You are here » Home » Companies » Company Overview » Olympic Management & Financial Services Ltd

Olympic Management & Financial Services Ltd.

BSE: 511632 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Olympic Management & Financial Services Ltd. (OLYMPICMANAGEM) - Auditors Report

Company auditors report

To the Members of

OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD

Report on the Financial Statements

We have audited the accompanying financial statements of M/S. OLYMPIC MANAGEMENT& FINANCIAL SERVICES LTD ("the Company") which comprise the BalanceSheet as at 31st March 2015 the Statement of Profit and Loss the Cash Flow Statementfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Financial Statements

The Company s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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 andthe disclosures in the financial statements. The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the 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 standalone 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

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015;

(b) in the case of the Statement of Profit and Loss of the loss of the Company for theyear ended on that date and

(c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor s Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.

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 it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with 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 the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the other matters to be 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: a) TheCompany does not have any pending litigations which would impact its financial position;

b) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For R. K. KHANDELWAL & CO. CHARTERED ACCOUNTANTS

Sd/- (MANISH KUMAR GARG) Partner M. NO. 117966 FR No. 105054W Place: Mumbai Date: 12.05.2015

ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING

"REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF

OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE M/S. OLYMPIC MANAGEMENT & FINANCIALSERVICES LIMITED

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we state that:

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The Company has carried out physical verification of all its fixed assets during theyear. In our opinion the frequency of verification is reasonable considering the size ofthe Company and the nature of its assets. No material discrepancies were noticed on suchverification.

2. a) The inventory has been physically verified by the management at reasonableintervals during the year. Inventory lying with third parties and in-transit have beenverified by the management with reference to the confirmations received from them and/orsubsequent receipt of goods.

b) The procedures for physical verification of the inventories followed by themanagement are reasonable and adequate in relation to the size of the Company and thenature of its business.

c) The Company is maintaining proper records of inventory. The discrepancies noticed onverification between the physical stocks and book records were not material consideringthe operations of the Company and have been properly dealt with in the books of account.

3. During the year the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Act.

4. In our opinion and according to the information and explanations given to us havingregard to the explanations that some of the items purchased and sold are of the specialnature and suitable alternative source does not exist for obtaining comparable quotationsthere are adequate internal control procedures commensurate with the size of the Companyand nature of its business for purchase of inventory fixed assets and with regard to thesale of goods. During the course of our audit no major weakness has been noticed in theinternal control system.

5. No deposits within the meaning of directives issued by RBI (Reserve Bank of India)and Sections 73 to 76 or any other relevant provisions of the Act and rules framedthere-under have been accepted by the Company.

6. The Central Government has not prescribed maintenance of cost records under section148 (1) of the Act.

7. a) The Company is in depositing undisputed statutory dues including Provident

Fund Employees State Insurance Income Tax Sales Tax Wealth Tax Service TaxCustoms Duty Excise Duty Cess and other material statutory dues applicable to theCompany with the appropriate authorities. No undisputed amounts payable in respect of theaforesaid statutory dues were outstanding as at the last day of the financial year for aperiod of more than six months from the date they became payable except an amount ofRs. 29784/- for P.F.

b) According to the records of the Company there are no dues of Income Tax Sales TaxService tax Customs Duty Wealth Tax Excise Duty Cess which have not been deposited onaccount of any dispute except income tax liability of Rs. 2121965/- for A.Y.1995-1996 where the matter is pending with CIT (A).

c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

8. The Company has accumulated losses as at 31st March 2015 and it has incurred cashlosses in the financial year ended on that date as well as in the immediately precedingfinancial year.

9. As the Company has not borrowed any funds from financial institutions or banks theprovisions of clause (9) of the order is not applicable to the Company.

10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks and financial institutions.

11. The Company has not taken any term loans and hence requirement of reportingregarding application of term loan does not arise.

12. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing standards in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported during the year nor have webeen informed of such case by the management.

FOR R. K. KHANDELWAL & CO.

CHARTERED ACCOUNTANTS

Sd/-

(MANISH KUMAR GARG)

Partner

M. NO. 117966 FR No. 105054W

Place: Mumbai

Date : 12.05.2015