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Olympic Oil Industries Ltd.

BSE: 507609 Sector: Others
NSE: N.A. ISIN Code: INE286E01019
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NSE 05:30 | 01 Jan Olympic Oil Industries Ltd
OPEN 38.95
PREVIOUS CLOSE 38.95
VOLUME 15
52-Week high 71.40
52-Week low 34.00
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 38.95
CLOSE 38.95
VOLUME 15
52-Week high 71.40
52-Week low 34.00
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Olympic Oil Industries Ltd. (OLYMPICOILIND) - Auditors Report

Company auditors report

To

The Members of

OLYMPIC OIL INDUSTRIES LIMITED

Report on the standalone Financial Statements

Qualified Opinion

We have audited the financial statements of OLYMPIC OIL INDUSTRIESLIMITED (“the Company”) which comprise the balance sheet as at March 31 2021and the statement of profit and loss (including other comprehensive income) statement ofchanges in equity and statement of cash flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information (Collectively referred to as ‘standalone financialstatements').

In our opinion and to the best of our information and according to theexplanations given to us except for the possible effects of the matters described in theBasis for Qualified Opinion paragraph the aforesaid standalone financial statements givethe information required by the Companies Act 2013 in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs (financial position) of the Company as at March 31 2021and its LOSS (financial performance including other comprehensive income) changes inequity and its cash flows for the year ended on that date.

a. In the case of the balance sheet of the state of affairs of the company as at 31stMarch 2021and

b. In the case of the statement of profit and loss of the LOSS (financial performanceincluding other comprehensive income) changes in equity and

c. In the case of the cash flow statement of the cash flow statement for the yearended on that date.

Basis for Qualified Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are auditor of the Company inaccordance with the Code of ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion. As stated in Note-6 tothe financial statement the sundry debtors as at the end of the year of Rs. 316.87 croreincludes over dues receivable due to credit impaired of Rs. 316.87 crore and as per Noteno. 3 & Note no.8 in respect of non current investment & loan to related partiesof Rs.4.1 crore & Rs. 40.65 crore respectively being considered good and recoverableby the management. In the absence of confirmation and liquidity constraints facing by theparties due to which these may not be able to realize. In the absence of sufficientappropriate audit evidence we are unable to comment upon the carrying value of non currentinvestment loans to related parties and trade receivable and recoverability of theaforesaid dues and consequential impact if any on the accompanying financial statement.

Key Audit Matter

Key audit matters are those matters that in our professional judgmentwere of most significance. in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and informing our opinion thereon.

We have determined that there are no key audit matters to communicatein our report.

Emphasis of Matter We draw attention to:

Note no. 13 regarding credit facilities from banks became NonPerformance account during the previous year and forensic audit has been carried for theworking of the company and interest has not been provided since August 2018 being NPA.Pending the ultimate outcome of this matter which is presently unascertainable hence noadjustment has been made.

Note no. 33 regarding net worth of the company has been fully erodeddue to lower volume and finance cost accounts are prepared on going concern basis.Further the Company has defaulted in repayment of principal and interest payable to Bankerin respect of working capital facilities which indicate existence of liquidity stress andmaterial uncertainty that may cast significant doubt on the Company's ability tocontinue as a going concern. However the management is hopeful to meet the Company'sfinancial obligation and continuing business operations. Having regards to this financialstatements have been prepared on the basis of going concern. Hence no adjustments havebeen made to the carrying value of Assets and Liabilities of the Company.

Other Information

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the annualreport but does not include the financial statements and our auditor's reportthereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Responsibility of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 (“the Act”) with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance (including other comprehensive Income)changes in equity and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the. Indian Accounting Standards(‘Ind AS') specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements the Board of Directors isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related. to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so. Boards of Directorsare also responsible for overseeing the company's financial reporting process

Auditor's Responsibilities for the Audit of the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs 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.

As part of an audit in accordance with Standards on Auditing(‘SAs') We exercise professional judgment and maintain professional skepticismthroughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due. to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3) of theAct We are also responsible for expressing 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 reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we am required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause theCompany to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

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 terms of sub-section (11) ofsection 143 of the Act we give in the “Annexure A” a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. 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 thecompany so far as it appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Loss the Statement of Changes InEquity and the Cash Flow Statement dealt with by this Report are in agreement With thebooks of accounts;

d. In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act read with Companies (IndianAccounting Standard) Rules 2016.

e. On the basis of the written representations received from the directors as on 31March 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms of section164(2) of the Act ;

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 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 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 contract including derivative contract ; assuch the question of commenting on any material foreseeable losses thereon does not arise;

iii) There has not been any occasion in case of the Company during the year underreport to transfer any sums to the investor education and protection fund. The question ofdelay in transferring such sums does not arise.

FOR BHATTER & PALIWAL
CHARTERED ACCOUNTANTS
FRN - 131411W
GOPAL BHATTER
DATE : 30.06.2021 (PARTNER)
PLACE : MUMBAI M. NO. 411226
UDIN: 21411226AAAAEY3078

ANNEXURE A

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

(b) According to the information and explanations given to us all the assets have notbeen physically verified by the management during the year but there is a regularprogramme of verification which in our opinion is reasonable having regard to the sizeof the Company and the nature of its assets. To the best of our knowledge no materialdiscrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of Company.

(ii) According to the information and explanations given to us physical verificationof inventory has been conducted at reasonable intervals by the management. Thediscrepancies noticed on verification between the physical stocks and the book recordswere not material having regard to the size of the operations of the Company and the samehave been properly dealt with in the books of account.

(iii) According to the information and explanations given to us the Company has notgranted any secured or unsecured loans to Companies/Firm/Limited LiabilityPartnerships/Other Persons covered in the register maintained under section 189 of theCompanies Act 2013.

(iv) According to the information and explanations given to us the Company hascomplied with the provisions of sections 185 and 186 of the Companies Act 2013 in respectof loans investments guarantees and security.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public and hence the directives issued bythe Reserve Bank of India and provisions of the Companies Act 2013 and rules framed thereunder are not attracted.

(vi) We have broadly reviewed the books of account relating to materials labour andother items of cost maintained by the company as specified by the Central Government undersub-section (1) of Section 148 of the Companies Act 2013 and we are of the opinion thatprima facie the prescribed accounts and records have been made and maintained. We havenot however made a detailed examination of the records with a view to determine whetherthey are accurate or complete.

(vii) (a) According to the information and explanations provided to us the Company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding Provident Fund Employees' State Insurance Income tax Sales tax Servicetax Duty of Customs Duty of Excise Value Added Tax Cess and other statutory dues asapplicable to it with appropriate authorities and there were no undisputed arrears as at31st March 2021 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us there were no disputedstatutory dues of Income tax G S T and Cess as at 31st March 2021

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to a financial institutions banksGovernment or debenture holders except repayment of dues to Bank Rs 68.75 Crores.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer including debt instruments and term loans in current year and also inimmediately preceding year.

(x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit except SFIO and CBI enquiry as stated in Note no. 37 ofNotes to accounts.

(xi) In our opinion and according to information and explanations given to us theCompany paid or provided managerial remuneration with requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(XII) of the order is notapplicable.

(xiii) In our opinion and according to the information and explanations given to usall transactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

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

(xv) In our opinion and according to the information and explanations given to us theCompany has not entered to any non-cash transactions with directors or persons connectedwith him.

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

FOR BHATTER & PALIWAL
CHARTERED ACCOUNTANTS
FRN - 131411W
GOPAL BHATTER
DATE : 30.06.2021 (PARTNER)
PLACE : MUMBAI M. NO. 411226
UDIN: 21411226AAAAEY3078

ANNEXURE B

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

We have audited the internal financial controls over financialreporting of Olympic Oil Industries Limited (“the Company”) as of 31st March2021 in conjunction with our audit of the 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the “Guidance Note”) and the Standards on Auditing issuedby 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit 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 andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting isa process 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 controlover financial 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 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting 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 the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2021 basedon the internal control over financial reporting criteria established by the Companyconsidering the 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.

FOR BHATTER & PALIWAL
CHARTERED ACCOUNTANTS
FRN - 131411W
GOPAL BHATTER
DATE : 30.06.2021 (PARTNER)
PLACE : MUMBAI M. NO. 411226
UDIN: 21411226AAAAEY3078

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