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.
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
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
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
(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
ANNEXURE TO THE AUDITOR''S REPORT
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
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
(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
(c) Principal and Interest thereon are regularly recovered as
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
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
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
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
Firm Reg. No.109901W
Date : 05.06.2015 (PARTNER)
Place : Mumbai M. No. 72184