(A) CORPORATE INFORMATION
Rajasthan Gases Limited ('the Company') is a public limited Company domiciled in India and
incorporated on August 27,1993 under the provisions of the Companies Act, 1956 having its
registered office at Amarvilla, Shyam Talkies, Road, Agrashan Chowk, Gandhibagh Nagpur-
440 018. The Company is listed on BSE Ltd.
(B) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
These financial statements are prepared in accordance with Indian Accounting Standard (Ind
AS), under the historical cost convention on accrual basis except for certain financial
instruments which are measured at fair values, the provisions of the Companies Act, 2013
("the Act") (to the extent notified) and guidelines issued by the Securities and Exchange Board
of India (SEBI). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the
Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued
thereafter. As prescribe in Schedule III of Companies Act, 2013, the company has rounded off
the figures appearing in the financial statement to the nearest “Lacs" except EPS.
(C) CRITICAL ACCOUNTING POLICIES
(1) Current versus Non-Current classification
All assets and liabilities have been classified as current or non-current as per the
Company's normal operating cycle and other criteria set out in the Schedule to the
Companies Act, 2013.
(2) Property, Plant and Equipments and Intangible Assets
(a) Company does not have any property, plant and equipments, intangible assets
and investment Property; Hence revaluation provisions not applicable.
(b) In the opinion of the management, Company does not hold any Benami property
as defined under the “Benami Transactions (Prohibition) Act, 1988 and Rules
made there under, No proceedings have been initiated or are pending against the
company for holding any Benami property under the “Benami Transactions
(Prohibition) Act, 1988 and Rules made there under.
(c) Company does not have any assets (other than property where company is
lessee and the lease agreements are duly executed in favour of lessee) whose
title deeds are not held in the name of company.
(d) Company does not have any intangible assets under development.
(e) Company does not have any capital work-in-progress.
(3) Recognition of Income and Expenditure
Revenues/Incomes and Costs/Expenditure are generally accounted on accrual, as
they are earned or incurred.
(4) Employee Benefits:
Short term Employee benefits
Liabilities for wages and salaries, including non monetary benefits that are expected to
be settled wholly within twelve months after the end of the period in which the
employees render the related services are recognized in respect of employee service
up to the end of the reporting period and are measured at the amount expected to be
paid when the liabilities are settled. The liabilities are presented as current employee
benefit obligations in the balance sheet.
(5) Taxation:
Provision for Current tax is made according to the provisions of the Income tax Act,
1961.
Deferred tax is recognized as the tax effect of timing differences being the differences
between taxable incomes and accounting income that originated in one period and is
capable of reversal in one or more subsequent period.
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