Notes to Accounts of Rajasthan Petro Synthetics Ltd.

Mar 31, 2024

(E) Provisions, Contingent Liabilities and Contingent Assets

Provisions are measured at the present value of the management''s best estimate of the
expenditure required to settle the present obligation at the end of the reporting period.
Provisions involving substantial degree of estimation in measurement are recognized when
there is a present obligation as a result of past events and it is probable that there will be an
outflow of resources.

Contingent liabilities are disclosed only when there is a possible obligation arising from past
events, the existence of which will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events which is not wholly within the control of the company or a
present obligation that arises from past events where it is either not probable that an outflow of
resources will be required to settle the obligation or estimate of the amount cannot be
measured reliably. No contingent asset is recognized but disclosed by way of notes to accounts
only when its recognition is virtually certain.

(F) Borrowing Cost

General and Specific Borrowings Cost that are directly attributable to the acquisition or
construction or production of qualifying assets capitalized as part of the cost of such assets
up to the date when such assets are ready for intended use. Qualified assets are assets that
necessarily take a substantial period of time to get ready for their intended use or sale. Other
borrowing costs are charged as expenses in the year in which they are incurred.

(G) Earnings Per Share

Basic Earnings per Share is calculated by dividing the net profit of loss for the period
attributable to equity shareholders by weighted average number of equity shares outstanding
during the period. For the purpose of calculating diluted earnings per share, net profit after tax
during the year and the weighted average number of shares outstanding
during the year are adjusted for the effect of all dilutive potential equity shares

1.5 Revenue Recognition

The Company has recognized revenue from Services namely Office Management/ C&F
Agency Operations as and when becomes due and on accrual basis.

1.6 Investments

Long term investments are stated at cost, unless the loss is other than temporary in nature.
There are no longterm investments at the end of year.

1.7 CurrentTax

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.

16 Income Tax assessments of the Company have been completed up to assessment year 2023-24.

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

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

19 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 settlement of the dues.

20 Segmental reporting as defined in Accounting Standard 17 is not applicable to the Company as it
is operating only a single business, i.c. office management services / C&F Agency Operations.

21 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 l^il 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.

23. The Company has adopted Indian Accounting standards (Ind-AS) effective 1st April 2017(transition
date being 1^st April 2017) and accordingly audited financial results has been prepared in accordance
with IND-AS prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian
Accounting Standards) Rules 2015 (as amended)

Note • 27: Other Statutory Information

(i) The Company does not have any Benami oroperty, where any proceeding has been initiated or pending aganst the Company for Holding any Benami
property under the Benami Transactions (prohibiron) Act, 1988 or rule thereunder.

(i) The Company does not have any transactions with companes struck off.

(i) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies). including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) Directly or indirecfly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficianes.

(vi) The Company has not received any fund from any persons) or entries), including foreign entiles (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shal.

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficianes.

In terms of our report of even date. For and on behalf of the Board of Directors

ForSaluja and Associates
Chartered Accountants
FRN:000148N

(V.K VERMA) (B.R Goyal) (Rishabh Goel)

PARTNER Chairman Managing Director

M. NO. 017742 DIN: 01659885 DIN: 06888389

UDIN: 24017742BKBFMW6873

PLACE: NEW DELHI K.Sukumaran K.K. Jha

DATE: 22.05.2024 Company Secretary CFO

M. NO. 1680

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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.

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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.

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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.

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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.

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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