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 Stock Exchange. The
Company is presently engaged in Office Management Services / C&F Agency Operations. The
Company's registered office is at Flat No.201, 8-B, Oasis Tower, New Navratan Complex, Bhuwana
Udaipur-313001 (Rajasthan)

1.2 Basis of Preparation and Presentation of Financial Statements

(A) Statement of Compliance

These standalone Ind AS financial statements of the Company have been prepared in accordance with
the Indian Accounting Standards (Ind AS) as prescribed under the Companies (Indian Accounting
Standards) Rules, 2015. The financial statements up to the year ended March 31,2017 were prepared
in accordance with Accounting Standards notified under the Companies (Accounting Standards)
Rules, 2006 and other relevant provisions of the Act ('Previous GAAP'). The date of transition to Ind AS
is April 1,2016.

(B) Basis of measurement

The financial statements are prepared on historical Cost basis except for certain financial assets and
liabilities that are measured at fair value. The accounting policies not specifically referred to otherwise,
are consistent and in consonance with generally accepted accounting principles. All income and
expenditure are being accounted for an accrual basis.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and
services. Fair value is the price that would be received to sell assets or paid to transfer a liability in an
ordinary transaction between market participants at the measurement date.

(C) Functional and Presentation Currency

These financial statements are presented in Indian Rupee (INR), which is the Company's functional
currency. All financial information presented in INR has been rounded to the nearest lakhs (upto two
decimals), except as stated otherwise

(D) Use of Estimates

In preparing Company's financial statements in conformity with accounting principles generally accepted
in India, management is required to make estimates and assumptions that affect the reported amount of
assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and
reported amount of revenues and expenses during the reporting period. Actual results could differ from
those estimates. Any revision to accounting estimates is recognized in the period in which the same is
determined.

E) Current and non-current classification

The Company presents assets and liabilities in the Balance Sheet based on current/non-current
classification. An asset is current when it is:

• Expected to be realized or intended to be sold orconsumed in normal operating cycle;

• Held primarily for the purpose of Business;

• Expected to be realized within twelve months afterthe reporting period; or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months afterthe reporting period. All other assets are classified as non-current.

Aliability is current when:

It is expected to be settled in normal operating cycle;

It is held primarily for the purpose of Business

It is due to be settled within twelve months afterthe reporting period; or

There is no unconditional righttodefersettlementofthe liability for at least twelve months afterthe reporting
period.

All other liabilities are classified as non-current

1.3 Fixed Assets and Depreciation & Amortization

The Company has no Tangible/lntangible assets and therefore no depreciation has been provided.

1.4 (A) Cash and Cash Equivalents

Cash and cash equivalent in the Balance Sheet comprise cash at banks and cash in hand, which are
subject to insignificant risk of change in value.

(B) Financial Instruments
Initial recognition

Financial assets and financial liabilities are initially measured at fair value. Transaction cost that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (otherthan financial assets
and financial liabilities at fair value through profit or loss) are deducted from or added to the fair value of
financial assets or financial liabilities, as appropriate, on initial recognition.

Subsequent measurement

Non derivative financial instruments

(i) Financial assets carried at amortized cost: Afinancial asset is subsequently measured at amortized cost
if it is held in order to collect contractual cash flows and the contractual terms of the financial asset give rise
on specified dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.

(ii) Financial assets carried at fair value through other comprehensive income (FV) measured at
FVTOCI if it is held not only for collection of cash flows arising from payments of principal and interest but
also from the sale of such assets. Such assets are subsequently measured at fair value, with unrealized
gains and losses arising from changes in the fair value being recognized in other comprehensive income.

(iii) Financial assets carried at fair value through profit or loss (FVTPL): A financial asset which is not
classified in any of the above categories is subsequently measured at fair value through profit or loss.

(iv) Financial liabilities: Financial liabilities are subsequently measured at amortized cost using the effective
interest method. For trade and other payables maturing within one year from the Balance Sheet date, the
carrying amounts are approximate to fair value due to the short maturity of these instruments.

(C) Impairment

(i) Financial assets

The Company recognizes loss allowances using the expected credit loss for the financial assets which are
not measured at fair value through Profit or Loss. Loss allowance for trade receivables with no significant
financing component is measured at an amount equal to lifetime expected credit loss.

(D) Fairvalue measurement

The Company measures financial instruments, such as derivatives at fair value at each Balance Sheet
date. Fairvalue is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fairvalue measurement is based on
the presumption that the transaction to sell the asset or transfer the liability takes place either: In the
principal market for the asset or liability, or in the absence of a principal market, in the most advantageous
market for the asset or liability. The principal or the most advantageous market is measured using the
assumptions that market participants would use when pricing the asset or liability, assuming that market
participants act in their economics best interest. Afair value measurement of a non-financial asset takes into
account a market participant's ability to generate economic benefits by using the asset in its highest and
best use or by selling it to another market participant that would use the asset in its highest and best use. The
company uses valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the
use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the
financial statements are categorized within the fair value hierarchy, described as follows, based on the
lowest level input that is significant to the fair value measurement as a whole.:

Level 1 - Quoted prices in active markets.

Level 2 -Input other than quoted prices included within Level 1 that are observable, either directly or
indirectly.

Level 3- Input that are not based on observable market data.