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Notes to Accounts of Omkar Overseas Ltd.

Mar 31, 2014

RELATED PARTY DISCLOSURES

In compliance of Accounting Standard 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the required information is given below:

[1] Relationship:

[A] Key Management Personnel:-

Shri Ramesh G. Deora Director

[B] RELATIVES :- NIL

[C] Associate Body Corporate :- NIL

[D] Associate Concerns :- NIL

[E] Subsidiaries or Investing Companies: - NIL

[2] Transactions with Related Parties:- (In Rs.)

DISCONTINUED OPERATIONS

No Disclosure is required under the Accounting Standard 24 on "Discontinuing Operations" as the company has not discontinued any line of its activity/product line during the year.

IMPAIRMENT OF ASSETS

During the year, the company has undertaken a review of all fixed assets inline with the requirements of AS 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India. Based on such review, no provision for impairment is required to be recognized for the year.

b. Terms/rights attached to equity shares

The company has only one class of equity shares having par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declare and pays dividend in Indian rupee.

As per records of the company, including its register of share holders/members and other declaration received from the share holders regarding beneficial interest, the above share holding represents both legal and beneficial ownership of shares.

2. The Revised Schedule VI has become effective from 1 April, 2013 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure

3. Figures have been rounded off to nearest rupee.

4. Balance of Sundry Debtors, Creditors, Loans and advances, unsecured loans are subject to confirmation.

5. C.I.F. value of imports NIL NIL

6. Earning/expenditure in foreign currency NIL NIL

7. Contingent liabilities &Commitments NIL NIL

8. Quantitative Information

9. Break up of expenditure incurred on employess who were in receipt of remuneration aggregating Rs. 2400000/- or more for year or Rs. 200000/- or more per month, where employed for a part ofthe yearRs. Nil (Previous YearRs. Nil).

10. Micro & Small Enterprises Dues

As per information given to us there were no amount overdue and remaining outstanding to small scale and /or ancillary Industrial suppliers on account of principal and/or interest as at the close of the year. Based on the information available with company, there are no dues outstanding to Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 for more than 45 days as at March 31,2014.

11. The Revised Schedule VI has become effective from 1st April, 2013 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2012

PROVISIONS/PAYMENTS MADE TO DIRECTORS

Payments & Provisions for employees include Directors Remuneration <=NIL(PY-<= NIL).

PROVISION FOR CONTINGENT LIABILITIES

Contingent liabilities (not provided for) is Nil.

CURRENT INCOME TAX

Tax provision has been made as per tax on the profits available to the company under Income taxAct' 1961.

DEFERRED INCOME TAX

Considering the volume of huge accumulated losses' the management is of the opinion that it is not necessary to recognise "Deferred Tax Assets" as there is no reasonable certainty of recoupment past carry forward losses. Hence no provision for "Deferred Tax Assets" as per the Accounting Standard-22 on "Accounting for Taxeson lncome"issued by the Institute of Chartered Accountants of India' isbeing made in theaccounts.

In the opinion of the directors' current assets' loan and advances' other than doubtful have the value at which they are stated in the balance-sheet if realized in the ordinary course of business. The provision for all known liabilities is adequate & not in excess of the amount reasonably necessary.

DISCONTINUED OPERATIONS

No Disclosure is required under the Accounting Standard 24 on "Discontinuing Operations" as the company has not discontinued any line of its activity/product line during the year.

IMPAIRMENT OF ASSETS

During the year' the company has undertaken a review of all fixed assets inline with the requirements of AS 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India. Based on such review' no provision for impairment is required to be recognized for the year..


Mar 31, 2011

1. Micro & Small Enterprises Dues

The Company has not received information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid / payable under this Act has not been given.

2. Balances of Sundry Debtors, Creditors, Loans and advances are subject to confirmation.

3. Payments & Provisions for employees include Directors Remuneration Rs. NIL (P.Y.- Rs. NIL).

4. Contingent liabilities (not provided for) is Nil.

5. In the opinion of the directors, current assets, loan and advances, other than doubtful have the value at which they are stated in the balance-sheet if realized in the ordinary course of business. The provision for all known liabilities is adequate & not in excess of the amount reasonably necessary.

6. Tax provision has been made as per tax on the profits available to the company under Income tax Act,1961.

7. Considering the volume of huge accumulated losses, the management is of the opinion that it is not necessary to recognise "Deferred Tax Assets" as there is no reasonable certainty of recoupment past carry forward losses. Hence no provision for "Deferred Tax Assets" as per the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, is being made in the accounts.

8. Figures have been rounded off to nearest rupees.

9. Previous year figures are regrouped, rearranged, wherever necessary.

10. In compliance of Accounting Standard – 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the required information is given below :

[1] Relationship :

[A] Key Management Personnel :-

Shri Champalal G. Agarwal C M D

Shri Subhashchand O. Agarwal Director

Shri Sumit C. Agarwal Director

[B] RELATIVES :- NIL

[C] Associate Body Corporate :-

Gopi Synthetics Pvt. Ltd.,

Omkar Textile Mills Pvt.Ltd.,

Arnav Textile Mills Pvt. Ltd.,

Arnav Industries Pvt. Ltd.,

[D] Associate Concerns :-

Omkar Finance Corporation,

Pooja Enterprise,

Arnav Industries,

Jash Industries.

[E] Subsidiaries or Investing Companies :- NIL

11. No Disclosure is required under the Accounting Standard - 24 on "Discontinuing Operations" as the company has not discontinued any line of its activity/product line during the year.

12. During the year, the company has undertaken a review of all fixed assets in line with the requirements of AS - 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India. Based on such review, no provision for impairment is required to be recognised for the year.

13. No. of Employees employed throughout the F.Y. 2010-11 who are in receipt of remuneration aggregating to Rs. 24,00,000/- p.a. or more or Rs. 2,00,000/- p.m. or more in case of employees employed for the part of the financial year is NIL.


Mar 31, 2010

1. Micro & Small Enterprises Dues

The Company has not received information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid / payable under this Act has not been given.

2. Balances of Sundry Debtors, Creditors, Loans and advances are subject to confirmation.

3. Payments & Provisions for employees include Directors Remuneration Rs. NIL (P.Y.- Rs. NIL).

4. Contingent liabilities (not provided for) is Nil.

5. In the opinion of the directors, current assets, loan and advances, other than doubtful have the value at which they are stated in the balance-sheet if realized in the ordinary course of business. The provision for all known liabilities is adequate & not in excess of the amount reasonably necessary.

6. Tax provision has been made as per tax on the profits available to the company under Income tax Act,1961.

7. Considering the volume of huge accumulated losses, the management is of the opinion that it is not necessary to recognise "Deferred Tax Assets" as there is no reasonable certainty of recoupment past carry forward losses. Hence no provision for "Deferred Tax Assets" as per the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, is being made in the accounts.

8. Figures have been rounded off to nearest rupees.

9. Previous year figures are regrouped, rearranged, wherever necessary.

10. In compliance of Accounting Standard - 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the required information is given below :

[1] Relationship :

[A] Key Management Personnel :-

Shri Champalal G. Agarwal C M D

Shri Subhashchand 0. Agarwal Director

[B] RELATIVES :- NIL

11. No Disclosure is required under the Accounting Standard - 24 on "Discontinuing Operations" as the company has not discontinued any line of its activity/product line during the year.

12. During the year, the company has undertaken a review of all fixed assets in line with the requirements of AS - 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India. Based on such review, no provision for impairment is required to be recognised for the year.

13. Additional information pursuant to the provisions of para 3 & 4 of part II, schedule VI of the Companies Act,1956 to the extent applicable to the company.

14. No. of Employees employed throughout the F.Y. 2008-09 who are in receipt of remuneration aggregating to Rs. 24,00,000/- p.a. or more or Rs. 2,00,000/- p.m.or more in case of employees employed for the part of the financial year is NIL.


Mar 31, 2009

1. Micro & Small Enterprises Dues

The Company has not received information from vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid / payable under this Act has not been given.

2. Balances of Sundry Debtors, Creditors, Loans and advances are subject to confirmation.

3. Payments & Provisions for employees include Directors Remuneration Rs. NIL (P.Y.- Rs.2,40,000).

4. Contingent liabilities (not provided for) is Nil.

5. In the opinion of the directors, current assets, loan and advances, other than doubtful have the value at which they are stated in the balance-sheet if realized in the ordinary course of business. Thej provision for all known liabilities is adequate & not in excess of the amount Reasonably necessary.

6. Tax provision has been made as per tax on the profits available to the company under Income tax Act,1961.

7. Considering the volume of huge accumulated losses, the management is of the opinion that it is not necessary to recognise "Deferred Tax Assets" as there is no reasonable certainty of recoupment past carry forward losses. Hence no provision for "Deferred Tax Assets" as per the Accounting Standard-22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, is being made in the accounts.

8. Figures have been rounded off to nearest rupees.

9. Previous year figures are regrouped, rearranged, wherever necessary.

10. In compliance of Accounting Standard - 18 on "Related Patty Disclosures" issued by the Institute of Chartered Accountants of Indj.a, the required information is given below :

[11] Relationship :

[A. Key Management Personnel :-

Shri Champalal G. Agarwal C M D

Shri Subhashchand O. Agarwal Director

[B] RELATIVES :- NIL

[C] Associate Body- Corporate :-

Gopi Synthetics Pvt. Ltd., Omkar Textile Mills Pyt.Ltd., Omkar Industries Limited.

[D] Associate Concerns :-

Omkar Finance Corporation

[E] Subsidiaries or Investing Companies :- NIL

12. No Disclosure is required under the Accounting Staridard - 24 on "Discontinuing Operations" as the company has not discontinued any, line of its activity/product line during the year.

13. During the year, the company has undertaken a review of all fi^ed assets in line with the requirements of AS - 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India. Based on such review, no provision for impairment is required to be recognised for the year.

14. No. of Employees employed throughout the F.Y. 2008-09 who are injreceipt of remuneration aggregating to Rs. 24,00,000/- p.a. or more or Rs.j2,00,000/- p.m.or more in case of employees employed for the part of the financial year is NIL.