Accounting Policies of Omansh Enterprises Ltd. Company

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.