Olympic Oil Industries Limited

Auditor's Opinion

Bhatter & Associates, Chartered Accountants (FRN 131411W), issued a qualified opinion on the standalone quarterly financial results for the quarter ended March 31, 2026 and year-to-date results for the period from April 1, 2025 to March 31, 2026. The audit was conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013.

Basis for Qualified Opinion

Seven material issues were identified that form the basis for the qualified opinion:

1. Bank Loan Defaults and NPA Classification: Credit facilities of ₹68.75 crore have been classified as Non-Performing Assets (NPA) by lenders under multiple banking arrangements. Indian Overseas Bank and Punjab National Bank (formerly Oriental Bank of Commerce) have not charged interest on company borrowings since July 2018 due to NPA status. No provision has been made for current year interest of approximately ₹20.73 crore and accumulated interest of approximately ₹97.33 crore, resulting in understated finance cost and total loss.

2. Doubtful Sundry Debtors: Receivables include overdue amounts of ₹316.52 crore due to credit impairment. These are considered doubtful due to considerable delays and remain unconfirmed. The auditor could not ascertain the quantum of provision required due to lack of complete details including legal notices.

3. Impaired Non-Current Investments: Investments worth ₹4.1 crore show erosion in value, but the management has not identified the quantum of erosion. The auditor could not ascertain the impact due to absence of complete details/analysis.

4. Unsecured Loans to Related Parties: Loans totaling ₹38.47 crore to related parties are considered doubtful. Interest has not been charged, and in the absence of net worth details of related parties and supportive audit evidence, the auditor could not comment on the quantum of provision required.

5. Unconfirmed Trade Payables and Customer Advances: Trade payables of ₹208.91 crore and advances from customers of ₹72.33 crore lack third-party confirmation, reconciliation, and supportive audit evidence. The auditor could not confirm whether these liabilities are accurately stated.

6. Regulatory Investigations: SFIO (Serious Fraud Investigation Office) and CBI (Central Bureau of Investigation) have initiated enquiries in relation to credit facilities from banks and affairs of the company.

7. Material Uncertainty Regarding Going Concern: The company has accumulated losses exceeding share capital and reserves, resulting in fully eroded net worth. There were no business operations during the year, indicating material uncertainty about the company's ability to continue as a going concern.

Financial Period Covered

The report covers the quarter ended March 31, 2026 and the year-to-date period from April 1, 2025 to March 31, 2026.

Management Responsibilities

The Board of Directors is responsible for the preparation of these financial results that give a true and fair view in accordance with applicable accounting standards and SEBI regulations. This includes maintaining adequate accounting records, safeguarding assets, preventing and detecting frauds, selecting appropriate accounting policies, making reasonable estimates, and maintaining adequate internal financial controls.

Auditor's Responsibilities

The audit was conducted to obtain reasonable assurance about whether the financial results are free from material misstatement, whether due to fraud or error. The audit involved exercising professional judgment, maintaining professional skepticism, assessing risks of material misstatement, evaluating accounting policies and estimates, and concluding on the appropriateness of the going concern basis.

Signatories and Dates

The letter to BSE was signed by Nipun Verma, Whole-time Director (DIN: 02923423) on August 1, 2026. The auditor's report was signed by Gopal Bhatter, Partner (Membership No. 411226) of Bhatter & Associates on May 30, 2026.