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Olympia Industries Ltd.

BSE: 521105 Sector: Others
NSE: N.A. ISIN Code: INE482O01021
BSE 15:32 | 17 Oct 11.36 0.11
(0.98%)
OPEN

11.36

HIGH

11.36

LOW

11.36

NSE 05:30 | 01 Jan Olympia Industries Ltd
OPEN 11.36
PREVIOUS CLOSE 11.25
VOLUME 25
52-Week high 44.10
52-Week low 8.51
P/E 5.54
Mkt Cap.(Rs cr) 7
Buy Price 11.35
Buy Qty 150.00
Sell Price 11.25
Sell Qty 35.00
OPEN 11.36
CLOSE 11.25
VOLUME 25
52-Week high 44.10
52-Week low 8.51
P/E 5.54
Mkt Cap.(Rs cr) 7
Buy Price 11.35
Buy Qty 150.00
Sell Price 11.25
Sell Qty 35.00

Olympia Industries Ltd. (OLYMPIAINDS) - Auditors Report

Company auditors report

 

To the Members of M/S. OLYMPIA INDUSTRIES LIMITED Report on the Ind-AS FinancialStatements

We have audited the accompanying Ind-AS financial statements of M/S. OLYMPIAINDUSTRIES LIMITED ("the Company") which comprise the Balance Sheet as at31st March 2018 and the Statement of Profit and Loss (including statement ofOther Comprehensive Income) the Cash Flow Statement and the Statement of Changes inEquity for the year then ended and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Ind-AS Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Act (‘the Act') with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income Cash Flows and changes in equity of the Company inaccordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 ofthe Act read with Companies (Indian Accounting Standards) Rules 2015 as amended andother accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; design implementation andmaintenance of adequate internal financial controls that are operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. In conducting our audit we have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made there under and theorder issued under section 143 (11) of the Act.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the

Ind AS financial statements. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the Ind AS financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of the Ind ASfinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the Ind AS financial statements.

We believe that the audit evidence obtained b y u s is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with the IndAS and other accounting principles generally accepted in India of the state of affairs ofthe Company as at 31 March 2018 and its profit total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Other Matters

The comparative financial information of the Company for the year ended 31 March 2017and the transition date opening Balance Sheet as at 1 April 2016 included in the Ind ASfinancial statements are based on the statutory financial statements prepared inaccordance with the Companies (Accounting Standards) Rules 2006 audited by other firm ofchartered accountants whose report for the year ended

31 March 2017 and 31 March 2016 dated 17 May 2017 and 27 May 2016 respectivelyexpressed an unmodified opinion on those financial statements as adjusted for thedifferences in the accounting principles adopted by the Company on transition to the IndAS which have been audited by us.

Our opinion on the Ind AS financial statements and our report on Other Legal andRegulatory Requirements below is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central

Government in terms of Section 143(11) of the Act we give herein below in"Annexure A" a statement on matters specified in paragraph 3 and 4 of the Order.

2. As required by section 143(3) of the Act we further 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 purpose 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 including Other ComprehensiveIncome

Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are inagreement with the books of account; d. In our opinion the aforesaid Ind AS financialstatements comply with the applicable Accounting

Standards specified under Section 133 of the Act;

e. On the basis of written representations received from the directors as on 31 March2018 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2018 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 financial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure B". Our report expresses an unmodified opinion on theadequacy and operating effectiveness of Company's internal financial controls overfinancial reporting;

g. with respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended 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 financialposition.

ii. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

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

For Sunil Vankawala & Associates

Chartered Accountants

Firm Registration No: 110616W

(Sunil T. Vankawala)

Proprietor

Membership No. 033461

Place: Mumbai

Dated: 29th May 2018

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in our report of even date)

(Referred to in Paragraph 2 under the heading of "Report on Other Legal andRegulatory Requirements" of our

Report of even date) we report that: a. The Company has maintained proper recordsshowing full particulars including quantitative 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 ouropinion and according to the information explanation and documents provided to us and onthe basis of representation by the management we report that the title deeds in respectof immovable properties comprising Freehold Land Factory Building & Kim (Gujarat)& Palghar (Maharashtra) and office premises at Andheri Marol (Mumbai) are held in thename of Company. ii. As per the representation by the management and explanation given tous the inventories have been physically verified by the management during the year. Inour opinion the frequency of such verification is reasonable. The discrepancies noticedon verification between the physical stocks and the book records were not material andhave been dealt with in books of account.

iii. As per the information and explanation given to us the Company has not grantedany secured or unsecured loans to companies firms and other parties covered in theregister maintained under section 189 of the companies Act 2013. Accordingly paragraph3(iii) 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. Accordingly paragraph3(v) of the Order is not applicable to the Company.

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. Accordingly paragraph 3(vi) of the Order is notapplicable to the Company. vii. a. According to the information and explanations given tous and on the basis of our examination of the records of the Company in respect ofundisputed statutory dues including Provident fund Employees' state insurance Incometax Sales tax Goods and Services Tax Service tax Duty of Customs Duty of ExciseValue Added Tax Cess and Other material statutory dues have been generally regularlydeposited during the year by the Company with the appropriate authorities. As explained tous the Company did not have any dues on account of Excise duty. b. According to theinformation and explanations given to us no undisputed amounts payable in respect of

Income tax Sales tax Goods and Services Tax Service tax Duty of customs valueadded tax Cess and other material statutory dues were in arrears as at 31 March 2018 fora period of more than six months from the date they became payable. c. According to theinformation and explanations given to us there are no dues of Income Tax Goods and

Services Tax Sales Tax Service Tax Custom Duty Excise Duty and Cess which have notbeen deposited on account of any dispute.

viii. In our opinion and according to the information and the explanations given to usthe Company has not defaulted in repayment of dues to any financial institutions or bankor 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 Company has not raised money by way of initial publicoffer (including debt instruments) or term loans. Accordingly paragraph 3 (ix) of theOrder is not applicable to the Company.

x. According to the information and explanations given to us no fraud on or by theCompany 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 parties are in compliance with the provisions of section 177 and 188 ofthe Companies Act 2013 where applicable and the details have been disclosed in financialstatements as required by the applicable Indian Accounting Standards.

xiv. According to the information explanations provided to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of Shares or fully or partly convertible debentures during the year.Accordingly paragraph 3(xiv) of the Order is not applicable to the Company.

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 is 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 Sunil Vankawala & Associates

Chartered Accountants

Firm Registration No: 110616W

(Sunil T. Vankawala)

Proprietor

Membership No. 033461

Place: Mumbai

Dated: 29th May 2018

ANNEXURE - B TO THE AUDITORS' REPORT

(Referred to in Paragraph 1(f) under the heading of "Report on Other Legal andRegulatory Requirements" of our Report of even date)

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

 

We have audited the internal financial controls over financial reporting of M/SOLYMPIA INDUSTRIES LIMITED ("the Company") as of 31 March 2018 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended 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 control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over

Financial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable 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 theStandards on Auditing issued by

ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. 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 was established andmaintained and if such controls 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 risk 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 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 controls systemover financial 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 for 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 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 controlsover financial reporting were operating effectively as at

31 March 2018 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India.

For Sunil Vankawala & Associates

Chartered Accountants

Firm Registration No: 110616W

(Sunil T. Vankawala)

Proprietor

Membership No. 033461

Place: Mumbai

Dated: 29th May 2018