Mar 31, 2015
We have audited the accompanying financial statements of Continental
Petroleums Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2015, the Statement of Profit, Loss and Cash Flow
Statement for the year the Ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-Section (3C) of Section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act,2013. This
responsibility includes the design, implementation of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair viewin conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As Required by the Companies (Auditor's Report) Order, 2015 ("the
Order") as amended issued by the Central Government of India in terms
of Sub-section(11) Of Section 143 of the Act, We give in the Annexed a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. Asrequired by Section 143(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d. In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts)Rules, 2014.
e. On the basis of written representations received from the directors
as on 31st March , 2015 taken on record by the Board of Directors, none
of the Directors is disqualified as on 31st March, 2015 from being
appointed as a Director of the company in terms of Section 164(2) of
the Act.
f. With respect to the other matters to be included in the Auditors
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules and to our best of information and according to the explanations
given to us :
(i) The company has disclosed pending litigations which would impact it
financial position.
(ii) The company did not have any long term contracts including
derivatives contracts for which there were any material foreseeable
losses.
(i) There has been no delay in transferring amounts which were required
to be transferred to the investor education and protection fund by the
company.
ANNEXURE TO THE AUDITOR'S REPORT
[Referred to in our report of even date to the Member of Continental
Petroleums Ltd]:
(i) (a) The Company is in the process of compiling fixed assets records
to show full particulars, including quantitative details and situation
of fixed assets.
(b) We were informed that all major items of fixed assets were
physically verified by the management at the end of the year and that
no discrepancy was notified on such verification, which on account of
proper records being still under compilation, could not be verified.
(ii) (a) The Management of Company has conducted physical verification
of inventory at reasonable intervals.
(b) In our opinion, the procedures of physical verification of stocks
followed by the management of Company are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 . Accordingly the clause
3(iii)(a) and 3 (iii)(b) of the Order are not applicable to the
Company.
(iv) In our opinion and according to information and explanation given
to us ; there is adequate internal control system commensurate with the
size of the Company and the nature of its business .fixed assets and
with regard to loans given . Further on the basis of our examination of
books and records of the Company, and according to the information and
explanations given to us, we have not observed any continuing failure
to correct major weaknesses in the aforesaid internal control system.
(v) The Company has not accepted any deposited as defined in the
Companies(Acceptance Of Deposits) Rules 2014.Accordingly, the
provisions of Clause 3(v) of the order are not applicable to the
Company.
(vi) According to information and given to us, The Central government
has not prescribed maintenance of cast records under section (1) one of
section 148 of the company's act, 2013.
(a) According to the information and explanation given to us , the
company is generally regulars in depositing with appropriate
authorities undisputed statutory dues to company had no areas of such
outstanding statutory dues as at 31st march, 2015 for a pried more than
six month from the date they become payable.
(b) According to the information and explanation given to us, the
company has no disputed outstanding statutory dues as at 31st march,
2015
(c) According to the information and explanation given to us, no amount
is required to be transferred to the investor Education and Protection
fund as the relevant provision of the company's Act, 2013 are not
applicable to the company.
(vii) The company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses during the
financial year end in the immediately preceding financial year.
(viii) According to the information and explanation given to us, the
Company has not defaulted in the repayments of dues to financial
institution, bank or debenture holder during the year
(ix) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial intuitions during the year.
(x) According to the information and explanation given to us, the
Company has applied term loans for the purpose for which the loans were
obtained.
(xi) According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the year
review.
Place Jaipur For R.P. Khandelwal & Associates
Date:-30th May 2015 Chartered Accountants
FRN 001759C
R.P Khandelwal
(Partner)
M.No : 071002
Mar 31, 2013
We have audited the attached Balance Sheet of M/s Continental
Petroleum''s Limited, Jaipur as at 31st March, 2013 and the Profit & Loss
Account for the year ended on that date annexed and report that:-
"We conducted our Audit in accordance with Auditing Standards
generally accepted in India. Those standards required that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on test basis, evidence supporting the amount and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion."
1. As required by the Companies (Auditor''s Report) order 2003 dated
12th June, 2003 issued by the Central Government in terms of
Sub-Section (4A) of Section 227 of the Companies Act, 1956. We enclosed
in the Annexure a statement on the matter specified in paragraph 4 and
5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph 1
above:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) Proper Books of Accounts as required by law have been kept by the
Company so far as it appears from our examination of the books.
(c) The Balance Sheet and Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) During the course of our audit we have not observed any adverse
effect on the working of the Company.
(e) None of the Director of the Company are disqualified from the
appointment as Director under clause (g) of Sub - Section (1) of
Section 274 of the Companies Act,1956.
(f) In our opinion and to the best of our information and according to
the explanation given to us the said accounts read with the notes
thereon given the information required by the Companies Act, 1956 in
the manner, so required and give a true and fair view:-
(i) In the case of the profit & Loss Account of the Profit for the year
ended on that date.
(ii) In the case of Balance Sheet of the state of affairs of the
Company as at 31st March, 2013.
Annexure to the Auditor''s Report
Referred to in paragraph 1 above of even date:
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets. The fixed
assets have been physically verified by the management during the year
and we are informed that no material discrepancies were noticed on such
verification.
2. The company has not disposed off substantial part of the fixed
assets which affects the going concern of the company.
3. a) The inventory has been physically verified by the management at
reasonable intervals during the year.
b) In our opinion, the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relations to
the size of the company and nature of its business.
c) The Company has maintained proper record of inventory and no
material discrepancies were noticed on the physical verification of
inventory as compared to book records except minor discrepancies and
the same have been dealt with in the books of accounts.
4. On the basis of our examination of stocks we are satisfied that the
valuation of stocks of finished goods, spare parts and raw material is
fair and proper in accordance with the normally accepted accounting
principles and is generally on the same basis as in the previous year.
5. The Company has not taken unsecured loans, (interest free) from
companies, firms and other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. As explained, there is no
company under the same management as the company within the meaning of
Section 370 (1 -B) of the companies Act, 1956 which is not prejudicial
to the interest of the company.
6. The Company has not given any loans and advance in the nature of
loans to the employees except the temporary loans given to staff as per
contractual obligation and the same are being recovered as per
stipulation except minor delays.
7. In our opinion and explanations given to us, internal control
procedures for the purchase of stores, raw materials including
components, plant & machinery, equipments and other assets, and for the
sale of goods are commensurate with the size of the company and nature
of its business.
8. There are no transaction of purchase of goods and material and sale
of goods, materials and services aggregation to Rs. 5.00 Lacs or more
in respect of each party in pursuance of contracts for arrangements
that need entered in the register maintained under section 301 of the
Companies Act, 1956.
9. The Company has not accepted any deposit from public under section
58A & 58AA of the Act.
10. In our opinion the Company''s internal audit system commensurate
with its size and nature its activities. However it require further
strengthen. The Company has appointed chartered accountant to perform
internal audit.
11. We are informed that the Central Govt, has prescribed the
maintenance of cost records under section 209 (1)
(d) of the Companies Act, 1956 and the company has complied with
provision of sec. 209 (1) (d) of the said Act.
12. As verified by us, the company is regularly depositing
Employees'' State Insurance and Provident fund dues with appropriate
authorities.
13. (a) As verified by us, there are no un-disputed amount payable in
respect of income tax, wealth-tax, custom duty, sales-tax and excise
duty, outstanding for a period of more than 6 months from the date they
became payable.
(b) In respect of following disputed demand, the Company has filed
appeals to various appropriate courts / Appeal let Authorities to seek
justice and the same are pending for decision by appropriate
authorities/ courts.
(i) Rajasthan Sales Tax demand of Rs 21,21,408/- (Assessment Year
2001-2002)
(ii) Rajasthan Sales Tax demand of Rs. 6,94,412/- (Assessment Year
2002-2003)
(C) The sales Tax Deptt. has challenged the decision (already decided
in favor of the company) in the Rajasthan Tax Board for demand of Rs.
7,89,699/- for assessment year 1994-95
14. The Company is not sick unit under SICA.
15. In our opinion and to the best of the information and explanation
given to us the company has taken secured loan car loan of Rs.485941
from the financial institutions and working capital loan from Bank of
Rs 3838708.
16. The Company has not granted any loan and advances on the basis of
pledge of shares, debentures and other securities. Accordingly clause 4
(xiii) of the order is not applicable.
17. In our opinion and to the knowledge and explanation given to us
the Company is not a chit fund/ nidhi/ mutual benefit fund/ society.
Accordingly clause 4 (xiii) is not applicable.
18. According to the information and explanation given to us, the
Company is not dealing or trading in shares securities, debenture and
other investment. Accordingly, clause 4(xiii) of the order is not
applicable.
19. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loan taken by
others from bank or financial institutions.
20. According to the information and explanation given to us and on
the basis of our examination of the books of account, the term loans
obtained by the company in the past were applied for the purpose for
which such loans were obtained.
21. According to the information and explanation given to us and on an
the basis of our examination of the Balance Sheet of the Company, we
are of the opinion that no fund raised on short - term basis have been
used for long term investment. The Company has taken the car loan of
Rs. 4,85,904/-
22. The Company has issued 3,15,000 fully convertible warrants of
Rs.10/- each to promoter on preferential basis at a premium of Rs. 13/-
per share i.e. Rs.23/- per warrant in 2011 out of which during the year
1,22,000 fully convertible warrants were converted into equity share
capital in equal number of equity shares during the year. This issue
is subject to approval of Bombay Stock Exchange which is still awaited.
23. The Company has not issued any debenture. Accordingly, cause
4(xix) of the order is not applicable.
24. The Company has not made any public issue, therefore, the clause
of disclosure the end use of money raised by public issues is not
applicable this year.
25. We have been informed that no employee of the company has
misappropriated fund of the Company.
For R.R Khandelwal & Associates
Chartered Accountants
Place: Jaipur R.P. Khandelwal
Date: 30th May, 2013 Partner
Mar 31, 2010
We have audited the attached Balance Sheet of M/s Continental
Petroleums Limited, Jaipur as at 31st March 2010 and the Profit & Loss
Account for the year ended on that date annexed and report that:-
"We conducted our Audit in accordance with Auditing Standards generally
accepted in India. Those standards required that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining on test basis, evidence supporting the amount and disclosures
in the financial statement. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion."
1. As required by the Companies (Auditors Report) order 2003 dated
12th June 2003 issued by the Central Government in terms of Sub-Section
(4A) of Section 227 of the Companies Act, 1956. We enclosed in the
Annexure a statement on the matter specified in paragraph 4 and 5 of
the said order.
2. Further to our comments in the Annexure referred to in a paragraph
1 above:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) Proper Books of Accounts as required by law have been kept by the
Company so far as it appears from our examination of the books.
(c) The Balance Sheet and Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) During the course of our audit we have not observed any adverse
effect on the working of the Company.
(e) None of the Director of the Company are disqualified from the
appointment as Director under clause (g) of Sub - Section (1) of
Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanation given to us the said accounts read with the notes
thereon given the information required by the Companies Act, 1956 in
the manner, so required and give a true and fair view:-
(i) In the case of the profit & Loss Account of the Profit for the year
ended on that date.
(ii) In the case of Balance Sheet of the state of affairs of the
Company as at 31st March, 2010.
Annexure to the Auditors Report
Referred to in paragraph1 above of even date:
1. The Company has maintained proper records showing full Particulars
including quantitative details and situation of fixed assets. The fixed
assets are being physically verified by the management under a phased
programs of verification and no material discrepancies have been
noticed on such verification.
2. The company has not disposed off substantial part of the fixed assets
which affects the going concern of the company.
3. a) The inventorv has been physically verified by the management at
reasonable intervals during the year.
b)In our opinion,the procedures of physical verification of stocks
followed by the management are reasonable and adequate in relations to
the size of the company and nature of its business.
c) The Company has maintained proper record of inventory and no
material discrepancies were noticed on the physical verification of
inventpry as compared to books records except minor discrepancies and
the same have been dealt with in the books of account.
4. on the basis of our examination of stocks we are satisfied that the
valuation of Stocks of finished goods,spare parts and raw materials is
fair and proper in accordance with the normall accepted accounting
principles and is generally on the same basis as in the previous year.
5.The company has not taken any unsecured loans,(interest free) from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. As explained, there is no
Company under the same management as the company with in the meaning of
section 370(1-B) of the Companies Act, 1956 which is not prejudicial to
the interest of the company.
6.The company has not given any loans and advance in the nature of
loans to the employees except the temporary loans given to staff as per
contractual obligation and the same are being recovered as per
stipulation except minor delays.
7. In our opinion and explanations given to us, internal control
procedures for the purchase of stores, raw materials including
components, plant & machinery, equipments and other assets, and for the
sale of goods are commensurate with the size of the company and nature
of its business.
8. There are no transactioonf purchaseo f goods and material and sale
of goods, materials and servlces aggregation to Rs. 5.00 Lacs or more
in respect of each party in pursuance of contracts for arrangements
that need entered in the register maintained under section 301 of the
Companies Act,1956.
9.The company has not accepted any deposit from public under Section
58A & 58AA of the Act,except unsecured loan of Rs.8,58,567/- taken from
body corporate, promoters & Directors of the company.
10.ln our opinion the Companys internal audit system commensurate with
its size and nature its activities.However it require further
strengthen.
11. we are informed that the central govt. has not prescribed the
maintenance of cost records under section 209 (1) (d) of the Companies
Act 1956.
12. As verified by us, the companyis regularly depositing Employees
State Insurance and Provident fund dues with appropriate authorities.
13. (a) As verified by us, there are no un-disputed amount payable in
respect of income tax, wealth-tax, custom tax, sales tax and excise
duty, outstanding for a period more than 6 months from the date they
became payable.
(b) ln respect of following disputed demand, the company has filed
appeals to various appropriate courts/ Appeallet Authorities to seek
justice and the same are under process of finalization.
(i) Rajasthan Sales Tax demand of Rs.7,89,699- (Assessment Year
1994-95)
(ii) Rajasthan Sales Tax demand of Rs.21,21,408/-- (Assessment Year
2001-2002)
(iii) Rajasthan Sales Tax demand of Rs.6,94,4121- (Assessment Year
2002-2003)
14 The Company have accumulated losses at the end of the financial year
Rs 7,14,714/- which is less than 50% of its net worth and also the
Company has not incurred any cash losses in the current year as well as
in the immediately preceding the financial year.
15. In our opinion and to the best of the information and explanation
given to us the company has not taken any secured loan from any of the
financial institutions except working capital loan from Bank.
16. The company has not granted any loan and advances on the basis of
pledge of shares, debentures and other securities. Accordingly clause 4
(xiii) of the order is not applicable.
17. In our opinion and to the knowledge and explanation given to us
the company is not a chit fund/ nidhi/ mutual benefit fund/ society.
Accordingly clause 4 (xiii) is not applicable.
18. According to the information and explanation given to us, the
company is not dealing or trading in shares securities, debenture and
other investment. Accordingly, clause 4(xiii) of the order is not
applicable.
19. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loan taken by
others from bank or financial institutions.
20. According to the information and explanation given to us and on
the basis of our examination of the books of account, the term loans
obtained by the company in the past were applied for the purpose for
which such loans were obtained.
21. According to the information and explanation given to us and on an
the basis of our examination of the Balance Sheet of the company, we
are of the opinion that no fund raised on short term basis have been
used for long term investment. Further funds generation from regular
Hazardous Waste Management operation was Rs.2,51,70, 530/-. The company
has repaid the Unsecured loan of Rs.15,46,276/-.
22. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the companies Act, 1956. Accordingly, clause 4(xviii) of the
order is not applicable.
23. The Company has not issued any debenture. Accordingly, cause
4(xix) of the order is not applicable.
24. The Company has not made any public issue, therefore, the clause
of disclosure the end use of money raised by public issues is not
applicable this year.
25. We have been informed that no employee of the company has
misappropriated fund of the company.
For R.P. Khandelwal & Associates
Chartered Accountants
R.P. Khandelwal
Partner
Place: Jaipur
Date : 29th May 2010