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
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
(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
(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
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
(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
(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
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
(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
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
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
Firm Reg. No. 109901W
S. L. AGRAWAL
Place : MUMBAI Partner
Date :12th July, 2012 M.No.72184