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Confidence Petroleum India Ltd.

BSE: 526829 Sector: Others
NSE: N.A. ISIN Code: INE552D01024
BSE LIVE 15:41 | 06 Dec 7.74 0.01
(0.13%)
OPEN

7.98

HIGH

8.10

LOW

7.38

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.98
PREVIOUS CLOSE 7.73
VOLUME 213432
52-Week high 12.16
52-Week low 4.54
P/E 64.50
Mkt Cap.(Rs cr) 200.31
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.98
CLOSE 7.73
VOLUME 213432
52-Week high 12.16
52-Week low 4.54
P/E 64.50
Mkt Cap.(Rs cr) 200.31
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Confidence Petroleum India Ltd. (CONFIDENCEPETRO) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

CONFIDENCE PETROLEUM INDIA LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of ConfidencePetroleum India Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2015 the Profit and Loss Statement the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatements. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the Company's directorsas well as evaluating the overall presentation of the financial statements. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2015 and its profit and its cash flows for the year ended on that date.

OTHER MATTERS

The change in method of depreciation has made following impacts

i) With effect from April 1 2014 depreciation has been computed and provided on thebasis of useful life of fixed assets specified in Schedule II to the Companies Act 2013on WDV method. Consequently depreciation for the year ended March 31 2015 is higher andthe profit before tax is lower by Rs 737.05 Lakhs.

ii) In respect of assets where useful life specified in Schedule II has expired as onApril 1 2014 the carrying amount of Rs 431.62 Lakhs was adjusted against retainedearnings as on April 1 2014.

iii) During the year plant at Vizag was badly affected by cyclone Hudhud resulting inloss of assets having WDV Rs 2365.18 Lakhs (Gross Block Rs 4546.40 Lakhs). The loss for Rs1583.66 lakhs is accounted for net of Insurance claim.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Profit and Loss Statement and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) On the basis of the written representations received from the directors as on March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to in Note 28 Point No. 8 to thefinancial statements.

(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.

(iii) There has not been any requirement for transferring amounts required to betransferred to the Investor Education and Protection Fund and hence there is no questionof any delay by the Company.

For Bhandari and Associates

Chartered Accountants

L.R. Bhandari

Proprietor

M. No. 33168

Nagpur

Dated: 30th May. 2015.

The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof CONFIDENCE PETROLEUM INDIA LIMITED on the accounts of the company for the year ended 31stMarch 2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us fixedasset has been disposed during the year however this does not affect the going concernassumption.

2. (a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 301 of the Companies Act 1956. Consequently the provisions of clauses iii (b)iii(c) and iii (d) of the order are not applicable to the Company.

(b) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not taken loans from companies firmsor other parties listed in the register maintained under Section 301 of the Companies Act1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories & fixed assetsand payment for expenses & for sale of goods. During the course of our audit no majorinstance of continuing failure to correct any weaknesses in the internal controls has beennoticed.

5. The Company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act 2013.

6. As per information & explanation given by the management maintenance of costrecords has been prescribed by the Central Government under clause (d) of sub-section (1)of section 148 of the Act and we are of the opinion that prima facie the prescribedaccounts and records have been made and maintained.

7. (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees' State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on 31st of March 2015 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.

(c) According to the information and explanations given to us there is no amountrequired to be transferred to investor education and protection fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and rules made thereunder.

8. The Company does not have any accumulated loss and has not incurred cash loss duringthe financial year covered by our audit and in the immediately preceding financial year.

9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.

11. Based on our audit procedures and on the information given by the management wereport that the company has not raised any term loans during the year and loans wereapplied for the purposes which they have been obtained.

12. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

For Bhandari and Associates
Chartered Accountants
L. R. Bhandari
Proprietor
M. No. 33168
Nagpur
Dated: 30th May. 2015

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