Revised Outcome due to typographical error. 1.Please refer our letter No.OCL/BSE/2025-26/12, May 28, 2025 wherein the word 'MODIFIED OPINION' was erroneously typed as 'UNMODIFIED OPINION' ....
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Awaiting price reaction for this filing.
Olympic Cards has filed an erratta to its May 28, 2025 audited results announcement, clarifying that the auditor's opinion was a 'Modified (Qualified) Opinion' and not 'Unmodified' as originally typed. The auditor had flagged that it could not obtain direct confirmations for balances totalling around Rs.26.5 crore — trade receivables (Rs.233.64 lakh), trade payables (Rs.981.48 lakh), advances from customers (Rs.237.97 lakh), advances to suppliers (Rs.34.76 lakh) and loans from related parties (Rs.1,159.88 lakh). Two related party transaction figures in the XBRL filing were also corrected. The FY25 results show total income at Rs.963.27 lakh, down about 43% from Rs.1,703.12 lakh in FY24, while net loss widened sharply to Rs.439.06 lakh from Rs.114.92 lakh. Reserves are deeply negative at Rs.(1,499.37) lakh.
The original filing misrepresented the auditor's opinion, which is a significant compliance lapse. The corrected 'qualified opinion' along with sharply rising losses, deeply negative reserves, and unpaid statutory dues (EPF Rs.37 lakh, ESI Rs.4.4 lakh, GST disputes around Rs.3.07 crore) point to serious financial stress. Shareholders should view this as a negative signal; existing shareholders may see further erosion in book value, while prospective investors should exercise caution.