Omkar Pharmachem Ltd. कंपली की लेखा नीति

Mar 31, 2025

NOTE- 1 -NOTE - A - BACKGROUND AND OPERATIONS

Omkar Pharmachem Limited (the company) is a domestic public limited company with registered office situated at 310, Wall Street-1, Near Gujarat College Cross Road, Ellisbridge, Ahmedabad-380006 and is incorporated under the provisions of the Companies Act, applicable in India and it is listed on the BSE Limited.

NOTE: B SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS

(a) Statement of Compliance

The financial statements have been prepared in accordance with Indian Accounting Standards notified by the Central Government under section 133 of the companies Act, 2013 read with companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act.

(b) Basis of preparation

The financial statements have been prepared on going concern basis in accordance with accounting principles generally accepted in India. Further, the financial statements have been prepared on historical cost bases as the company does not have any financial asset or liability which is required to be measured on fair value basis in accordance with the Indian Accounting standards. These financial statements have been prepared in accordance with the Indian Accounting Standards (Hereinafter referred as ‘Ind AS’ as notified by Ministry of Corporate Affairs under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended and other relevant provisions of the Act. The company has uniformly applied the accounting policies during the periods presented.

Current versus Non-current classification:

The company presents assets and liabilities in statement of financial position based on current / noncurrent classification.

The company has presented non- current and current assets before equity, non-current liabilities and current liabilities in accordance with Schedule III, Division II of the companies Act, 2013 notified by MCA.

An asset is classified as current when it is:

a) Expected to be realised or intended to be sold or consumed in normal operating cycle,

b) Held primarily for the purpose of trading

c) Expected to be realised within twelve months after the reporting period, or

d) Cash or cash equivalent unless restricted from being exchanged or used to settle liability for at least twelve months after reporting period.

All other assets are classified as non-current.

A liability is classified as current when it is:

a) Expected to be settled in normal operating cycle

b) Held primarily for the purpose of trading

c) Due to be settled within twelve months after the reporting period, or

d) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

All other liabilities are classified as non-current.

The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. Assets and liabilities are classified as current to the extent they are expected to be realized / are contractually repayable within 12 months from the Balance Sheet date and as non-current, in other cases. Deferred tax assets and liabilities are classified as non-current assets and liabilities.

(c) Use of Estimates and Judgments

The preparation of financial statements in conformity with Ind AS requires management to make judgements,

estimates and assumptions, that affect the application of accounting policies and the reported amounts of revenues and expenses for the years presented. Actual results may differ from these estimates.

Estimates and underlying assumptions about significant are reviewed at each balance sheet date. Revisions to accounting estimates are recognised in the period in which the estimate is revised and future period affected.

(d) Revenue Recognition

Revenue is to be measured at fair value of consideration received or receivable.

Revenues are recognized when collectability of the resulting receivable is reasonable assured.

(e) Cost Recognition

Cost and expenses are recognized when incurred and are classified according to their nature.

(f) Provisions and contingencies

Provisions are recognized when the company has a present obligation (legal or constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and an reliable estimate can be made of the amount to the obligation. If the time value of money is material, provisions are discounted using equivalent period government security interest rate. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate.

Contingent liabilities are disclosed when there is a possible obligation arising from the past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed in the Notes to Financial Statement. Contingent assets are not recognized. However, when the realisation of income is reasonably certain, then the related asset in no longer a contingent asset, but it is recognized as an asset.

(g) Foreign Currency

No Foreign Currency transactions were entered by the Company during the financial year.

(h) Income Taxes

Income tax expenses comprise current and deferred taxes. Income tax expense is recognized in the statement of Profit and Loss except when they relate to items that are recognized outside profit or loss, in which case tax is also recognized outside profit or loss.

Current tax provision is computed for Income calculated after considering allowances and exemptions under the provisions of the applicable Income Tax Laws. Current tax assets and current tax liabilities are set off, and presented as net.

Deferred tax is recognized on difference between the carrying amount of asset and liabilities in the Balance sheet and the corresponding tax bases used in the computation of taxable profit and are accounted for using the asset/ liability method. Deferred tax assets are generally recognized for all deductible temporary differences, carry forward tax losses and allowances to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences, carry forward tax losses and allowances can be utilised. Deferred Tax Liabilities are the amounts of income taxes payable in future periods in respect of Taxable Temporary Differences. Deferred tax assets and liabilities are measured at the applicable tax rates. Deferred tax assets and deferred tax liabilities are set off and presented as net.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient profits will be available against which the temporary differences can be utilised.

Deferred tax asset in respect of its brought forward losses are recognised as per relevant accounting standard.

(i) Earnings Per Share

Basic Earnings per share has been computed by dividing profit/loss for the year by the weighted average number of shares outstanding during the year. Diluted Earnings per share has been computed using weighted average number of shares and dilutive potential shares, except where the result would be anti-dilutive.

	J in Lakhs
	Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
	Net Profit (Loss)	20.09	18.91
	No. of Equity shares (in lakhs)	100.84	100.84
	EPS	0.20	0.19

(j) Inventories

There is no inventory as at the end of the financial year under review.

(k) Property, Plant and Equipment

An item of property, plant and equipment is recognized as an asset if it is probable that the future economic benefits associated with the item will flow to the Company and its cost can be measured reliably.Property, plant and equipment are stated at their cost of acquisition / construction, net of accumulated depreciation and impairment losses, if any. Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

Borrowing cost directly attributable to acquisition of property, plant and equipment which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready for intended use.

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the assets and is recognized in statement of profit and loss.

Property, plant and equipment are depreciated on the basis of useful life of asset as specified in Schedule II of the companies Act, 2013.

(l) Intangible Assets:

Intangible assets are initially measured at cost. Such assets are recognized where it is probable that the future economic benefits attributable to the assets will flow to the company. Subsequent measurement (amortization method, useful lives and residual value): All intangible assets with finite useful life are amortized on a straight line basis over the estimated useful lives, and a possible impairment is assessed if there is an indication that the intangible asset may be impaired. Residual values and useful lives for all intangible assets are reviewed at each reporting date. Changes, if any, are accounted for as changes in accounting estimates. An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal.

(m) Investments:

Securities acquired with the intention of holding them as investments are classified as Long Term Investments. Long term investments are shown at cost.

(n) Employee Benefit Expense

(a) Short term employee benefits: All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, wages, and bonus etc. are recognized in the profit and loss account.

(b) Gratuity benefit, if any, is to be accounted for as and when statutory liability arises.

(o) Dividends:

There has been no dividend declared by the board for the current financial year.

(p) Segment:

The company is Operating in one segment only and therefore in the context of Ind AS 108-“Operation Segment reporting” no segment reporting is required.

(q) Investment in Subsidiaries, Joint Ventures and Associates:

The company does not have any subsidiary, Joint venture or Associate.

(r) Financial Instruments:

A financial instrument is any contract that gives rise to a financial asset on one entity and a financial liability or equity instrument of another entity

a) Financial Asset

I. Equity Investments

All equity investments other than investment in subsidiaries, joint venture and associates are measured at amortised cost deemed to be the fair value of the Investment. Equity instruments which are held for trading are classified as at FVTPL. For all equity instruments, the company decides to classify the same either as at fair value through other comprehensive income (OCI) or FVTPL. The company makes such election on an instruments-by-instruments basis. The classification is made on initial recognition and is irrevocable.

If the company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instruments are recognized in other comprehensive income (OCI). There is no recycling of the amounts from OCI to statement of profit and loss, even on sale of such instruments.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the statement of profit and loss.

II. Impairment of financial assets

The company applies “simplified approach” measurement and recognition of impairment loss on the following financial asset and credit risk exposure:

• Financial assets that are debt instruments, and are measured at amortised cost e.g. loans, debt securities, deposits and bank balances.

• Trade receivables

The application of simplified approach does not require the company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime Expected Credit Loss at each reporting date, right from its initial recognition.

b) Financial Liabilities

I. Classification

The company classifies all financial liabilities as subsequently measured at amortized cost.

II. Recognition and measurements

All financial liabilities are recognized initially at directly attributable transaction costs.

c) De-recognition of Financial assets and Financial liabilities

The company derecognises a financial asset only when the contractual rights to the cash flows from the asset expires, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs.

(s) Borrowing Costs

Borrowing costs relating to construction of qualifying asset under project are capitalized till the time all substantial activities necessary to prepare the qualifying assets under project for their intended use or sale as the case may be are complete. A qualifying asset is one that necessarily takes substantial period or time to get ready for its intended use / sale. All other borrowing costs not eligible for inclusion inventory or capitalization are charged to revenue.

(t) Cash and Cash Equivalents

Cash and cash equivalents for the purpose of cash flow statement comprise cash at bank and in hand and shortterm deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value, net of outstanding bank overdrafts as they are considered an integral part of the company’s cash management.

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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.

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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.

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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.

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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.

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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,.

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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.

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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.