You are here » Home » Companies » Company Overview » Olympic Oil Industries Ltd

Olympic Oil Industries Ltd.

BSE: 507609 Sector: Industrials
NSE: N.A. ISIN Code: INE286E01019
BSE LIVE 19:00 | 19 Oct 105.15 5.00
(4.99%)
OPEN

105.15

HIGH

105.15

LOW

105.15

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 105.15
PREVIOUS CLOSE 100.15
VOLUME 200
52-Week high 105.15
52-Week low 39.90
P/E 6.02
Mkt Cap.(Rs cr) 30
Buy Price 105.15
Buy Qty 1444.00
Sell Price 0.00
Sell Qty 0.00
OPEN 105.15
CLOSE 100.15
VOLUME 200
52-Week high 105.15
52-Week low 39.90
P/E 6.02
Mkt Cap.(Rs cr) 30
Buy Price 105.15
Buy Qty 1444.00
Sell Price 0.00
Sell Qty 0.00

Olympic Oil Industries Ltd. (OLYMPICOILIND) - Auditors Report

Company auditors report

TO THE MEMBERS OF M/s. OLYMPIC OIL INDUSTRIES LIMITED

Report on the Financial Statements:

We have audited the accompanying standalone financial statements of OLYMPIC OILINDUSTRIES LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2016 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation as required for fair present of financial statements.

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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 andthe disclosures 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 a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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 standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its Profit and its cash flows for the yearended on that date.

Emphasis of matter:

Without qualifying our report we draw attention to:

(i) Note no.12 regarding doubtful debts of Rs.4490040/- for which no provision hasbeen made as management expects to realize the amount fully.

(ii Note no.14 regarding doubtful advances of Rs.259297586 for which no provisionhas been made as management expects to realize the amount fully.

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 term of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inthe paragraph 3 and 4 of the order.

2. As required by Section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount. 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 thedirectors as on 31st March 2016 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2016 from beingappointed as a director in terms of Section 164 (2) of the Act. f) With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate Report in Annexure Bto Auditors’ Report. g) With respect to the other matters to be included in theAuditor’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 has disclosed the impact of pending litigationson its financial position in its financial statements. ii. The Company has made provisionas required under the applicable law or accounting standards for material foreseeablelosses if any on long-term contracts including derivative contracts. iii. There has beenno delay in transferring amounts required to be transferred to the Investor Educationand Protection Fund by the Company.

For SHANKARLAL JAIN & ASSOCIATES LLP
Chartered Accountants
Firm Reg. No. W100082
S.L. AGRAWAL
Date : 30.05.2016 (PARTNER)
Place : Mumbai M. No. 72184

ANNEXURE "A" TO AUDITORS REPORT For the year ended 31st March 2016

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

b) The Company has a regular program of physically verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years inaccordance with the program certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion thisperiodically of physical verification is reasonable having regards to the size of thecompany and the nature of its assets.

c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deed of immovable of property areheld in the name of the company. .

2. The stock of goods has been physical verification during the year by the management.In our opinion the frequency of verification is reasonable in relation to the size of thecompany and the nature of its business. The discrepancies noticed on verification betweenthe physical and book records were not material.

3. (a) As per the information and explanations given to us the company has grantedunsecured loans to companies/ parties Covered in the register maintained under Section 189of the Companies Act.

(b) In our opinion the terms and condition on which loan has been granted are not primafacie prejudicial to the interest of the company.

(c) Principal and interest thereon are regularly recovered as stipulated.

4. In our opinion According to the information and explanation given to us the companyhas complied with the provision of section 185 and 186 of the Act with respect to theloan and investments made.

5. As per the information and explanations given to us the company has not accepteddeposits whether the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed there under

6. The Central government has not prescribed the maintenance of cost records undersection 148 (1) of the Companies Act & as informed to us the same has also not beenmaintained.

7. a) According to the information and explanation given to us and based on the booksand records examined by us the Provident Fund Investor Education and Protection FundEmployees’ State Insurance Income Tax Sales Tax Wealth Tax Service Tax CustomDuty Excise Duty cess and other statutory dues wherever applicable have been generallydeposited regularly during the year with appropriate authorities. There are no outstandingstatutory dues as on 31st March 2016 for a period of more than six months fromthe date they become payable.

b) According to the information and explanation given to us and based on the books andrecords examined by us there are no dues of Income Tax Sales Tax Wealth Tax ServiceTax Custom Duty Excise Duty cess and other statutory dues wherever applicable whichhave not been deposited on account of any dispute.

8. In our opinion the company has not defaulted in repayment of dues to a financialinstitution bank government and debenture holder during the year .

9. The Company did not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loan during the year Accordingly thispara is not applicable.

10. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year.

11. As per the information and explanations given to us and based on our examination ofthe record of the company the company has paid/provided for managerial remuneration inaccordance with the provision of section 197 read with schedule V to the Act. 12. In ouropinion and according to the information and explanation given to us the Company is not anidhi company. Accordingly this para is not applicable.

13. According to the information and explanation given to us and based on ourexamination of the record of the company transaction with the related parties are inaccordance with the section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statement as required by the applicableaccounting standards.

14. According to the information and explanation given to us and based on ourexamination of the record of the company the Company has not made any preferentialallotment or private placement of shares. Hence this para is not applicable.

15. According to the information and explanation given to us and based on ourexamination of the record of the company the company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly this para is notapplicable.

16. The Company is not required to be registered under section 45-IA of reserve bank ofIndia Act 1934.

For SHANKARLAL JAIN & ASSOCIATES LLP
Chartered Accountants
Firm Reg. No. W100082
S.L. AGRAWAL
Date : 30.05.2016 (PARTNER)
Place : Mumbai M. No. 72184

Annexure "B" To The Independent Auditor’s Report Of Even Date On TheFinancial Statements of

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 ("theCompany") as of March 31 2016 in conjunction with our audit of the financialstatements 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 criteria established by the Company considering the sizeof company and essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India ("the Guidance Note"). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 unauthorised 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 controls 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 controlover 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlswere operating effectively as at March 31 2016 based on the assessment of essentialcomponents of internal controls established by the company over financial reporting statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the ICAI.

For SHANKARLAL JAIN & ASSOCIATES LLP
Chartered Accountants
Firm Reg. No. W100082
S.L. AGRAWAL
Date : 30.05.2016 (PARTNER)
Place : Mumbai M. No. 72184