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Accounting Policies of Olympic Oil Industries Ltd. Company

Mar 31, 2015

1.SIGNIFICANT ACCOUNTING COMPANY OVERVIEW:

Olympic Oil Industries Limited (''OOIL'' or ''The Company'') is a BSE listed, public limited company incorporated and domiciled in India and has its registered office at Mumbai, Maharashtra, India.

The company is engaged in trading of Rapeseed Meal, Yellow Peas, Red Lentils, Paper, Aluminum Foil, Agri-Commodities, Laptops, Computers, Invertors, Polymers and Coal etc.

2.BASIS OF PREPARATION:

The financial statements of the company have been prepared on accrual basis under the historical cost convention and on going concern basis in accordance with the Generally Accepted Accounting Principles in India (''Indian GAAP'') to comply with the Accounting Standards specified under section 133 of The Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of The Companies Act, 2013 (''the Act'') / The Companies Act, 1956, as applicable.

3.USE OF ESTIMATES

The preparation of financial statements in conformity with Indian GAAP requires judgments, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/materialised.

4.REVENUE RECOGNITION:

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs Authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Other items of income and expenditure have been recognized on accrual basis.

d) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods and are net of VAT.

e) Other items of income and expenditure have been recognised on accrual basis.

5.FIXED ASSETS:

Fixed Assets have been stated at cost less depreciation.

6.DEPRECIATION:

Depreciation has been provided on written down value basis, at the rate determined with reference to the useful lives specified in Schedule II of the Companies Act, 2013. The impact of the change in useful life of fixed assets has been considered in accordance with the provision of Schedule II.

7.INVENTORIES:

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower, in compliance with Accounting Standard 2.

8.FOREIGN CURRENCIES TRANSACTIONS:

a) Initial Recognition: Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences: Exchange differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement. Monetary assets and liabilities, denominated in foreign currency, and pending settlement as on the last day of the Financial year have been stated at the conversion rate as at the close of the year or, in case of assets/liabilities where the company''s forex exposure has been crystallized owing to an underlying forward exchange contract, at the rate so contracted. The resultant loss/gain arising from such re-statement has been recognized as income/expense for the year.

9.VALUE ADDED TAX AND ENTRY TAX:

Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to the statement of profit and loss account.

10.PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent liabilities are disclosed by way of notes and are not recognized in the Financial Statements.


Mar 31, 2014

1. Nature of Operation:

The company is engaged in importing,exporting and trading of Rapeseed Meal, Yellow Peas, Red Lentils, Paper, Aluminum Foil, Agri Commodities, Laptops, Computers, Invertors, Polymers and Coal etc.

2. Basis of Preparation:

a) The financial statements have been prepared to comply with all the material aspects in respect of the Accounting Standards notified by Companies Accounting Standard Rules, 2006 and the relevant provisions of the Companies Act,1956.

b) Financial Statements are based on historical cost and are prepared on accrual basis

c) Accounting policies have been consistently applied by the company and are consistent with those used in the previous year.

3. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of the operations during the reporting period ended. Although these estimates are based upon management''s best knowledge of current events and action, actual results could differ from these estimates.

4. Revenue Recognition:

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs Authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Sales and Purchases include effect of exchange fluctuation.

d) Other items of income and expenditure have been recognized on accrual basis.

e) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods and are net of VAT.

5. Fixed Assets:

Fixed Assets have been stated at cost less depreciation.

6. Depreciation:

Depreciation on Fixed Assets has been provided on W.D.V. method in the manner and at the rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on fixed assets acquired during the year has been provided on pro-rata basis from the date of acquisition.

7. Inventories:

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower.

8. Prior Period Items:

Prior period expenses / income are accounted under the respective heads. Material items, if any, are disclosed separately by way of a note.

9. Foreign Currencies Transactions:

a) Initial Recognition: Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences: Exchange Differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement.

10. Value Added Tax and Entry Tax:

Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to the statement of profit and loss account.

11. Provision, Contingent Liabilities and Contingent Assets (AS-29)

Provisions involving substantial degree of estimates in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent Liabilities are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

12. Employee Benefits :

1) Short-term employee benefits are recognized as an expense at the undiscounted amount in the statement of profit & loss account of the year in which the related service is rendered.

2) Post employment and other long term employee benefits are recognized as an expense in the statement of Profit & Loss account for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains & losses in respect of post employment and other long term benefits are charged to the statement of Profit & Loss Account.

13. Provision for Current & Deferred Tax :

Provision for Current Tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961.

Pursuant to Accounting Standard-22 issued by the Institute of Chartered Accountants of India, Current Tax is determined at the amount of Tax payable in respect of estimated Taxable Income for the year.

Deferred Tax resulting from ‘Timing Difference'' between book and taxable profit for the year is accounted for using the Tax rates and Laws that have been enacted as on the Balance Sheet date.


Mar 31, 2013

1. Nature of Operation:

The company is engaged in importing, exporting and trading of Rapeseed Meal, Yellow Peas, Red Lentils, Paper, Aluminum Foil, Agri Commodities, Laptops, Computers, Inverters and Coal etc.

2. Basis of Preparation:

a) The financial statements have been prepared to comply with all the material aspects in respect of the Accounting Standards notified by Companies Accounting Standard Rules,2006 and the relevant provisions of the Companies Act,1956

b) Financial Statements are based on historical cost and are prepared on accrual basis.

c) Accounting policies have been consistently applied by the company and are consistent with those used in the previous* year.

3. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of the operations during the reporting period ended. Although these estimates are based upon management''s best knowledge of current events and action, actual results could differ from these estimates.

4. Revenue Recognition:

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs Authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Other items of income and expenditure have been recognized on accrual basis.

d) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods and is net of VAT.

5. Fixed Assets:

Fixed Assets have been stated at cost less depreciation.

6. Depreciation :

Depreciation on Fixed Assets has been provided on W.D.V. method in the manner and at the rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on fixed assets acquired during the year has been provided on pro-rata basis from the date of acquisition.

7. Inventories:

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower.

8. Prior Period Items:

Prior period expenses / income are accounted under the respective heads. Material items, if any, are disclosed separately by way of a note.

9. Foreign Currencies Transactions:

a) Initial Recognition : Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences : Exchange Differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement. Monetary assets and liabilities, denominated in foreign currency, and pending settlement as on the last day of the Financial Year have been stated at the conversion rate as at the close of the year or, in case of assets/liabilities where the company''s forex exposure has been crystallized owing to an underlying forward exchange contract, at the rate so contracted. The resultant loss/gain arising from such re-statement has been recognized as income/expense for the year.

10.Value Added Tax and Entry Tax : Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to the statement of profit and loss account.

11. Provision, Contingent Liabilities and Contingent Assets (AS-29)

Provisions involving substantial degree of estimates in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent Liabilities are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

12.Employee Benefits:

1) Short-term employee benefits are recognized as an expense at the undiscounted amount in the statement of profit & loss account of the year in which the related service is rendered.

2) Post-employment and other long term employee benefits are recognized as an expense in the statement of Profit & Loss account for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains & losses in respect of post-employment and other long term benefits are charged to the statement of Profit & Loss Account.

13.Provision for Current & Deferred Tax:

Provision for Current Tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961.

Pursuant to Accounting Standard-22 issued by the Institute of Chartered Accountants of India, Current Tax is determined at the amount of Tax payable in respect of estimated Taxable Income for the year.

Deferred Tax resulting from ''Timing Difference'' between book and taxable profit for the year is accounted for using the Tax rates and Laws that have been enacted as on the Balance Sheet date.


Mar 31, 2012

1. Nature of Operation :

The company engaged in importing and exporting and trading of Rapeseed Meal, Yellow Peas, Red Lentils, Paper, Aluminium Foil, Agri Commodities, Laptops, Computers, Invertors and Coal etc.

2. Basis of Preparation:

a) The financial statement have been prepared to comply with all the material aspects in respect with the Notified Accounting Standard by Companies Accounting Standard Rules, 2006 and the relevant provisions of the Companies Act,1956

b) Financial Statement based on historical cost and are prepared on accrual basis

c) Accounting policies have been consistently applied by the company and are consistent with those used in the previous year.

3. Use of Estimates

The preparation of financial statement in conformity with generally accepted accounting principles requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of financial statement and the result of the operation during the reporting period ended. Although these estimates are based upon management's best knowledge of current events and action, actual result could differ from these estimates.

4. Revenue Recognition :

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Other items of income and expenditure have been recognized on accrual basis.

d) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods and is net of VAT.

5. Fixed Assets :

Fixed Assets have been stated at cost less depreciation.

6. Depreciation :

Depreciation on Fixed Assets has been provided on W.D.V. method in the manner and the rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on fixed assets acquired during the year has been provided on pro-rata basis from the date of acquisition.

7. Inventories :

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower.

8. Prior Period Items :

Prior period expenses / income are accounted under the respective heads. Material items, if any, are disclosed separately by way of a note.

9. Foreign Currencies Transactions :

a) Initial Recognition: Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences: Exchange Differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement.

10. Value Added Tax and Entry Tax : Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to profit and loss account.

11. Provision, contingent liabilities and Contingent Assets (AS-29) :

Provision involving substantial degree of estimates in measurement are recognised when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent Liabilities are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statements.

12. Employee Benefits :

1) Short-term employee benefits are recognized as an expense at the undiscounted amount in the statement of profit & loss account of the year in which the related service is rendered.

2) Post employment and other long term employee benefits are recognized as an expense in the statement of Profit & Loss account for the year in which the employee has rendered services. The expense is recognized at the present value of the amounts payable determined using actuarial valuation techniques. Actuarial gains & losses in respect of post employment and other long term benefits are charged to the statement of Profit & Loss Account.

13. Provision for Current & Deferred Tax :

Provision for Current Tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961.

Pursuant to Accounting Standard-22 issued by the Institute of Chartered Accountants of India, Current Tax is determined at the amount of Tax payable in respect of estimated Taxable Income for the year.

Deferred Tax resulting from 'Timing Difference' between book and taxable profit for the year is accounted for using the Tax rates and Laws that have been enacted as on the Balance Sheet date.


Mar 31, 2011

1. Nature of Operation:

The company engaged in importing and exporting and trading of Rapeseed Meal, Yellow Peas and Paper.

2. Basis of Preparation:

a) The financial statements have been prepared to comply with all the material aspects in respect with the Notified Accounting Standard by Companies Accounting Standard Rules,2006 and the relevant provisions of the Companies Act, 1956

b) Financial Statements are based on historical cost and are prepared on accrual basis

c) Accounting policies have been consistently applied by the company and are consistent with those used in the previous year.

3. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of financial statements and the results of the operations during the reporting period ended. Although these estimates are based upon management's best knowledge of current events and action, actual results could differ from these estimates.

4. Revenue Recognition:

a) Domestic sales have been accounted for at the time of dispatch.

b) Export sales have been recognized only after the goods have been cleared by the customs authorities and shipped on board i.e. only after that point of time when the company loses the title to the goods.

c) Other items of income and expenditure have been recognized on accrual basis.

d) Purchases have been accounted for at the time of receipt of documents relating to delivery of materials and bills of entry in respect of import of goods.

5. Fixed Assets:

Fixed Assets have been stated at cost less depreciation.

6. Depreciation:

Depreciation on Fixed Assets has been provided on W.D.V. method in the manner and the rates specified in Schedule XIV to the Companies Act, 1956. Depreciation on fixed assets acquired during the year has been provided on pro-rata basis from the date of acquisition.

7. Inventories:

The inventories of trading goods are valued at cost or estimated realizable value whichever is lower.

8. Prior Period Items:

Prior period expenses / income are accounted under the respective heads. Material items, if any, are disclosed separately by way of a note.

9. Foreign Currencies Transactions:

a) Initial Recognition: Payments and receipts in foreign currency have been recorded on the basis of actual rupee value prevailing on the date of transaction.

b) Conversion and Exchange Differences: Exchange Differences arising on settlement of monetary transactions are recognized as income/expense (as the case may be) in the year of settlement.

10. Value Added Tax and Entry Tax: Cenvat/Value Added tax benefit is accounted for by reducing the purchase cost of the materials and Entry Tax has been charged to profit and loss account.

11. Provision, contingent liabilities and Contingent Assets (AS-29)

Provisions involving substantial degree of estimates in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent Liabilities are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2010

1.1. ACCRUAL BASIS

All Expenses and income are recognized on accrual basis.

2. Loans, Advances and Sundry Creditors are subject to confirmation by the parties.

3. The company had assigned the liability in respect of Deferred Special Capital incentives of Rs. 4,20,690/-. to M/s. Matushri Oil Industries Limited, a company in which directors are interested as directors pursuant to memorandum of understanding dated 05/03/2004 which is subject to confirmation from Government of Maharashtra.

4. In view of the applicability of Accounting Standard - 22 on "Accounting For Taxes on Income" during the year issued by the Institute of Chartered Accountants of India, company does not have current tax as well as deferred tax liability due to carried forward losses and unabsorbed depreciation. Deferred tax asset is not recognized in view of uncertainty of future taxable profits.


Mar 31, 2009

1.1. ACCRUAL BASIS

All Expenses and income are recognized on accrual basis.

2. Loans, Advances and Sundry Creditors are subject to confirmation by the parties.

3. The company had assigned the liability in respect of Deferred Special Capital incentives of Rs. 4,20,690/-. to M/s. Matushri Oil Industries Limited, a company in which directors are interested as directors pursuant to memorandum of understanding dated 05/03/2004 which is subject to confirmation from Government of Maharashtra.

4. In view of the applicability of Accounting Standard - 22 on "Accounting For Taxes on Income" during the year issued by the Institute of Chartered Accountants of India, company does not have current tax as well as deferred tax liability due to carried forward losses and unabsorbed depreciation. Deferred tax asset is not recognized in view of uncertainty of future taxable profits

5. The company has mainly investing activity on shares / securities. Hence income from them and assets and liabilities are considered as one segment. Therefore, disclosure of segments reporting pursuant to AS-17 issued by the ICAI is not required.

 
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