(ix) Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.
When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the
reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a
provision is presented in the statement of profit or loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
recognised as a finance cost.
Contingent liability is-
(a) a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of the Trust or
(b) a present obligation that arises from past events but is not recognized because
- it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or
- the amount of the obligation cannot be measured with sufficient reliability.
The Company does not recognize a contingent liability but discloses the same as per the requirements of Ind AS 37.
Contingent assets are not recognised in the financial statements._
(x) Employee benefits:
i) Short term benefits
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as a related service provided. A
liability is recognised for the amount expected to be paid under short term cash bonus or profit sharing plans if the Company has a
present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation
can be estimated reliably.
(xi) Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with an original
maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the statement of
cash flows, cash and cash equivalents consist of cash and short-term deposits, net of outstanding bank overdrafts as they are
considered an integral part of the Company's cash management. Cash and cash equivalents include balance with banks which are
unrestricted for withdrawal and usage.
(xii) Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss attributable to equity holders of the Company (after deducting
preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. The
weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus element
in a rights issue, share split, and reverse share split that have changed the number of equity shares outstanding, without a
corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders of
the company and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive
potential equity shares.
(xiii) Recent accounting pronouncements
The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules, 2023 dated March 31,
2023 to amend the following Ind AS which are effective for annual periods beginning on or after April 1, 2023. The Company applied
for the first-time these amendments.
(a) Definition of Accounting Estimates - Amendments to Ind AS 8
The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the
correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting estimates.
The amendments had no impact on the Company's financial statements.
(b) Disclosure of Accounting Policies - Amendments to Ind AS 1
The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for
entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and
adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The
amendments have had an impact on the Company's disclosures of accounting policies, but not on the measurement, recognition or
presentation of any items in the Company's financial statements.
(c) Deferred Tax related to Assets and Liabilities arising from a Single Transaction -
Amendments to Ind AS 12
The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to transactions
that give rise to equal taxable and deductible temporary differences such as leases. The amendments had no impact on the
Company's financial statements.
Apart from these, consequential amendments and editorials have been made to other Ind AS like Ind AS 101, Ind AS 102, Ind AS 103,
Ind AS 107, Ind AS 109, Ind AS 115 and Ind AS 34._
2.2 Key Accounting Estimates and Significant Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future periods. Continuous evaluation is done on the estimation and judgments
based on historical experience and other factors, including expectations of future events that are believed to be reasonable.
Revisions to accounting estimates are recognised prospectively. Information about critical judgments in applying material
accounting policies, as well as estimates and assumptions that have the most significant effect to the carrying amounts of assets and
liabilities within the next financial year, are included in the respective sections of material accounting policies above.
Note 22. Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker ("CODM") as required under Ind AS 108. The CODM is considered to be Board of Directors who makes strategic decisions
and is responsible for allocating resources and assessing performance of the operating segments. The principle activities of the
company comprises "Information technology services". Accordingly, the company has reportable segment consisting of IT related
Services. Further, there are no geographical segment to be reported since all the operations are undertaken in India.
Note 23. Contingent liabilities and claims against co not acknoleged as debt
(i) Contingent liabilitiesAs at March 2024, the company has no Contingent liabilities and claims against co not acknoleged as debt.
(ii) Commitments: As at March 2024, the company has no capital commitments.
Note 24. Details of dues to micro and small enterprises as defined under MSMED Act, 2006
The Company has compiled the information based on intimations received from the supplier of their status as micro or small
enterprises and / or its registration with appropriate authority under Micro, Small and Medium Enterprises Development Act,
2006 ('MSMED Act, 2006'). The balance due to Micro and Small Enterprises as defined under MSMED Act, 2006 as on March 31,
2024 is Nil (March 31,2023 - Nil). No interest has been paid or payable under MSMED Act, 2006 during the current year and
Note 25. Capital Management
For the purpose of the capital management, capital includes issued equity capital, share premium and money received against
share warrents and all other equity reserves attributable to the equity holders of the Company. The primary objective of the
Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support
its business and maximise shareholders' value.
The Company manage their capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants.
The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company's
policy is to keep optimum gearing ratio. The position as on March 31, 2024 and March 31, 2023 are as under:
The management of Company assessed that cash and cash equivalents, trade receivables, trade payables and current financial
assets/ liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
Fair Value Measurement
level 1 -Hierarchy includes financial instruments measured using quoted prices.
Level 2 - The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3 - If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.
Note 27. Finacial Risk Management
The company's activity expose it to market risk, liquidity risk and credit risk. The Company's management oversees the
management of these risks and ensures that the company's financial risk activities are governed by appropriate policies and
procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk
objectives.
(A) Market Risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises 2 types of risk: interest rate risk and currency risk. Financial instruments affected by market risk
include borrowings.
Foreign currency risk:
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Company is not exposed to foreign currency risk as there are no financial assets and liabilities denominated
in foreign currency.
Interest rate risk:
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change in
market interest rates. The management is responsible for the monitoring of the Company' interest rate position. Various
variables are considered by the management in structuring the Company's borrowings to achieve a reasonable and competitive
cost of funding.
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary
shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(vi) The Company has not received any fund from any person(s) or entityfies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise)
that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
(viii) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
(ix) The Company is not declared wilful defaulter by any bank or financial institutions or lender during the year.
(x) The provisions of Section 135 of the Companies Act, 2013 in relation to corporate social responsibility is not applicable to the Company since it does not satisfy any condition of CSR appli
(xi) The title deeds of all the immovable properties are held in the name of the Company.
(xii) The Company has not availed working capital facilities during the year from banks and financial institutions. Hence, the Company is not required to file quarterly statements/returns.
As our report of even date
For Desai Saksena & Associates For and on behalf of the Board of Directors
Chartered Accountants Omega Interactive Technologies Limited
FRN: 102358W
SD/-
Alok Saksena
Partner SD/- SD/-
M.No.: 035170 Arun Kumar DivyaThakor
UDIN: (Director) (Director)
Place: Mumbai DIN: 09055964 DIN: 088845886
Date:-July 26,2024
SD/- SD/-
Ankit Bhojak Ashutosh Chhawchharia
_Company Secretary_Chief Financial Officer
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