Accounting Policies of Omnipotent Industries Ltd. Company

Mar 31, 2025

1 CORPORATE INFORMATION

The Company carry on the business of manufacturers of and dealers in Bitumen and Other Similar Bitumen supplimcnt The Company is also engaged in Import. Export. Trading in Bitumen

Board of Directors

Mr. Prince Shah Managing Director

Mr. Gourav Pipotdiya Director

Ms. Ruchi Josh! Independent Director

MR. MANOJ 8ATHAM Non Executive Independent Director

MR. NAVNEET KHARE Non Executive Independent Director

Statutory Auditors

Arpan and Associates LLP Chartered Accountants. Vadodara

Registered Office

Regd Office: 1/11. DamjiNenshi Wadi. Staton Roao, Bhandup West. Mumbai City- MH *00078 IN

2 Significant accounting policies

2.1 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared In accordance wth the Generally Accepted Accounting Pmcrptes in Irvda (Indian GAAP) to comply ",f5 Accounting Standards notified under :h* CoTpen-w (Account ng Standards) Rules. 2021 (as amended) and the relevant p-uvisiona of the Compar.es Acl. 2013 "Tre Company is a Small and Medium Sired Company as dofocd in the Genera Instructions in respect of Accounting Standards notified under the Companes (Accounting Standards) R^es. 2021 (as amended) Accordingly, tha Corrpany has com plod with tiie Accounting Standards as eppvca&e to a Small and Medium Sized Company "

The financial statements have boon prepared on accrual basis under the hsto''cal cc*t convention The accounting policies adopted in the preparation of fhe financial statement* are consistent wilh tnose followed m the previous year

2.2 Use of estimates

Tne preparation of the financial statements In conformity v»ilh Indian GAAP requires the Management to make estimates and assumptions considered In tie reported amounts o'' assets and liabiities Incvdmg contingent labilities) and the reported income and e-penses dunng the year The Management befieves that the estimates used tn preparation of the financial statements ere prudent and roasonaNe Future results could dtfer duo to these estimates and the differences between the nrtval resuns and the estimates are recognised in the psuocJs in wh«ch Iho resuRs are krewn l materialise

2.3 Inventories

Inventores sre valued al the lower of cost {on FIFO t v/eighted aveiage basis) and the ret realisable value after providing for obsolescence and Oliver losses, where considered necessary Cost ire-hides a i charges in bringing the go-ods to the point of sale including octroi and other levies transit insurance and receiving charges

2.4 Depreciation and amortisation

Deprecation has been provided on the straight-line method as per the rates prescribed in Schedule 2 to the Companies Pet. 2013 except in respect of the followng categories of assels. in whose case tho life of the assets baa bean assessed as under:

|a) Specific Laboratory Equipments for which depreciation has been provided over its estimated life of 1C years

(b) Mobile tolop«bone for which depreciation has been provided over its estimated life of 3 years

(c) Assets costing less than Rs 5,000 each aro fully depreciated in the year of capitalisation

Intangible assets are amortised over their estimated useful life as follows:

Tally and Quick heal Software- 3 years

2.5 Revenue recognition

S^e of goals

Saes are recognised, net of returns and trade discounts, on transfer or significant nsks and rewards of owners^ to the buyer, which generally coincides with the delivery of goods to customers Sales include excise duly but exclude sales tax and value added tax

2.6 Other income

interest income is accounted on accrual bas''S Dividend income is accounted for when the right to receive rt s established.

2.7 Tangible fixed assets

Fixed Assets

Fixed assets are carried at cost less accumulated depreciation and impairment losses if any Tho cost of fixed assets includes other incidental expenses incurred up to ''.hat date the asset 13 ready fo'' its intended use Machinery spares which can be used only in connection with an item of fixed asset and whose use is expected to be irregular arc capilal''sed and depreciated over me useful life of the principal item of me relevant assets Subsequent expenditure relating to fixed assets is capitalised only if such expenditure results in an increase in the future berefts from such asset beyond its previously assessed standard of performance

Capital woik-in-prooress

Capital work-in-progress are carried at cost, composing direct cost, related incidental expenses

2.8 Intangible assets

Intangible assets are earned at cost less accumulated amortisation and impairment losses, if any. The cost of an intangible asset composes its purchase price, other taxes (olhor than those subsequently recoverable from the taxing authorities) and any directly attributable expenditure on ig the asset ready for its intended use and net of any trade discounts and rebates. Subsequent expenditure on an intangible asset after its purchase is recognised as an expense when incurred unless it is probablo mat such expenditure wui enable me asset to generate future eccoomrc benefits n excess of its originally assessed siandards of performance and such expenditure can be measured and attributed to the asset reliably, in which case such expenditure is added to the cos^afthe-asset.

2.9 Foreign currency transactions and translations

Inlitai reccorxtion

Transactions in foreign currencies entered into by 1he Company are accounted at trve exchange rates prevailing on the date o( the transaction or at rates that closely approximate the rate at the dele of the transaction.

Measurement of foreign currency monetary items at tho32!?.!Kg.Si''.sgLdate

Foreign currency monetary items of the Company outstanding at the •i.vsoro Sheet dale am restated at the year-end tales Exchange differences arising oul of these are charged to the Statement o! Profit and Loss

Exchange differences arising on settlement / restatement of short-leim foreign cum* monetary assets and liabinHes of the Company are recognised as incomo or expense in the Statement of Profit and Loss.

Accounting of toward contracts

Premium / discount on forward exchange contracts. vrtveh are not intended lor Iran mg cr Sfxrculation purposes. are amortised over the period of the contracts if such contracts rebate to monetary items as at the Balance Sheet date Exchange differences or. forward contracts (Induing cancelation or renewal) are recongnised in the statement of Profit & Loss in the reporting ported of which the exchange rates change

2.10. Investments

Long-term investments aie carried Individually at cost less provision for diminution, other than temporary in the value of such investments. Current investments are corned individually, at the Ichw'' of cost and fair value

2.11 Employee benefits

Employee benefits include piovident fund, superannuation 1und. gratuity fund, compensated absences.

The Companies makes contribution to provident fund to Employees Provident Fund Oiyamzaticm (Managed by Government) and charged the same as on expense as they fall due based on the amount of contribution required to bo made,

Company makes contribution for Super Animation payable to Eligible Employees to a Super Annuation Fund This Funds ate managed by 1 ife Insurance corporation of Indvj under a policy. There being no further liability on account of these, !he company accounts the same as Defined Contribution Benefit. Contributions made to Life insurance Corporation towards Super annuation Liability ye charged to Profit and Loss Account in period to which it rebates

For defined benefit plans in the torm ot gratuity fund, the cost of provxjirg benefits is determ _:reo using the Projected Unit Credit method with actuarial vacations being carried out at each Balance Sheet date Actuarial gams and losses are recognised in the Statement ot Prof-l and Loss in the pe"0d in which they occur Past service cost is reccgn-sed Immediately to the extent that the benefits are already vested The retirement benefl obligation roccgmsod In the Balance Sheet represents the present value of the defined bensfit obligation as adjusted for umecegmsod past service oost, as reduced Dy the fair value of scheme assets Any asset resuming from this calculation is limited to pest service cost, pJus the present value of available refunds arid reductions in future contributions to the schemes.

Short-term employee bensIS

The und.scountea amount ot short-torm employee benefits expected to be pad m exchange for the services rendered by employees are recognised during the year when the employees render the serwce Tnese beryls include performance incentive and compensated absences which are expected to occur within twelve months after the end of the period in which the employee renders the related service. The cost of such compensated absences s

{a} m case of accumulated compensated absences, when employees render the servtes tha, increase thei entitlement of future compensated absences, and

(b) in case of non-accumulating compensated absences, when the absences occur Long-term employee benefits

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised as a liability 3t the present value of the defined benefit obligation as at the Balance Sheet date

2.12 Earnings per share . _ _j . .

Base earnmgs per share is computed by dividing the profit / (loss) after tax by the weighted average number of

equity shares outstanding during the year.

2.13 Taxes on income _ _lh

Current tax rs the amount of tax payable on the taxable income for the yea'' as determined in accordance with the

provisions of the Income Tax Act 1951.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or mere subsequent periods Deferred tax is measured using the tax rates and the tax laws enacted cr substantially enacted as at the reporting date Deferred tax liablities are recognised for all timirg differences Deferred tax assets are -ecogmsec for liming differences of other items onty to the extent that reasonable certainly exists that sufficient future taxable income will be available against which these can be reused Deferred tax assets and abilities are offset i* such items relate to taxes on income levied by the same governing tax lan-s and the Company has a legally enforceable right for such set off Deferred tax assets are reviewed at each Balance Sheet date for their realisable

2.14 Research and development expenses

Revenue expenditure pertaining to research is charged to the Statement of Profit and Loss Fixed assets utilised for research and development aro capitalised and deprecated in accordance with the policies staled fer Tangible F>ed Assets and Intangible Assets

2.15 Provisions and contingencies .

A provision is recognised when the Company has a present obligation as a result of p3St events and it is probable

that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obiigation at the Balance Sheet date These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes

3.0 Other Statutory Complaiance

As Informed to us by the management of the company we submit that,

The Company dees not have any Benami property, vmere any proceeding has been initiated or pending aganst the

⁸ Company for holding any Benami Property.

b. The Company does not have any transaction with struck off companies

c. The company does not have any undisclosed income

The company does not have any charge or satisfaction which is yet to bo registered with ROC Deyond the statutory ^d period

e The company has not traded or invested in crypto currency or virtual currency during the financial year

The company has not invested fund to any other person(s) or entities, including foreign entittes(lntermediaries) with the understanding that the intermediary shall. Except as reported In Auditor report and Annexures

a) Directly or indireclty lend or Advance, loan or invested in other persons or entities identified in any manner whatsoever by or on behalf of the company

b) Provides any guarantees. Security or the like or on behalf of the Ultimate.

The company have not recoived any fund from any person($) or entities Including foreign entities (Funding Parties)

⁹ with the understanding (whether recorded m writing or otherwise) the the company shall

a) Directly or .ndirectiy lend or invest n other person or entities indentified m any m manner whatsoever by or on behalf o'' the funding parties (ultiimate benficlaiy)

b) Provides any gurantees. Security or the like or on behalf of the ultimate

The company does not have any such transaction which is not recorded m the boo* s of accounts that has been h surrendered or disclosed as income during the year in the tax assessment under income lax act 1961 ( Such as, Search or survey or any other relevant provision of the Income Tax Act, 1S61

The Company has not done any CSR activities during the year

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Mar 31, 2024

2 Significant accounting
policies

Basis of accounting and

2.1 preparation of financial
statements

The financial statements of the Company have been prepared in accordance with the Generally
Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards
notified under the Companies (Accounting Standards) Rules, 2021 (as amended) and the relevant
provisions of the Companies Act, 2013. "The Company is a Small and Medium Sized Company as

defined in the General Instructions in respect of Accounting Standards notified under the Companies
(Accounting Standards) Rules, 2021 (as amended). Accordingly, the Company has complied with the
Accounting Standards as applicable to a Small and Medium Sized Company."

The financial statements have been prepared on accrual basis under the historical cost convention.

The accounting policies adopted in the preparation of the financial statements are consistent with
those followed in the previous year.

2.2 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the
Management to make estimates and assumptions considered in the reported amounts of assets and
liabilities (including contingent liabilities) and the reported income and expenses during the year. The
Management believes that the estimates used in preparation of the financial statements are prudent
and reasonable. Future results could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which the results are known /
materialise.

2.3 Inventories

Inventories are valued at the lower of cost (on FIFO / weighted average basis) and the net realisable
value after providing for obsolescence and other losses, where considered necessary. Cost includes
all charges in bringing the goods to the point of sale, including octroi and other levies, transit insurance
and receiving charges.

2.4 Depreciation and
amortisation

Depreciation has been provided on the straight-line method as per the rates prescribed in Schedule 2
to the Companies Act, 2013 except in respect of the following categories of assets, in whose case the
life of the assets has been assessed as under:

(a) Specific Laboratory Equipments for which depreciation has been provided over its estimated life of
10years.

(b) Mobile telephone for which depreciation has been provided overits estimated life of 3 years.

(c) Assets costing less than Rs 5,000 each are fully depreciated inthe year of capitalization Intangible
assets are amortised overtheir estimated useful life as follows:

Tally and Quick heal Software- 3years

2.5 Revenue recognition

Sale of goods

Sales are recognised, net of returns and trade discounts, on transfer of significant risks and rewards of
ownership to the buyer, which generally coincides with the delivery of goods to customers. Sales
include excise duty but exclude sales tax and value added tax.

2.6 Other income

Interest income is accounted on accrual basis. Dividend income is accounted for when the right to
receive it is established.

2.7 Tangible fixed assets

Fixed Assets

Fixed assets are carried at cost less accumulated depreciation and impairment losses, if any. The cost
of fixed assets includes other incidental expenses incurred up to that date the asset is ready for its
intended use. Machinery spares which can be used only in connection with an item of fixed asset and
whose use is expected to be irregular are capitalised and depreciated over the useful life of the
principal item of the relevant assets. Subsequent expenditure relating to fixed assets is capitalised only
if such expenditure results in an increase in the future benefits from such asset beyond its previously
assessed standard of performance.

Capital work-in-progress:

Capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses..

2.8 Intangible assets

Intangible assets are carried at cost less accumulated amortisation and impairment losses, if any. The
cost of an intangible asset comprises its purchase price, other taxes (other than those subsequently
recoverable from the taxing authorities), and any directly attributable expenditure on making the asset
ready for its intended use and net of any trade discounts and rebates. Subsequent expenditure on an
intangible asset after its purchase is recognised as an expense when incurred unless it is probable
that such expenditure will enable the asset to generate future economic benefits in excess of its
originally assessed standards of performance and such expenditure can be measured and attributed
to the asset reliably, in which case such expenditure is added to the cost of the asset.

Foreign currency

2.9 transactions and
translations

Initial recognition

Transactions in foreign currencies entered into by the Company are accounted at the exchange rates
prevailing on the date of the transaction or at rates that closely approximate the rate at the date of the
transaction.

Measurement of foreign currencymonetary items at the Balance Sheet date

Foreign currency monetary items of the Company outstanding at the Balance Sheet date are restated
at the year-end rates. Exchange differences arising out of these are charged to the Statement of Profit
and Loss.

Treatment of exchange differences

Exchange differences arising on settlement / restatement of short-term foreign currency monetary
assets and liabilities of the Company are recognised as income or expense in the Statement of Profit
and Loss.

Accounting of forward contracts

Premium / discount on forward exchange contracts, which are not intended for trading or speculation
purposes, are amortised over the period of the contracts if such contracts relate to monetary items as
at the Balance Sheet date. Exchange differences on forward contracts (including cancellation or
renewal) are recongnised in the statement of Profit & Loss in the reporting period of which the
exchange rates change.

2.10. Investments

Long-term investments are carried individually at cost less provision for diminution, other than
temporary, in the value of such investments. Current investments are carried individually, at the lower
of cost and fair value.

2.11 Employee benefits

Employee benefits include provident fund, superannuation fund, gratuity fund, compensated absences.
Defined contribution plans

The Company''s makes contribution to provident fund to Employees Provident Fund Organization
(Managed by Government) and charged the same as an expense as they fall due based on the
amount of contribution required to be made.

Company makes contribution for Super Annuation payable to Eligible Employees to a Super Annuation
Fund. This Funds are managed by Life Insurance corporation of India under a policy. There being no
further liability on account of these, the company accounts the same as Defined Contribution Benefit.
Contributions made to Life Insurance Corporation towards Super annuation Liability are charged to
Profit and Loss Account in period to which it relates.

Defined benefit plans

For defined benefit plans in the form of gratuity fund, the cost of providing benefits is determined using
the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet
date. Actuarial gains and losses are recognised in the Statement of Profit and Loss in the period in
which they occur. Past service cost is recognised immediately to the extent that the benefits are
already vested. The retirement benefit obligation recognised in the Balance Sheet represents the
present value of the defined benefit obligation as adjusted for unrecognised past service cost, as
reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past

service cost, plus the present value of available refunds and reductions in future contributions to the
schemes.

Short-term employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the
services rendered by employees are recognised during the year when the employees render the
service. These benefits include performance incentive and compensated absences which are
expected to occur within twelve months after the end of the period in which the employee renders the
related service. The cost of such compensated absences is accounted as under :

(a) in case of accumulated compensated absences, when employees render the services that
increase their entitlement of future compensated absences; and

(b) in case of non-accumulating compensated absences, when the absences occur.

Long-term employee benefits

Compensated absences which are not expected to occur within twelve months after the end of the
period in which the employee renders the related service are recognised as a liability at the present
value of the defined benefit obligation as at the Balance Sheet date

2.12 Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax by the weighted average
number of equity shares outstanding during the year.

2.13 Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in
accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognised on timing differences, being the differences between the taxable income
and the accounting income that originate in one period and are capable of reversal in one or more
subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or
substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing
differences. Deferred tax assets are recognised for timing differences of other items only to the extent
that reasonable certainty exists that sufficient future taxable income will be available against which
these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on
income levied by the same governing tax laws and the Company has a legally enforceable right for
such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.

2.14 Research and development expenses

Revenue expenditure pertaining to research is charged to the Statement of Profit and Loss. Fixed
assets utilised for research and development are capitalised and depreciated in accordance with the
policies stated for Tangible Fixed Assets and Intangible Assets.