Notes to Accounts of Olympic Cards Ltd.

Mar 31, 2024

2.17 Provisions for Liabilities and Charges, Contingent Liabilities and Contingent Assets

A provision is recognised when the Company has a present obligation as a result of past event and it is probable
that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be
made of the amount of the obligation. The amount recognized as a provision is the best estimate of the
consideration required to settle the present obligation at the end of the reporting period, taking into account the
risks and uncertainties surrounding the obligations Provisions (except retirement benefits and leave encashments)
are not discounted to its present value and are determined based on best estimate required to settle the
obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the
current best estimates.

Contingent liabilities exist when there is a possible obligation arising from past events, the existence of which will
be confirmed only by the occurrence or non-occurrence 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 or the amount cannot be reliably estimated. Contingent liabilities are
appropriately disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.

Contingent assets are not recognised but disclosed in the Financial Statements when an inflow of economic
benefits is probable.

Contingent assets and liabilities are not recognised in the Financial Statements but are disclosed separately.

2.18 Cash and Cash Equivalents

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are highly liquid short-term
balances, highly liquid investments that are readily convertible into known amounts of cash and which are subject
to insignificant risk of changes in value.

2.19 Rounding off Amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs and
decimals thereof as per the requirements of Schedule III, unless otherwise stated.

2.20 Recent Accounting pronouncements - Standards issued but not yet effective

Recent Accounting Developments Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to
the existing standards. There is no such notification which would have been applicable from April 1^st, 2024.

Note 31 - Financial Risk Management - Objectives and Policies

The Company''s Financial Liabilities comprise mainly of borrowings, trade payables and other payables. The company financial assets
comprise mainly of cash and cash equivalents, other balances with banks, trade receivables and other receivables / recoverables.

The company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors (''Board'') oversee the management of these
financial risks through the functional directors. The Key managerial personnel of the company lays down the board structure for managing
risks and the framework for risk management. The framework seeks to identify, assess and mitigate financial risks in order to minimize
potential adverse effects on the Company''s Financial performance.

The following disclosures summarize the Company''s Exposure to financial risks.

Market Risk

Market Risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises of mainly two types of risk: Interest rate risk and currency risk. Financial Instruments affected by market risk includes
short term borrowings, trade payables, trade receivables, other receivables / payables, etc

Interest rate risk

Interest rate riskis the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. Since the company has significant interest bearing borrowings other than from Promoters for which the interest is nil, the
exposure to risk of changes in market interest rates is minimal, except in case of Short term Borrowings. Company has not used any interest
rate derivatives. Further, the company does not have any significant exchange risk

Credit Risk

The Credit risk refers to risk that counterparty will default on its contratual obligations resulting in financial loss to the Company. Credit risk
arises primarily from financial assets such as trade receivables and other receivables. Since most of the revenue billing are against cash or
advance payment, Credit risk in respect of major operational customers are kept at a minimum.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial
instruments that are settled by delivering cash or another financial asset. The Company has an established liquidity risk management
framework for managing its short term, medium term and long term funding and liquidity management requirements

Additional Information to Financial Statements
Note 32

Goods & Service Tax

GST is collected on behalf of the Government and no economic benefit flows to the entity and hence Revenue from Operations
under GST regime is presented excluding GST.

Note 33

Capital Management

The Company''s objective for capital management is to maximise share holder value, safeguard business continuity and support the growth of the company. The Company
determines the capital requirement based on annual operating plans and long term and other strategic investment plans. The funding requirements are met through a
mixture of equity, internal fund generation and borrowed funds. The Company''s policy is to use short term and long term borrowings to meet anticipated funding
requirements. The Company is not subject to any externally imposed capital requirements. The Company''s overall strategy remains unchanged from the previous year.

Note 34

Disclosures Pursuant to Section 186(4) Of The Companies Act,2013

The Company has not made any investment or given any loan or guarantee as covered under Section 186 of Companies Act,2013.

Note 35

Disclosure under Micro, Small and Medium Enterprises Development Act 2006

Clause 22 of Chapter V of the Micro, Small and Medium Enterprises Development Act 2006, require following additional information in the Annual Statement of Accounts

(i) Principal amount remaining unpaid to any supplier at the end of the accounting year - Nil

(ii) Interest due thereon remaining unpaid to any supplier at the end of the accounting year - Nil

(iii) The amount of interest paid along with the amounts of the payment made to the supplier beyond the appointed day - Nil

(iv) The amount of interest due and payable for the year - Nil

(v) The amount of interest accrued and remaining unpaid at the end of the accounting year - Nil

(vi) The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid - Nil

Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 to meet the
above mentioned disclosure requirements the and hence disclosures if any, required under the said Act have not been given.

Note 38.1 Details of Benami Property

No proceedings have been initiated against the Company for holding any benami property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988)
and rules made thereunder in the financial year ended March 31,2024 and March 31, 2023.

Note 38.2 Wilful Defaulter

The Company has not been declared a wilful defaulter by any bank or financial institution or other lender in the financial year ended March 31, 2024
and March 31, 2023.

Note 38.3 Relationship with struck off Companies

The Company has no transactions with the companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act,

1956.

Note 38.4 Registration of charges or satisfaction with Registrar of Companies (ROC)

All charges or satisfaction are registered with ROC within the statutory period for the financial year ended March 31,2024 and March 31,2023
No changes or satisfaction are yet to be registered with ROC beyond the statutory period.

Note 38.5 Compliance with number of layers of companies.

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies
Note 38.6 Compliance with approved scheme(s) of arrangements

The Company has not entered into any Scheme of Arrangements which requires the approval of the Competent Authority in terms of sections 230 to
237 of the Companies Act 2013 for the financial years ended March 31,2024 and March 31,2023.

Note 38.7 Disclosure under Rule life) of the Companies (Audit and Auditors) Rules. 2014

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the
Company to or in any other person(s) or entityfies), including foreign entities (“Intermediaries’) with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

The Company has not received any fund from any partyfs) (Funding Party) with the understanding that the Company shall whether, directly or
indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries'') or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

Note 38.8 Undisclosed income

The company does not have any transaction which is not recorded in the books of accounts but has been surrendered or disclosed as income during
the year in tax assessments under the Income Tax Act, 1961.

Note 38.9 Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the financial years ended March 31,2024 and
March 31, 2023.

Note 38.10

Figures in brackets denote negative figures.

Note 38.11
Balance Confirmation

Balance under Financial Asset (other than those are specifically confirmed by the party),Other current Assets, Financial Liabilities and other
current liabilities are subject to confirmation from the respective partiesln the opinion of the directors, the above assets and liabilities have
the value at which they are stated in the balance sheet if realised in the ordinary course of business.

Note 38.12

Previous year''s figures have been regrouped/rearranged, wherever necessary to confirm to current year''s dassification/disclosure.

As per our report of even date attached

For Elias George and Co. N. Mohamed Faizal SJarina

Chartered Accountants Managing Director Women Director

FRN: 000801S DIN: 00269448 DIN: 00269434

Solomon Jimmy Choolackal R. Dhanasekaran S.KUPPAN

Partner: ChiefFinancialOfficer Company Secretary

Membership No: 245458 PAN: AGRPD8712H Membership Number A31575

Place: Chennai
Date : 29.05.2024

---

Mar 31, 2016

b. Cash and cash equivalents comprises of bank deposits given for bank & others amounting to X 21,45,754/- that are not available for use by it.

_Name of the Related party__Nature of Relationship_

Mr. H. Noor Mohamed

Mr. N. Mohamed Faizal Directors - Key Management Personnel

Mrs. S. Jaiina

Mr. N. Mohamed Saleem

Mr. N. Mohamed Rizwan

Mr. N. Mohamed Asraf Ali Relatives of Key Management

Mr. N. Mohamed Iqbal Personnel

Mr. Haroon E L Rashid Mrs. H. Farida

Olympic Plastic Products

Olympic Paper Products Enterprises owned or significantly Olympic Habib Charitable Trust influenced by the Key Management Olympia Paper and Stationery Stores__Personnel or their relatives._

Securities provided against Loan facilities from the Banks / Financial Institutions :

a) The Secured Loans include of Cash Credit with M/s. HDFC Bank Limited of Rs,7,52,58,351/M/s. HDFC Bank Limited Machinery loan of ^14,90,56,989/- are secured by paripassu first charge by way of hypothecation of Land and Building Plot No. 4, & K-19, Vysarpadi, Chennai - 600 039, These Property belongs to M/S. Olympic Plastic Products, Plot No. 5, Vysarpadi this property belongs to in the name of the company, No. 31, Dr. Radhakrishnan Salai, Mylapore, Chennai 600 004, property belongs to Mr. H. Noor Mohamed and S. Jarina and No.37 Shop No.7/1, 7/2 F Block Second Avenue Anna Nagar East, Chennai 102, this property belongs to Mr. H. Noor Mohamed.

b) The Rupee Loan from M/s. ICICI Bank Limited expansion of Business amounting to Rs, 8,75,84,920/- are secured by paripassu first charge by way of hypothecation of No. 195, N.S.C Bose Road, Chennai - 600 001, No. 9 & 10, Chinnathambi Street, No. 52, Malayaperumal Street, Chennai - 600 001., No. 195 N.S.C. Bose Road property belongs to Mr. H. Noor Mohamed, S. Jarina, Mohamed Faizal and N. Mohamed Iqbal. The Other Properties belongs to Mr. H. Noor Mohamed.

c) The Rupee Loan from M/s. Fulletron India Credit Co. Limited expansion of Business amounting to Rs, 7,22,75,847/- are secured by paripassu first charge by way of hypothecation of No. 4, United India Colony , Kodambakkam, Chennai -600 024. No. 54, Chinnathambi Street, Chennai - 600 001., No. 8-A, Taramani, Velachery Road, Velachery, Chennai - 600 042. These properties belongs to the company.

d) The Rupee Loan from M/s. The National Small Industries Corporation Ltd., purchase of Raw materials for Business amounting to Rs, 47,17,730/- are secured by paripassu first charge by way of hypothecation of Bank Guarantee.

e) The Rupee Loan from M/s. Siemens Finance Services Pvt. Ltd for expansion of Business amounting to Rs, 5,70,99,809/ - are secured by paripassu first charge by way of hypothecation Machinery. These machinery belongs to Company.

f) The Rupee Loan from M/s. Religare Finvest Ltd for expansion of Business amounting to Rs, 4,94,17,640/- are secured by paripassu first charge by way of hypothecation of Survey No 521/3A 3B 522/1 No.90 Kannikaiper village periyapalayam Road, Uthukottai Taluk Thiruvallore District 601102 This property belongs to Company

---

Mar 31, 2015

Securities provided against Loan facilities from the Banks / Financial Institutions :

a) The Secured Loans include of Cash Credit with M/s.Axis Bank Limited of 75,93,26,873/-, M/s.AxisBank Limited Machinery loan of 713,88,33,771/- are secured by paripassu first charge by way of hypothecation of Land and Building Plot No. 4.&K-19, Vysarpadi, Chennai - 600 039, These Property belongs to M/S. Olympic Plastic Products, Plot No.5, Vysarpadi and Kannigaiper Property, Thiruvallur District, 601102, these property belongs to in the name of the company and No. 31, Dr.RadhakrishnanSalai, Mylapore, Chennai 600 004, property belongs to Mr.H.Noor Mohamed and SJarina.

b) The Rupee Loan from M/s. Edelweiss Retail Finance Ltd for expansion of Business amounting to 7 2,49,04,769/- are secured by paripassu first charge by way of hypothecation of No.4, Badrian Street, Chennai - 600 001. This property belongs to Mr.H.Noor Mohamed.

c) The Rupee Loan from M/s. ICICI Bank Limited expansion of Business amounting to 7 9,56,46,690/- are secured by paripassu first charge by way of hypothecation of No. 195, N.S.C Bose Road, Chennai - 600 001., No.9 & 10, Chinnathambi Street, No. 52,Malayaperumal Street,Chennai - 600001., No. 195 N.S.C. Bose Road property belongs to Mr.H.Noor Mohamed, S.Jarina, Mohamed Faizal and N.Mohamed Iqbal. The Other Properties belongs to Mr. H.Noor Mohamed.

d) The Rupee Loan from M/s. Fulletron India Credit Co. Limited expansion of Business amounting to 7 7,41,15,118/- are secured by paripassu first charge by way of hypothecation of No.4, United India Colony , Kodambakkam, Chennai- 600024.,No.54, Chinnathambi Street, Chennai - 600 001., N0.8-A, Taramani, Velachery Road, Velachery, Chennai - 600 042.These properties belongs to the company.

e) The Rupee Loan from M/s. The National Small Industries Corporation Ltd.,purchase of Raw materials for Business amounting to 7 49,68,147/- are secured by paripassu first charge by way of hypothecation of Bank Guarantee.

---

Mar 31, 2014

Contingent Liabilities

Particulars Year Ended 31st Year Ended 31st March, 2014 March, 2013

Claims against the Company not - - acknowledged as debts

b) Others - -

Securities provided against Loan facilities from the Banks / Financial Institutions :

a) The Secured Loans include of Cash Credit with M/s. Axis Bank Limited of Rs.4,43,73,237/-, M/s. Axis Bank Limited Machinery loan of Rs. 13,24,90,396/- are secured by pari passu first charge by way of hypothecation of Land and Building Plot No. 4 and 5, Vyasarpadi, K-19, Vysarpadi, Chennai - 600 039, Kannigaiper Property, Thiruvallur District, Chennai - 601 102 and No.31, Dr. Radhakrishnan Salai, Mylapore, Chennai - 600 004.

b) The Rupee Loan from M/s. Edelweiss Housing Finance Ltd for modernization/expansion of Business amounting to Rs. 1,52,42,677/- are secured by pari passu first charge by way of hypothecation of No.4, Badrian Street, Chennai - 600 001.

c) The Rupee Loan from M/s. ICICI Bank Limited modernization/expansion of Business amounting to Rs. 10,24,88,046/- are secured by pari passu first charge by way of hypothecation of No.195, N.S.C Bose Road, Ch - 1, No.9 and 10, Chinnathambi St, No. 52, Malayaperumal st, Chennai - 600 001.

d) The Rupee Loan from M/s. HDB Financial Services Limited modernization/expansion of Business amounting to Rs.79,08,039/- are secured by pari passu first charge by way of hypothecation of No.4, United India colony , Kodambakkam, Chennai - 600 024.

e) The Rupee Loan from M/s. Kotak Mahindra Bank Limited modernization/expansion of Business amounting to Rs.2,40,15,188/- are secured by pari passu first charge by way of hypothecation of No.54, Chinnathambi Street, Chennai - 600 001.

---

Mar 31, 2013

Contingent Liabilities

Particulars As at 31st March, As at 31st March, 2013 2012 Rs. Rs.

a) Claims against the Company not acknowledged as debts - -

b) Others - -

NOTE 1:

The presentation of the financial statements is based on the Revised Schedule VI of the Companies Act, 1956, applicable from the current financial year. Accordingly, previous year figures are realigned to make it comparable with the current year.

---

Mar 31, 2012

(i) The Rupee Term Loan from City Union Bank Limited for modernization/ expansion amounting to Rs. 50,11,55/- are secured by a pari passu first charge by way of hypothecation of an immovable property at Vysarpadi, Chennai.

(ii) The Rupee Term Loan from Bajaj Auto Finance Limited for modernization/expansion amounting to Rs.11,11,80,059/- are secured by a pari passu first charge by way of hypothecation of four immovable properties located at Parry & Mylapore, Chennai, Owned by

Mr. H. Noor Mohamed and Mrs. S. Jarina Directors of the Company. (iii) The Rupee Term Loan from HDB Financial Services Limited for modernization/expansion amounting to Rs. 91,27,590/- are secured by a pari passu first charge by way of hypothecation of an immovable property at Kodambakkam, Chennai.

(iv) The Rupee Term Loan from India Infoline Housing Finance Limited for modernization/expansion amounting to Rs. 2,19,49,027/- are secured by a pari passu first charge by way of hypothecation of an immovable property at parrys, Chennai, Owned by Mr. H. Moor Mohamed. Mrs. S. Jarina, and Mr. N. Mohamed Faizal Directors of the Company together with Mr. N. Monamed Saleem, and Mr. N. Mohamed Iqbal Relatives of the Directors.