Olympic Cards Ltd Forensic Report - SOIC x StockScans Report

as of Aug 2026

Olympic Cards' audit record has deteriorated sharply: after four clean opinions through FY2022-23, the statutory auditor has qualified the accounts for three straight years, and financial institutions have declared the company a wilful defaulter in the last two. The promoter family sits on both sides of the company's trades and loans, and the company's own filings contradict each other on whether it even owns a subsidiary. The most recent annual report, for FY2025-26, carries a qualified opinion, blank related-party disclosure tables, and a governance statement that no penalties were imposed despite the same report recording unpaid statutory dues.

Key findings

  1. Auditor's opinion turned qualified for three straight years, and a financial institution declared the company a wilful defaulter Critical - The statutory auditor issued unqualified opinions for FY2019-20 through FY2022-23, then a Qualified Opinion for each of FY2023-24, FY2024-25, and FY2025-26. The FY2025-26 qualification cites non-confirmation of Trade Receivables of 1.17 crore, Trade Payables of 6.72 crore, Advances from Customers of 1.85 crore, and Advances to Suppliers of ₹41.57 lakhs as at 31.03.2026. A financial institution declared the company a wilful defaulter for FY2024-25 and FY2025-26, and the FY2025-26 report records defaults on loan repayments and interest to banks, with working capital limits exceeding ₹5 crores where quarterly returns filed with banks do not match the books.
  2. Promoter-family entities are the principal counterparties, yet the related-party disclosure tables are blank Critical - Shareholders were asked to approve material related party transactions with entities in which Managing Director Mr. N. Mohamed Faizal and Non-Executive Director Mrs. S. Jarina are interested, including lease rents, goods purchases and sales, and interest-free unsecured loans, with a cumulative cap of ₹20 crores for FY2025-26. The proposed transactions and loans each represent 74.40% of the company's annual consolidated turnover for FY2024-25. The AOC-2 form in the FY2025-26 Annual Report presents tables on pages 60-67 that are entirely blank, with no contracts or transactions listed.
  3. Promoter family controls the board while public shareholders twice voted against the promoter director's reappointment Major - Mrs. S. Jarina, a promoter holding 4.86%, was defeated at the 23rd Sep 2020 AGM when her re-appointment resolution received only 0.29% of votes polled in favour, with public non-institutional shareholders voting 89.62% against. She resigned on 14th September 2020, rejoined as Additional Director on 12th November 2020, and was re-appointed at the AGM held on 25th September 2021. At the 27th Sep 2024 AGM, resolutions to re-appoint Mr. Faizal and Mrs. Jarina each received 100% votes in favour, but the invalid votes exactly equalled their own shareholdings of 6,674,528 and 793,291 shares respectively.
  4. Reported borrowings mask a pattern of loan defaults, restructurings, and NPA declarations Major - For the year ended 31 March 2024, the company reported a default in repayment of principal and interest on a borrowing from a Financial Institution. As of the annual report dated 28.09.2024, a loan from Religare Enterprises Limited of ₹22,38,381 was declared an NPA by the lender. On 10.07.2021, ICICI Bank approved restructuring of three loans with revised EMIs, extended tenures, and 12-month moratoriums, and the company's working capital position was described as "crippled substantially" as of 30 Jun 2021. The interest coverage ratio was -0.6x in the latest period, meaning operating losses do not cover interest obligations.
  5. Statutory dues, listing fees, and fines remain unpaid across at least six fiscal years despite governance reports claiming no penalties Major - The FY2025-26 secretarial audit report records Employee Provident Fund contributions not remitted from April 2026 to June 2026, ESI amounts not remitted from May 2025 to June 2026, and annual listing fees for FY2025-26 paid late on 12.09.2025, due 30.04.2025. The FY2022-23 secretarial audit report records PF, ESI, and TDS remittances not made across multiple months. The FY2025-26 Corporate Governance report states "No instances of non-compliance by the Company on capital markets matters; no penalties/fines imposed," a statement repeated in every Corporate Governance report since FY2020-21 despite the non-compliances recorded in the same years' secretarial audit reports.
  6. Escalating GST disputes and tax demands carry no provisions, while EPCG license demands remain partially unpaid Major - As of FY2022-23, two disputed GST liabilities with no provision made total ₹1,64,28,042 and ₹2,17,22,955, determined by orders dated 11-12-2022 and 19-05-2023. As of FY2021-22, an appeal was filed against 11 orders determining GST liability of ₹8.96 crores via best judgement assessment for non-filing of GSTR-3B, with no provision made. Demands from the DGFT towards EPCG Licences remain partially unpaid, with balances of ₹61,89,000 and ₹20,52,036 outstanding.
  7. Company's own filings contradict each other on whether it has a subsidiary Major - The FY2021-22 Annual Report states the company holds 2,000 equity shares in "Olympic Cards (UK) Ltd," a subsidiary, carried at cost of 10.45 crore. The same report also states under the Companies (Registration of Foreign Companies) Rules, 2014 that "the company has no foreign subsidiaries". Every annual report from FY2022-23 through FY2025-26 states the company has no subsidiary.
  8. Trade receivables rose 69% in FY2024, with 40% aged over three years Major - Trade receivables rose to ₹337.34 lakhs as of March 31, 2024, from ₹199.70 lakhs a year earlier, with ₹135.04 lakhs aged over 3 years. As of 31 March 2023, ₹158.22 lakhs were outstanding for more than 3 years, classified as "Undisputed Trade receivables - considered good". The FY2021-22 financial statements state that "Majority of the Company's transactions are earned in cash or cash equivalents".

What to watch

Bottom line: This is a record of sustained audit deterioration, regulatory defaults, and promoter-family entrenchment. The qualified opinions and wilful defaulter declarations are the formal markers, but the blank related-party tables and the contradictory subsidiary disclosures show the filings themselves cannot be taken at face value. The risk is that the reported financial position understates both the company's obligations and the extent of promoter involvement in its affairs; watch the shareholder votes and the pending regulatory orders listed above.