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Auditor Report of Olympia Industries Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/S OLYMPIA INDUSTRIES LIMITED, which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and Cash Flow Statements for the year then ended 31st March, 2015, and a summary of 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 in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 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 best of 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 appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of written representations received from the directors as on 31st March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015, from being appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the other matters included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and 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 financial position.

ii. the Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

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

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORTS (Referred to in our report of even date)

Annexure referred to in Paragraph 1 under the heading of "Report on other Legal and regulatory requirements "of our Report of even date to the members of the company on the financial statement for the year ended as on March 31, 2015, we report that:

(i) a. The Company has maintained proper records showing full particulars, including quantitative details and situations of fixed assets.

b. As per the information and explanations given to us, physical verification of fixed assets has been carried out in terms of the phased program of verification adopted by the company and no material discrepancies were noticed on such verification.

(ii) a. As per the information and explanation given to us, the inventories have been physically verified by the management during the year at reasonable intervals.

b. In our opinion and according to the information and explanations given to us, procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory and no material discrepancies were noticed on verification of inventory.

(iii) As per the information and explanation given to us, the company has not granted unsecured loans to companies, firms and other parties covered in the register maintained under section 189 of the companies Act, 2013 accordingly paragraph 3(iii) (a) & (b) of the Order is not applicable to the Company

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase of inventory and fixed assets and for the sales of goods and services. During the course of our audit, no major weakness has been noticed in the internal controls.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company.

(vii) a. According to the information and explanations given to us and on the basis of our examination of the records of the Company, in respect of undisputed statutory dues including, provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March, 2015 for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess which have not been deposited on account of any dispute.

c. According to the information and explanations given to us there were no amounts which were required to be transferred to the investor and Education and Protection Fund by the Company.

viii) The company has the accumulated losses at the end of the financial year exceeding its 50 per cent of net worth. The company has earned cash profit during the financial year and in the financial year immediately preceding the current financial year.

ix) The company has not taken any loan from financial institutions and bank.

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) In our opinion and according to the information and explanation given to us the company has not taken term loans.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For CPM & ASSOCIATES Chartered Accountants (Firm Registration No. 114923W)

PLACE: MUMBAI (Chandra P. Maheshwari) DATED: 30th May, 2015 Partner M.No.36082






Mar 31, 2014

We have audited the accompanying financial statements of M/S OLYMPIA INDUSTRIES LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss Account and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors''Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: .

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

(b) in the case of the Statement of Profit and Loss Account, of the Profit for the year ended on that date; and

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by The Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

2. As required by Section 227(3) of the Act, we report that:

a. We have obtained all the information and explanations which to the best of 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 the Company so far as appears from our examination of those books;

c. The Balance Sheet, the Statement of Profit & Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

e. On the basis of the written representations received from the Directors as on 31st March 2014 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March, 2014 from being appointed as a Director in terms of Section 274(1) (g) of the Companies Act, 1956.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE.

1. In respect of its Fixed assets:

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. ''

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

(c) During the year, the company has not disposed off any part of the Fixed Assets.

2. In respect of its inventories:

(a) The Inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. In respect of the loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956:

(a) The company had taken loan from one director and four companies covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was '' 1, 77, 11,981 and the year - end balance of loans taken from such parties was 1, 39, 07, 500. The company has granted loan to six company covered in the register maintained under section 301 of the Companies Act, 1956 The Maximum amount involved during the year was '' 24, 00, 581 and the year-end balance of loans Given to such parties was Rs. NIL.

(b) In our opinion, rate of Interest and other terms and conditions on which loans have been taken from and granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company.

(c) The company is regular in repaying the principal amounts as stipulated however there are no stipulations as to payment of interest.

(d) There is no overdue amount of loans taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act. 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposit from the public. Therefore, the provisions of clause 4(vi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

7. The company has no formal internal audit system as such but its control procedure ensures reasonable internal checking of its financial and other records.

8. As per the information and explanations given to us, the central government has not prescribed maintenance of cost records for the company''s product.

9. (a) The company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education protection fund, employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31.03.2014 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of sale tax, income tax, customs duty, wealth tax, * excise duty and cess which have not been deposited on account of any dispute.

10. The company has the accumulated losses at the end of the financial year exceeding its 50 per cent of net worth. The company has earned cash profit during the financial year and incurred cash loss during the financial year immediately preceding the current financial year.

11. The company has not taken any loan from financial institutions and bank. Therefore, the provisions of clause 4(xi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

13. In our opinion, the company is not a chit fund or a nidhil mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

15. In our opinion and according to the information and explanation given to us, the company has not given guarantees for loans taken by others. Therefore, the provisions of clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

16. In our opinion and according to the information and explanation given to us the company has not taken terms loans during the year. Therefore, the provisions of clause 4(xvi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

17. - The company has not raised any funds short term or long term during

the year. Therefore, the provisions of clause 4(xv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

18. According to the information and explanations given to us, the company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 to the Act. The price at which preferential allotment of shares have been made are not prejudicial to the interest of the company

19. According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures. Therefore, the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

20. During the year the company has not raised money by way of public issue. Therefore, the provisions of clause 4(xx) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For CPM & ASSOCIATES Chartered Accountants (Firm Registration No.114923W)

PLACE: MUMBAI (Chandra P. Maheshwari) DATED: 28th June, 2014 Partner M.No. 36082


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. OLYMPIA INDUSTRIES LIMITED as at 31st March' 2012' the Profit and Loss Account and also the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining' on a test basis' evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management' as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by The Companies (Auditor's Report) Order' 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act' 1956' we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Attention is invited to para (ii) of Note No.25 in 'Notes to the Accounts' regarding the accounts have been prepared on going concern basis despite of accumulated loss. We are unable to form an opinion as to whether the going concern basis is appropriate basis for the presentation of the accounts of the company. Necessary adjustment may have to be made to the value of Assets and Liabilities in case the going concern concept is vitiated.

5. Further to our comments in the Annexure referred to above' we report that:

(i) We have obtained all the information and explanations' which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion' proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The Balance Sheet' Profit & Loss Account and cash flow statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion' the Balance Sheet' Profit and Loss Account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act 1956;

(v) On the basis of written representations received from the Directors' as on 31st March 2012 and taken on record by the Board of Directors' we report that none of the Directors are disqualified as on 31st March' 2012 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act' 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us' the said accounts read together with notes appearing in schedule 'N'' give the information required by the Companies Act' 1956' in the manner so required subject to forgoing in clause (4) above' give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of Balance Sheet' of the state of affairs of the Company as at 31st March' 2012;

(b) in the case of the Profit and Loss Account' of the Loss for the year ended on that date; and

(c) In the case of cash flow statement' of the cash flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF M/S. OLYMPIA INDUSTRIES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2012.

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

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

(c) During the year' the company has disposed off some of the assets which is not significant having regard to the size of the company and the nature of its assets.

2. (a) The Inventory has been physically verified during the year by the

management. In our opinion' the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. (a) The company had taken loan from four companies or other parties

covered in the register maintained under Section 301 of the Companies Act' 1956. The maximum amount involved during the year was ' 6455000 and the year-end balance of loans taken from such parties was ' 5705000. There is No company covered in the register maintained under section 301 of the Companies Act' 1956 to whom the company has granted loans.

(b) In our opinion' rate of Interest and other terms and conditions on which loans have been taken from companies' firms or other parties listed in the register maintained under section 301 of the Companies Act' 1956 are not prima facie' prejudicial to the interest of the company.

(c) The company is regular in repaying the principal amounts as stipulated however there are no stipulations as to payment of interest.

(d) There is no overdue amount of loans taken from companies' firms or other parties listed in the register maintained under section 301 of the Companies Act. 1956.

4. In our opinion and according to the information and explanations given to us' there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory' fixed assets and with regard to the sale of goods. During the course of our audit' we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us' we are

of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act' 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us' there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act' 1956 and exceeding the value of rupees five lakhs in respect of any party during the year.

6. In our opinion and according to the information and explanations given to us' the company has not accepted deposit from the public. Therefore' the provisions of clause 4(vi) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

7. The company has no formal internal audit system as such but its control procedure ensures reasonable internal checking of its financial and other records.

8. As per the information and explanations given to us' the central government has not prescribed maintenance of cost records for the company's product.

9. (a) The company is generally regular in depositing with appropriate

authorities undisputed statutory dues including Provident Fund' Investor Education protection fund' employees' State Insurance' Income Tax' Sales Tax' Wealth Tax' Custom Duty' Excise Duty' cess and other material statutory dues applicable to it. According to the information and explanations given to us' no undisputed amounts payable in respect of income tax' wealth tax' sales tax' customs duty' excise duty and cess were in arrears' as at 31.03.2012 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us' there are no dues of sale tax' income tax' customs duty' wealth tax' excise duty and cess which have not been deposited on account of any dispute.

10. The company has the accumulated losses at the end of the financial year are exceeding its 50 per cent of net worth. The company has incurred cash loss during the financial year and has earned cash profit during the financial year immediately proceeding the current financial year.

11. According to the records examined by us and the information and explanations given to us' and after considering the One Time Settlement (OTS) approved by the Banks and Financial institutions' we have to state that the company has not defaulted in re-payment of dues to the financial institutions and banks.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares' debentures and other securities. Therefore' the provisions of clause 4(xii) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

13. In our opinion' the company is not a chit fund or a nidhil mutual benefit fund/society. Therefore' the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

14. In our opinion' the company is not dealing in or trading in shares' securities' debentures and other investments. Accordingly' the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

15. In our opinion and according to the information and explanation given to us' the company has not given guarantees for loans taken by others. Therefore' the provisions of clause 4(xv) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

16. In our opinion and according to the information and explanation given to us the company has not taken terms loans during the year. Therefore' the provisions of clause 4(xvi) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

17. The company has not raised any funds short term or long term during the year. Therefore' the provisions of clause 4(xv) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

18. According to the information and explanations given to us' the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 to the Act. Therefore' the provisions of clause 4(xviii) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

19. According to the information and explanations given to us' during the period covered by our audit report' the company had not issued debentures. Therefore' the provisions of clause 4(xix) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

20. During the year the company has not raised money by way of public issue. Therefore' the provisions of clause 4(xx) of the Companies (Auditor's Report) Order' 2003 are not applicable to the company.

21. According to the information and explanations given to us' no fraud on or by the company has been noticed or reported during the course of our audit.

For CPM & ASSOCIATES

Chartered Accountants

(Firm Registration No. 114923W)

PLACE: MUMBAI (C.P. MAHESHWARI)

DATED: 1st September' 2012 Partner

M.No. 36082


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s. OLYMPIA INDUSTRIES LIMITED as at 31st March, 2010, the Profit and Loss Account and also the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by The Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. As stated in note No. B(3) in schedule N, the accounts have been prepared on going concern basis despite of the net worth of the company had been fully eroded due to losses in earlier years. We are unable to form an opinion as to whether the going concern basis is appropriate basis for the presentation of the accounts of the company. In case the going concern concept is vitiated, necessary adjustment will be required on the carrying amount of Assets and Liabilities which are not ascertainable.

5. Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

(iii) The Balance Sheet, Profit & Loss Account and cash flow statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act 1956;

(v) On the basis of written representations received from the Directors, as on 31st March 2010 and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2010 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes appearing in schedule N, give the information required by the Companies Act, 1956, in the manner so required subject to forgoing in clause (4) above, give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

(c) In the case of cash flow statement, of the cash flows for the year ended on that date.



ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF EVEN DATE OF THE AUDITORS TO THE MEMBERS OF M/S. OLYMPIA INDUSTRIES LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2010.

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

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

(c) During the year, the company has disposed off some of the assets which is not significant having regard to the size of the company and the nature of its assets.

2. (a) The Inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. (a) The company had taken loan from Four other companies and being shareholders covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 5750000/- and the year-end balance of loans taken from such parties was 5650000/-. There are No company covered in the register maintained under section 301 of the Companies Act, 1956 to which the company has granted loans.

(b) In our opinion, rate of Interest and other terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company.

(c) The company is regular in repaying the principal amounts as stipulated however there are no stipulations as to payment of interest.

(d) There is no overdue amount of loans taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act. 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

5. (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year.

6. In our opinion and according to the information and explanations given to us, the company has not accepted deposit from the public. Therefore, the provisions of clause 4(vi) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

7. The company has no formal internal audit system as such but its control procedure ensures reasonable internal checking of its financial and other records.

8. As per the information and explanations given to us, the central government has not prescribed maintenance of cost records for the companys product.

9. (a) The company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education protection fund, employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of Income tax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31.03.2010 for a period of more than six months from the date they became payable.

(b) The disputed amount of payment of Central Excise duty of Rs. 76824/- as per the assessment order dtd. 15.09.2004 has not been deposited. The company has preferred appeal against the order passed by central excise authority.

10. The company has the accumulated losses at the end of the financial year exceeding its net worth. The company has earned cash profit during the financial year and the financial year immediately proceeding the current financial year.

11. According to the records examined by us and the information and explanations given to us, and after considering the One Time Settlement (OTS) approved by the Banks and Financial institutions, we have to state that the company has not defaulted in re-payment of dues to the financial institutions and banks.

12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

13. In our opinion, the company is not a chit fund or a nidhil mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

15. In our opinion and according to the information and explanation given to us, the company has not given guarantees for loans taken by others. Therefore, the provisions of clause 4(xv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

16. in our opinion and according to the information and explanation given to us the company has not taken terms loans during the year. Therefore, the provisions of clause 4(xvi) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

17. The company has not raised any funds short term or long term during the year. Therefore, the provisions of clause 4(xv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

18. According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 to the Act. Therefore, the provisions of clause 4(xviii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

19. According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures. Therefore, the provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

20. During the year the company has not raised money by way of public issue. Therefore, the provisions of clause 4(xx) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.



For CPM & ASSOCIATES

Chartered Accountants

(Firm No. 114923W)

PLACE: MUMBAI (C.P. MAHESHWARI)

DATED: 3rd September, 2010 Partner

M.No. 36082



 
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