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: —
 
 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