Notes to Accounts of Olympic Management & Financial Services Ltd.

Mar 31, 2014

1. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25,000/- per month or Rs. 3,00,000/- per annum.

2. Remuneration to Auditors as Auditor Rs. 15,730- (Previous year Rs. 14,607/-) In other capacity Rs. 10,113/- (Previous year Rs. 10,113/-).

3. In the opinion of Board, Current Assets, Loans and advances are approximately of the value, which are stated in the balance sheet if realized in the ordinary course of business.

4. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

5. The Company is Operating in single segment.

6. No provision for disputed Income Tax liability of Rs. 21,21,965/- (Rs. 29,47,580/- less taxes paid Rs. 825615/- = 21,21,965/-) has been made in the books of accounts as in the opinion of directors, after the disposal of appeal, there will be no liability towards Income Tax.

7. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax Liabilities/assets at the year end including related credits/charge for the year have not been recognised in these accounts on prudent basis.

b) CURRENT TAXES

The provision for current tax liability for the financial year 2013-2014 (Assessment year 2014-2015) is Nil.

8. Contingent Liabilities are in the respect of

(In Rs.)

For the year For the year 31-3-2014 31-3-2013

a) Disputed Income Tax matters 21,21,965/- 21,21,965/-

9. Related Party Transactions

As per provision of AS 18 issue by the Institute of Chartered Accountants Of India, the details of related party transaction is mentioned below:-

* Related Parties

Associates : COSMIC BIOTECH & HERBALS LTD ROSE PETAL LEASING & FINANCE LTD. KRATEE E-COMMERCE & CONSULTING LTD

10. Earning Per Share

Earning Per Share (EPS) computed in accordance with Accounting Standard 20 issued by the Institute of Chartered Accountants of India.

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Mar 31, 2013

1. Previous Year''s figures have been regrouped/rearranged wherever necessary.

2. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25,000/- per month or Rs. 3,00,000/- per annum.

3. Earning in foreign currency on

Consultancy fees amounting to Rs. NIL Rs. NIL

4. Expenditure in foreign currency Rs. NIL Rs. NIL

5. The balances of Trade Receivables and Loans and advances are subject to confirmation and reconciliation, wherever required.

6. Remuneration to Auditors as Auditor Rs.14,607- ( Previous year Rs. 12,360/-) In other capacity Rs. 10113/- (Previous year Rs. 8274/-)

7. In the opinion of Board, Current Assets, Loans and advances are approximately of the value, which are stated in the balance sheet if realized in the ordinary course of business.

8. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

9. The Company is Operating in single segment

10. No provision for disputed Income Tax liability of Rs. 21,21,965/- (Rs. 29,47,580/- less taxes paid Rs. 825615/-=21,21,965/-) has been made in the books of accounts as in the opinion of directors, after the disposal of appeal, there will be no liability towards Income Tax.

11. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set- off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax Liabilities / assets at the year end including related credits/ charge for the year have not been recognised in these accounts on prudent basis.

b) CURRENT TAXES

The provision for current tax liability for the financial year 2012-2013 (Assessment year - 2013-2014) is Nil.

12. Contingent Liabilities are in the respect of

(In Rs.)

For the year For the year 31-3-2013 31-3-2012

a) Disputed Income Tax matters 21,21,965/- 21,21,965/-

13. Related Party Transactions

As per provision of AS18 issue by the Institute of Chartered Accountants Of India, the details of related party transaction is mentioned below:-

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Mar 31, 2012

1. Previous Year's figures have been regrouped/rearranged wherever necessary.

For the Year For the Year 31-3-12 31-3-11

2' Capital Commitment nil nil

3. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25'000/- per month or Rs. 3'00'0007- per annum.

4. Earning in foreign currency on

Consultancy fees amounting to Rs. NIL NIL

5. Expenditure in foreign currency Rs. NIL NIL

6. The balances of Trade Receivables and Loans and advances are subject to confirmation and reconciliation' wherever required.

7. Remuneration to Auditors as Auditor Rs. 12'360-( Previous year Rs. 9'927/-) In other capacity Rs. 8274/- (Previous year Rs. 5516/-)

8. In the opinion of Board' Current Assets' Loans and advances are approximately of the value' which are stated in the balance sheet if realised in the ordinary course of business.

9. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

10. The Company is Operating in single segment

11. No provision for disputed Income Tax liability of Rs. 21'21'965/- {Rs. 29'47'580/- less taxes paid Rs. 825615/- 21'21'965/-) has been made in the books of accounts as in the opinion of directors' after the disposal of appeal' there will be no liabiliry towards Income Tax.

12. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set-off under the Income Tax Act' 1961. However' in view of present un-certainty regarding generation of sufficient future income' net deferred tax Liabilities / assets at the year end including related credits/ charge for the year have not been recognised in these accounts on prudent basis.

b; CURRENT TAXES

The provision for current tax liability for the financial year 2011-2012 (Assessment yeafr- 2012-2013) has been made.

13. Contingent Liabilities are in the respect of (In Rs.) For the year For the year 31-3-2012 31-3-2011

a) Disputed Income Tax matters 21'21'965/- 29'47'580/-

14. Related Parry Transactions

As per provision of AS 18 issue by the Institute of Chartered Accountants Of India' the details of related party transaction is mentioned below:-

Related Parties

Associates COSMIC BIOTECH & HERBALS LTD

ROSE PETAL LEASING & FINANCE LTD' OLYMPIC ADVERTISING LTD

- Transaction during the year (In '000)

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Mar 31, 2010

1. Previous Years figures have been regrouped/rearranged wherever necessary.

For the Year For the Year

31-3-10 31-3-09

2. Capital Commitment nil nil

3. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25,000/- per month or Rs. 3,00,000/- per annum.

4. Earning in foreign currency on Consultancy fees amounting to Rs. NIL Rs. NIL

5. Expenditure in foreign currency Rs. NIL Rs. NIL

6. As the company is not manufacturing any items, the additional information pursuant to part II-B of Schedule VI of the companies Act, 1956 has not been furnished.

7. The payment of gratuity is accounted for on cash basis as and when it is due.

8. Remuneration to Auditors as Auditor Rs.7,000/- ( Previous year Rs. 7000/-) In other capacity Rs. nil (Previous year Rs. Nil)

9. In the opinion of Board, Current Assets, Loans and advances are approximately of the value, which are stated in the balance sheet if realised in the ordinary course of business.

10. The figures of sundry Debtors, Sundry Creditors and loans and advances are subject to confirmation and reconciliation, wherever required.

11. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

12. The Company is Operating in single segment

13. No provision for disputed Income Tax liability of Rs. 23,23,081/- has been made in the books of accounts as in the opinion of directors, after the disposal of appeal, there will be no liability towards Income Tax.

14. The closing stock of books published by the company was negligible and hence not shown as closing stock.

15. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax assets at the year end including related credits/ charge for the year have not been recognised in these accounts on prudent basis.

b) CURRENT TAXES

In view of the carry forward unabsorbed losses/ depreciation, the company does not expect any current tax liability for the financial year 2009-2010 (Assessment year - 2010-2011) and hence no provision has been made for the current income tax.

16. Contingent Liabilities are in the respect of (In Rs.)

For the year For the year 31-3-10 31-3-09

a) Partly paid shares 50,000 50,000

b) Disputed Income Tax matters - 23,23,081

17. Related Party Transactions

As per provision of AS 18 issue by the Institute of Chartered Accountants Of India, the details of related party transaction is mentioned below:-

- Related Parties

Associates : COSMIC BIOTECH & HERBALS LTD

ROSE PETAL LEASING & FINANCE LTD.

OLYMPIC ADVERTISING LTD

- Transaction during the year (In 000)

NATURE OF TRASACTIONS ASSOCIATE COMPANIES

NIL NIL