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.
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
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for ouraudit 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
(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
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
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
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
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
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
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
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
16. The Company has not taken any Term loan from a bank or a financial
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
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
Place : Mumbai Firm Reg. No. 109901 W
Date : 30th May, 2013 S.L. AGRAWAL
Membership No. 72184