We have audited the financial statements of Olympic Cards Limited ("the Company"), which
comprise the Balance Sheet as at 31st March, 2024, the Statement of Profit and Loss, the
Statement of Cash Flows and the Statements of Changes in Equity for the year then ended,
and notes to the financial statements, including a summary of material accounting policies
and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to
us, except for the effects of the matter described in the Basis for Qualified Opinion section of
our report, the aforesaid 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
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ("IND AS")
and other accounting principles generally accepted in India of the state of affairs of the
Company as at March 31st, 2024 and its loss, its cash flows and changes in equity for the
year ended on that date.
Basis for Qualified Opinion
We refer the note 38.11 of the Financial Statements, regarding non confirmation of balances
of Trade receivables, Trade payables, Advances from customers ans Advances to suppliers.
Our audit procedures included requests for direct confirmations of balances of customers
and suppliers to verify the balances owed to/by the Company as at year-end. Flowever, we
were not provided with the details to obtain such confirmations. As a result, we are unable to
conclude whether adjustments to the balances shown thereunder are required. Total
Balances as on 31.03.2024 of Trade Receivables is Rs.337.34 lakhs, Trade Payables is
Rs.1051.20 lakhs, Advance from Customers is Rs.279.59 lakhs and Advance to Suppliers is Rs.
83.68 lakhs, (refer note 38.11).
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. 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 (ICAI) 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 thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our qualified opinion on the standalone financial statements.
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 Director's Report including Annexures to Director's Report, but
does not include the Standalone Financial Statements and our auditor's report thereon. The
report containing the other information as above us expected to be made available to us
after the date of this auditor's report.
Our opinion on the Standalone Financial Statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to
read the other information identified above when it becomes available 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 audit, or otherwise
appears to be materially misstated.
When we read the reports containing the other information, if, based on the work performed,
we conclude that there is a material misstatement therein, we are required to communicate
the matter to the Board of Directors and take necessary actions as per applicable laws and
regulations.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined that there are no key audit matters to communicate in our report.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Company's Board of Directors is responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these Standalone Financial Statements that give a
true and fair view of the financial position, financial performance, changes in equity and cash
flows of the Company in accordance with the accounting principles generally accepted in
India, including the IND AS specified under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding of 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, the Board of Directors 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 the
Board of Directors 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.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether 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 a guarantee that an audit conducted in accordance with SAs 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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism 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 sufficient 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 override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of
the 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 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 as a 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.
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 we 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 bear 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 financial statements of the current
period and therefore the key audit matters. We describe these matters in our auditor's report
unless law or regulation precludes public disclosure about the matter or where, in extremely
rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably outweigh the public
interest of such communication.
Other Matter
The financial statements of the Company for the year ended March 31, 2024, were audited
by another auditor who expressed an unmodified opinion on those statements on 29th May
2024.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by
the Central Government of India in terms of sub-Section (11) of Section 143 of the
Act, we give in the "Annexure A" a statement on the matters specified in paragraphs
3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our audit
except for the matters effected in the Basis for Qualified Opinion section.
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 except for
except for the matters effected in the Basis for Qualified Opinion section and
certain matters in respect of audit trail as stated in the paragraph 2(h)(vi) below;
c) The Standalone Balance Sheet, the Statement of Profit and Loss, the Statement of
Changes in Equity and the Cash Flow Statement dealt with by this report are in
agreement with the books of account;
d) In our opinion, the aforesaid Standalone Financial Statements comply with the
Indian Accounting Standards specified under Section 133 of the Act, read with
Companies (Indian Accounting Standards) Rules, 2015 as amended except for the
matters effected in the Basis for Qualified Opinion section.
e) On the basis of the written representations received from the directors as on 31st
March, 2024 taken on record by the Board of Directors, none of the directors are
disqualified as on 31st March, 2024 from being appointed as a director in terms
of Section 164(2) of the Act;
f) The Qualifications relating to the maintenance of accounts and other matters
connected therewith in respect of audit trail are as stated in the paragraph 2(b)
above on reporting under Section 143(3)(b) of the Act and paragraph 2(i)(v)
below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014.
g) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer
to our separate report in "Annexure B".
h) With respect to the other matters to be included in the Auditors' report in
accordance with Section 197(16) of the Act, in our opinion and to the best of
our information and according to the explanations given to us, the
remuneration paid/provided by the Company to its directors during the year is
in accordance with the provisions of Section 197 read with Schedule V to the Act.
The remuneration paid to any director is not in excess of the limit laid down
under Section 197 of the Act; and
i) With respect to the other matters to be included in the Auditor's Report in
accordance with Rule 11 of the 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 does not have any pending litigations which would impact its
financial position, refer note no. 28
(ii) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company during the year
ended 31s' March 2024.
(iv) With respect to clause (e) of Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, as amended;
a. The management has represented that, to the best of its knowledge and
belief, as disclosed in the Note 38.7 to the accounts, no funds 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 or in
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 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, as disclosed in the Note 38.7 to the accounts, no funds have
been received by the company from any person(s) or entity(ies),
including foreign entities ("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 of the Ultimate Beneficiaries; and
c. Based on such audit procedures performed that have been considered
reasonable and appropriate in the circumstances, nothing has come to
our notice that has caused us to believe that the representations under
sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above,
contain any material misstatement.
(v) The company has not declared/paid any dividend during the year, hence
reporting under this clause is not applicable.
For Elias George & Co
Chartered Accountants
FRN: 000801S
Solomon Jimmy Choolackal
Partner
Place: Chennai Membership No.245458
Date: 29-05-2024 UDIN: 2424548BKHISE1674
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