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Accounting Policies of Omkar Pharmachem Ltd. Company

Mar 31, 2015

A) General :

i) The accounts have been prepared on the basis of historical cost and in accordance with mandatory accounting standards.

ii) All Incomes and Expenditures are accounted for on mercantile basis.

b) Fixed Assets and Depreciation :

i) Fixed assets are stated at cost.

ii) The company has no depreciable Fixed Assets.

c) Trade Payables/Receivables and Loans and Advances :

Trade Payables/Receivables and Loans and Advances are stated without making provision for doubtful balances. They all are subject to the confirmation of the parties.

d) Investments:

Investments are classified as non-current investments and are stated at cost.

e) Deferred Tax :

So far as Accounting Standard 22 (As-22) on Accounting for Taxes on income is concerned, deferred tax asset in respect of its brought forward losses are not recognized as the company does not fore see to have profit to absorb the said carried forward loss in near future.

f) Revenue from Operations :

Revenue from Operations is recognised when bill is raised.

g) Expenses:

Expenses are recorded for on accrual basis and provision is made for all known losses and liabilities.

h) Remuneration and Sitting Fees to Directors :

No remuneration and sitting fees are paid to the directors.

I) Earning per Share :

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

(a) The amount used as the numerator in calculating basic and diluted earnings per shares the net profit (Loss) for the year disclosed in the statement of profit and loss.

(b) The weighted average number of equity shares used as denominator in calculating both basic and diluted earnings per share is 10083675.

j) Cash and Cash Equivalents :

Cash and cash equivalents for the purpose of cash flow statement comprise cash at bank and in hand.

k) Segment Information as per accounting standard 17 :

Segment Reporting as defined in Accounting Standard 17 is not applicable since compnay has no segments.

l) Foreign Currency Transactions :

No Foreign Currency Transactions were entered by the Company during the previous year.

m) Related Party Disclosure:

Related Party Disclosure as required by Accounting Standard -18 is as under:

1. Key Management Personnel and their relatives : None

2. Key Management Personnel and/or their relatives have

significant influence over the following enterprises : None

3. No transactions were carried out with the related parties in the ordinary course of business.

n) Previous Year's Data :

Previous Year's Data is regrouped/rearranged whenever necessary.


Mar 31, 2013

A) Expenses:

Expenses are recorded for on accrual basis and provision is made for all known losses and liabilities.

b) Remuneration and Sitting Fees to Directors :

No remuneration and sitting fees are paid to the directors.

c) Earning per Share :

Basic Earnings Per Share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity sharehold- ers and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity share.

(a) The amount used as the numerator in calculating basic and diluted earnings per shares the net profit (Loss) for the year disclosed in the statement of profit and loss.

(b) The weighted average number of equity shares used as denominator in calculating both basic and diluted earnings per share is 10083675

d) Cash and Cash Equivalents :

Cash and cash equivalents for the purpose of cash flow statement comprise cash at bank and in hand and short term investments with an original maturity of three months or less.

e) Segment Information as per accounting standard 17 :

Segment Reporting as defined in Accounting Standard 17 is not applicable since compnay has no segments.

f) Foreign Currency Transactions :

No Foreign Currency Transactions were entered by the Company during the previous year.


Mar 31, 2012

A) General :

i) The accounts have been prepared on the basis of historical cost and in accordance with mandatory accounting standards

ii) All Incomes and Expenditures are accounted for on mercantile basis.

b) Fixed Assets and Depreciation :

i) Fixed assets are stated at written down value after deducting depreciation to date from cost.

ii) Depreciation on Fixed Assets is provided on written down method with reference to month of addition/ deletion of respective assets at rate specified in Schedule XIV to The Companies Act, 1956.

c) Trade Payables/Receivables and Loans and Advances :

Trade Payables/Receivables and Loans and Advances are stated without making provision for doubtful balances. They all are subject to the confirmation of the parties.

d) Investments:

Investments are classified as non-current investments and are stated at cost.

e) Deferred Tax :

So far as Accounting Standard 22 (As-22) on Accounting for Taxes on income is concerned, deferred tax asset in respect of its brought forward losses are not recognized as the company does not fore see to have profit to absorb the said carried forward loss in near future.

f) Revenue from Operations :

Revenue from Operations is recognised when goods are supplied. It does not include VAT and Frieght charged in invoices.

g) Expenses:

Expenses are recorded for on accrual basis and provision is made for all known losses and liabilities.

h) Remuneration and Sitting Fees to Directors :

No remuneration and sitting fees are paid to the directors.

i) Earning per Share :

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

(a) The amount used as the numerator in calculating basic and diluted earnings per shares the net profit (Loss) for the year disclosed in the statement of profit and loss.

(b) The weighted average number of equity shares used as denominator in calculating both basic and diluted earnings per share is 10083675

j) Cash and Cash Equivalents :

Cash and cash equivalents for the purpose of cash flow statement comprise cash at bank and in hand and short term investments with an original maturity of three months or less.


Mar 31, 2010

A) General :

i) The accounts have been prepared on the basis of historical cost and in accordance with mandatory accounting standards.

ii) All Incomes & Expenditure are accounted for on mercantile basis.

b) Fixed Assets & Depreciation :

i) Fixed assets are stated at cost net of modvat/cenvet and includes taxes, freight and other incidental expenses incurred in relation to acquition and installation of the same.

c) Sundry Debtors & Loans and Advances :

Sundry Debtors & Loans and Advances are stated after making adequate provision for doubtful balances.

d) Expenditure:

Expenses are recorded for on accrual basis and provision is made for all known losses and liabilities.

e) Deffered Revenue Expenses :

Preliminary expenses are being amortised over a period often years.


Mar 31, 2009

A) General

i) The accounts have been prepared on the basis of historical cost and in accordance with mandatory accounting standards.

ii) All Incomes & Expenditure are accounted for on mercantile basis.

b) Fixed Assets & Depreciation

i) Fixed assets are stated at cost net of modvat/cenvet and includes taxes, freight and other incidental expenses incurred in relation to acquition and installation of the same.

c) Sundry Debtors & Loans and Advances

Sundry Debtors & Loans and Advances are stated after making adequate provision for doubtful balances.

d) Expenditure

Expenses are recorded for on accrual basis and provision is made for all known losses and liabilities.

e) Deffered Revenue Expenses

Preliminary expenses are being amortised over a period of ten years,.


Mar 31, 2003

A) General

i) The Accounts have been prepared on the basis of historical cost and in accordance with mandatory accounting standards.

ii) All Expenses and Income are accounted for on mercantile basis.

b) Fixed Assets and Depreciation

Fixed assets are stated at cost net of modvat/cenvat and includes taxes, freight and other incidental expenses incurred in relation to acquisition and installation of the same.

c) Sundry Debtors and Loans and Advances

Sundry Debtors and Loans and Advances are stated after making adequate provisions for doubtful balances.

d) Expenditure

Expenses are recorded for on accrual basis and provision is made for all known losses and liabilities.

e) Deferred Revenue Expenses

Preliminary and share issue expenses are being amortized over a period of ten years.


Mar 31, 2002

A) General

i) The Accounts have been prepared on the basis of historical cost and in accordance with mandatory accounting standards.

ii) All Expenses and Income are accounted for on mercantile basis

b) Fixed Assets and Depreciation

i) Fixed assets are stated at cost net of modvat / cenvat and includes taxes, freight and other incidental expenses incurred in relation to acquisition and installation of the same.

ii) Depreciation on fixed assets is provided on written down method with refrence to month of addition / deletion of respective assets at rate speci- fied in Schedule XIV to the Companies, Act, 1956.

c) Sundry Debtors and Loans and Advances

Sundry Debtors and Loans and Advaces are stated after making adequate provisions for doubtful balances.

d) Expenditure

Expenses are recorded for on accrual basis and provision is made for all known lossess and liabilities.

e) Deferred Revenue Expenses

Preliminary and share issue expenses are being amortized over a period of ten years.

 
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