Mar 31, 2014
We have audited the accompanying financial statements of Continental
Controls Limited ("the Company"), which comprise the Balance Sheet as
at 31st March, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then 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 Accounting Standards
notified under 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 and maintenance
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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. 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 view in 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 31st March, 2014;
(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, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956 read with the General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of section 133 of the Companies Act, 2013;
(e) On the basis of the written representations received from the
directors as on 31st March, 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2014, from being appointed as a director in terms of Section 274(1)(g)
of the Act.
Annexure to Auditors1 Report
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
1. In respect of its fixed assets:
a) The Company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has granted advances during the year to two parties. The
maximum amount outstanding during the year was Rs. 50,02,514 and at the
end of the year balance was Rs. Nil.
b) In our opinion, the terms and conditions on which such advances have
been given are not prima facie prejudicial to the interest of the
company.
c) In respect of advance given by the Company, these are repayable on
demand and therefore the question of overdue amount doesn''t arise.
d) The Company has not taken advances during the year from two parties,
therefore clause (iii) (e)(f)(g) of paragraph 4 of the order are not
applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts / arrangements
have been made at prices which appear reasonable as per information
available with the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our opinion, the Company does not have internal audit system
commensurate with the size and nature of its business.
8. To the best of our knowledge and belief, the Central Government has
not prescribed maintenance of cost records under clause (d) of
sub-section (1) of Section 209 of the Act, in respect of the services
rendered by the Company. Accordingly, the provisions of clause 4(viii)
of the Order are not applicable.
9. According to the information and explanations given to us in respect
of statutory dues:
a) Undisputed statutory dues in respect of custom duty, excise duty,
sales tax, service tax, withholding taxes, provident fund, and
employees'' state insurance, cess as applicable and any other statutory
dues have been regularly deposited with the appropriate authorities.
Since to the best of our knowledge, the Central Government has till
date not prescribed the amount of cess payable under section 441A of
the Act, no comments in this respect have been made.
b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Sales Tax, Excise Duty, Cess and other
material statutory dues in arrears as at 31st March 2014, for a period
of more than six months from the date they became payable.
c) Details of dues of Income Tax which have not been deposited as on
31st March 2014, on account of disputes are given below:
Statute Nature of Forum where Period to Amount
Dues Dispute is which the Involved
pending amount
relates
Income tax Income tax ITAT 2000-01 11,92,911
Act, 1961
During the year the Company has paid Rs. 5,21,102 on the said demand.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and also in the immediately
preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by management, the Company has not taken any Loan
from Financial Institutions, Banks and Debenture holders, so default in
repayment of dues does not arise.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. The Company is not in dealing or trading in shares, securities,
debentures and other investments, paragraph 4(xiv) is not applicable.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Therefore, the provisions of paragraph
4 (xv) of the said Order are not applicable to the Company.
16. In our opinion and according to the information and explanations
given to us, the Company has not taken any Term loans.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long term investment.
18. 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.
19. The Company has not issue any Debenture during the year.
20. The Company has not raised any monies by way of public issues
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For D Kothary & Co.
Chartered Accountants
(Firm Registration No. 105335W)
Vipul N. Chauhan
Partner
Membership No. 047846
Place : Mumbai
Date : 28th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Continental
Controls Limited ("the Company"), which comprise the Balance Sheet as
at 31st March, 2013, the Statement of Profit and Loss and Cash Flow
Statement for the year then 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 principles generally accepted in India including
Accounting Standards referred to in Section 211 (3C) of the Companies
Act, 1956 ("the Act"). This responsibility includes the design,
implementation and maintenance 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 view in 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 31st March, 2013;
(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, 2003 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
(e) On the basis of the written representations received from the
directors as on 31st March, 2013, taken on record by the Board of
Directors, none of the directors is disqualified as on 31" March, 2013,
from being appointed as a director in terms of Section
274(l)(g)oftheAct.
Annexure to Auditors'' Report
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
1. In respect of its fixed assets:
a) The Company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under Section 301 ofthe Companies Act, 1956:
a) The Company has not granted any unsecured loan to any Company firm
and other parties, therefore clause 4(iii)(b)(c)(d) are not applicable
to the Company.
b) The Company has taken advances during the year from two parties. The
maximum amount outstanding during the year was Rs. 3,15,518 and at the
end ofthe year balance was Rs. Nil.
c) In our opinion, the terms and conditions on which such advances have
been taken are not prima facie prejudicial to the interest ofthe
company.
d) In our opinion, the repayment of advances is regular as per
stipulated terms.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size ofthe Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. In respect ofthe contracts or arrangements referred to in Section
301 ofthe Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 ofthe Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts / arrangements
have been made at prices which appear reasonable as per information
available with the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 ofthe Order are not applicable
to the Company.
7. In our opinion, the Company does not have internal audit system
commensurate with the size and nature of its business, but as per
information and explanation given by the management there is an
adequate internal control system.
8. To the best of our knowledge and belief, the Central Government has
not prescribed maintenance of cost records under clause (d) of
sub-section (1) of Section 209 ofthe Act, in respect ofthe services
rendered by the Company. Accordingly, the provisions of clause 4(viii)
ofthe Order are not applicable. ___
9. According to the information and explanations given to us in
respect of statutory dues:
a) Undisputed statutory dues in respect of custom duty, excise duty,
sales tax, service tax, withholding taxes, provident fund, and
employees'' state insurance, cess as applicable and any other statutory
dues have been regularly deposited with the appropriate authorities.
Since to the best of our knowledge, the Central Government has till
date not prescribed the amount of cess payable under section 441A of
the Act, no comments in this respect have been made.
b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Sales Tax, Excise Duty, Cess and other
material statutory dues in arrears as at 31!1 March 2013, for a period
of more than six months from the date they became payable.
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and also in the immediately
preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by management, the Company has not taken any Loan
from Financial Institutions, Banks and Debenture holders, so default in
repayment of dues does not arise.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. The Company is not in dealing or trading in shares, securities,
debentures and other investments, paragraph 4(xiv) is not applicable.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Therefore, the provisions of paragraph
4 (xv) of the said Order are not applicable to the Company.
16. In our opinion and according to the information and explanations
given to us, the Company has not taken any Term loans.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long term investment.
18. 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.
19. The Company has not issue any Debenture during the year.
20. The Company has not raised any monies by way of public issues
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For D.Kothary & Co
Chartered Accountants
(Firm Registration No. 105335W)
Vipul N. Chauhan
Partner
Membership No. 47846
Place: Mumbai
Date : 30th May, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of Continental Controls
Limited ('the Company') as at March 31, 2012, the Statement of Profit
and Loss and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto (together referred to as 'financial
statements'). These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the 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.
3. As required by the Companies (Auditor's Report) Order, 2003, ('the
said Order'/'CARO') issued by the Central Government in terms of
Section 227(4A) of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, 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 purposes 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, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report are in compliance with
the Accounting Standards referred to in sub-section (3C)of Section 211 of
the Companies Act, 1956.
e) On the basis of written representations received from the Directors
as on March 31,2012 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on March 31,2012
from being appointed as a director in terms of 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 explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes thereon give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to Auditors' Report
( Referred to in Paragraph 3 of our report of even date)
1. In respect of its fixed assets:
a) The Company has not maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted any unsecured loan to any Company, firm
and other parties, therefore clause 4(iii)(b)(c)(d) are not applicable
to the Company.
b) The Company has taken advances during the year from two parties. The
maximum amount involved during the year was Rs. 9,5 3,2 5 5 and at the
end of the year balance was Rs. 4,31,560.
c) In our opinion, the terms and conditions on which such advances have
been taken are not prima facie prejudicial to the interest of the
company.
d) In our opinion, the repayment of advances is regular as per
stipulated terms.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered in the register maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions in pursuance of contracts / arrangements
have been made at prices which appear reasonable as per information
available with the Company.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not applicable
to the Company.
7. In our opinion, the Company does not have internal audit system
commensurate with the size and nature of its business, but as per
information and explanation given by the management there is an
adequate internal control system.
8. To the best of our knowledge and belief, the Central Government has
not prescribed maintenance of cost records under clause (d) of
sub-section (1) of Section 209 of the Act, in respect of the services
rendered by the Company. Accordingly, the provisions of clause 4(viii)
of the Order are not applicable.
9. According to the information and explanations given to us in respect
of statutory dues:
a) Undisputed statutory dues in respect of custom duty, excise duty,
sales tax, service tax, withholding taxes, provident fond, and
employees' state insurance, cess as applicable and any other statutory
dues have been regularly deposited with the appropriate authorities.
Since to the best of our knowledge, the Central Government has till
date not prescribed the amount of cess payable under section 441A of
the Act, no comments in this respect have been made.
b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Sales Tax, Excise Duty, Cess and other
material statutory dues in arrears as at 31st March 2012, for a period
of more than six months from the date they became payable.
c) Details of dues of Income Tax which have not been deposited as on 3
lsl March 2012, on account of disputes are given below:
Statute Nature of Forum where Period to Amount
Dues Dispute is which the involved
Pending amount
relates
Income tax Income tax ITAT 2000-01 11,92,911
Act, 1961
10. The Company has accumulated losses at the end of the financial year
which is not more than fifty per cent of its net worth. The Company
has not incurred cash losses during the financial year covered by the
audit and also in the immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by management, the Company has not taken any Loan
from Financial Institutions, Banks and Debenture holders, so default in
repayment of dues does not arise.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. The Company is not in dealing or trading in shares, securities,
debentures and other investments, paragraph 4(iv) is not applicable.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions. Therefore, the provisions of paragraph
4 (xv) of the said Order are not applicable to the Company.
16. In our opinion and according to the information and explanations
given to us, the Company has not taken any Term loans.
17. According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long term investment.
18. 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.
19. The Company has not issue any Debenture during the year.
20. The Company has not raised any monies by way of public issues
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For D. Kothary & Co
Chartered Accountants
(Firm Registration No. 105335W)
Vipul N. Chauhan
Partner
Membership No. 47846
Place: Mumbai
Date : 28th August, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of CONTINENTAL CONTROLS LIMITED as
at 31st March, 2011 and also the profit and loss account and the cash flow
statement for the year ended on 31st March, 2011 annexed thereto. These
financial statements are the responsibility of the company's management.
Our responsibility is to express an opinion on these financial statements
based on our audit
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require 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 a test basis, evidence supporting the amounts
and disclosures in the financial statements. 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, 2004 issued
by the Central Government in terms of section 227(4A) of the Companies
Art, 1956.; we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph(1)
above, 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 purposes of our
audit;
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
(c) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956;
(e) On the basis of written representations received from the
directors, as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a Director in terms of
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
explanations given to us the said accounts read with the notes thereon
give the information as required by The Companies Act of India, 1956 in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India :
{i In the case of the Balance Sheet of the state of affairs of the
Company as at 31- March, 2011; (ii In the case of the Profit and Loss
Account of the Profit for the year ended on that date; and {iii In the
case of the cash flow statement of the cash flows for the year ended on
that date.
ANNEXURE TO THE AUDITOR'S REPORT
( Referred in paragraph (I) of report of even date)
(1) a In our opinion and according to the information and explanation
given to us. the Company has not maintained the relevant records
showing full particulars, including quantitative details and situation
of fixed assets
In our opinion, the fixed assets have been physically verified by the
management at reasonable intervals. having regard to the size of the
company and nature of its assets.
In our opinion and according to the information and explanations given
to us, a substantial part of fixed assets has not been disposed off by
the company during the year.
(ii) a The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification Is
reasonable
The procedures of physical verification of inventory followed by the
management has appeared to be reasonable and adequate in relation to
the size of the Company and nature of its business.
The Company is maintaining proper records of inventory The
discrepancies noticed on verification between the physical stocks and
book records have been properly dealt with in the books of accounts.
(iii) a As informed to us, there are no companies, firms or other
parties to be covered in register maintained under Section 301 of the
Companies Act. 1956. Therefore, the provisions of clause 4(iii) (a) to
(g) of the Companies (Auditor's Report) Order. 2003 (as amended) are
not applicable to the Company
(iv) In our opinion, there are adequate internal control system
commensurate with the size of the company and nature of its business,
for the purchase of inventory, fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal controls
(v) As informed to us. there are no companies, firms or other parties
to be covered in register maintained under Section 301 of the Companies
Act. 1956. Therefore, the provisions of clause 4(v) (a) and (b) of the
Companies (Auditor's Report) Order. 2003 (as amended) are not
applicable to the Company
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the
shareholders, friends, relative of directors and business associates.
Hence the provisions of section 58A and 58AA of the Companies Act, 1956
and companies (Acceptance of Deposit) Rules 1975 are not applicable to
company
(vii) In our opinion, the company has no internal audit system
commensurate with its size and nature of its business.
(viii) As informed to us. the maintenance of cost records has not been
prescribed by the Central Government under section 209(1 )(d) of the
Companies Act, 1956. in respect of the activities carried on by the
company
(ix) a The company has been regular in depositing undisputed statutory
dues including Provided Fund dues, Investor Education and Protection
Fund dues. Employees' Slate Insurance. Income-tax. Sale-tax. cess and
any other statutory dues with appropriate authorities.
According to the information and explanation given to us, no undisputed
amounts payable In respect of income tax. wealth tax, sales tax. custom
duty and excise duty were outstanding, as at 31st March 2011 for a
period of more than six months from the date they become payable except
income tax and professional tax
ANNEXURE TO THE AUDITORS REPORT
( Referred in paragraph (I) of report of even date)
(x) The company has not incurred cash losses in the current year.
However In the immediately preceding financial year the company has
accumulated losses.
(xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institutions, banks or to debenture holders.
(xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities
(xiii) In our opinion, the company is not a Chit Fund or a Nidhi Fund
or a Mutual Benefit Fund / Society. Therefore, the provisions of
clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company
(xiv) As the company is not dealing or trading in shares, securities,
debentures or other investments, paragraph 4(xiv) of the Order is not
applicable
(xv) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) This clause Is not applicable as no term loans have been raised
during the year.
(xvii) Based on the Information and explanations given to us and on an
overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investments.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
(xix) The company has not issued any debentures during the year
(xx) The company has not raised any money by public issue during the
year
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us. no fraud on or by the Company
was notice or reported during the year,
Place : Mumbai For, D Kothary & Co.,
Date :27/08/2011 Chartered Accountants
Vipul N. Chauhan
Partner
M/No. :: 47846
Address::
149, Behram Mahal. 2nd Floor
534. Dhobi Talao. Mumbai - 400002
Firm Registration No. 105335Wb
Mar 31, 2010
We have audited the attached Balance Sheet of CONTINENTAL CONTROLS
LIMITED as at 31st March, 2010 and also the profit and loss account and
the cash flow statement for the year ended on 31st March 2010 annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require 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 a test basis, evidence supporting the amounts
and disclosures in the financial statements. 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, 2004 issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956.; we enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph
(1) above, 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 purposes of our
audit;
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
(c) The balance sheet, profit and loss account and cash flow statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion the balance sheet, profit and loss account and cash
flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31 st March, 2010 from being appointed as a Director in terms of
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
explanations given to us the said accounts read with the notes thereon
give the information as required by The Companies Act of India, 1956 in
the manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India:
(i) In the case of the Balance Sheet of the state of affairs of the
Company as at 31 st March 2010;
(ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
(ii) In the case of the cash flow statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred in paragraph (1) of report of even date)
(i) a In our opinion and according to the information and explanation
given to us, the Company has not maintained the relevant records
showing full particulars, including quantitative details and situation
of fixed assets.
b In our opinion, the fixed assets have been physically verified by the
management at reasonable intervals, having regard to the size of the
company and nature of its assets.
c In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the company during the year.
(ii) a The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable. b The procedures of physical verification of inventory
followed by the management have appeared to be reasonable and
adequate in relation to the size of the Company and nature of its
business. c The company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and book records have been properly dealt with in the books of account.
(iii) a The company has not granted any loan whether secured or
unsecured to companies, firm or other parties covered in the registered
under section 301 of the Act. b The company has not taken any loan
whether secured or unsecured from companies, firm or other parties
covered in the registered under section 301 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
with the size of the company and nature of its business, with regard to
purchase of stores, raw material including components, packing
material, plant and machinery, equipment and other assets and with
regard to sale of goods. There is no major weakness in the internal
control procedures.
(v) a All the transaction with parties covered under section 301 of the
Companies Act. 1956 have been properly entered in the register
maintained under section 301 of the act. b There are no transactions
of purchase and sale of goods, materials and services made in pursuance
of contracts or arrangements entered in the register maintained under
section 301 of the Companies Act, 1956, aggregating during the year to
Rs, 5,00,000/- or more in respect of each party.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposit from the
Shareholders, Friends, Relatives of Directors and Business Associates.
Hence the provision of section 58A and 5 8 AA of the Cpmpanies Act,
1956 and Companies (Acceptance of Deposit) Rules 1975 are not
applicable to Company.
(vii) In our opinion, the company has no internal audit system
commensurate with the size and nature of its business
(viii) In our opinion and according to the information given to us,
cost records under section 209( 1) (d) of the Companies Act, 1956 are
not prescribed by the Central Government for the activities of the
Company.
(ix) a According to the information and explanation given to us and the
records examined by us, the company is regular in depositing undisputed
statutory dues including Income Tax, Sales Tax, Professional Tax,
Customs Duty, Excise Duty, Cess and other statutory dues with the
appropriate authority. b According to the information and explanations
given to us, no undisputed amounts payable in respect of Income Tax,
Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding, as
at 31 st March, 2010 for a period of more than six months from the date
they become payable except Income Tax and Professional Tax.
(x) The company has not incurred cash losses in the current year.
However in the immediately preceding financial year the
company has accumulated losses.
(xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institutions, banks or to debenture holders.
(xii) According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of Stock, Debentures and Other Securities.
(xiii) The provisions of any special statute applicable to Chit Fund,
Nidhi Fund or Mutual Benefit Fund / Societies are not applicable to the
company.
(xiv) As the company is not dealing or trading in shares, securities,
debentures or other investments, paragraph 4(xiv) of the Order is not
applicable.
(xv) According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xvi) The term loans were applied for the purpose for which the loan is
obtained.
(xvii) Based on the information and explanations given to us and on an
overall examination of the balance sheet of the company, in our
opinion, there are no funds raised on a short term basis which have
been used for long term investments.
(xviii) The company has not made preferential allotment to parties or
companies covered in the register maintained under section 301 of the
Companies Act, 1956, during the year and the question of whether the
price at which the shares have been issued is prejudicial to the
interest of the Company does not arise.
(xix) The company has not issued any debentures during the year.
(xx) The company has not raised any money by public issue during the
year.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was notice or reported during the year.
For D.KOTHARY & CO
Chartered Accountants
Place: Mumbai
Date :30 th August 2010
VIPULN.CHAUHAN
Partner
M/N: 47846
Firm Registration No.
105335W
Address : 149, Behram Mahal,
2nd Floor,534, Dhobi Talao,
Mumbai - 400 002.