been recognized.

K Previous years figures have been regrouped /rearranged wherever necessary so as to make them comparable with the figures of current year & figures have been rounded off to the nearest rupee except for Earnings per share

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