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Olympia Industries Ltd.

BSE: 521105 Sector: Others
NSE: N.A. ISIN Code: INE482O01021
BSE 00:00 | 27 May 32.90 -2.10
(-6.00%)
OPEN

35.85

HIGH

35.85

LOW

32.20

NSE 05:30 | 01 Jan Olympia Industries Ltd
OPEN 35.85
PREVIOUS CLOSE 35.00
VOLUME 2222
52-Week high 62.00
52-Week low 22.25
P/E 31.94
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 35.85
CLOSE 35.00
VOLUME 2222
52-Week high 62.00
52-Week low 22.25
P/E 31.94
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Olympia Industries Ltd. (OLYMPIAINDUSTRI) - Auditors Report

Company auditors report

To

The Members

M/S. OLYMPIA INDUSTRIES LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of M/S. OLYMPIA INDUSTRIESLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2021the Statement of Profit and Loss (including statement of Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

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 theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the companies(lndian Accounting Standards) Rules 2015 as amended('Ind AS') and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 its profit total comprehensive income itscash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Information Other than the Financial Statements and Auditor's Report Thereon

• The Company's Board of Directors is responsible for the other information. Theother information comprises the information included in the Company's Annual Report butdoes not include the financial statements and our auditor's report thereon.

• Our opinion on the financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

• In connection with our audit of the financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

• If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's and Board of Director's Responsibilities for the Financial Statements

The Company's Management and Board of Directors are responsible for the matters statedin Section 134(5) of 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 includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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 adequate internal financialcontrols that are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationship and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 in the"Annexure B" a statement on the matters specified in paragraph 3 and 4 of theOrder; to the extent applicable.

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 Reportare in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the Ind AS specifiedunder Section 133 of the Act.

e) On the basis of written representations received from the directors as on March 312021 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2021 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 A". Our report expresses an unmodified opinion on theadequacy and operating effectiveness of Company's internal financial controls overfinancial reporting.

3) Wth respect to the other matters included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 as amended in our opinion andto the best of our information and according to the explanations given to us :

i. The Company does not have any pending litigations as at March 31 2021 which wouldimpact its financial position.

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.

4) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended in our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act. The remuneration paid to any director is not inexcess of the limit laid down under Section 197 of the Act. The Ministry of CorporateAffairs has not prescribed other details under Section 197(16) which are required to becommented upon by us.

ANNEXURE - A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in (f) of Paragraph 2 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 Act

We have audited the internal financial controls with reference to financial statementsof M/S OLYMPIA INDUSTRIES LIMITED ("the Company") as at March 31 2021 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibilities for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibilities

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 Act to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 with reference to financial statements

A Company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over financial reporting

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlsover financial reporting and such internal financial controls over financial reportingwere operating effectively as at March 31 2021 based on the criteria for internalcontrol over financial reporting established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

ANNEXURE - B TO THE INDEPENDENT AUDITORS' REPORT

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

(i) a. The Company has maintained proper records showing full particulars includingquantitative details and situations of property plant and equipment.

b. The property plant and equipment are physically verified by the managementaccording to phased program designed to cover all items over a period of 3 years whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. Pursuant to the program a portion of the property plant and equipment hasbeen physically verified by the management during the year. According to the informationand explanations given to us no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us the records examined byus we report that the title deeds of immovable properties comprising Freehold Land andBuilding are held in the name of the Company.

(ii) As per the explanation given to us the inventories have been physically verifiedby the management during the year. In our opinion the frequency of such verification isreasonable. The discrepancies noticed on verification between the physical stocks and thebook records were not material and have been dealt with in books of account.

(iii) The Company has not granted any secured or unsecured loans to companies firmsand other parties covered in the register maintained under section 189 of the companiesAct 2013. Therefore the provisions of clause 3(iii) of the said Order are not applicableto the Company.

(iv) As per the information and explanation given to us the Company has not grantedany Loan or provided any guarantee or security in connection with a loan taken by othercompany and has not made any investment therefore provisions of section 185 and section186 of the Companies Act 2013 are not applicable to the Company. Accordingly paragraph3(iv) of the Order is not applicable to the Company.

(v) The Company has not accepted any deposits from the public within the meaning ofsections 73 to 76 of the Act and Rules framed there under to the extend notified.Therefore the provisions of clause 3(v) of the said Order is not applicable to theCompany.

(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. Therefore the provisions of clause 3(vi) of the Orderis not applicable to 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 Goods andServices Tax Service tax Duty of Customs Duty of Excise 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.

b. According to the information and explanations given to us no undisputed amountspayable in respect of Income tax Sales tax Goods and Services Tax Service tax Duty ofcustoms value added tax Cess and other material statutory dues were in arrears as at31st March 2021 for a period of more than six months from the date they became payable.

c. According to the information and explanations given to us there are no dues ofIncome Tax Goods and Services Tax Sales Tax Service Tax Custom Duty Excise Duty andCess which have 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 loans or borrowings to any financialinstitutions or banks or government. As explained to us the Company has not issued anydebentures.

(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. Therefore the provisions of clause3(ix) of the Order is not applicable to the Company.

(x) According to the information and explanations given to us we have neither comeacross any instance of material fraud by the company or on the company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the management.

(xi) The Company has paid the managerial remuneration in compliance of the provisionsof section 197 read with schedule V to the Companies Act 2013.

(xii) As the Company is not a Nidhi company and the Nidhi Rules 2014 are notapplicable to it. Therefore the provisions of clause 3(xii) of the Order is notapplicable 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.Therefore the provisions of clause 3(xiv) of the Order is not applicable to the Company.

(xv) The Company has not entered into any non-cash transactions with its directors orperson connected with him. Therefore the provisions of clause 3 (xv) of the Order is notapplicable to the Company.

(xvi) According to the information and the explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Sunil Vankawala & Associates
Chartered Accountants
Firm Registration No: 110616W
Place: Mumbai (Sunil T. Vankawala)
Dated: 30th June 2021 Proprietor
Membership No. 033461
UDIN:21033461AAAAEM7875

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