2.15. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at
the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date. If the
effect of the time value of money is material, provisions are determined by discounting the expected future
cash flows specific to the liability. The unwinding of the discount is recognised as finance cost.

Contingent liabilities are disclosed in respect of possible obligations that arise from past events, whose
existence would be confirmed by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company or a present obligation that arises from past events where it is either
not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the
amount cannot be made. Such liabilities are disclosed by way of notes to the financial statements. No
disclosure is made if the possibility of an outflow on this account is remote.

A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic
benefit is probable. Provisions, contingent liabilities and contingent assets and commitments are reviewed at
each balance sheet date.

2.16. Dividend

The Company has not declared dividend for the year.

2.17. Earnings Per Share

Basic earnings per share:

Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the
weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements
in equity shares issued during the year.

Diluted earnings per share:

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account: - the after-income tax effect of interest and other financing costs associated with dilutive potential
equity shares, and - the weighted average number of additional equity shares that would have been
outstanding assuming the conversion of all dilutive potential equity shares.

2.18. CURRENT VERSUS NON-CURRENT CLASSIFICATION

All the assets and liabilities have been classified as current or non-current as per the Company’s normal
operating cycle and other criteria set out in the Division II the Schedule III to the Act. An asset is treated as
current when it is:

• Expected to be realised or intended to be sold in normal operating cycle

• Held primarily for purpose of trading

• Asset is intended for sale or consumption

• Expected to be realised within twelve months after the reporting period, or Cash or cash equivalent unless
restricted from being exchanged or used to settle a liability for at least twelve months after the reporting
period.

All other assets are classified as non-current. The Operating cycle is the time between acquisition of assets for
processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle
as 12 months for the purpose of current or non-current classification of assets and liabilities.

A liability is current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.

The Company classifies all other liabilities as non-current.

2.19 KEY ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of financial statements requires management to make judgments, estimates and assumptions
in the application of accounting policies that affect the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates. Continuous evaluation is done on the estimation and
judgments based on historical experience and other factors, including expectations of future events that are
believed to be reasonable. Revisions to accounting estimates are recognised prospectively. Information about
critical judgments in applying accounting policies, as well as estimates and assumptions that have the most
significant effect to the carrying amounts of assets and liabilities within the next financial year, are as follows:

i) Impairment of non-financial assets

In assessing impairment, Management estimates the recoverable amount of each asset or cash-generating
unit based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty
relates to assumptions about future operating results and the determination of a suitable discount rate.

ii) Depreciation and useful lives of property, plant and equipment

Property, Plant and Equipment are depreciated over the estimated useful lives of the assets, after taking into
account their estimated residual value. Management reviews the estimated useful lives and residual values of
the assets annually in order to determine the amount of depreciation to be recorded during any reporting
period. The useful lives and residual values are based on the Company’s historical experience with similar
assets and take into account anticipated technological changes. The depreciation for future periods is adjusted
if there are significant changes from previous estimates.

iii) Recoverability of trade receivables

Judgements are required in assessing the recoverability of overdue trade receivables and determining
whether a provision against those receivables is required. Factors considered include the review by the
management of the receivable from the counterparty, the amount and timing of anticipated future payments
and any possible actions that can be taken to mitigate the risk of non-payment.

iv) Provisions

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future
outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably
estimated. The timing of recognition and quantification of the liability require the application of judgement to
existing facts and circumstances, which can be subject to change. Since the cash outflows can take place
many years in the future, the carrying amounts of provisions and liabilities are reviewed regularly and
adjusted to take account of changing facts and circumstances.

v) Contingent Liabilities

Management has estimated the possible outflow of resources at the end of each annual reporting financial
year, if any, in respect of contingencies / litigations against the Company as it is not possible to predict the
outcome of pending matters with accuracy.

vi) Defined benefit obligation (“DBO”)

Management’s estimate of the DBO is based on a number of critical underlying assumptions such as standard
rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these
assumptions may significantly impact the DBO amount and the annual defined benefit expenses

2.20. Financial Risk Management Objectives and Policies

The Company's Financial Liabilities comprise mainly of borrowings, trade payables and other payables. The
company financial assets comprise mainly of cash and cash equivalents, other balances with banks, trade
receivables and other receivables / recoverable. The company is exposed to Market risk, Credit risk and
Liquidity risk. The Board of Directors ('Board') oversee the management of these financial risks through the
functional directors. The Key managerial personnel of the company lays down the board structure for
managing risks and the framework for risk management. The framework seeks to identify, assess and mitigate
financial risks in order to minimize potential adverse effects on the Company's Financial performance.

a) Market Risk

Market risk is the risk of any loss in future earnings, in realisable fair value or in future cash flows that may
result from a change in the price of a financial instrument. The value of a financial instrument may change as a
result of change in the interest rates, foreign currency exchange rates, liquidity and other market changes.
Future specific market movements cannot be normally predicted with reasonable accuracy.

i. Interest rate sensitivity

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. Company does not have significant exposure to the risk of
changes in market interest rates as Company’s long-term debt obligations is at fixed interest rates.

ii. Foreign currency Risk

The Company has a portion of the business which is transacted in foreign currencies. The fluctuations in
foreign currency exchange rates may have impact on the income statement and equity. Company’s exposure
to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities
relating to transport of passengers by air and foreign branch in Nepal. The Company is exposed to foreign
exchange risk arising from foreign currency receivables and payables. There are certain foreign currency
receivables and payables in USD, CAD, EURO, GBP, SGD, THB, USD and AED (for payables only).

b) Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or
at a reasonable price. For the Company, liquidity risk arises for obligations on account of financial liabilities -
borrowings, trade payables and other financial liabilities.

c) Credit Risk

Credit risk arises from cash and bank balances, current and non -current financial assets, trade receivables
and other financial assets carried at amortised cost.

2.21. Capital Management

The Company's objective for capital management is to maximise shareholder value, safeguard business
continuity and support the growth of the company. The Company determines the capital requirement based
on annual operating plans and long term and other strategic investment plans. The funding requirements are
met through a mixture of equity, internal fund generation and borrowed funds. The Company’s policy is to use
short term and long-term borrowings to meet anticipated funding requirements. The Company is not subject
to any externally imposed capital requirements. The Company’s overall strategy remains unchanged from the
previous year.

2.22. Other Matters

1. Value of imports calculated on CIF basis during the financial year in respect of capital goods -

NIL (Previous year - NIL)

2. Expenditure in foreign currency On account of royalty, know-how, professional, consultation fees and
Others - ' NIL (Previous Year - ' NIL)

3. Micro, Small and Medium Enterprises Development Act, 2006

Disclosure of payable to vendors as defined under the “Micro, small and medium Enterprises
Development Act,2006” is based on the information available with the company regarding the status of
registration of such vendors under the said Act, as per the intimation received from them on request
made by the company.

Observation/Qualification:

Based on information and explanation from the management and to the extent of records examined by us, the
Management has not identified or ascertained the status of creditors under the Micro, Small, and Medium
Enterprises Development (MSMED) Act, 2006 in the books of accounts for the financial year ended March
31,2025. Accordingly, we report the non-compliance in line with the provisions of the MSMED Act.
Furthermore, the Company has not obtained balance confirmations from its creditors and for the related
advances recorded in the books. This lack of independent confirmation forms the basis of our qualification
with respect to the completeness and accuracy of the balances stated under trade payables and advances in the
financial statements. No Interest provision recorded in the books.

A. The carrying amount of trade receivables, trade and other payables, advances from customers and
advances to suppliers are considered to be the same as their fair value due to their short-term nature.

B. Loans, Borrowings are at the market rates and therefore the carrying value is the fair value

C. For amortised cost instruments, carrying value represents the best estimate of fair value.

9. There are no Transactions with struck Off Companies under Section 248 or 560

10. No charges or satisfaction is yet to be registered with Registrar of Companies beyond the statutory
period.

11. There are no transactions that are not recorded in the books of account to surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961.

12. The company is not covered under section 135 ofthe Companies Act 2013.

13. The company has not undertaken any transactions in respect of Crypto currency or Virtual
currency during the year under review.

14. The Company has used borrowings from banks and financial institutions for the specific purpose
for which it was taken at the balance sheet.

15. The quarterly returns or statements of current assets filed by the Company with banks or
financial instruments are not in agreement with the books of accounts of the company of the
respective quarters.

16. The company has been declared as a willful defaulter by financial institutions.

17. The Company has not advanced/loaned/invested or received funds (either borrowed funds or
share premium or any other sources or kind of funds) to any other person(s) or entity(ies)
including foreign entities (Intermediaries) with the understanding (whether recorded in writing
or otherwise) that the intermediary shall 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 provided guarantee, security or the like to or on behalf of the ultimate
Beneficiaries.

18. The company does not have any proceedings against the company for holding any benami
property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988).

19. The company has complied with the number of layers prescribed under the Companies Act.

20. The Company has not entered into any scheme of arrangements, which requires approval of the
Competent Authority in terms of Section 230 to 273 of the Companies Act 2013 for the financial
year ended 31.03.2025.

21. The details of Related Party Transactions are provided in Note no: 32 of Financial Statements.

22. Balance Confirmation: Balances under Financial Assets (other than those are specifically
confirmed by the party), Other Current Assets, Financial Liabilities and Other Current Liabilities
are subject to confirmation from the respective parties. In the opinion of the directors, the above
assets and liabilities have the value at which they are stated in the balance sheet, if realized in the
ordinary course of business.

23. The previous year’s figures have been regrouped /reclassified, wherever necessary to conform to
the current year’s presentation.

For on behalf ofthe Board,

For Subramanian and Associates

N. Mohamed Faizal Chartered Accountants

Managing Director

Olympic Cards Limited

CA B Kamalesh

Partner

M.no:245976

UDIN: 25245976BMIPAW4031

Date: 28.05.2025

Place: Chennai.