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Olympic Management & Financial Services Ltd.

BSE: 511632 Sector: Financials
NSE: N.A. ISIN Code: INE091N01014
BSE 05:30 | 01 Jan Olympic Management & Financial Services Ltd
NSE 05:30 | 01 Jan Olympic Management & Financial Services Ltd

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

Company auditors report

To

The Members of

OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of OLYMPICMANAGEMENT & FINANCIAL SERVICES LIMITED ("the Company") which comprise theBalance Sheet as at 31stMarch 2019 the Statement of Profit and Loss (Including OtherComprehensive Income) the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and a summary of the significant accounting policies and otherexplanatory information.

2. 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 Companies Act 2013 (the ‘Act') in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in Indiaincluding Indian Accounting Standards (‘Ind AS') specified under Section 133 of theAct of the state of affairs (financial position) of the Company as at 31 March 2019 andits loss (financial performance including other comprehensive income) its cash flows andthe changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the ‘Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with the‘Code of Ethics' issued by the Institute of Chartered Accountants of India(‘ICAI') together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the rules thereunder and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

5. We have determined that there are no key audit matters to be communicated in ourreport.

Information other than the Financial Statements and Auditor's Report thereon

6. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe 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 haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regards.

Responsibility of Management and Those Charged with Governance for the StandaloneFinancial Statements

7. The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Act with respect to the preparation and presentation of these standalonefinancial statements that give a true and fair view of the state of affairs (financialposition) profit or loss (financial performance including other comprehensive income)change in equity and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Ind AS specified under section 133of the Act. 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.

8. 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.

9. Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

10. 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 withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

11. As part of an audit in accordance with Standards on Auditing we exerciseprofessional judgment and maintain 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 explaining our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch 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.

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

13. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

14. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when 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.

15. As the company has not paid remuneration to its directors during the year underreference hence the reporting under Section 197 (16) of the Act is not applicable.

16. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure A a statement on thematters specified in paragraphs 3 and 4 of the Order.

17. Further to our comments in Annexure A As required by Section 143(3) of the Act wereport that: a. We have sought and obtained all the information and explanations which tothe best of our knowledge and belief were necessary for the purposes of our audit; b. Inour opinion proper books of account as required by law have been kept by the Company sofar as it appears from our examination of those books; c. The Standalone financialstatements dealt with by this report are in agreement with the books of account; d. In ouropinion the aforesaid standalone financial statements comply with the Ind AS specifiedunder section 133 of the Act read with rule 7 of Companies (Accounts) Rule 2014 ; e. Onthe basis of written representations received from the directors as on 31st March 2019taken on record by the Board of Directors none of the directors is disqualified as on31st March 2019 from being appointed as a director in terms of Section 164(2) of theAct; f. 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. 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) Rules2014 (as amended) in our opinion and to the best of our information and according to theexplanations given to us: i. The Company does not have any litigation pending and hencethere is no impact on its financial position in the aforesaid financial statements. ii.The Company did not have any long-term contracts including derivative contracts; as suchthe 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 Educationand Protection Fund by the Company.

For R. K. KHANDELWAL & CO. CHARTERED ACCOUNTANTS Firm Registration No. 105054W

Sd/-

MANISH KUMAR GARG

(Partner)

Membership No.: 117966

Place : Mumbai Date : 27-05-2019

ANNEXURE A TO THE INDEPENDENT AUDITOT'S REPORT OF EVEN DATE TO THE MEMBERS OF OLYMPICMANAGEMENT & FINANCIAL SERVICES LIMITED ON THE STANDALONE FINANCIAL STATEMENTS FORTHE YEAR ENDED 31 MARCH 2019

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.

c) According to the information and explanations received by us as the company owns noimmovable properties the requirement on reporting whether title deeds of immovableproperties held in the name of the company is not applicable.

2. As the company has not purchased/sold goods during the year nor is there any openingstocks requirement of reporting on physical verification of stocks or maintenance ofinventory records in our opinion does not arise.

3. During the year the Company has not granted any loans secured or unsecured tocompanies firms Limited Liability partnerships or other parties covered in the registermaintained under section 189 of the Act.

4. In our opinion the Company has complied with the provisions of Sections 185 and 186of the Act in respect of loans and investments.

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 framed thereunder have been accepted by the Company.

6. As informed the Central Government has not prescribed the maintenance of costrecords under Section 148 (1) of the Act in respect of service/activities carried out bythe Company.

7. a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income tax sales-tax service taxduty of customs duty of excise value added tax cess and any other material statutorydues applicable to the Company with the appropriate authorities. No undisputed amountspayable in respect of the aforesaid statutory dues were outstanding as at the last day ofthe financial year for a period of more than six months from the date they became payableexcept an amount of Rs. 29784/- for P.F pending registration under profession tax rulesno recovery/payment has been made towards profession tax of Rs. 1300/- against salarypaid and also pending registration under GST rules where no payments were made towards GSTof Rs.

1440/- on reverse charge method on Directors sitting fees paid.

b) According to the records of the Company there are no dues of income tax or salestax or service tax or duty of customs or duty of excise or value added tax which have notbeen deposited on account of any dispute except income tax liability of Rs. 2121965/-for A. Y. 1995-1996 where the matter is pending with CIT (A).

8. The Company has not taken any loan or borrowing from a financial institution bankgovernment or debenture holders and hence the provisions of para 8 of the Order is notapplicable.

9. The Company has not raised any money by way of initial public offer or furtherpublic offer during the year and has not taken any term loan and hence the provisions ofpara 9 of the Order is not applicable.

10. 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.

11. The Company has not paid or provided managerial remuneration during the year hencethe provisions of para 11 of the Order is not applicable.

12. In our opinion the Company is not Nidhi Company. Therefore Para 12 of theCompanies (Auditor's Report) Order 2016 is not applicable to the Company.

13. As per the information and explanation given to us transactions with relatedparties have been done in compliance with provisions of section 177 and 188 of CompaniesAct 2013 and have been suitable disclosed in the Financial Statement.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

15. The Company has not entered into any non-cash transactions with directors orpersons connected with him under section 192 of the Act.

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

For R. K. KHANDELWAL & CO. CHARTERED ACCOUNTANTS Firm Registration No. 105054W

Sd/-

MANISH KUMAR GARG

(Partner)

Membership No.: 117966

Place : Mumbai Date : 27-05-2019

ANNEXURE B TO THE INDEPENDENT AUDITOT'S REPORT OF EVEN DATE TO THE MEMBERS OF OLYMPICMANAGEMENT & FINANCIAL SERVICES LIMITED ON THE STANDALONE FINANCIAL STATEMENTS FORTHE YEAR ENDED 31 MARCH 2019

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 OLYMPICMANAGEMENT & FINANCIAL SERVICES LIMITED ("the Company") as of 31 March 2019in conjunction with our audit of the standalone financial statements of the Company forthe 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 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 (‘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' 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 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 system over financialreporting.

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 authorisations 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 controlsover financial reporting were operating effectively as at 31 March 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For R. K. KHANDELWAL & CO. CHARTERED ACCOUNTANTS Firm Registration No. 105054W

Sd/-

MANISH KUMAR GARG

(Partner)

Membership No.: 117966

Place : Mumbai Date : 27-05-2019