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Olympic Oil Industries

BSE: 507609|ISIN: INE286E01019|SECTOR: Edible Oils & Solvent Extraction
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Olympic Oil Industries is not listed on NSE
« Mar 14
Auditor's Report (Olympic Oil Industries) Year End : Mar '15
 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
 
 
 
Source : Dion Global Solutions Limited
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