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Olympic Cards Ltd.

BSE: 534190 Sector: Services
NSE: N.A. ISIN Code: INE550L01013
BSE 00:00 | 13 Nov 6.50 0
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NSE 05:30 | 01 Jan Olympic Cards Ltd
OPEN 6.50
PREVIOUS CLOSE 6.50
VOLUME 1
52-Week high 7.00
52-Week low 4.51
P/E
Mkt Cap.(Rs cr) 11
Buy Price 6.20
Buy Qty 15.00
Sell Price 6.50
Sell Qty 138.00
OPEN 6.50
CLOSE 6.50
VOLUME 1
52-Week high 7.00
52-Week low 4.51
P/E
Mkt Cap.(Rs cr) 11
Buy Price 6.20
Buy Qty 15.00
Sell Price 6.50
Sell Qty 138.00

Olympic Cards Ltd. (OLYMPICCARD) - Auditors Report

Company auditors report

The Members of M/ s. Olympic Cards Limited

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of M/s .OLYMPIC CARDSLIMITED ("THE Company") which comprise the Balance Sheet as at 31st March2018the

Statement of Profit and Loss (including Other Comprehensive Income) the Cash Flow

Statement and the Statement of Changes in Equity for the year then ended and a summaryof the significant accounting policies and other explanatory 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 of these IndAS financial statements that give a true and fair view of the state of affairs (financialposition) profit or loss

(financial performance including other comprehensive income) cash flows and changes inequity of the company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) prescribed under Section 133 ofthe Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor prevention and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial 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 Ind AS financial statements basedon our audit.

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 of Ind AS financial statements in accordance with the Standardson

Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the Ind AS financial statements is free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditors' judgement including the assessment of the risks of material misstatement of theInd

AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the company'spreparation of the

Ind AS financial statements that give a true and fair view in order to design auditprocedures

that are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe hid AS financial statements.

We believe that the audit evidence we have obtained 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 theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs(financial position)of the Company as at 31 March2018and its loss (financialperformance including other comprehensive income) its cash flows and the changes inequity 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 these Ind ASfinancial statements are based on the previously issued statutory financial statementsprepared in accordance with the Companies(Accounting Standards) Rules 2006 audited by thepredecessor auditor whose report for the year ended 31 March 2017 and 31 March 2016 dated

22 May 2017 and 25 May 2016 respectively expressed an unmodified opinion on thosefinancial statements as adjusted for the differences in the accounting principles adoptedby the Company on transition to the Ind AS which have been audited by us.

Our opinion is not modified in respect of this matter.

Report on other Legal and Regulatory Requirements

As required by the Companies(Auditor's Report) Order2016("the Order") issuedby the

Central Government of India in terms of sub-section(11) of section 143 of the Act wegive in "Annexure" a statement on the matters specified in paragraphs 3 and 4of the Order.

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 the

Company so far as it appears from our examinations of those books and proper returnsadequate for the purposes for our audit have been received from the branches not visitedby us;

(c) In our opinion proper books of account as required by the law have been kept bythe company so far as it appears from our examination of those books and proper returnsadequate for the purposes of our audit have been received from the branches not visited byus;

(d) The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement and

Statement of Changes in Equity dealt with by this report are in agreement with thebooks of account and with the returns received from the branches not visited by us;

(e) In our opinion the aforesaid Ind AS financial statements comply with the Indian

Accounting Standards prescribed under Section 133 of the Act;

(f) On the basis of the written representations received from the directors as on 31March

2018 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 the Act;

(g) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure-B";

(h) 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 explanations given to us:

i. The Company did not have any pending litigations; ii. The Company did not have anylong-term contracts including derivative contracts for which there were any materialforeseeable losses; iii. There has been no delay in transferring amounts required to betransferred to the

Investor Education and Protection Fund by the Company.

Place : Chennai FOR MRC& ASSOCIATES
Date : 29.05.2018 CHARTERED ACCOUNTANTS
G. CHIRANJEEVULU FCA
PARTNER
M.NO.215032
F.R.NO.004005S

ANNEXURE-A TO THE INDEPENDENT AUDITOR'S REPORTS

Annexure referred to in paragraph 1 under the heading "Report on other Legal and

Regulatory Requirements" of our report of even date

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

(b) The fixed assets have been physically verified by the management during the year.There is a regular programme of verification which in our opinion is reasonable havingregard to the size of the company and nature of its fixed assets. No materialdiscrepancies were noticed on such verification.

(c) According to our examination of the books and records of the Company and theinformation and explanations given to us the title deeds of immovable properties are heldin the name of the Company.

ii. The inventory has been physically verified by the management at reasonableintervals. The discrepancies noticed on verification between the physical stocks and bookrecords were not material.

iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnership or other parties covered in the register maintained undersection 189 of the Act. Accordingly paragraph 3(iii) of the order is not applicable.

iv. The Company has not entered into any transaction in respect of loans investmentsguarantees and security to which the provisions of Section 185 186 of the Act would apply.

v. The company has not accepted any deposits from the public to which the provisions ofsection 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder would apply.

vi. We have broadly reviewed the books of accounts maintained by the company pursuantto the rules made by the Central Government for the maintained of cost records undersection 148 of the Companies Act 2013 and are of the opinion that

prima facie the prescribed accounts and records have been made and maintained. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate and complete.

vii. (a)According to the records of the company the company is regular in depositingwith appropriate authorities undisputed statutory dues including provident fundsemployees' state insurance income tax Sales tax Service tax duty of customs duty ofexcise value added tax cess and any other statutory dues applicable to it except thefollowing Statuary taxes have not been paid by the company which are due as on the balancesheet date not paid till date.

a. Goods & Service Tax not paid from December 2017 and also not filed GST returnstotal GST amount payable as on 31.03.2018 was Rs.8470667/-excluding interest on delay inpayment of tax and penalty for non filing of GST returns. b. Employees provident fund wasnot remitted from January 2018 which is amounting to Rs.843991/- excluding interest andpenalty that will be levied by the consent authorities. c. Employees State Insurance (ESI)was not remitted from January 2018 which is amounting to Rs.315864/- excluding interestand penalty that will be levied by the consent authorities d. According to the records ofthe company there are no dues of income tax Salestax

Service tax duty of customs duty of excise value added tax which have not been

Deposited with the appropriate authorities on account of any dispute

viii. The company has not defaulted in the repayment of loans or borrowings to banks.The

Company has neither taken any loans or borrowings from financial institutions orgovernment nor issued any debentures during the year.

ix. a.According to the information and explanations given to us and based on therecords of the company examined by us no monies were raised by way of initial publicoffer or further public offer (Including debit instruments)

b. In our opinion and according to information given to us the term loans have beenapplied by the company due the year the purpose for which they were obtained.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practises in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company by its officers or employees noticed or reportedduring the year not have we been informed of such case by the

Management.

xi. According to our examination of the books and records of the Company and theinformation and explanations given to us the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule v to the Act.

xii. According to the information and explanations given to us the Company is not a

Nidhi company.

xiii. According to our examination of the books and records of the Company and theinformation and explanations given to us transactions with the related parties are incompliance with Section 177 and 188 of the Act and the details of such transactions havebeen disclosed in the Financial Statements as required by the applicable accountingstandards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

xv. According to our examination of the books and records of the Company and theinformation and explanations given to us the Company has not entered into non -cashtransactions with directors or persons connected with him.

xvi. The Company is not required to be registered under section 45 -IA of the ReserveBank of India Act 1934.

Place : Chennai FOR MRC& ASSOCIATES
Date : 29.05.2018 CHARTERED ACCOUNTANTS
G. CHIRANJEEVULU FCA
PARTNER
M.NO.215032
F.R.N0.0040055

ANNEXURE-B TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in paragraph 2(f) under the heading "Report on other Legaland Regulatory Requirements" of our report of even date

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

Act

We have audited the internal financial reporting of 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 stated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting (the "GuidanceNote") issued by the Institute of Chartered Accountants of India ("theICAI"). These responsibilities include the design implementation and maintenance ofadequate 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 Act.

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 and the Standards on Auditing both issued by ICAI and deemed to the prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls. 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 judgement including the assessment of the risks ofmaterial misstatement of the Ind AS 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 Ind

AS financial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat in reasonable detail accuracy and fairly reflect the transactions are recorded asnecessary to permit preparation of Ind AS financial expenditures of the company are beingmade only in accordance with authorisations regarding prevention of timely detection ofunauthorised acquisition use or disposition of the

Company's assets that could have a material effect on the Ind AS 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 evaluations 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 on the achievement of the objectives of the control criteria theCompany has in all material respects an adequate internal financial controls system overfinancial reporting were operating effectively as at 31 March 2018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note.

Place : Chennai FOR MRC& ASSOCIATES
Date : 29.05.2018 CHARTERED ACCOUNTANTS
G. CHIRANJEEVULU FCA
PARTNER
M.NO.215032
F.R.NO.004005S