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Olympia Industries Ltd.

BSE: 521105 Sector: Others
NSE: N.A. ISIN Code: INE482O01021
BSE 15:29 | 20 Feb 200.00 0
(0.00%)
OPEN

209.00

HIGH

209.00

LOW

200.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 209.00
PREVIOUS CLOSE 200.00
VOLUME 223
52-Week high 345.00
52-Week low 192.85
P/E 90.09
Mkt Cap.(Rs cr) 120
Buy Price 194.05
Buy Qty 30.00
Sell Price 200.00
Sell Qty 106.00
OPEN 209.00
CLOSE 200.00
VOLUME 223
52-Week high 345.00
52-Week low 192.85
P/E 90.09
Mkt Cap.(Rs cr) 120
Buy Price 194.05
Buy Qty 30.00
Sell Price 200.00
Sell Qty 106.00

Olympia Industries Ltd. (OLYMPIAINDS) - Auditors Report

Company auditors report

TO THE MEMBERS OF M/S OLYMPIA INDUSTRIES LIMITED Report on the Financial Statement

We have audited the accompanying financial statements of OLYMPIA INDUSTRIES LIMITEDwhich comprises the Balance Sheet as at 31st March 2017 the statement of Profit &Loss and Cash Flow Statement s for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for Financial Statements

The Company's Board of Directors is responsible for the matters in Section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that gives 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 provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting 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 control 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 statement 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 thereunder.

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 the auditor'sjudgment including the assessments of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessment theauditors considers internal financial control relevant to the Company's preparation of thefinancial statement that give true and fair view in order to design audit procedures thatare appropriate circumstances but not for the purpose of expressing an opinion on whetherthe Company has in place an adequate internal financial control system over financialreporting and the operating effectiveness of such control. An audit also includesevaluates the appropriateness of accounting policies used and the reasonableness of theaccounts estimates made by Company's directors as well as evaluating the overallpresentation of the financial statement.

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

Opinion

In our opinion and to the best of our information and according to the explanationgiven to us the aforesaid financial statements gives 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 31stMarch 2017 and its profits 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 ("the order")issued by the Central

Government of India in terms of Sub-Section (11) of section 143 of the Act we give inthe Annexure "A" a statement on the matters specified in the paragraph 3 and 4of 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 accounts as required by law have been kept by theCompany so far as appears from our explanation of those books.

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

d) In our opinion the aforesaid financial statement 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 representation received from the directors as 31st March2017 taken on record by Board of Directors none of the directors is disqualified as on31st March 2017 from being appointed as a director in terms of Section 164 (2) of theAct. f) With respect to the adequacy of internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B" g) With respect to the other matters included inthe Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us :

i. the Company does not have any pending litigations which would impact its financialposition.

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.

iv. The Company has provided requisite disclosures in the accompanying financialstatements as regards its holding and dealings in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated the November 8 2016 of the Ministry of Finance duringthe period from November 8 2016 to December 30 2016. Based on audit procedures performedand the representations provided to us by the management we report that the disclosuresare in accordance with the books of account maintained by the Company and as produced tous by the Management.

For CPM & ASSOCIATES
Chartered Accountants
(Firm Registration No. 114923W)
Place: Mumbai (Chandra P. Maheshwari)
Dated: 17th May 2017 Partner
M.No. 036082

ANNEXURE "A" 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 2017 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 explanations given to us physical verification of fixedassets has been carried out in terms of phased program of verification adopted by theCompany and no material discrepancies were noticed on such verifications.

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 & Kim(Gujarat) & Palghar (Maharashtra) and office premises and 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) a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company in respect of undisputed statutory duesincluding provident fund employees' state insurance income tax sales tax wealth taxservice tax duty of customs value added tax cess and other material statutory dues havebeen generally regularly deposited during the year by the Company with the appropriateauthorities. As explained to us the Company did not have any dues on account of Exciseduty.

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 March2017 for a period of more than six months from the date they became payable. b.According to the information and explanations given to us there are no dues of Income TaxSales

Tax Wealth Tax Service Tax Custom Duty Excise Duty and Cess which have not beendeposited 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 conversion of convertible warrant into Equity Shares have been applied for the purpose for which those are raised. The companyhas not raised money by way of term loan facility from bank during the year.

(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 Equity Shares by way of conversion of convertible warrants in toEquity. We report that said allotments are made in compliance with the provisions ofsection 42 of the companies Act 2013 and the amount raised have been used for purpose forwhich it is raised being working capital requirement 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) Inour opinion and according to the information and the explanations given to us the Companyis not required to be registered under section 45-IA of the Reserve Bank of India Act1934.

For CPM & ASSOCIATES
Chartered Accountants
(Firm Registration No. 114923W)
Place: Mumbai (Chandra P. Maheshwari)
Dated: 17th May 2017 Partner
M.No. 036082

ANNEXURE "B" TO INDEPENDENT AUDITORS' REPORTS

Referred in paragraph 2(f) of the Independent Auditors' Report of even date to themembers of

OLYMPIA INDUSTRIES LIMITED on the financial statements for the year ended March 312017.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the

Companies Act 2013 ("the Act")

We have audited the Internal Financial Controls over financial reporting of OLYMPIAINDUSTRIES LIMITED ("the company") as at March 31 2017 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining InternalFinancial Controls based on the Internal Controls over financial reporting criteriaestablished by the company considering the essential components of Internal Controlsstated in the Guidance Note on Audit of Internal Financial

Controls over financial Reporting issued by the Institute of Chartered Accountants ofIndia ("ICAI"). These responsibilities includes the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of

Internal Financial Controls Over Financial Reporting ("the Guidance Note")and the Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting were established andmaintained and if such control operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risks that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the consolidated financial statements whether due to fraud orerror.

We believe that the audit evidence obtained is sufficient and appropriate to provide abasis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements of external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial control over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanation given tous the Company has in all material respects the internal financial controls system overfinancial reporting however such internal financial controls over financial reportingneeds to be strengthen in order that same be operated effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in Guidance Note on Auditof Internal Financial Controls Over Financial Reporting issued by the ICAI.

For CPM & ASSOCIATES
Chartered Accountants
(Firm Registration No. 114923W)
Place: Mumbai (Chandra P. Maheshwari)
Dated: 17th May 2017 Partner
M.No. 036082