Accounting Policies of Omansh Enterprises Ltd. Company

Mar 31, 2025

3. Summary of Significant Accounting Policies

This note provides a list of the significant accounting policies adopted in the preparation of these
financial statements. These policies have been consistently applied to all the years presented,
unless otherwise stated.

i. Income

(i) Revenue from Sate of Goods and Services

Revenue from contracts with customers for sale of goods or services is recognised when the
Company satisfies performance obligation by transferring promised goods or services to the
customer at an amount that reflects the consideration which the Company is expected to be entitled
to in exchange for those goods or services.

Revenue is measured based on the transaction price, which is the consideration, adjusted for trade
discounts, incentives and returns, if any, as specified in the contract with the customer. Revenue
also excludes taxes collected from customers. The trade discounts incentives and right of return are
estimated and provided for, based on historical, current and forecast information available. A refund
liability is recognised for expected returns in relation to sales made, corresponding assets are
recognised for the products expected to be returned.

The Company does not expect to have any contract where the period between the transfer of the
promised goods or services to the customer and payment by the customer exceed one year. As a
consequence, the Company does not adjust any of the transaction prices for the time value of
money.

(ii) Dividend Income

Dividend income on equity shares is recognised when the Company''s right to receive the payment
is established, which is generally when shareholders approve the dividend. During the year the
Company has not received any income from dividend.

ii. Expenditures

(i) Finance costs

Borrowing costs on financial liabilities are recognised using the Effective Interest Rate (EIR).

iii. Cash and cash equivalents

Cash and cash equivalents include cash on hand, other short term, highly liquid investments with
original maturities of three months or less that are readily convertible to Known amounts of cash and
which are subject to an insignificant risk of changes in value.

Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the
effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating
cash receipts or payments and item of income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and financing activities of the Company are
segregated.

iv. Financial Assets

Financial assets include cash, or an equity instrument of another entity, or a contractual right to
receive cash or another financial asset from another entity. Few examples of financial assets are
loan receivables, investment in equity and debt instruments, trade receivables, cash and cash
equivalents

All Financial assets are recognized initially at fair value plus, in the case of financial assets not
recognized at fair value through profit and loss, transaction costs that are attributable to the
acquisition of the financial asset. Financial assets are subsequently measured at amortized cost
using effective interest rate method (EIR)

v. Financial Liabilities

Financial liabilities include liabilities that represent a contractual obligation to deliver cash or another
financial assets to another entity, or a contract that may or will be settled in the entities own equity
instruments. Few examples of financial liabilities are trade payables, debt securities and other
borrowings and subordinated debts.

vi. Taxes

(i) Current Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities, in accordance with the Income Tax Act, 1961 and the Income
Computation and Disclosure Standards (ICDS) prescribed therein. The tax rates and tax laws used
to compute the amount are those that are enacted or substantively enacted, at the reporting date.

(ii) Deferred Tax

Deferred tax is provided using the Balance Sheet approach on temporary differences between the
tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the
reporting date.

Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets
are recognized for deductible temporary differences to the extent that it is probable that taxable
profits will be available against which the deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of
the deferred tax asset to be utilised. Unrecognised deferred tax assets, if any, are reassessed at
each reporting date and are recognised to the extent that it has become probable that future taxable
profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set
off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable
entity and the same taxation authority.

vii. Property, Plant and Equipment

Property, plant and equipment are carried at historical cost of acquisition less accumulated
depreciation and impairment losses, consistent with the criteria specified in Ind AS 16 ‘Property,
Plant and Equipment’.

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Mar 31, 2024

This note provides a list of the significant accounting policies adopted in
the preparation of these financial statements. These policies have been
consistently applied to all the years presented, unless otherwise stated.

3.1 Income

(i) Revenue From Sale of Goods and Services

Revenue from contracts with customers for sale of goods
or services is recognised when the Company satisfies
performance obligation by transferring promised goods or
services to the customer at an amount that reflects the
consideration which the Company is expected to be
entitled to in exchange for those goods or services.

Revenue is measured based on the transaction price,
which is the consideration, adjusted for trade discounts,
incentives and returns, if any, as specified in the contract
with the customer. Revenue also excludes taxes collected
from customers. The trade discounts incentives and right
of return are estimated and provided for, based on
historical, current and forecast information available. A
refund liability is recognised for expected returns in
relation to sales made, corresponding assets are
recognised for the products expected to be returned.

The Company does not expect to have any contract
where the period between the transfer of the promised
goods or services to the customer and payment by the
customer exceed one year. As a consequence, the
Company does not adjust any of the transaction prices for
the time value of money.

(ii) Dividend Income

Dividend income on equity shares is recognised when the
Company''s right to receive the payment is established,
which is generally when shareholders approve the
dividend. During the year the Company has not received
any income from dividend.

3.2 Expenditures

(i) Finance costs

Borrowing costs on financial liabilities are recognised
using the Effective Interest Rate (EIR).

3.3 Cash and cash equivalents

Cash and cash equivalents include cash on hand, other short
term, highly liquid investments with original maturities of three
months or less that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in
value.

Cash Flow Statement

Cash flows are reported using the indirect method, whereby loss
for the period is adjusted for the effects of transactions of a non¬
cash nature, any deferrals or accruals of past or future operating
cash receipts or payments and item of income or expenses
associated with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the Company
are segregated.

3.4 Financial Assets

Financial assets include cash, or an equity instrument of another
entity, or a contractual right to receive cash or another financial
asset from another entity. Few examples of financial assets are
loan receivables, investment in equity and debt instruments, trade
receivables, cash and cash equivalents

All Financial assets are recognized initially at fair value plus, in the
case of financial assets not recognised at fair value through profit
and loss, transaction costs that are attributable to the acquisition
of the financial asset. Financial assets are subsequently
measured at amortised cost using effective interest rate method
(EIR)

3.5 Financial Liabilities

Financial liabilities include liabilities that represent a contractual
obligation to deliver cash or another financial assets to another
entity, or a contract that may or will be settled in the entities own
equity instruments. Few examples of financial liabilities are trade
payables, debt securities and other borrowings and subordinated
debts.

3.6 Taxes

(i) Current Tax

Current tax assets and liabilities are measured at the
amount expected to be recovered from or paid to the

taxation authorities, in accordance with the Income Tax
Act, 1961 and the Income Computation and Disclosure
Standards (ICDS) prescribed therein. The tax rates and
tax laws used to compute the amount are those that are
enacted or substantively enacted, at the reporting date.

(ii) Deferred Tax

Deferred tax is provided using the Balance Sheet
approach on temporary differences between the tax
bases of assets and liabilities and their carrying amounts
for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognised for all taxable
temporary differences and deferred tax assets are
recognized for deductible temporary differences to the
extent that it is probable that taxable profits will be
available against which the deductible temporary
differences can be utilised.

The carrying amount of deferred tax assets is reviewed at
each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to be
utilised. Unrecognised deferred tax assets, if any, are
reassessed at each reporting date and are recognised to
the extent that it has become probable that future taxable
profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the year when the asset
is realised or the liability is settled, based on tax rates (and
tax laws) that have been enacted or substantively
enacted at the reporting date.

Deferred tax assets and deferred tax liabilities are offset if
a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred
taxes relate to the same taxable entity and the same
taxation authority.

3.7 Property, Plant and Equipment

Property, plant and equipment are carried at historical cost of
acquisition less accumulated depreciation and impairment
losses, consistent with the criteria specified in Ind AS 16 ''Property,
Plant and Equipment''.

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Mar 31, 2015

1.1 Corporate Information

The company is engaged in the business of trading in Steel and related products.

1.2 Basis of preparation

The accompanying financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956 to the extent applicable. The Financial statements are presented in Indian Rupees.

1.3 Use of estimates:

The preparation of the financial statements in conformity with the generally accepted accounting Principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of the financial statement. Actual results would differ from the estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.

1.4 Inventories

Inventories are valued at cost or net realizable value which-ever is lower. Net realizable value is the estimated selling price in the ordinary course of business less estimated cost necessary to make sale.

1.5 Revenue recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

i. Sale of Goods: Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer.

ii. Interest : Revenue is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

iii. Dividend : Revenue is recognized when the shareholders right to receive payment is established by the balance sheet date.

1.6 Investments

Investments are classified into long-term investments and short-term investments. Investments, which are intended to be held for one year or more, are classified as long-term investments and investments, which are intended to be held for less than one year, are classified as current investments. Long Term Investments & Short Term Investments are carried at cost. No provisions for diminution has been made if in the opinion of the management the diminution are temporary in nature.

1.7 Retirement and Other Employee benefits

a. Provident Fund:

Provision of Provident Fund is not applicable to the company.

b. Gratuity:

No provision for gratuity has been made as there is no amount due towards Gratuity payable.

c. Compensated absences:

Unutilized leave of staff lapses as at the year end and is not encashable. Accordingly, no provision is made for compensated absences.

1.8 Income Tax

Tax expense comprises of current, deferred tax, Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961 enacted in India. Deferred Income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

1.9 There is no Contingent Liabilities against the company.

1.10 In the opinion of Directors, current assets, loans and advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of the business.

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Mar 31, 2014

1.1 Corporate Information

The company is engaged in the business of trading in Steel and related products.

1.2 Basis of preparation

The accompanying financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956 to the extent applicable. The Financial statements are presented in Indian Rupees.

1.3 Use of estimates:

The preparation of the financial statements in conformity with the generally accepted accounting Principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of the financial statement. Actual results would differ from the estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.

1.4 Inventories

Inventories are valued at cost or net realizable value which-ever is lower. Net realizable value is the estimated selling price in the ordinary course of business less estimated cost necessary to make sale.

1.5 Revenue recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

i. Sale of Goods: Revenue is recognized when the significant risks and rewards of ownership of the goods have passed to the buyer.

ii. Interest : Revenue is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

iii. Dividend : Revenue is recognized when the shareholders right to receive payment is established by the balance sheet date.

1.6 Investments

Investments are classified into long-term investments and short-term investments. Investments, which are intended to be held for one year or more, are classified as long-term investments and investments, which are intended to be held for less than one year, are classified as current investments. Long Term Investments & Short Term Investments are carried at cost. No provisions for diminution has been made if in the opinion of the management the diminution are temporary in nature.

1.7 Retirement and Other Employee benefits

a. Provident Fund:

Provision of Provident Fund is not applicable to the company.

b. Gratuity:

No provision for gratuity has been made as there is no amount due towards Gratuity payable.

c. Compensated absences:

Unutilized leave of staff lapses as at the year end and is not encashable. Accordingly, no provision is made for compensated absences.

1.8 Income Tax

Tax expense comprises of current, deferred tax, Current Income Tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961 enacted in India. Deferred Income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

1.9 There is no Contingent Liabilities against the company.

1.10 In the opinion of Directors, current assets, loans and advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of the business.

1.11 Compliance with Accounting Standards

(i) Related Party Transaction

During the financial year, the Company has not entered into transaction with related parties.

(ii) As per Accounting Standard 22 on accounting for taxes on Income issued by Institute of Chartered Accountants of India, the Company has not accounted for asset/liability for the year as the amount involved was not material.

1.12 Earning Per Share

Basic & Diluted EPS is 0.05

Basic earning per equity share has been computed by dividing net profit after tax by the weighted average number of equity shares outstanding during the period. There are no potential equity shares outstanding and as such the Diluted earning per share is same as basic earning per share.

1.13 Amortisation of Preliminary Expenses

The Preliminary Expenses are amortised over a period of 5 years in equal instalment as per the provision of Section 35B of the Income Tax Act, 1961. The fees paid to the Bombay Stock Exchange for the Direct Listing of the Securities of the Company has been categorized as Preliminary Expenses and will be amortised over a period of 5 years.

1.14 Other Information

Previous year figures have been rearranged/regrouped, wherever necessary, to comply with the disclosure requirements of Revised Schedule VI of the Companies Act, 1956.

Sundry Debit and Credit Balance are subject to confirmation.

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Mar 31, 2013

A Method of Accounting :

The Financial Statements are prepared in accordance with the historical cost convention & applicable standards and recognise the Income & Expenditure on accrual basis except those with significant uncertainty.

b Loans & Advances:

Loans & Advances are stated at the value which in the opinion of the Board of Directors are realisable during the ordinary course of business. Payments made to Revenue Authorities in respect of Appeals for different years pending have been classified under Loans & Advances

c Accounting of taxes on income

Provision for current tax is made, based on the tax payable under the Income Tax Act, 1961.

d Amortisation of Preliminary Expenses :

The Preliminary Expenses amortised over a period of 5 years in equal instalment as per the provision of Section 35B of the Income Tax Act, 1961.

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Mar 31, 2012

A Method of Accounting :

The Financial Statements are prepared in accordance with the historical cost convention & applicable standards and recognise the Income & Expenditure on accrual basis except those with significant uncertainty.

b Loans & Advances:

Loans & Advances are stated at the value which in the opinion of the Board of Directors are realisable during the ordinary course of business.

c Accounting of taxes on income

Provision for current tax is made, based on the tax payable under the Income Tax Act, 1961.

d Amortisation of Preliminary Expenses :

The Preliminary Expenses amortised over a period of 5 years in equal instalment as per the provision of Section 35B of the Income Tax Act, 1961.

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Mar 31, 2011

1. GENERAL

a) These accounts have been prepared on the historical cost basis and on the accounting principle of going concern.

b) All expenses and income, to the extent considered payable and receivable respectively unless specifically stated to be otherwise are accounted for on mercantile basis.

c) Accounting policies unless specifically stated to be consistent and are in consonance with generally accepted accounting principles.

2. FIXED ASSETS.

Fixed Assets are stated at original cost of purchase and reduced by accumulated depreciation.

3. DEPRECIATION :

Depreciation is provided as per rates specified in the Companies Act, 1956.

4. INVENTORY :

Inventories are valued at cost price.

5. BORROWING COST:

Borrowing costs are recognised as an expense in the year in which they are incurred to project cost on pro rata basis.

6. TAXATION:

Liability to tax as per the Income Tax Laws.

7. Prior period expenses are of no materials values and has no significant effect on the accounts.

8. CONTINGENT LIABILITIES:

There is no contingent liability of the company as explained to us.

9. Balance of Sundry Debtors and Creditors are as appearing in books of accounts and subject to confirmation from respective parties.