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 ÂTiming 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.