Olympic Management & Financial Services Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

Mar 31, 2025

Note 1- Corporate Information

OLYMPIC MANAGEMENT & FINANCIAL SERVICES LTD ("the Company") is a limited Company domiciled and incorporated in India and its shares are listed (though suspended for trading) on the Bombay Stock Exchange (BSE), and Calcutta Stock Exchange (CSE)

Note 2- Basis of Preparation

2.1) The financial statements of the Company have been prepared in accordance with Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) and Companies (Indian Accounting Standards) Amendment rules, 2016.

2.2) The financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities, which are measured at fair value / amortised cost.

2.3) The financial statements are presented in Indian Rupees (Rs.), which is the Company’s functional and presentation currency.

2.4) The accounting policies adopted in the preparation of standalone Ind AS financial statement are consistent with those of previous year.

Note 3- Significant Accounting Policies

3.1) Method of accounting:

The accounts are prepared on the basis of historical cost convention, in accordance with the applicable accounting standards and on the accounting principles of a going concern. All expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

3.2) Use of estimates:

The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgements and assumptions. These estimates, judgements and assumptions effect the application of the accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenditure during the period. Application of accounting policies that require critical accounting estimates involving complex and subjective judgements and the use of assumptions in these financial statements have been disclosed below. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding these estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

3.3) INVESTMENTS

Investment of the company comprises of long term invetment only. The company measure its equity investment at fair value through profit & loss. Investments in both quoted/unquoted shares are valued at fair market value.

3.4) REVENUE RECOGNITION:

Dividend income accrue shall be when the shareholders right to receive payment is established. Interest income is recognized on accrual basis at effective interest rate.

3.5) PROVISION FOR CURRENT & DEFERRED INCOME TAX:

Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961.

Deferred tax is recognised subject to the consideration of prudence, on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Such 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.

3.6) Provisions, Contingent liability and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes to the accounts. Contingent Assets are neither recognised nor disclosed in the financial statements.

3.7) PROPERTY, PLANT AND EQUIPMENT

The properties of the company are stated ar fair value and depreciaion 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 are 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 are reported at the lower of the carrying value or the fair value less cost to sell.

3.8) INDIAN ACCOUNTING STANDARD (IND AS)

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

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Mar 31, 2024

Note 3- Significant Accounting Policies

3.1) Method of accounting:

The accounts arc prepared on the basis oT historical cost convention, in accordance with Lire
applicable accounting standards and on the accounting principles of a going concern. All expenses
and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

Use of estimates:

3.2) The preparation of financial statements in conformity with Ind AS requires management to make
estimates, judgements and assumptions. These estimates, judgements and assumptions effect the
application of the accounting policies and the reported amounts of assets and liabilities, the
disclosures of contingent assets and liabilities at the date of the financial statements and reported
amounts of revenue and expenditure during the period. Application of accounting policies that
require critical accounting estimates involving complex and subjective judgements and the use of
assumptions in theses financial statements have been disclosed below. Accounting estimates conid
change from period to period. Actual results could differ from those estimates. Appropriate
changes in estimates are made as management becomes aware of changes in circumstances
surrounding these estimates. Changes in estimates are reflected in the financial statements in the
period in which changes are made and if material their effects are disclosed in the notes to the
financial

_{3 3)} INVESTMENTS

’ Investment of the company comprises of long term mvetment only. The company measure its
equity investment at fair value through profit &. loss. Investments in both quoted/unquoted shares
are valued at fair market value.

3.4) REVENUE RECOGNITION:

Dividend income shall be when the shareholders right to receive payment is established.
Interest income is recognized on accrual basis at effective interest rate.

3.5) PROVISION FORCURRENT&DEFERRED INCOME TAX:

Provision for current tax is made on the basis of estimated taxable income for the current
accounting year in accordance with the IncomeTaxAct, 1961.

Deferred tax is recognised subject to the consideration of prudence, on timing differences being
the difference between taxable income and accounting income that originate in one period and
are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using
the tax Tates 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.

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Mar 31, 2014

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

E) Closing Stock

Stock-in-trade are valued at lower of cost or market value.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2013

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2012

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation' costs comprise purchase price and attributable cost

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act' 1956 on the straight-line method. In respect of additions made during the year' Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

E) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2011

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

H) NOTE TO THE ACCOUNTS:

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.

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.,9927/- ( Previous year Rs, 7000/-) In other capacity Rs. 5516/- (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. 29,47,580/- 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-certainte regarding 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 2010-2011 (Assessment year - 2011-2012) and hence no provision has been made for the current income tax.

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Mar 31, 2010

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2009

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained-

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.

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Mar 31, 2008

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed, in notes to the account.

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Mar 31, 2007

A) Basis of Accounting:

The accounts are prepared under historical cost convention mercantile system.

B) Fixed Assets:

Fixed Assets are stated at cost less depreciation, costs comprise purchase price and attributable cost.

C) Depreciation

Depreciation on Fixed Assets is provided for in accordance with Schedule XIV of the companies Act, 1956 on the straight-line method. In respect of additions made during the year, Depreciation is charged on prorate basis from the date of addition.

D) Investment

Investments are stated at cost. The company has not provided for any diminution in the value of investment as the investments are for long term and market value cannot be ascertained.

F) Contingent Liability

Contingent Liability not provided for are disclosed in notes to the account.