Economic Review
This year began with the anticipation that runaway inflation, aggressive policy rate
hikes, and high commodity prices might topple a few major economies into recession in
2023. India, enjoys a Goldilocks moment as it sees its economic activity gaining momentum
amid continuing global uncertainties. The last quarters GDP data was pleasantly
surprising but not completely unexpected. The GDP growth in the fourth quarter has pushed
up the full-year GDP growth of FY2022 23 to 7.2%, 200 basis points (bps) higher than the
earlier estimate. India has recovered from three global shocks, the COVID-19 pandemic, the
Russia-Ukraine conflict leading to rising inflation, and the rate hike by the U.S. Federal
Bank. Increased private consumption, central government spending (capex), and crowding in
the private capex led by the strengthening of the balance sheets of the corporates were
the major drivers of growth of the Indian economy.
Industry Structure and Development Agriculture Industry
The performance of the agriculture and allied sector has been buoyant over the past
several years, much of which is on account of the measures taken by the government to
augment crop and livestock productivity, ensure certainty of returns to the farmers
through price support, promote crop diversification, improve market infrastructure through
the impetus provided for the setting up of farmer-producer organizations and promotion of
investment in infrastructure facilities through the Agriculture Infrastructure Fund.
Rapid population expansion in India is the main factor driving the industry. The rising
income levels in rural and urban areas, which have contributed to an increase in the
demand for agricultural products across the nation, provide additional support for this.
In accordance with this, the market is being stimulated by the growing adoption of
cutting-edge techniques including blockchain, artificial intelligence (AI), geographic
information systems (GIS), drones, and remote sensing technologies, as well as the release
of various e-farming applications.
Road Ahead
The agriculture sector in India is expected to generate better momentum in the next few
years due to increased investment in agricultural infrastructure such as irrigation
facilities, warehousing, and cold storage. Furthermore, the growing use of genetically
modified crops will likely improve the yield for Indian farmers. India is expected to be
self-sufficient in pulses in the coming few years due to the concerted effort of
scientists to get early maturing varieties of pulses and the increase in minimum support
price.
Opportunities & Threats
Pricing & Rising Costs and availability of Raw Materials
The industry is very much dependent on raw materials. Any price volatility of these raw
materials and adjust to the same could adversely affect our results of operations and
profitability.
Domestic Markets
We try and tap every lawful opportunity coming our way and follow a focused approach
and increased marketing efforts. All these have resulted in increased growth of the
Company in the recent years. In the coming years, we shall strive harder to build a strong
reputation for ourselves and carve a niche for our products.
International Markets
The Company is continuously trying to build a large overseas business and revenue from
export business accounts for a sizeable component of Companys total turnover. The company
is continuously tapping potentially new markets and exporting a wide range of products to
these countries.
Risk and concerns
Growth of unorganized sector and threat from local regional players.
Change in freight and forwarding charges.
General economic and business conditions.
Our Companys ability to successfully implement our growth strategy, fluctuation in
Exchange rates.
Prices of raw materials.
Changes in laws and regulations relating to the industry in which we operate.
Changes in political and social conditions in India.
Internal Control Systems and their adequacy
The Companys internal control procedures are tailored to match the organizations pace
of growth and increasing complexity of operations. This ensures compliance to various
policies, practices and statutes.
We have an independent and adequate system of Internal Control which enables reliable
financial reporting, safeguard of assets and encourages adherence to management policies.
The Company has a system for speedy compilation of accounts and management information
reports to comply with applicable laws and regulations.
We have a reasonable budgetary control system so that the management can monthly review
actual performance against the budget. A well-defined organization structure is in place
with authority level, internal rules and guidelines for conducting business transactions.
Discussion on Financial Performance with respect to operational performance
The Break-up of Revenue and Costs of Company is as given below:
Particulars |
2022-23 |
2021-22 |
INCOME |
|
|
| Sales & Income from Operation |
|
|
| Other income |
212.38 |
170.18 |
TOTAL |
212.38 |
170.18 |
EXPENDITURE |
|
|
| Operating Expenditure |
|
|
| Administrative and Other Expenditure |
3160.90 |
2,111.01 |
| Interest and Financial Charges |
1.84 |
1.60 |
| Depreciation |
137.49 |
216.09 |
| Employee Benefit |
1394.49 |
1,593.35 |
TOTAL |
4694.72 |
3,922.05 |
Profit /(Loss) Before Extra-Ordinary Items and Tax |
(4482.34) |
(3,751.87) |
Less: |
|
|
| Short/(Excess) Provision of Income Tax for Last Year Written Off/(Back) |
206.17 |
|
Profit/ (Loss) After Tax |
(4688.51) |
(3,751.87) |
OTHER COMPREHENSIVE INCOME |
|
|
| A) Items that will not be reclassified to Profit & Loss |
(34.48) |
906.57 |
| B) Items that will be reclassified to Profit & Loss |
|
|
| Total Profit for the year |
(4722.99) |
(2,845.30) |
| Earning per Shares |
(1.65) |
(1.00) |
1. Total Income: Total income has been increased from Rs. 1,70,181 (FY
2021-22) to Rs. 2,12,382 (FY 2022-23).
2. Administrative and other expenses: The administrative expenses have been
increased from Rs. 21,11,018 (FY 2021-22) to Rs. 31,60,900 (FY 2022-23).
3. Interest and Financial Charges: Net Financial Charges has increased from
Rs. 1,599 (FY 2021-22) to Rs. 1,841 (FY 2022-23).
4. Depreciation: The Depreciation cost has been decreased from Rs. 2,16,085
(FY 2021-22) to Rs. 1,37,486 (FY 2022-23).
5. Net Loss: Net Loss has been increased from Rs. 28,45,301 (FY 2021-22) to
Rs. 47,22,984 (FY 2022-23).
6. Other Factors
I. Known trends or uncertainties
The world economy has witnessed an unprecedented economic crisis causing severe
recessionary trends in various countries.
II. Dependence on Single or few suppliers/customers
The Customer base of our Company is very strong, as we do not deal with a single
customer or supplier. We have a very cordial relationship with all customers and suppliers
with whom we have been dealing for a very long time. KYC norms are followed in all
seriousness.
III. Significant developments subsequent to last financial year
In the opinion of the Directors, there are no significant changes since the date of the
last financial statements, which could materially affect the operations, and Profitability
of our Company.
Human Resource and Industrial Relations
Industrial relations of the company were cordial during the year and continue to remain
peaceful at all the principal offices and all the employees are working with the company
for a common objective. Olympic Oil Industries Limited had 5 employees on payroll.
Significant Changes in Financial Ratios
During the year no significant changes in financial ratios of the Company.
Cautionary Statement
Statements in this Report describing your Companys objectives, projections, estimates
and expectations or predictions, may be ‘forward looking statements are within the
meaning of the applicable laws and regulations. Actual results might differ substantially
or materially from those expressed and implied. Important developments that could affect
your Companys operations include a downtrend in the international market, fall in
on-site, offshore rates and significant changes in political and economic environment,
environment standards, tax laws, litigations and labour relations.
DISCLOSURES PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1)
OF COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
1. The ratio of the remuneration of each director to the median remuneration of
the employees of the Company for the financial year :
Not applicable as none of Directors received any remuneration during the financial year
2022 23.
2. The percentage increase in remuneration of each Director, Chief Financial
Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial
year:
Name of Director |
Designation |
% of increase in remuneration |
| Nipun Verma |
Whole Time Director |
NA |
| **Kulpreet Singh Bhogal |
Company Secretary |
0.00 |
| ***Manisha Issrani |
Company Secretary |
NA |
| ****Sonam Kataria |
Company Secretary |
NA |
No Remuneration paid during the year ** Resigned w.e.f. 27.05.2022
Appointed w.e.f. 28.05.2022 and resigned w.e.f. 24.03.2023 **** Appointed w.e.f.
25.03.2023
3. The percentage increase in the median remuneration of employees in the
financial year 2022-23:
There is no increase in median remuneration of employees in the financial year 2022-23
4. The number of permanent employees on the rolls of Company as on 31st
March, 2023:
Total number of permanent employees on the rolls of company as on 31st
March, 2023 is 5.
5. Average percentile increase already made in the salaries of employees other
than the managerial personnel in the last financial year and its comparison with the
percentile increase in the managerial remuneration and justification thereof and point out
if there are any exceptional circumstances for increase in the managerial Remuneration
During the year under review there is no increase in remuneration of employees as well
as managerial personnel.
6. It is hereby affirmed that the remuneration paid is as per the Remuneration
Policy for Directors, Key Managerial personnel and Senior Management
The Company is in compliance with its Nomination and Remuneration policy
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