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 Aw 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
|