Enclosed Statutory Audit report for quarter and year ended 31st March, 2025.
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Olympic Oil Industries has filed its statutory audit report for FY25, in which the auditor (Bhatter & Associates) has issued a Qualified Opinion. The auditor flagged multiple serious issues: bank loans of Rs. 68.75 crore are classified as Non-Performing Assets with Rs. 69.73 crore of interest not provided for; sundry debtors of Rs. 316.52 crore are doubtful and unconfirmed; non-current investments of Rs. 4.1 crore have unrecognised value erosion; unsecured loans to related parties of Rs. 40.68 crore are doubtful; trade payables of Rs. 208.91 crore and customer advances of Rs. 72.33 crore could not be verified. Additionally, SFIO and CBI have initiated enquiries into the company's bank credit facilities. The auditor explicitly highlighted a material uncertainty on going concern, noting that accumulated losses have fully eroded the company's net worth and there were no business operations during the year.
This is deeply negative for shareholders. The company is essentially non-operational, fully eroded net worth, NPA-classified bank loans, regulatory investigations by SFIO and CBI, and a qualified audit opinion with going-concern doubts. The stock is effectively a shell with significant unresolved liabilities and may face regulatory action or delisting risk.