Olympic Oil Industries Ltd

⚠️ Olympic Oil Industries Auditor Issues Qualified Opinion for FY25

• Bank loans of ₹68.75 crore classified as NPAs with no interest provision of ₹69.73 crore made

• Sundry debtors include overdue receivables of ₹316.52 crore considered doubtful

• Non-current investments of ₹4.1 crore show erosion in value (exact quantum unidentified)

• Unsecured loans to related parties amount to ₹40.68 crore considered doubtful

• Trade payables of ₹208.91 crore and customer advances of ₹72.33 crore lack confirmation

• SFIO and CBI have initiated enquiries regarding credit facilities

• Material uncertainty exists about company's ability to continue as a going concern

• Accumulated losses exceed share capital and reserves with no business operations during the year

• Company has defaulted on repayment of principal and interest to banks