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, 2012
We have audited the attached Balance Sheet of OLYMPIC OIL INDUSTRIES
LIMITED, as at 31st March 2012, Statement of Profit and Loss 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, 2012, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March 2012 from being appointed as a Director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) And give a true and fair view in conformity with the accounting
principles generally accepted. In our opinion and to the best of our
information and according to the explanations given to us, the said
accounts read together with Significant Accounting Policies and other
Notes accompanying the Financial Statements give the information
required by the Companies Act, 1956 in the manner so required in India
:- (a) in the case of Balance Sheet, of the state of affairs of the
company as at 31st March, 2012 and
(b) in the case of the Statement of Profit & Loss, 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 AUDITORS' 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: Ã
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(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.
(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.
(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) 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.
(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 2012 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
Firm Reg. No. 109901W
S. L. AGRAWAL
Place : MUMBAI Partner
Date :12th July, 2012 M.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
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