You are here » Home » Companies » Company Overview » Olympia Industries Ltd

Olympia Industries Ltd.

BSE: 521105 Sector: Others
NSE: N.A. ISIN Code: INE482O01021
BSE LIVE 15:40 | 18 Oct 288.70 -9.20
(-3.09%)
OPEN

300.00

HIGH

300.00

LOW

286.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 300.00
PREVIOUS CLOSE 297.90
VOLUME 79
52-Week high 382.00
52-Week low 187.95
P/E 42.39
Mkt Cap.(Rs cr) 174
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 300.00
CLOSE 297.90
VOLUME 79
52-Week high 382.00
52-Week low 187.95
P/E 42.39
Mkt Cap.(Rs cr) 174
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Olympia Industries Ltd. (OLYMPIAINDS) - Auditors Report

Company auditors report

TO THE MEMBERS OF M/S OLYMPIA INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/S OLYMPIA INDUSTRIESLIMITED which comprise the Balance Sheet as at 31st March 2016 the Statement ofProfit and Loss and Cash Flow Statements for the year then ended 31st March 2016 and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in Section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company’s Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

2) As required by Section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms ofSection 164 (2) of the Act.

f) With respect to the other matters included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialpositi

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the investor andEducation and Protection Fund by the Company.

For CPM & ASSOCIATES
Chartered Accountants
(Firm Registration No. 114923W)
(Chandra P. Maheshwari)
Partner
PLACE: MUMBAI M.No. 36082
DATED: 27th May 2016

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORTS

(Referred to in our report of even date)

Annexure referred to in Paragraph 1 under the heading of "Report on other Legaland regulatory requirements "of our Report of even date to the members of the companyon the financial statement for the year ended as on March 31 2016 we report that:

(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situations of fixed assets.

b) As per the information and explanation given to us physical verification of fixedassets has been carried out in terms of the phased program of verification adopted by thecompany and no material discrepancies noticed on such verification.

c) In our opinion and according to the information explanation and documents providedto us and on the basis of representation by the management we report that the title deedsin respect of immovable properties comprising Freehold Land Factory Building at Kim(Gujarat) & Palghar (Maharashtra) and office premises at Andheri Marol (Mumbai) areheld in the name of Company.

(ii) As per the representation by the management and explanation given to us theinventories have been physically verified by the management during the year anddiscrepancies noticed on such verification are not material. In our opinion company needsto strengthen its internal control system with respect to inventory management system.

(iii) As per the information and explanation given to us the company has not grantedunsecured loans to companies firms and other parties covered in the register maintainedunder section 189 of the companies Act 2013 accordingly paragraph 3(iii) (a)(b) &(c) of the Order is not applicable to the Company.

(iv) As per the information and explanation given to us the company has not givenLoans Investments Guarantees or Provided security in connection with a loan taken byother company therefore provisions of section 185 and section 186 of the Companies Act2013 are not applicable to the company accordingly paragraph 3(iv) of the Order is notapplicable to the Company

(v) The Company has not accepted any deposits from the public.

(vi) As per the information and explanation given to us the Central Government has notprescribed the maintenance of cost records under section 148(1) of the Act for any of theservices rendered by the Company. (vii) i. According to the information and explanationsgiven to us and on the basis of our examination of the records of the Company in respectof undisputed statutory dues including provident fund employees’ state insuranceincome tax sales tax wealth tax service tax duty of customs value added tax cess andother material statutory dues have been generally regularly deposited during the year bythe Company with the appropriate authorities. As explained to us the Company did not haveany dues on account of Excise duty.

According to the information and explanations given to us no undisputed amountspayable in respect of income tax sales tax wealth tax service tax duty of customsvalue added tax cess and other material statutory dues were in arrears as at 31 March2016 for a period of more than six months from the date they became payable.

ii. According to the information and explanations given to us there are no dues ofIncome Tax Sales Tax Wealth Tax Service Tax Custom Duty Excise Duty and Cess whichhave not been deposited on account of any dispute.

(viii) In our opinion and according to the information and the explanations given tous the Company has not defaulted in repayment of dues to any financial institutions orbank or government. As explained to us the company has not issued any debentures.

(ix) In our opinion and according to the information explanation and managementrepresentation given to us the money raised by way of issue of convertible warrant andavailing term loan facility from the company have been applied for the purpose for whichthose are raised.

(x) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the year.

(xi) In our opinion and according to the information and the explanations given to usthe Company has paid the managerial remuneration in compliance of the provisions ofsection 197 read with schedule V to the companies Act 2013.

(xii) In our opinion the company is not a nidhi company accordingly paragraph 3(xii)of the Order is not applicable to the Company.

(xiii) In our opinion and on the basis of management representation all transactionswith the related party are in compliance with the provisions of section 177 and 188 of thecompanies Act 2013 where applicable and the details have been disclosed in financialstatement as required by the applicable Accounting Standards.

(xiv) According to the information and explanations given to us the company has madepreferential allotment of convertible warrants and Equity. We report that said allotmentsare made in compliance with the provisions of section 42 of the companies Act 2013 andthe amount raised have been used for purpose for which it is raised being working capitalrequirement and corporate general purpose

(xv) In our opinion and according to the information and the explanations given to usand on the basis of management representation we report that the Company has not enteredinto any non-cash transactions with directors or person connected with him and thereforeprovisions of section 192 of companies Act 2013 are not applicable to the companyaccordingly paragraph 3(xv) of the Order is also not applicable to the Company

(xvi) In our opinion and according to the information and the explanations given to usthe Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

For CPM & ASSOCIATES
Chartered Accountants
(Firm Registration No. 114923W)
(Chandra P. Maheshwari)
Partner
PLACE: MUMBAI M. No. 036082
DATED: 27th May 2016