| 1.SIGNIFICANT ACCOUNTING COMPANY OVERVIEW:
Olympic Oil Industries Limited ('OOIL' or 'The Company') is a BSE
listed, public limited company incorporated and domiciled in India and
has its registered office at Mumbai, Maharashtra, India.
The company is engaged in trading of Rapeseed Meal, Yellow Peas, Red
Lentils, Paper, Aluminum Foil, Agri-Commodities, Laptops, Computers,
Invertors, Polymers and Coal etc.
2.BASIS OF PREPARATION:
The financial statements of the company have been prepared on accrual
basis under the historical cost convention and on going concern basis
in accordance with the Generally Accepted Accounting Principles in
India ('Indian GAAP') to comply with the Accounting Standards specified
under section 133 of The Companies Act, 2013, read with Rule 7 of the
Companies (Accounts) Rules, 2014 and the relevant provisions of The
Companies Act, 2013 ('the Act') / The Companies Act, 1956, as
applicable.
3.USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP
requires judgments, estimates and assumptions to be made that affect
the reported amount of assets and liabilities, disclosure of contingent
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
4.REVENUE RECOGNITION:
a) Domestic sales have been accounted for at the time of dispatch.
b) Export sales have been recognized only after the goods have been
cleared by the customs Authorities and shipped on board i.e. only after
that point of time when the company loses the title to the goods.
c) Other items of income and expenditure have been recognized on
accrual basis.
d) Purchases have been accounted for at the time of receipt of
documents relating to delivery of materials and bills of entry in
respect of import of goods and are net of VAT.
e) Other items of income and expenditure have been recognised on
accrual basis.
5.FIXED ASSETS:
Fixed Assets have been stated at cost less depreciation.
6.DEPRECIATION:
Depreciation has been provided on written down value basis, at the rate
determined with reference to the useful lives specified in Schedule II
of the Companies Act, 2013. The impact of the change in useful life of
fixed assets has been considered in accordance with the provision of
Schedule II.
7.INVENTORIES:
The inventories of trading goods are valued at cost or estimated
realizable value whichever is lower, in compliance with Accounting
Standard 2.
8.FOREIGN CURRENCIES TRANSACTIONS:
a) Initial Recognition: Payments and receipts in foreign currency have
been recorded on the basis of actual rupee value prevailing on the date
of transaction.
b) Conversion and Exchange Differences: Exchange differences arising on
settlement of monetary transactions are recognized as income/expense
(as the case may be) in the year of settlement. Monetary assets and
liabilities, denominated in foreign currency, and pending settlement as
on the last day of the Financial year have been stated at the
conversion rate as at the close of the year or, in case of
assets/liabilities where the company's forex exposure has been
crystallized owing to an underlying forward exchange contract, at the
rate so contracted. The resultant loss/gain arising from such
re-statement has been recognized as income/expense for the year.
9.VALUE ADDED TAX AND ENTRY TAX:
Cenvat/Value Added tax benefit is accounted for by reducing the
purchase cost of the materials and Entry Tax has been charged to the
statement of profit and loss account.
10.PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)
Provisions are recognized in the accounts in respect of present
probable obligations, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company. Contingent liabilities are
disclosed by way of notes and are not recognized in the Financial
Statements.
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