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Olympic Oil Industries
BSE: 507609|ISIN: INE286E01019|SECTOR: Edible Oils & Solvent Extraction
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« Mar 12
Auditor's Report (Olympic Oil Industries) Year End : Mar '13
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
Source : Dion Global Solutions Limited
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