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Notes to Accounts of Olympic Oil Industries Ltd.

Mar 31, 2015

1. Terms/Rights attached to equity shares

The Company has only one class of equity shares having a face value of Rs. 10/- per share. Each shareholder is entitled to one vote per share.

Contingent assets are neither recognised nor disclosed in the financial statements.

2.EMPLOYEE BENEFITS :

a) Short Term Employee Benefits

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.

b) Post-employment and other long term employee benefits

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.

3.PROVISION FOR CURRENT &DEFERRED TAX :

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognised if there is virtual certainty that sufficient future taxable income will be available to realize the same.

Deferred tax assets and liabilities are measured using the tax rates and tax law that have been enacted or substantively enacted by the Balance Sheet date.

4. RELATED PARTY DISCLOSURES:

In terms of Accounting Standard - 18 issued by the Institute of Chartered Accountants of India, details of the related parties in which the company has entered into transactions are mentioned as:

Names of related parties and description of relationship:

1. Holding Company: NIL

2. Subsidiaries: NIL

3. Fellow Subsidiaries: NIL

4. Associates and Joint Ventures: NIL

5. Enterprise over which Key Frost International Limited Management

Personnel, Substantial Frost Infrastructure and Energy Shareholders or Limited

their relatives exercise Bhartia Commercial Co. significant influence: Globiz Exim Private Limited

6. Key Management Personnel: Mr. Sharad Bhartia, Whole time Director

Mr. Nipun Verma, Whole time Director

Mr. Mahesh Kuwalekar, Company Secretary

Mr. Ronak Jain, Chief Financial Officer

7. Relatives of Key Management Mr. Sunil Verma (Father of Personnel: Nipun Verma)

Mrs. Rita Verma (Mother of Nipun Verma)

Mr. Saral Verma (Brother of Nipun Verma)

Mr. Deen Dayal Bhartia (Father of Sharad Bhartia)

5. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business.

6. Balance of debtors, creditors and deposits are subject to confirmation

7. SEGMENT INFORMATION:

The Company is primarily engaged in Trading of commodities and is managed organisationally as a single unit. As the company has only one business segment, disclosure under Accounting Standard 17 on "Segment Reporting" issued by the Institute of Chartered Accountants of India is not applicable.

8. Previous years figures have been regrouped where ever necessary.


Mar 31, 2014

1. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business.

2. Balance of debtors, creditors and deposits are subject to confirmation.

3. Related Party Disclosures (AS-18) : (as certified by the Management)

a) Information about Related Parties:

Sr.No. Particulars Name of the Related Party

1 Key Management Personnel (1) SharadBhartia(Whole Time Director)

(2) NipunVerma(Whole Time Director)

2 Relative to key Management Personnel Nil

3 Enterprise owned or significantly influenced by any Management Personnel or Relatives Nil

4. Previous years figures have been regrouped where ever necessary.


Mar 31, 2013

1. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business.

2. Balance of debtors and creditors, deposits are subject to confirmation.

3. The company is engaged in trading of various commodities and information pursuant to Para 3 of Part II to the Schedule VI of the Companies Act, 1956, being quantitative details is as follows:

4. The company has sought confirmations from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Based on the confirmations received from the suppliers, hence, there is no such outstanding creditor. Hence the relevant clause is not applicable to the company.

5. Previous year''s figures have been regrouped where ever necessary.


Mar 31, 2012

1 Contingent Liabilities: Contingent Liabilities not provided:

PARTICULARS As at As at 31.03.2012 31.03.2011

Bank Guarantees outstanding at the close of the year. NIL NIL

LCs outstanding Rs. 2,99,78,04,400 NIL

2. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business.

3. Balance of debtors and creditors, deposits are subject to confirmation.

4. During the year company has provided liability of Gratuity on Actuarial Basis pursuant to AS 15. Due to this change profit of Current year is understated to that extent.

5. The company has sought confirmations from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Based on the confirmations received from the suppliers, hence, there is no such outstanding creditor. Hence the relevant clause is not applicable to the company.

6. Previous years figures have been regrouped where ever necessary.


Mar 31, 2011

1. Contingent Liabilities: There are no contingent liabilities (P.Y. Nil).

2.In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business.

3. Balance of debtors, creditors, deposits are subject to confirmation.

4.The company is engaged in trading of various commodities and information pursuant to Para 3 of Part II to the Schedule VI of the Companies Act, 1956, being quantitative details is as follows:

5. Related parties Disclosures (AS-18) : (as certified by the management) a) Information about related parties:

Sr. Particulars Name of the Related Party No.

1 Key Management Personnel (1) Arvind Srivastava (Director)

(2) Nipun Verma (Director)

2 Relative to key Management Personnel Nil

3 Enterprise owned or signifi Nil -cantly influenced by any management personnel or relatives

6. Deferred tax

Pursuing 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. The working of the same is as ujider:

7. The company has sought the confirmation from, Suppliers regarding their status under the micro, Small and Medium enterprises Development Act 2006. Based on the confirmation received from the suppliers there is no such outstanding creditor. Hence the relevant clause is not applicable to the company.


Mar 31, 2010

1. 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.

2. Company has no activity during the year. However, Accounts are prepared on going concern basis.

3. There is no other information pursuant to the provisions of paragraphs 3 & 4 part II of Schedule VI to the Companies Act, 1956 are not applicable to the Company.

4. Figures have been rearranged and/or regrouped wherever necessary to conform with Current Years presentation.

5. Balance Sheet abstract and Companys general business profile..

c. Position of Mobilization and Deployment of Funds

d. Performance of Company (Amount in Rs.Thousands)

e. Generic Names of Principal Product Services of Company.

Item Code No. )

Production Description ) Not applicable


Mar 31, 2009

1. Company has no activity during the year. However, Accounts are prepared on going concern basis.

2. There is no other information pursuant to the provisions of paragraphs 3 & 4 part II of Schedule VI to the Companies Act, 1956 are not applicable to the Company.

3. Figures have been rearranged and/or regrouped wherever necessary to conform with Current Years presentation.

 
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