Home  »  Company  »  Olympic Oil Industri  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Olympic Oil Industries Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of OLYMPIC OIL INDUSTRIES LIMITED, which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the 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 stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting 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 adequate 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 the 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 the 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 a 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 the accounting policies used and the reasonableness of the accounting estimates made by the 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31st March, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by Section143(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 it appears from our examination of those books.

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

(e) 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.

(f) On the basis of the 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.

(g) With respect to the other matters to be 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 has disclosed the impact of pending litigations on its financial position in its financial statements

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE AUDITOR''S REPORT

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

b) The fixed assets of the company have been physically verified during the year by the management and no material discrepancies between the book records and the physical inventory have been noticed.

c) The company has not disposed off any substantial part of fixed assets during the year.

2. (a) The stocks of goods have been physically verified during the year by the management. In our opinion, the frequency of

verification is reasonable in relation to the size of the company and nature of its business.

(b) In our opinion, the procedures for physical verification of inventories followed by the management, are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) On the basis of our examination of the records, of the company, we are of the opinion that the company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical and book records were not material.

3. (a) As per the information and explanations given to us, the company has granted unsecured loans to companies, Firm or other Parties Covered in the register maintained under Section 189 of the Companies Act.

(b) In our opinion the terms and condition on which loan has been granted are not prima facie and prejudice to the interest of the company.

(c) Principal and Interest thereon are regularly recovered as stipulated.

4. In our opinion and according to the information and explanation given to us there is adequate internal control system commensurate with the size of the company and nature of its business with regard to purchases of fixed assets, goods/services and sale of goods/services. During the course of our audit, we have not observed any continuing failure to correct the major weakness in the internal control system.

5. As per the information and explanations given to us, the company has not accepted deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.

6. The Central government has not prescribed the maintenance of cost records under section 148 (1) of the Companies Act & as informed to us, the same has also not been maintained.

7. a) According to the information and explanation given to us and based on the books and records examined by us the Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other statutory dues, wherever applicable, have been generally deposited regularly during the year with appropriate authorities. There are no outstanding statutory dues as on 31st March, 2015 for a period of more than six months from the date they become payable.

b) According to the information and explanation given to us and based on the books and records examined by us, there are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other statutory dues, wherever applicable, which have not been deposited on account of any dispute.

c) The Company does not have any amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.

8. The company does not have any accumulated losses at the end of the financial year and has not incurred cash loss during the financial year and in the preceding year.

9. In our opinion the company has not defaulted in repayment of dues to a financial institution or Bank during the year.

10. As per the information and explanation given to us the company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company;

11. The company has not taken any term loan. Hence relevant para is not applicable.

12. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.

For SHANKARLAL JAIN & ASSOCIATES Chartered Accountants Firm Reg. No.109901W

Sd/- S.L. AGRAWAL

Date : 05.06.2015 (PARTNER) Place : Mumbai M. No. 72184


Mar 31, 2014

We have audited the accompanying financial statements of OLYMPIC OIL INDUSTRIES LIMITED, which comprise the Balance Sheet as at March 31st, 2014, the Statement of Profit and Loss 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

The Company''s Management is responsible for 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 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 the 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 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 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. 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 March 31st , 2014; and

b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows of the Company 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 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 and 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 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 March 31st, 2014, taken on record by the Board of Directors, none of the directors is disqualified as on March 31st, 2014, from being appointed as a director in terms of Section 274(1) (g) of the Act.

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in paragraph 1 of our Report of even date)

As required by the Companies (Auditors Report) order, 2003 issued by the Company Law Board in terms of sections 227 (4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate, we report that:-

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

1(b) All the assets has been physically verified by the management during the year. We were informed that there is a regular programme of verifications 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.

1(c) The Company has not disposed of substantial part of fixed assets during the year hence; this does not affect the status of going concern.

2(a) The stocks of goods have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable in relation to the size of the company and nature of its business.

2(b) In our opinion, the procedures for physical verification of inventories followed by the management, are reasonable and adequate in relation to the size of the company and the nature of its business.

2(c) On the basis of our examination of the records, of the company, we are of the opinion that the company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical and book records were not material.

3(a) According to the information given to us, Company has not granted any loans to parties which are covered in the register maintained under section 301 of the companies Act, 1956, and therefore the provisions of sub- clauses (a) to (d) of clause 4 (iii) of Companies (Auditors Report) order, 2003 are not applicable.

3(b) According to the information given to us, Company has not taken any unsecured loan from the parties covered in the register maintained u/s 301 of the Companies Act. Hence the relevant Para is not applicable.

4. In our opinion and according to the information and explanation 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 purchase of its traded materials, stores, raw materials including components, plant and machinery equipment and other assets and with regard to the sale of goods.

5 The company has no transactions of purchase and sale of goods in pursuance of contracts or arrangements required to be entered in the register maintained under section 301 of the Companies Act, 1956 in respect of each party have been made during the year.

6. In our opinion and according to the information and explanations given to us, the company not accepted deposits from public and therefore the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable.

7. In our opinion, the company has internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956.

9 According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income-Tax,

Wealth-Tax, Sales-Tax, Service Tax, PF, ESIC, Customs duty and Excise duty, outstanding, as at 31st Mach 2014 for a period of six months from the date they became payable. We have been informed that there is no disputed statutory liability pending at the end of the year.

10. In our opinion, the company has no accumulated losses; it has not incurred any cash loss during the year and in the financial year immediately proceeding such financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, or bank.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund or a nidhi /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. 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. As explanations given to us the company has not given any guarantee for loans taken by others, from bank or financial institution.

16. The Company has not taken any Term loan from a bank or a financial institution.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, the company has not allotted any preferential shares to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

19. The company has not issued any debenture.

20. The company has not come out with a Public Issue during the year.

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 SHANKARLAL JAIN & ASSOCIATES

Chartered Accountants Firm Reg. No.109901 W

Sd/- S.L. AGRAWAL (PARTNER) M. No.72184

Date : 30.05.2014 Place : Mumbai


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of OLYMPIC OIL INDUSTRIES LIMITED, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss 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, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 "the Act"). 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.

Auditor''s 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 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 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 ouraudit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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 March 31, 2013;

(b) In the case of the Profit and Loss Account, of the profit/ loss 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 sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the 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 and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the returns received from branches not visited by us;

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

OLYMPIC OIL INDUSTRIES LIMITED FOR THE YEAR ENDED 31st MARCH, 2013

ANNEXURE TO THE AUDITOR''S REPORT

(Referred to in paragraph 1 of our Report of even date)

As required by the Companies (Auditors Report) order, 2003 issued by the Company Law Board in terms of sections 227 (4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate, we report that: -

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

1 (b) All the assets has been physically verified by the management during the year. We were informed that there is a regular programme of verifications 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.

1 (c) The Company has not disposed of substantial part of fixed assets during the year hence; this does not affect the status of going concern.

2 (a) The stocks of goods have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable in relation to the size of the company and nature of its business.

2 (b) In our opinion, the procedures for physical verification of inventories followed by the management, are reasonable and adequate in relation to the size of the company and the nature of its business.

2 (c) On the basis of our examination of the records, of the company, we are of the opinion that the company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical and book records were not material.

3 (a) According to the information given to us, Company has not granted any loans to parties which are covered in the register maintained under section 301 of the companies Act, 1956, and therefore the provisions of sub- clauses (a) to (d) of clause 4 (iii) of Companies (Auditors Report) order, 2003 are not applicable.

3 (b) According to the information given to us, Company has not taken any unsecured loan from the parties covered in the register maintained u/s 301 of the Companies Act. Hence the relevant Para is not applicable.

4. In our opinion and according to the information and explanation 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 purchase of its traded materials, stores, raw materials including components, plant and machinery equipment and other assets and with regard to the sale of goods.

5 The company has no transactions of purchase and sale of goods in pursuance of contracts or arrangements required to be entered in the register maintained under section 301 of the Companies Act, 1956 in respect of each party have been made during the year.

6. In our opinion and according to the information and explanations given to us, the company not accepted deposits from public and therefore the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable.

7. In our opinion, the company has internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956.

9 According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income-Tax, Wealth-Tax, Sales-Tax, Service Tax, PF, ESIC, Customs duty and Excise duty, outstanding, as at 31st March 2013 for a period of six months from the date they became payable. We have been informed that there is no disputed statutory liability pending at the end of the year.

10. In our opinion, the company has no accumulated losses, it has not incurred any cash loss during the year and in the financial year immediately preceding such financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, or bank.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund or a nidhi /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. 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. As explanations given to us the company has not given any guarantee for loans taken by others, from bank or financial institution.

16. The Company has not taken any Term loan from a bank or a financial institution.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, the company has not allotted any preferential shares to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

19. The company has not issued any debenture.

20. The company has not come out with a Public Issue during the year.

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 SHANKARLAL JAIN & ASSOCIATES

Chartered Accountants

Place : Mumbai Firm Reg. No. 109901 W

Date : 30th May, 2013 S.L. AGRAWAL

(PARTNER)

Membership No. 72184


Mar 31, 2011

We have audited the attached Balance Sheet of OLYMPIC OIL INDUSTRIES LIMITED, as at 31st March 2011, Profit and Loss Account and 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.

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 managements, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in term 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.

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 and 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 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, 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(a) in the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2011 and

(b) in the case of the Profit & 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.

ANNEXURE TO THE AUDITOR'S REPORT (Referred to in paragraph 1 of our Report of even date)

As required by the Companies (Auditors Report) order, 2003 issued by the Company Law Board in terms of sections 227 (4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate, we report that:-

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

1 (b) All the assets has been physically verified by the management during the year. We were informed that 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.

1 (c) The Company has not disposed of substantial part of fixed assets during the year hence; this does not affect the status of going concern.

2 (a) The stocks of goods have been physically verified during the year and at the year end by the management. In our opinion, the frequency of verification is reasonable in relation to the size of the company and nature of its business.

2 (b) In our opinion, the procedures for physical verification of inventories followed by the management, are reasonable and adequate in relation to the size of the company and the nature of its business.

2 (c) On the basis of our examination of the records, of the company, we are of the opinion that the company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical and book records were not material.

3 (a) According to the information given to us, Company has not granted any loans to parties which are covered in the register maintained under section 301 of the companies Act, 1956, and therefore the provisions of sub- clauses (a) to (d) of clause 4 (iii) of Companies (Auditors Report) order, 2003 are not applicable.

3 (b) According to the information given to us, Company has not taken any unsecured loan from the parties covered in the register maintained u/s 301 of the Companies Act. Hence the relevant Para is not applicable.

4. In our opinion and according to the information and explanation 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 purchase of its traded material, stores, raw materials including components, plant and machinery equipment and other assets and with regard to the sale of goods.

5 The company has no transactions of purchase and sale of goods in pursuance of contracts or arrangements required to be entered in the register maintained under section 301 of the Companies Act, 1956 in respects of party have been made during the year.

6. In our opinion and according to the information and explanations given to us, the company not accepted deposits from public and therefore the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are not applicable.

7. In our opinion, the company has internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956.

9 According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income-Tax, Wealth-Tax, Sales- Tax, Service Tax, PF, ESIC, Customs duty and Excise duty, outstanding, as at 31st Mach 2011 for a period of six months from the date they became payable. We have been informed that there is no disputed statutory liability pending at the end of the year.

10. In our opinion, the company has no accumulated losses but in the Previous Year, company had accumulated losses of Rs..22,52,000.00; it has not incurred any cash loss during the year but had incurred a cash loss of Rs.62945/- during the preceding year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, or bank.

12. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund or a nidhi /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. 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. As given to understand the company has not given any guarantee for loans taken by others, from banks or financial institutions.

16. The Company has not taken any Term loan from a bank or a financial institution.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment.

18. According to the information and explanations given to us, the company has not allotted any preferential shares to companies, firms or other parties listed in the register maintained under Section 301 of the Companies.Act,

19. The company has not issued any debentures.

20. The company has not come out with a Public Issue during the year.

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 SHANKARLAL JAIN & ASSOCIATES CHARTERED ACCOUNTANTS Firm Rg. No. 109901W

Place: MUMBAI (S.L. AGARWAL) Date : 30 MAY 2011 PARTNER M.N0.72184


Mar 31, 2010

We have audited the attached Balance Sheet of OLYMPIC OIL INDUSTRIES LIMITED, as at 31st March 2010, Profit and Loss Account and 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.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to pbtain 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 managements, as well as evaluating the! overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in term 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.

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 and 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 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 is 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 subject to note No.4 regarding liability under Capital Incentive Scheme Rs.4,20,690/- & interest there on transferred to third party which is subject to confirmation from Government of Maharashtra and read together with notes thereon gives the information required by the Companies Act, 1956, 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 Balance Sheet, of the state of affairs of the company as at 31st March, 2010. and

(b) In the case of the Profit & Loss Account, of the Loss 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.



ANNEXURE TO THE AUDITORS REPORT

Annexure in terms of para 1 of our report of even date to the members of OLYMPIC OIL INDUSTRIES LTD. on the accounts for the year ended 31st March 2010.

1. The Company has not Fixed Assets; hence relevant clause is not applicable.

2. As explained to us the company does not Have any inventory, therefore, the provision of clause 4(ii) of the order) are not applicable to the company,

3. The company has taken Unsecured Loans form a company of Rs. 164800/- listed in the register maintained U/S 301 of the Companies Act, 1956. The company has granted unsecured loans of Rs. 1.5 Lakhs to a company listed in the register maintained under section 301 of the Companies Act, 1956. In absence of specific terms and conditions regarding repayment, we are unable to comment! Whether the same is prima facie prejudicial to the interest of the Company or not. However the same is said to be interest free.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, for the purchase and sale 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 weakness in internal controls.

5. There is no transaction in the company that need to be entered into register in pursuance of section 301 of the Companies Act, 1956.

6. The company has not accepted any deposit from public under provisions of section 58A of the Companies Act, 1956 and accordingly, the provision of section 58A of the Companies Act and Rules framed thereunder are not applicable.

7. In our opinion, the company is not required to haven Internal audit system.

8. According to the information and explanations given to us, maintenance of cost records have not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act 1956 with regard to the nature of business of the company

9. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income-Tax, Wealth-Tax, Sales-Tax, Service Tax, PF, ESIC, Customs duty and Excise duty, outstanding, as at 31st Mach 2010 for a period of six months from the date they became payable. We have been informed that there is no disputed statutory liability pending at the end of the year.

10. The company has accumulated loss of Rs. 2252000/- at the end of the year. The company has incurred cash losses in the financial year under report and in the preceding financial year Rs.62045/- and Rs.22240/- respectively.

11. In our opinion, the company is not a chit fund or a nidhi mutual benefit fund / society. Therefore, the provisions of clause 4(Xiii) of the companies (Auditors Report) Order, 2003 are not applicable to the companies.

12. The Company has not taken loan from bank.

13. The company has not granted any loans or advance on the basis of security by way of pledge of shares and debentures or any other securities.

14. The company has not given any guarantee for loans taken by others from bank or financial institution.

15. The company has not taken any term loan during the year.

16. According to the information and explanations given to us and on an overall examination of the Balance sheet of the company, we report that the no fund raised on short term basis have been used for long term investment.

17 The company has not raised any fund during the year.

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any debentures.

20. The company has not raised any money by public issue during the year.

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 SHANKARLAL JAIN & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Reg. No.109901W

S.L.I Agrawal

PARTNER

M.No. 72184

Place: Mumbai

Date: 3 sep 2010




Mar 31, 2009

We have audited the attached Balance Sheet of OLYMPIC OIL INDUSTRIES LIMITED, as at 31st March 2009, Profit and Loss Account and 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.

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 managements, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in term 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.

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 and 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 arid Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred 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, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section274 of the Companies Act, 1956;

ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph 3 thereof)

As required by the Companies (Auditors Report) order, 2003, issued by the Company Law Board in terms of Sections 227 (4A) of the Companies Act, 1956 and on the basis of such checks, as we considered appropriate, we report that:

1. The company has taken Unsecured Loans from a company of Rs. 125,000/- listed in the register maintained U/S 301 of the Companies Act, 1956. The company has granted unsecured loans of Rs. 1.5 Lakhs to a company listed in the register maintained under section 301 of the Companies Act, 1956. In absence of specific terms and conditions regarding repayment, we are unable to comment. Whether the same is prima facie prejudicial to the interest of the Company or not. However the same is said to be interest free.

2. In our opinion, there is adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of securities and fixed assets and sale of securities

3. The company has no transactions of purchase and sale of shares in pursuance of contracts or arrangements required to be entered in the register maintained under section 301 of the Companies Act, 1956 in respect of each party have been made during the year.

4. The company has not accepted deposit from public.

5. According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income-Tax, Wealth-Tax, Sales-Tax, Service Tax, PF, ESIC, Customs duty and Excise duty, outstanding, as at 31st Mach 2009 for a period of six months from the date they became payable. We have been informed that there is no disputed statutory liability pending at the end of the year.

6. The company has accumulated loss of Rs. 2,189,055/- at the end of the year The company has incurred cash losses in the financial year under report and in the preceding financial year Rs.22,240/- and Rs.54,815/- respectively.

7. The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. Hence, there is no need to maintain the records regarding security of loans.

8. As the company is not Chit fund, Nidhi or mutual benefit society, the question o+ application of special statue does not arise.

9. The company has maintained proper records of the transactions and contracts of investments in shares and has also made timely entries therein. The shares held by the company at the end of the year are in its own name.

10. During the checks carried out by us, any fraud on or by the company has not been noticed or reported during the year under report.

11. In our opinion, provisions of para 4A (i), (ii), (vii), (viii), (xi), (xv), (xvi), (xvii), (xviii), (xix) and (xx) are not applicable to the company.

For SHANKARLAL JAIN & ASSOCIATES CHARTERED ACCOUNTANTS

S.L. AGRAWAL

PARTNER

M.No. 72184

Place: Mumbai Date : 31/08/09

 
Subscribe now to get personal finance updates in your inbox!