f. Provision* and contingencies

Provisions arc recognised when the Company has a present obligation t legal or constructive) as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some
or all of a provision to be reimbursed, the reimbursement ts recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a
provision is presented in the statement of profit and loss net of any reimbursement

If the effect of the lime value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability
When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Contingent liabilities arc disclosed when there is a possible obligation arising from past ev ents, die existence of which will lie confirmed only by occurrence or non-
occurrcncc of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not
probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Contingent liabilities are disclosed in the notes.

g. Retirement and other employee benefits
Provident Fund

Retirement benefit in the form of provident riind is a defined contribution scheme. Both the employee and the employer make monthly contributions to the plan at a
predetermined rate of die employees' basic salary. These contributions arc made to the fund administered and managed by the Government of India. The Company
recognizes contribution payable to the provident fund scheme as an expense, when an employee renders the related service. The Company has no further obligations under
these plans beyond its monthly contributions.

Defined Benefit plan
Gratuity

The Company operates a defined benefit gratuity plan. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method,
with actuarial valuations being carried out at periodic intervals.

Re-measurements, comprising of actuarial gains and losses and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), arc
recognised immediately in the Balance Sheet with a corresponding charge or credit to retained earnings through OCT in the period in which they occur. Re measurements
are not reclassified to statement of profit and loss in subsequent periods.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset The Company recognises the following changes in the net defined benefit
obligation as an expense in the statement of Profit and Loss

• Serv ice costs comprising current service costs; and

• Net interest expense or income

Compensated Absences

Accumulated leave is treated as short-term employee benefit. The Company measures the expected cost of such absences as the additional amount that it expects to pay as a
result of the unused entitlement that has accumulated at the reporting date.The Company tieats the entire leave as current liability in the balance sheet.

h. Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. The Company recognises
a financial asset or a liability in its balance sheet only when the entity becomes party to the contractual provisions of the instrument.

Financial assets

Initial recognition and measurement

All financial assets arc recognised initially at fair value plus, in the ease of financial assets not recorded at fair value through profit or loss, transaction costs that arc
attributable to the acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement financial assets are classified into three categories:

• Financial assets at fair value through OCI

• Financial assets at fair value through profit or loss

• Financial assets at amortised cost

Where assets are measured at lair value, gains and losses arc either recognised entirely in the statement of profit and loss fi.e. fair value through profit or loss!, or recognised
in other comprehensive income (i.c. fair value through other comprehensive income).

A financial asset that meets the following two conditions is measured at amortised cost (net of any write down for impairment) unless the asset is designated at fair value
through profit or loss under the fair value option.

• Business model test: The objective of the Company’s business model is to hold the financial asset to collect the contractual cash flows (rather titan to sell the instrument
prior to its contractual maturity to realise its lair value changes).

• Cash flow characteristics test: The contractual terms of the financial asset give rise on specified dates to cash flows that arc solely payments of principal and interest on the
principal amount outstanding.

Even if au instrument meets the two requirements to be measured at amortised cost or fair value through other comprehensive income, a financial asset is measured at fair
value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an 'accounting mismatch')
that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases.

All other financial assets arc measured at fair value through profit or loss.

Derecognition

A financial asset (or. where applicable, a part of a finaucial asset or pan of a group of similar financial assets) is primarily derecognised (i.c removed from the Company's
statement of financial position) when:

• The lights to receive cash flows from the asset have expired, or

• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a
third party under a 'pass-through' airangcmcnt: and either ta) the Company has transferred substantially all the risks and rewards of the asset or (b) the Company has
neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has
retained the risks and rewards of ownership When ii has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the
asset, the Company continues to recognise the transferred asset to the extent of the Company's continuing involvement In that case, the Company also recognises an
associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum
amount of consideration that the Company could be required to repay.

Impairment of financial assets

The Company assesses impairment based on expected credit losses (ECL) model to the following:

• Financial assets measured at amortised cost: and

• Financial assets measured at Fair value through other comprehensive income (FVTOCI)

Expected credit losses {ECU are measured through a Joss allowance at an amount equal to:

• the 12-month expected credit losses (expected credit losses that result from those default events on the financial instiumerit that are possible within 12 months after the
reporting date), or

• full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument).

For trade receivables or contract revenue receivables, the Company follows 'simplified approach' for recognition of impairment loss allowance.

Under the simplified approach, the Company does not track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECU at each reporting
date, right from its initial recognition.

The Company uses a provision matrix to determine impairment loss allowance on the porttblio of trade receivables The provision matrix is based on its historically
observed default rates over the expected life of the trade receivable and is adjusted for forward looking estimates. At every reporting date, the historical obscived default
rates are updated and changes in the forward-looking estimates are analysed.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk
since initial recognition. If credit risk has not increased significantly. 12-month ECl. is used to provide for impairment loss. However, if credit risk has increased
significantly, lifetime ECL is used. If. in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since
initial recognition, then the Company reverts to recognising impairment loss allowance based on 12-month ECL.

For assessing increase in credit risk and impairment loss, the Company combines financial instruments on the basis of shared credit risk characteristics with the objective of
facilitating an analysis that is designed to enable significant increases in credit risk to be identified on a timely basis.

Financial liabilities

Initial reto^nition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss and in the ease of payables, net of directly attributable
transaction costs.

Subsequent measurement

The Company measures all financial liabilities at amortised cost using the Effective Interest Rate I'EIR') method except for financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss. Amortised cost is calculated by taking into account any discount or premium on
acquisition ami tees or costs that are an integral part of the FIR. Financial liabilities held for trading are measured at fair value through profit and loss The Company has not
designated any financial liability as at fair value through profit or loss.

Derecognition

A financial liability is derecognised when the obligation under the liability Is dischaigcd or cancelled or expires.

Offsetting of financial instruments

Financial assets and financial liabilities arc offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised
amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

i. Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and short term investments with an original maturity of three months or less which are subject to an insignificant risk of
changes in value.

j. Dividend to equity shareholders of the Company

The Company recognises a liability to make cash or non-cash distributions to equity shareholders when the distribution is authorized and the distribution is no longer at the
discretion of the Company. A cotrcsponding amount is recognised directly in equity.

k. lnventories

Inventories are valued at the lower of cost or net realisable value

Costs related to bringing the product to its present location are accounted as follows:

• Raw matcriasl: cost includes cost of purchase and other costs incurred in bringing the inventories to ther present location and condition Cost is determined on fust in.
first out basis

• Finished goods and work in progress : cost includes direct material and labour ond a proportion of manufacturing overheads on the normal operating costs, but excludes
eosl of borrowing. Cost is determined on first in, first out basis

• Traded goods: cost includes cost of purchase and other costs incurred in bringing the inventories to thcr present location and condition. Cost is determined on first in. first
out basis

Net realisable value is the estimated selling price in th ordinary course of business less estimated costs of completion and estimated cost sto make the sale happen

l. Keluted Party Transactions

Transactions with related parties are disclosed in accordance with Indian Accounting Standard (Ind AS) 24 - Related Party Disclosures. Related patty transactions an:
identified based on the provisions of Ind AS 24 and the Companies Ac t. 2013. All related party transactions entered into during the year were in the ordinary course of
business and on an ann’s length basis. The Company has obtained necessary approvals as per the provisions of the Companies Act. 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. including approval of the Audit Committee and. wherever applicable, the shareholders.

2.B. Significant accounting judgements, estimates and assumptions

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and assumptions

Ilic key assumptions concerning the future and other key sources o! estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters
available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or
circumstances arising that arc beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

a. Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves
making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and
mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions.
All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate, the management considers the interest rates of government bonds in
currencies consistent with the currencies of the post-employment benefit obligation.

The mortality rate is based on the rates given under Indian Assured Lives Mortality (2006-08) Ultimate. Those mortality tables tend to change only at interval in response to
demographic changes Future salary increases and gratuity increases are based on expected future inflation rates.

Further details about gratuity obligations are given in Note 29
b Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is
measured using valuation techniques including the discounted cash flow model (DCF) model. The inputs to these models arc taken from observable markets where
possible, but where this is not feasible, a degree of judgement is required in establishing fail values. Judgements include considerations of inputs such as liquidity risk,
credit risk and volatility. Changes in assumptions alsout these factors could affect the reported fair value of financial instruments

Securities an<| Kate Ý>( Interest:

al Secured against hypothecation charge mi entire cuiretil assets of Ihe Company, including inventory, receivables, stores & spares etc. mortgage ofcommeicial building, factory and laud and building ic Personal
Guarantee of Director Mr.Navui Pans an

Cash credit facilitity from bank carrying rate of interest ranging between 10.1S%- III 5%

Term Loan liom bank carries rale of interest fie V.2S%. The term loau facility is repayable over 60 months with a nxii jtoimui period of 24 months from live date ol dssbursensent.

hi Unsec med Term Loan from Non 11 a i’Ainu Financial Institution (NUFCi carries rate of interest 1250%. Teim loans facility is repayable o"er .16 months from the dale of disbursement

c> Unsecured Slxut term credit facilities from NBFC'scanying rate of iolerest ranging between II .W6-I I 75%.
d) Unsecured Short tcim credit facility from Hank carrying rate of interest ranging Ivlssven 9.00% Ý 9.50%

29. Disclosure relating to employee benefits as per Ind AS 19 ‘ Employee Benefits'

I Defined benefit obligations - Gratuity (unfunded)

The gratuity plan is governed by the Payment of Gratuity Act. 1972. Under the act, the employee who has completed five years of service is entitled
to specific benefit. The level of benefits provided depends on the member's length of service and salary at retirement age. The gratuity scheme is
unfunded. The Company recognises actuarial gains and losses immediately in other comprehensive income.

The management assessed that cash and cash equivalents, trade rcccivablcs.other financial assets trade payables and other financial liabilities approximate their
carrying amounts largely due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing
parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

Trade receivables are evaluated by the Company based on specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the
financed project. Based on this evaluation, allowances at e taken into account for the expected credit losses of these receivables.

The fair values of the FVTPNL (Fair value through profit and loss) financial assets are derived from quoted market prices in active markets.

The fair value of security deposit that carries no interest is measured at the present value by discounting using the prevailing market rate of interest for a similar
instrument with a similar credit rating.

32. Financial risk management objectives and policies

The Company's principal financial liabilities comprises trade and other payables. The main purpose of these financial liabilities is to finance the Company’s
operations. The Company's principal financial assets include trade and other receivables, and cash and cash equivalents that derive directly front its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the management of these risks. The Company's
senior management provides assurance to the Board of Directors that the Company's financial nsk activities are governed by appropriate policies and procedures and
that financial risks arc identified, measured ami managed in accordance with the Company's policies and nsk objectives. The Board of Directors reviews and agrees
policies for managing each of these risks, which are summarised below.

C redit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss The Company is
exposed to credit risk from its operating activities (primarily trade receivables) including deposits with banks and financial institutions, foreign exchange
transactions and other financial instalments.

Trade receivables

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to customer credit risk
management. Outstanding customer receivables are regularly monitored and followed up.

Trade receivables are evaluated by the Company based on specific country risk factors, individual creditworthiness of the customer and the risk characteristics of the
financed project. Based on this evaluation, allowances arc taken into account for the expected credit losses of these receivables. There is no impairment as of
31 March 2025 and 31 March 2024

Financial instruments and cash deposits

Credil risk from balances with banks and financial institutions is managed by the Company's treasuty department in accordance with the Company's policy.
Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are
reviewed by the Company’s treasury department on a periodic basis . The limits arc set to minimise the concentration of risks and therefore mitigate financial loss
through counterparty's potential failure to make payments.

Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic
features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations
indicate the relative sensitivity of the Company's performance to developments affecting a particular industry. In order to avoid excessive concentrations of risk, the
Company's policies and procedures include specific guidelines to focus on the maintenance of a diversified portfolio.

33. Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity
holders of the parent. The primary objective of the Company's capital management is to maximise the shareholder value.

The Company manages its capital structure anil makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To
maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The
Company monitors capital using a gearing ratio, which is total debt divided by total equity.

In order to achieve this overall objective, the Company^ capital management, amongst other tilings, aims to ensure that it meets financial covenants attached to the
borrowings that define the capital structure requirements. In the long run. the Company's strategy' is to maintain the gearing ratio of less than 1.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2025 and 31 March 2024.

34. Segment Information

The Board of Directors i.e. Chief Operating Decision Maker (*CODM') evaluates the Company's performance and allocates resources based
on an analysis of various performance indicators for the business of the Company as a whole and hence the Company's business activities are
under a single operating segment which is trading and single geography which is India.

35. Other Statutory Information

(i) The Company does not have any Bcnami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.

(ii) The Company does not have any transactions with struck ofTcompanies.

(iii) I'he Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies bcyonlhc
statutory period

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) Tlie Company has not advanced or loaned or invested funds to any other person(s) or entity(ies). including tor entities
(Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(Ultimate Beneficiaries); or

b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company has not received any fund from any person(s) or entity(ies). including Foreign Entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries): or

h. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered

or disclosed as income during the year in the tax assessments under the Income Tax Act. 1961 (such as search or survey) or any
Other relevant provisions of the Income Tax Act 1961.

(viii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(ix) The Company has not entered into any scheme of arrangement which has an accounting impact on the current or previous financial
year.

37. Prior year comparatives

Previous year figures have been regrouped or reclassified, to conform to the current year’s presentation wherever considered necessary.

As per our report of even date For and on behalf of the Board of Directors of Olympia Industries Limited

For R A KUVADIA & CO

Chartered Accountants

ICAI Finn Registration Number: 01054X7 W

NAVIN PANSARI NARESH WACHCHAL’DE

Chairman & Managing

Director Independent Director

R. A. KUVADIA DIN: 000X5711 DIN. 07240631

Proprietor

Membership Number: (>40087
L'DIN: 2504C087B MIG XX9228

Place: Mumbai RAM J EE VAN KIIED1A AKS1IAY FIROD1YA

Date: 28th May. 2025 Chief Financial Officer Company Secretary

ACA : 123045 Membership No: A6I599