Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors of Olympic Cards Limited ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Olympic Cards Ltd announced audited FY25 results that came with a qualified opinion from statutory auditors Subramanian & Associates. Net loss widened sharply to Rs.439 lakhs versus Rs.102 lakhs in FY24, on total income dropping about 43% to Rs.963 lakhs from Rs.1,703 lakhs. The auditor flagged inability to obtain balance confirmations for trade receivables (Rs.233.6 lakhs), trade payables (Rs.981.5 lakhs), advances, and loans from related parties (Rs.1,159.9 lakhs), a qualification that has repeated from last year. The company's reserves are deeply negative at Rs.(1,499) lakhs with net worth of only Rs.131.5 lakhs, and it is taking interest-free loans from directors up to Rs.20 crore cumulatively. Compliance concerns remain, with Rs.30.68 lakhs in pending GST appeals, Rs.37 lakhs in unpaid EPF, and Rs.4.4 lakhs in unpaid ESI. No dividend was declared for FY25.
The qualified audit opinion, steep revenue fall, mounting losses, and negative reserves point to serious financial stress and weak internal controls. Despite the board's filing claiming an 'unmodified opinion,' the actual auditor's report is qualified, raising governance red flags that may weigh on the stock and investor confidence.