Olympic Management & Financial Services Ltd. के अकाउंट के लिये नोट

Mar 31, 2024

3.6) Provisions, Contingent liability and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when
there is a present obligation as a result of past event and it is probable that there will be an
outflow of resources, embodying economic benefits will be requied to settle the obligation and
reliable estimates can be made of the amount of obligation. Conlingent liabilities are not
recognised but are disclosed in the financial statements. Contingent assets arc neither
recognised nor disclosed inthe financial statements,

3.7) PROPERTY, PLANT AND EQUIPMENT

The land and properties of the company are stated ar fair value and depreeiaion provided on
straight line method over the estimated useful lives of the assets. Property, plant and equipment
are stated at cost less accumulated depreciation and impairment, if any, Costs directly
attributable to acquisition are capitalized until the property, plant and equipment are ready for
use, as intended by the management. The company depreciation property, plant and equipment
over their estimated useful lives using the straight line method.

Depreciation mehods, useful lives and residual values arc reviewed periodically including at
each financial year end.

Amount paid towards the acquistion of property, plant and equipment outstanding at each
Balance Sheet date and cost of property, plant and equipment not ready for intended use before
such date are disclosed under capital work in progress. Subsequent expenditures relating to
property, plant and equipment is capitalized, only when it is probable that future economic
benefits associated with these will flow to the company and the cost of the item can be measured
reliably. Repairs and maintenance costs are recognized in the statement of profit and loss when
incurred. The cost and related accumulated depreciation are eliminated from the financial
statements upon sale or retirement of the assets and the resultant gain or losses are recognized in
the statement of profit and loss. Assets to be disposed off arc reported at the lower of the
carrying value or the fair value less cost to sell.

3.8) INDIAN ACCOUNTING STANDARD (1ND AS)

In preparing these financial statements, the company has availed itself of certain exempion and
exceptions in aecrodance with IND AS and not required by previous GAAP.

Note No.

19) (a) In the opinion of the management, the loans and other financial assets arc recoverable at
the value stated in the financials,

(b) Balances of other current liabilities are subject to confirmations and reconciliations, if
any. The difference as may be noticed on reconciliations will be duly accounted for on
completion thereof. In the opinion of the management, the ultimate difference, if any, will
not be material.

20) The Company is operating in a single segment i.e. management & consultancy services hence
no information could be furnished under segment wise information to be report as per
Accounting Standard 17 issued by The Institute of Chartered Accountants of India.

21) Related Party disclosure as per Accounting Standard IS:

(i) Related parties are classified as under:

Associates :

Cosmic Biotech &. Herbals Ltd
Rose Petal Leasing & Finance Ltd
Kratee E-eommeree & Consulting Ltd

24) The company does not any dues to suppliers registered under Micro. Small and Medium
Development Act. 2006 (MSMED ACT).

25) Tax on Income

a) DEFFERED TAXES

Deferred lax is recognised subject to the consideration of prudence, on liming differences being the difference
between taxable income and accounting income that originate in one period and arc capable of reversal in one
or more subsequent periods. Sueh deferred tax is quantified using the tax rates and laws enacted or substantively
enacted as on the Balance sheet date.

The Company has carry forward losses under the Income Tax Laws. In absence of virtual certainty of sufficient
future taxable income, deferred tax asset has not been recognised by way of prudence in accordance with Indian
Accounting Standard 12 "Income Taxes" Issued by The Institute of Chartered Accountants of India.

28) Extra ordinary Item: Sundry Balance W/u in Current Year is Rs.6,58,079/-

29) Balances of previous year have been re-grouped and re-arranged wherever necessary,
The accompaning notes form an integral part of these financial statements.

As Per Our Report Of Even Date Attached

For H G SARVAIYA & CO For & on Behalf of the Board of Directors of

Chartered Accountants Olympic Management & Financial Services Ltd

Firm Registration no. 11571)5W

Sd1- Sd/- Sd/-

HASMUKHBHAI G. SARVAIYA S. N. Agarvval Pawan KR Agarwal

PROPRIETOR Whole Time Director Director

Membership No,045038 Din No. 01764628 Din No. 00556417

LDIN No.: 24045038BKA.JEC5396

Sd/- Sd/-

Preethi Thomas Yangal Krishna Jha

Director CFO

Din No. 08853472

Sd/-

Anis Atlar
Companv Secretary
M. No. 51424

Place: Mumbai
Dated : 13.05.2024

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Mar 31, 2014

1. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25,000/- per month or Rs. 3,00,000/- per annum.

2. Remuneration to Auditors as Auditor Rs. 15,730- (Previous year Rs. 14,607/-) In other capacity Rs. 10,113/- (Previous year Rs. 10,113/-).

3. In the opinion of Board, Current Assets, Loans and advances are approximately of the value, which are stated in the balance sheet if realized in the ordinary course of business.

4. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

5. The Company is Operating in single segment.

6. No provision for disputed Income Tax liability of Rs. 21,21,965/- (Rs. 29,47,580/- less taxes paid Rs. 825615/- = 21,21,965/-) has been made in the books of accounts as in the opinion of directors, after the disposal of appeal, there will be no liability towards Income Tax.

7. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax Liabilities/assets at the year end including related credits/charge for the year have not been recognised in these accounts on prudent basis.

b) CURRENT TAXES

The provision for current tax liability for the financial year 2013-2014 (Assessment year 2014-2015) is Nil.

8. Contingent Liabilities are in the respect of

(In Rs.)

For the year For the year 31-3-2014 31-3-2013

a) Disputed Income Tax matters 21,21,965/- 21,21,965/-

9. Related Party Transactions

As per provision of AS 18 issue by the Institute of Chartered Accountants Of India, the details of related party transaction is mentioned below:-

* Related Parties

Associates : COSMIC BIOTECH & HERBALS LTD ROSE PETAL LEASING & FINANCE LTD. KRATEE E-COMMERCE & CONSULTING LTD

10. Earning Per Share

Earning Per Share (EPS) computed in accordance with Accounting Standard 20 issued by the Institute of Chartered Accountants of India.

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Mar 31, 2013

1. Previous Year''s figures have been regrouped/rearranged wherever necessary.

2. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25,000/- per month or Rs. 3,00,000/- per annum.

3. Earning in foreign currency on

Consultancy fees amounting to Rs. NIL Rs. NIL

4. Expenditure in foreign currency Rs. NIL Rs. NIL

5. The balances of Trade Receivables and Loans and advances are subject to confirmation and reconciliation, wherever required.

6. Remuneration to Auditors as Auditor Rs.14,607- ( Previous year Rs. 12,360/-) In other capacity Rs. 10113/- (Previous year Rs. 8274/-)

7. In the opinion of Board, Current Assets, Loans and advances are approximately of the value, which are stated in the balance sheet if realized in the ordinary course of business.

8. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

9. The Company is Operating in single segment

10. No provision for disputed Income Tax liability of Rs. 21,21,965/- (Rs. 29,47,580/- less taxes paid Rs. 825615/-=21,21,965/-) has been made in the books of accounts as in the opinion of directors, after the disposal of appeal, there will be no liability towards Income Tax.

11. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set- off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax Liabilities / assets at the year end including related credits/ charge for the year have not been recognised in these accounts on prudent basis.

b) CURRENT TAXES

The provision for current tax liability for the financial year 2012-2013 (Assessment year - 2013-2014) is Nil.

12. Contingent Liabilities are in the respect of

(In Rs.)

For the year For the year 31-3-2013 31-3-2012

a) Disputed Income Tax matters 21,21,965/- 21,21,965/-

13. Related Party Transactions

As per provision of AS18 issue by the Institute of Chartered Accountants Of India, the details of related party transaction is mentioned below:-

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Mar 31, 2012

1. Previous Year's figures have been regrouped/rearranged wherever necessary.

For the Year For the Year 31-3-12 31-3-11

2' Capital Commitment nil nil

3. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25'000/- per month or Rs. 3'00'0007- per annum.

4. Earning in foreign currency on

Consultancy fees amounting to Rs. NIL NIL

5. Expenditure in foreign currency Rs. NIL NIL

6. The balances of Trade Receivables and Loans and advances are subject to confirmation and reconciliation' wherever required.

7. Remuneration to Auditors as Auditor Rs. 12'360-( Previous year Rs. 9'927/-) In other capacity Rs. 8274/- (Previous year Rs. 5516/-)

8. In the opinion of Board' Current Assets' Loans and advances are approximately of the value' which are stated in the balance sheet if realised in the ordinary course of business.

9. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

10. The Company is Operating in single segment

11. No provision for disputed Income Tax liability of Rs. 21'21'965/- {Rs. 29'47'580/- less taxes paid Rs. 825615/- 21'21'965/-) has been made in the books of accounts as in the opinion of directors' after the disposal of appeal' there will be no liabiliry towards Income Tax.

12. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set-off under the Income Tax Act' 1961. However' in view of present un-certainty regarding generation of sufficient future income' net deferred tax Liabilities / assets at the year end including related credits/ charge for the year have not been recognised in these accounts on prudent basis.

b; CURRENT TAXES

The provision for current tax liability for the financial year 2011-2012 (Assessment yeafr- 2012-2013) has been made.

13. Contingent Liabilities are in the respect of (In Rs.) For the year For the year 31-3-2012 31-3-2011

a) Disputed Income Tax matters 21'21'965/- 29'47'580/-

14. Related Parry Transactions

As per provision of AS 18 issue by the Institute of Chartered Accountants Of India' the details of related party transaction is mentioned below:-

Related Parties

Associates COSMIC BIOTECH & HERBALS LTD

ROSE PETAL LEASING & FINANCE LTD' OLYMPIC ADVERTISING LTD

- Transaction during the year (In '000)

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Mar 31, 2010

1. Previous Years figures have been regrouped/rearranged wherever necessary.

For the Year For the Year

31-3-10 31-3-09

2. Capital Commitment nil nil

3. No person was in service of the company either throughout the year or at part of the year whose remuneration was more than a sum of Rs. 25,000/- per month or Rs. 3,00,000/- per annum.

4. Earning in foreign currency on Consultancy fees amounting to Rs. NIL Rs. NIL

5. Expenditure in foreign currency Rs. NIL Rs. NIL

6. As the company is not manufacturing any items, the additional information pursuant to part II-B of Schedule VI of the companies Act, 1956 has not been furnished.

7. The payment of gratuity is accounted for on cash basis as and when it is due.

8. Remuneration to Auditors as Auditor Rs.7,000/- ( Previous year Rs. 7000/-) In other capacity Rs. nil (Previous year Rs. Nil)

9. In the opinion of Board, Current Assets, Loans and advances are approximately of the value, which are stated in the balance sheet if realised in the ordinary course of business.

10. The figures of sundry Debtors, Sundry Creditors and loans and advances are subject to confirmation and reconciliation, wherever required.

11. There is no outstanding of more than one lacs rupees payable to a Small Scale Industry.

12. The Company is Operating in single segment

13. No provision for disputed Income Tax liability of Rs. 23,23,081/- has been made in the books of accounts as in the opinion of directors, after the disposal of appeal, there will be no liability towards Income Tax.

14. The closing stock of books published by the company was negligible and hence not shown as closing stock.

15. TAX ON INCOME

a) DEFERRED TAXES

The Company has unabsorbed carry forward losses/depreciation available for set-off under the Income Tax Act, 1961. However, in view of present un-certainty regarding generation of sufficient future income, net deferred tax assets at the year end including related credits/ charge for the year have not been recognised in these accounts on prudent basis.

b) CURRENT TAXES

In view of the carry forward unabsorbed losses/ depreciation, the company does not expect any current tax liability for the financial year 2009-2010 (Assessment year - 2010-2011) and hence no provision has been made for the current income tax.

16. Contingent Liabilities are in the respect of (In Rs.)

For the year For the year 31-3-10 31-3-09

a) Partly paid shares 50,000 50,000

b) Disputed Income Tax matters - 23,23,081

17. Related Party Transactions

As per provision of AS 18 issue by the Institute of Chartered Accountants Of India, the details of related party transaction is mentioned below:-

- Related Parties

Associates : COSMIC BIOTECH & HERBALS LTD

ROSE PETAL LEASING & FINANCE LTD.

OLYMPIC ADVERTISING LTD

- Transaction during the year (In 000)

NATURE OF TRASACTIONS ASSOCIATE COMPANIES

NIL NIL