Olympic Management & Financial Services Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2024

We have audited the accompanying standalone financial statements of OLYMPIC
MANAGEMENT & FINANCIAL SERVICESLIMITED (the “Company"), which comprise
the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the
year ended on that date and notes to the financial statements, including a summary of material
accounting policies and other explanatory information (hereinafter referred to as the “Standalone
Financial Statements”).

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 Companies Act, 2013
(the “Act”) in the manner so required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act, (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of (he Company as at March 31,2024 and
its loss, total comprehensive income, changes in equity and its cash flows for the year ended on that
date.

2. Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing ("SA.''s) specified under section 143 (10) of the Act. Our
responsibilities under those Standards are further described in the Auditor''s Responsibilities
for the Audit of the Standalone Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (''TCAI") together with the ethical requirements that are
relevant to our audit of the standalone financial statements under the provisions of the Act and
the Rules made there under, and wc have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion
on the standalone financial statements.

3. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone financial statements of the current period. These matters were addressed in
the context of our audit of the standalone financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.

4. Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board''s Report
including Anncxure to Board''s Report and Shareholder’s Information, but does not include the
standalone financial statements and our auditor''s report thereon.

Our opinion on the standalone financial statements docs not cover the other information and we do not
express any form of assurance or conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the
other in format ion and in doing so consider whether the other information is materially inconsistent
with the standalone financial statements or our knowledge obtained during the course of our auditor
otherwise appears to be materially misstated.

If based on the work we have performed, we conclude that there is a material misstatement of this
other information; we are required to report that fact. We have nothing to report in this regard,

5. Management''s Responsibilities for the Standalone Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134 (5) of ihe Act
with respect to the preparation of these standalone financial statements that give a true and fair view of
the financial position, financial performance, including other comprehensive income, changes in
equity and cash flows of the Company in accordance with the Ind AS and other accounting principles
generally accepted in India. 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 standalone financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the
Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company''s financial reporting process.

6. Auditor''s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not
guarantee that an audit conducted in accordance with S As will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalonefmancial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is suffeient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error. As fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
ovetride of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143 (3)(i) of die Act, we are
also responsible for expressing our opinion on whether the Company has adequate internal
financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company''s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the standalone financial statements or if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue asa going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the
underlying transactions and events in a manner that achieves fair presentation,

Materiality is tlie magnitude of misstatements in the standalone financial statements that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of
the standalone financial statements may be influenced. We consider quantitative materiality and
qualitative factors in (I) planning the scope of our audit work and in evaluating the results of our work;
and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that wc identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence. And to communicate with them all relationships and
other matters that may reasonably be thought to hear on our independence, and where applicable,
related safeguards.

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone financial statements of the current period and
arc therefore the key audit matters, Wc describe these matters in our auditor''s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, wc
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

7. Report on Other Legal and Regulatory Requirements

1) As required by Section 143(3)of the Act, based onour audit we report that:

a) Wc have sought and obtained all the information and explanations which to the best of our
knowledge and beliefwere 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 including Other Comprehensive Income,
Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report arc
in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS
specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31,2024
taken on record by the Board of Directors, none of the directors is disqualified as on March 31,
2024 from being appointed as a director in terms of Section 164(2) ofthc Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the

Company and operating effectiveness of such controls, refer to our separate Report in
“Annexure B”. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s Internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the
requirements of section 197 (16) ofthe Act, as amended:

As the company has not paid remuneration to its directors during the year under reference
hence the reporting under section 197( 16) of the Act is not applicable.

h) With respect to the other matters to be included in the Auditor''s Report in accordance with
Rule 11 ofthe Companies (Audit and Auditors) Rules. 2014, as amended, 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 (as applicable) on its
financial positioning on its standalone 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 were no amounts which were required to be transferred to the investor Education
and protection Fund by the Company.

iv) (a) The Management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been advanced or loaned
or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to ot in any other person or entity, including foreign entity
(“Intermediaries⁷³), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Company
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been received by the
Company from any person or entity, including foreign entity (“Funding Parties”), with
the understanding, whether recorded in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf ofthe Ultimate Beneficiaries;

v) As stated in Note 2.12.3 to the Standalone Financial Statements

(a) The company regrets their inability to propose any dividend for the financial year ended
31.3.2024.

vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account
using accounting software which has a feature of recording audit trail (edit log) facility is
applicable to the Company with effect from April 1,2023, and accordingly, reporting under Rule
11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year
ended March 31,2024

2) As required by the Companies (Auditor''s Report) Order, 2020(the “Order”) issued by the Central
Government in terms of Section 143(1 l)of the Act, we give in “Annexure A^w a statement on the
matters specified in paragraphs 3 and 4 of the Order.

For H. G. SAR VAIYA A CO

Chartered Accountants,

Firm Registration No. 115705 W

Sd/-

Hasmukhbhai G. Sarvaiya
Proprietor

Membership No. 045038

UDIN No. 24045038BKAJEC5396

Place: Mumbai

Date : 13.05.2024

---

Mar 31, 2014

We have audited the accompanying financial statements of M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and the Cash Flow Statement of the Company 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 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") read with the General Circular No. 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act. 2013. 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.

Auditors'' 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 and other applicable authoritative issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the 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 the 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 but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the 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 our audit 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, 2014;

(b) in the case of the Statement of Profit and Loss of the loss of the Company 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 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. Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act read with the General Circular No. 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act. 2013.

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors. None of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE

OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD.

REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As per the information and explanations given to us, the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification is reasonable. No material discrepancies have been noticed on verification.

(c) During the year, the company has not disposed off a substantial part of fixed assets.

2. (a) As per the information furnished, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of the having regard to the size of the operations of the Company.

3. In our opinion, the Company has not taken and also granted any loans, secured and unsecured from companies, firms or other parties listed in the register maintained Under Section 301 of the Companies Act 1956.

4. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business.

5. During the period, there is no transaction in respect of purchases, so the question of registered maintained under section 301 of the Companies Act does not arise.

6. The company has not accepted any deposit from the public within the meaning of sections 58A and 58AA of the companies'' act, 1956 and rule framed there under.

7. In our opinion, and according to information and explanation given to us, the company has an internal Audit system commensurate with its size and the 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. There are no permanent employees in the company so question of depositing PF does not arise. However an old outstanding liability towards P.F. amounting to Rs. 29,784/-. We are informed the Employees State Insurance scheme does not apply to the company.

10. According to the information and explanation given to us and books and records examined by us, there are no undisputed and outstanding amounts, payable in respect of wealth tax, sale tax, custom duty and excise duty outstanding as at 31st March, 2014 for a period of more than six months from the date they become payable except an amount of Rs. 29,784/- for P.F.

11. According to the information and explanations given to us and the records examined by us, there is no disputed amounts of sales tax, income tax, custom tax, wealth tax, excise duty, cess and other statutory dues which is not deposited except income tax liability of Rs. 21,21,965/- for A.Y. 1995-1996 where the matter is pending with CIT (A).

12. In our opinion and according to the information and explanations given to us, the company is not covered within the definition of a Sick Industrial company as contained in Section 3(1) (O) of the Sick Industrial companies (Special Provision) Act, 1985.

13. The company has incurred cash losses in the current financial year but not incurred cash losses in the preceding financial year. The accumulated loss of the company at the end of the current financial year is less than 50% of its networth.

14. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other similar securities.

15. The company has not taken any term loan or given guarantee during the year.

16. The company has not taken any loan from financial institution or bank or debenture holders.

17. The company has not raised any money by public issue during the year, therefore the requirement of disclosure by the management on the end use of money raised by public issues and verification of the same is not applicable.

18. The company has not used any funds raised on short-term basis for long term investment and vice-versa.

19. As per information given to us, special statutes regarding Chit Fund, Nidhi or mutual benefit society are not applicable to the company.

20. The company has maintained proper records and contracts in respect of investments in shares securities, debentures and other investments. The company in its own name held all the investments.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

FOR R. K. KHANDELWAL & CO. CHARTERED ACCOUNTANTS

(MANISH KUMAR GARG) Partner M. NO. 117966 FR No. 105054W

Place: Mumbai Date : 12.05.2014

---

Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and the Cash Flow Statement of the Company 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 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.

Auditors'' 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 the 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 the 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 the 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 our audit opinion.

Opinion

1. We are unable to express our opinion with regards to the extent of the followings: Balance of trade receivables and loans and advances are subject to confirmation and reconciliation.

2. 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 Statement of Profit and Loss, of the loss of the Company 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 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, Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub- section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD.

REFFERED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As per the information and explanations given to us, the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification is reasonable. No material discrepancies have been noticed on verification.

(c) During the year, the company has not disposed off a substantial part of fixed assets.

2. (a) As per the information furnished, the inventories have been physically verified during the year by the management. In our opinion, having regard to the nature and location of stocks, the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of the having regard to the size of the operations of the Company.

3. In our opinion, the Company has not taken and also granted any loans, secured and unsecured from companies, firms or other parties listed in the register maintained Under Section 301 of the Companies Act 1956.

4. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business.

5. During the period, there is no transaction in respect of purchases, so the question of registered maintained under section 301 of the Companies Act does not arise.

6. The company has not accepted any deposit from the public within the meaning of sections 58A and 58AA of the companies'' act, 1956 and rule framed there under.

7. In our opinion, and according to information and explanation given to us, the company has an internal Audit system commensurate with its size and the 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. There are no permanent employees in the company so question of depositing PF does not arise. However an old outstanding liability towards P.F. amounting to Rs. 29,784/-. We are informed the Employees State Insurance scheme does not apply to the company.

10. According to the information and explanation given to us and books and records examined by us, there are no undisputed and outstanding amounts, payable in respect of wealth tax, sale tax, custom duty and excise duty outstanding as at 31st March, 2013 for a period of more than six months from the date they become payable except an amount of Rs. 29,784/- for P.F.

11. According to the information and explanations given to us and the records examined by us, there is no disputed amounts of sales tax, income tax, custom tax, wealth tax, excise duty, cess and other statutory dues which is not deposited except income tax liability of Rs. 21,21,965/- for A.Y. 1995-1996 where the matter is pending with CIT (A).

12. In our opinion and according to the information and explanations given to us, the company is not covered within the definition of a Sick Industrial company as contained in Section 3(I) (O) of the Sick Industrial companies (Special Provision) Act, 1985.

13. The accumulated loss of the company at the end of the current financial year as well as immediate preceding financial year is less than 50% of its networth.

14. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other similar securities.

15. The company has not taken any term loan or given guarantee during the year.

16. The company has not taken any loan from financial institution or bank or debenture holders.

17. The company has not raised any money by public issue during the year, therefore the requirement of disclosure by the management on the end use of money raised by public issues and verification of the same is not applicable.

18. The company has not used any funds raised on short-term basis for long term investment and vice versa.

19. As per information given to us, special statutes regarding Chit Fund, Nidhi or mutual benefit society are not applicable to the company.

20. The company has maintained proper records and contracts in respect of investments in shares securities, debentures and other investments. The company in its own name held all the investments.

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

FOR R. K. KHANDELWAL & CO.

CHARTERED ACCOUNTANTS

Sd/-

(MANISH KUMAR GARG)

Partner

M. NO. 117966

FR No. 105054W

Place: Mumbai

Date : 06.05.2013

---

Mar 31, 2012

We have audited the attached Balance Sheet of the M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED as at 31st March 2012 and also Statement of Profit and Loss of the company for the year ended 31st March 2012 annexed hereto. 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. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining' on a test basis' evidence supporting the amounts and disclosure in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management' as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis on our opinion.

1. As required by Companies (Auditors Report) Order' 2003' issued by the Central Government in terms of Section 227(4A) of the Companies Act' 1956 and on the basis of such checks we considered appropriate and according to the information and explanation given to us during the course of audit' we give in Annexure hereto statement on the matters specified in paragraphs 4& 5 of the said order.

2' Further to our comments in the Annexure referred to in paragraph I above' we report that: -

a) Note 6 of the notes to the accounts that balance of Trade Receivables and Loans and advances are subject to confirmation and reconciliation

b) We have obtained all the information and explanation' which to the best of our knowledge and belief were necessary for the purposes of our audit.

c) 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 the books.

d) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

e) In our opinion' the Balance Sheet & Profit &. Loss Account dealt with by mis report are in compliance with the Accounting Standards referred to in section 21) (3C) of the companies Act' 1956' to the extent applicable.

f) According to information and explanation given to us from the directors as on 31" March 2012 and taken on record by the Board of Directors' we report that none of the Directors is disqualified as on 31" March 20)2 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act' 1956.

3) In our opinion' and to the best of our information and according to the explanations given to us' the said Balance Sheet and the Statement of Profit & Loss read together with the notes thereon give the information required by the Companies Act' 1956 in the manner so required and give a true and fair view.

4) In our opinion and to the best of our information and according to the explanations given to us' the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and also give a true and fair view in conformity with die accounting principles generally accepted in India.

l)ln so far as it relates to the Balance Sheet' of the state of affairs of the company as at 31st March' 2012.

2) In so far as it relates to the Statement of Profit & Loss' of the Joss of the company for the year ended on that date' and

3) In the case of the Cash Flow statement of the cash flow for the year ended on that date.

ANNEXURE

OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD.

REFFERED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As per the information and explanations given to us' the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification ts reasonable. No material discrepancies have been noticed on verification.

(c) During the year' the company has not disposed off a substantial part of fixed assets.

2. (a) As per die information furnished' the inventories have been physically verified during the year by the management. In our opinion' having regard to the nature and location of stocks' the frequency of the physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us' procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintaining proper records of inventory. As explained to us' there were no material discrepancies noticed on physical verification of the having regard to the size of the operations of the Company.

3. In our opinion' the Company has not taken and also granted any loans' secured and unsecured from companies' firms or otner parties listed in the register maintained Under Section 301 of the Companies Act 1956.

4. In our opinion' and according to the information and explanations given to us' there are adequate internal control procedures commensurate with the size of the company and the nature of its business.

5. During the period.' there is no transaction in respect of purchases' so the question of registered maintained under section 301 of the Companies Act does not arise'

6. The company has not accepted any deposit from the public within the meaning of sections 58A and S8AA of the companies' act' 1956 and rule framed there under.

7. In our opinion' and according to information and explanation given to us' the company has an internal Audit system commensurate with its size and the 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. There are no permanent employees in the company so question of depositing PF does not arise. However an old outstanding liability towards P.F. amounting to Rs. 29'784/-. We are informed the Employees State Insurance scheme does not apply to the company.

10. According to the information and explanation given to us and books and records examined by us' there are no undisputed and outstanding amounts' payable in respect of wealth tax' sale tax' custom duty and excise duty outstanding as at 31st March' 2012 for a period of more than six months from the date they become payable except an amount ofRs. 29'784/-for P.F.

11. According to the information and explanations given to us and the records examined by us' there is no disputed amounts of sales tax' income tax' custom tax' wealth tax' excise duty' cess and other statutory dues which is not deposited except income tax liability of Us. 21'2/'965/- for A.Y. 1995-1996 where the matter is pending mthClT(A).

12. In our opinion and according to the information and explanations given to us' the company is not covered within die definition of a Sick Industrial company as contained in Section 3(1) (O) of the Sick Industrial companies (Special Provision) Act' 1985.

13. The accumulated loss of the company at the end of the current financial year as well as immediate preceding financial year is less than 50% of its nctworth.

14. The Company has not granted loans and advances on the basis of security by way of pledge of shares' debentures and other similar securities.

15. The company has not taken any term Joan or given guarantee during the year.

16. Hie company has not taken any loan from financial institution or bank or debenture holders.

17. The company has not raised any money by public issue during the year' therefore the requirement of disclosure by die management on the end use of money raised by public issues and verification of the same is not applicable.

18. The company has not used any funds raised on short-lerm basis for long term investment and vice versa.

19. As per information given to us' special statutes regarding Chit Fund' Nidhi or mutual benefit society are not applicable to the company.

20. The company has maintained proper records and contracts in respect of investments in shares securities' debentures and other investments. The company in its own name held all the investments.

21. According to the information and explanations given to us' no fraud on or by the company has been noticed or reported during the year.

For R K. KHANDELWAL & CO.

CHARTERED ACCOUNTANTS

Sd/-

(MANISH KUMAR GARG)

Partner

M. NO. 117966

FRNo. 105054W

Place: Mumbai

Date: 30.05.2012

---

Mar 31, 2010

We have audited the attached Balance Sheet of the M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED as at 31st March 2010 and also PROFIT & LOSS ACCOUNT of the company for the year ended 31st March 2010 annexed hereto. These manual Statements are the responsibility of the companys 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. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis on our opinion.

1. As required by Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks we considered appropriate and according to the information and explanation given to us during the course of audit, we give in Annexure hereto statement on the matters specified in paragraphs 4& 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph I above, we report that: -

a) We have obtained all the information and explanation, 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 appears from our examination of the books.

c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet & Profit & Loss Account dealt with by this report are in compliance with the Accounting Standards referred to in section 211 (3C) of the companies Act, 1956.

e) According to information and explanation given to us from the directors as on 31st March 2010 and taken on record by the Board of Directors, we are not in a position to state whether any of the Directors is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

3) In our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit & Loss Account subject to note no. 12 relating to non provision of income tax liabilities of Rs.23,23,081/- read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view.

4) In our, opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and also give a true and fair view in conformity with the accounting principles generally accepted in India.

1) In so far as it relates to the Balance Sheet, of the state of affairs of the company as at 31st March, 2010.

2) In so far as it relates to, the Profit & Loss Account, of the profit of the company for the year ended on that date, and

3) In the case of the Cash Flow statement of the cash flow for the year ended on that date.

ANNEXURE OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD. REFFERED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As per the information and explanations given to us, the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification is reasonable. No material discrepancies have been noticed on verification.

(c) During the year, the company has not disposed off a substantial part of fixed assets. Since the company has no inventory the question of physical verification does not arise.

2. In our opinion, the Company has not taken any loans, secured and unsecured from companies, firms or other parties listed in the register maintained Under Section 301 of the Companies Act 1956.

3. The company has granted unsecured loan amounting to Rs. 1,35,451/- to one party listed in the register maintained under section 301 of the Companies Act, 1956. We have been informed that reasonable steps have been taken for the recovery of the principal amount along with the interest amount.

4. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business.

5. During the period, there is no transaction in respect of purchases, so the question of registered maintained under section 301 of the Companies Act does not arise.

6. The company has not accepted any deposit from the public within the meaning of sections 58A and 58AA of the companies act, 1956 and rule framed there under.

7. In our opinion, and according to information and explanation given to us, the company has an internal Audit system commensurate with its size and the nature of its business.

8. The Central Government has not prescribed maintenance of cost records Under Section 209 (!) (d) of the companies Act, 1956.

9. There are no permanent employees in the company so question of depositing PF does not arise.We are informed the Employees State Insurance scheme does not apply to the company.

10. According to the information and explanation given to us and books and records examined by us, there are no undisputed and outstanding amounts, payable in respect of wealth tax, sale tax, custom duty and excise duty outstanding as at 31st March, 2010 for a period of more than six months from the date they become payable. The disputed I. T. Liability has been mentioned in the notes to accounts.

11. In our opinion and according to the information and explanations given to us, the company is not covered within the definition of a Sick Industrial company as contained in Section 3(1) (O) of the Sick Industrial companies (Special Provision) Act, 1985.

12. The accumulated loss of the company at the end of the current financial year as well as immediate preceding financial year is less than 50% of its networth.

13. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other similar securities.

14. The company has not taken any term loan or given guarantee during the year

15. The company has not taken any loan from financial institution or bank or debenture holders.

16. The company has not raised any money by public issue during the year, therefore the requirement of disclosure by the management on the end use of money raised by public issues and verification of the same is not applicable.

17. The company has not used any funds raised on short-term basis for long term investment and vice versa.

18. As per information given to us, special statutes regarding Chit Fund, Nidhi or mutual benefit society are not applicable to the company.

19. The company has maintained proper records and contracts in respect of investments in shares securities, debentures and other investments. The company in its own name held all the investments.

20. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

For MANOJ D. MAHIMKAR & CO.

CHARTERED ACCOUNTANTS

Sd/-

(MANOJ MAHIMKAR)

PROPRIETOR

M. NO. 48883

FR No. 11490W

Place: Mumbai

Date : 01.09.2010

---

Mar 31, 2009

We have audited the attached Balance Sheet of the M/S OLYMPIC MANAGEMENT & FINANCIAL SERVICES LIMITED as at 31st March 2009 and also PROFIT & LOSS ACCOUNT of the company for the year ended 31st March 2009 annexed hereto. These financial Statements are the responsibility of the companys 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. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We beiieve that our audit provides a reasonable basis on our opinion.

1. As required by Companies (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227(4 A) of the Companies Act, 1956 and on the basis of such checks we considered appropriate and according to the information and explanation given to us during the course of audit, we give in Annexure hereto statement on the matters specified in paragraphs 4& 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph I above, we report that: -

a) We have obtained all the information and explanation, 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 appears from our examination of the books.

c) The Balance Sheet and Profit & Loss Account referred to in this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet & Profit & Loss Account dealt with by this report are in compliance with the Accounting Standards referred to in section 211 (3C) of the companies Act, 1956.

e) According to information and explanation given to us from the directors as on 31st March 2009 and taken on record by the Board of Directors, we are not in a position to state whether any of the Directors is disqualified as on 31st March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

3) In our opinion, and to the best of our information and according to the explanations given to us, the said Balance Sheet and the Profit & Loss Account subject tp note no. 12 relating to non provision of income tax liabilities of Rs.23,23,081/- read tgget&er with the nQtes thereon give the information required by the Companies Act, 1956 in the manner sp required and give a true and fair view.

4) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and also give a true and fair view in conformity with the accounting principles generally accepted in India.

1> In so far as it relates to the Balance Sheet, of the state of affairs pf the company as at 31st March, 2009.

2) In so far as it relates to the Profit & Loss Account, of the loss pf the company for the year ended on that date, and

3) In the ease of the Cash Flow statement of the cash flow for the year ended on that date.

ANNEXURE OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTI). REFFERED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As per the information and explanations given to us, the company has a system of physical verification of all fixed assets and accordingly the management physically verified the fixed assets. In our opinion the frequency of the verification is reasonable. No material discrepancies have been noticed on verification.

(c) During the year, the company has not disposed off a substantial part of fixed assets. Since the company has no inventory the question of physical verification does not arise.

2. In our opinion, the Company has not taken any loans, secured and unsecured from companies, firms or other parties listed in the register maintained Under Section 301 of the Companies Act 1956.

3. The Company has granted unsecured loan amounting to Rs. 6,04,251/-/- (previous year Rs. 4,75,727/-) to three parties listed in the register maintained under section 301 of the Companies Act 1956. We have been informed that reasonable steps have been taken for the recovery of the principal amount along withtthe interest amount.

4. In our opinion, and according to the information and explanations given to us, there are adequate internal. control procedures commensurate with the size of the company and the nature of its business.

5. During the period, there is no transaction in respect of purchases, sp the question of registered maintained under section 301 of the Companies Act does not arise.

6. The company has not accepted any deposit from the public within the meaning of sections 58A and 58AA of the companies act, 1956 and rule framed theie under.

7. In our opinion, and according to information and explanation given to us, the company has an internal Audit system commensurate with its size and the 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. The Company has no employees ind therefore the provisions relating to provident fund and employees state insurance scheme does not apply.

10. According to the information and explanation given to us and books and records examined by .us, there are no undisputed and outstanding amounts, payable jn respect of wealth tax, sale tax, custom duty and excise duty outstanding as at 31st March, 2009 for a period of more than six months from the date they become payable. The disputed I. T. Liability has been mentioned in the notes to accounts.

11. In our opinion and according to the information and explanations given to us, the company is not covered within the definition of a Sick Industrial company as contained in Section 3(1) (O) of the Sick Industrial companies (Special Provision) Act, 1985-

12. The apcumulated loss of the company at the end of the current financial year as well as immediate preceding financial year is less than 50% of its networth.

13. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other similar securities.

14. The company has not taken any term loan or given guarantee during the year

i5. The company has not taken any loan from financial institution or bank or debenture holders.

16. The company has not raised any money by public issue during the year, therefore the requirement of disclosure by the management on the end use of money raised by public issues and verification of the same is not applicable.

17. The company has not used any funds raised on short-term basis for long term investment and vice versa.

18. As per information given to us, special statutes regarding Chit Fund, Nidhi or mutual benefit society are not applicable to the company.

19. The company has maintained proper records and contracts in respect of investments in shares securities, debentures and other investments. The company in its own name held all the investments.

20. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

FOR MANOJ D. MAHIMKAR & CO.

CHARTERED ACCOUNTANTS

Sd/- (Manoj Mahimkar) PROPRIETOR M. NO. 48883

Place: Mumbaj Date: 30.06.2009