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Continental Chemicals Ltd.

BSE: 506935 Sector: Consumer
NSE: N.A. ISIN Code: INE423K01015
BSE LIVE 12:33 | 16 Aug Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.41
52-Week high 4.41
52-Week low 4.00
P/E 5.31
Mkt Cap.(Rs cr) 0.44
Buy Price 4.41
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.41
CLOSE 4.20
52-Week high 4.41
52-Week low 4.00
P/E 5.31
Mkt Cap.(Rs cr) 0.44
Buy Price 4.41
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00

Continental Chemicals Ltd. (CONTCHEMICALS) - Auditors Report

Company auditors report


Report on the Financial Statements

We have audited the accompanying financial statements of CONTINENTAL CHEMICALS LIMITEDwhich comprise the Balance Sheet as at March 312015 the Profit and Loss Statement andthe Cash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.

Management Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters slated in Section134(5) of the Companies Act 2013 ("the ??t) withrespect to the preparation of these standalone financial statements that give a true andfair view of the financial position financial performance and cash flows of the CompanyIn accordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts. ) Rules 2014. This responsibility also includes rnaiulanartee ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and de tecting frauds and otherirregularities; selection and application of appropriate accounting policies making judgments' and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively tor ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are tree from material misstatement whether duo to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our auditWe have taken Into account the provisions of the Act the accountingand auditing standards and matters which am required to be included In the audit reportunder fine provisions of the Act and the Rules made thereunderWe can ducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) ?f the Act Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from mate rial misstalemont

An audit Involves performing procedures to obtain audit evidence about the amounts andthe disclosures In the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company’s preparation ofthe financial statements that give a true and lair view in order to design auditprocedures that are appropriate in the circumstances. An audit also Includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well asevaluating that overall presentation of the financial Statements.

We believe Hint the audit evidence wo have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.


In our opinion and to the be si of our information and according to the explanationsgiven to us. the financial statements give the information required by the Act In themanner so required and give a true and fair view in conformily with the accountingprinciples generally accepted In India

a. In the case of the Balance Sheet of the state of affairs of the Company as at March31 2015

b. In the case of the Profit and Loss Statement of the Profit for the year ended onthat date; and c. In the case of the Cash Flow Statement of the cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor’s Report) Order 2015("theOrder") Issued by the Central Government In terms of section 143(11) of the CompaniesAct 2013 wo give In the Annoxuro a. statement on the matters specified In paragraphs 3and 4 of the Order.

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

a. We have obtained all the Information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit'

b. In our opinion proper books of account as required by law have been kepi by theCompany so far as appears from our examination of those books

c. The Balance Sheet Profit and Loss. Statement and Cash Flow Statement dealt with bythis Report are In agreement with the books of account

d. In our op inion the aforesaid standalone financial statements comply with theAccounting Standards referred to in section 133 of the Companies Act 2013 read with Rule7 of the Companies (Accounts) Rules 2014;

e. On the basis of written representations received from thedirectors as on March 31 2015 and taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2015 from being appointed as a director Interms of section 164(2) of the Act.

f. With respect to the other matters to be included In the Auditors Report Inaccordance With Rule of the Companies (Audit and Auditors) Rules 201: 4 In our opinionand to the best of our information and according to the explanations given to us:

i The Company does not have any pending litigations which would impact its FinancialPositions.

ii The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable tosses.

III. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.


(Referred to in paragraph (1) of our Report on other Legal and Regulatory requirementssection of our report of even date)

1. a The company has maintained proper records to show full particulars includingquantitative details and situation of its fixed assets.

b. The fixed assets of the company have been physically verified during the year by themanagement at reasonable intervals and no materia' discrepancies between the book recordsand the physical inventory have been noticed on such verification.

2. Since the company does not have any inventory information required under Para 3(ii)(a) to (c) is not being given.

3. According to information made available to us. the company has not granted any loan.secured or unsecured to companies. firm or other parties covered in the registermaintained under section 189 of the Act. accordingly Para 3(iii)(a) & (b) of the Orderare not applicable to the company.

4. In our opinion and according to the information and explanation given to us. thereare adequate internal procedures commonsurate with the size of the company and nature ofits business for purchase of inventory and fixed assets and for the sale of goods andServices. Further on the basis of our examination and according to the Information andexplanations given to us. we have not observed any continuing failure to correct majorweaknesses in internal controls procedures.

5. On the basis of information and explanation given to us and our scrutiny ofcompany's records in our opinion. the company has not accepted any public deposits.

6. To the best of our knowledge and bolief and according to information given to us.Central Government has not prescribed the maintenance of cost records under sub-section(1) of section 148 of the Companies Act 2013 for the products of the Company.

7. (a) According to the information and explanation given to us the company isgenerally regular in depositing with appropriate authonties the undisputed statutory duesincluding Income-tax Wealth-lax. Sales-tax. Service tax Custom Duty. Excise Duty and anyother statutory dues applicable to It except few cases of delay in depositing providentfund. No amount was due to be deposited under Investor education and Protection FundFurther there was no arrears of undisputed statutory dues outstanding as at 31' March.2015 for a period of more than six month from the date they became payable.

(b) According to the Information and explanations given to us there are no tax dues ofIncome Tax Service Tax. and Cess which have not been deposited on account of any dispute.

8. The company does not have accumulated losses. The Company has not Incurred cashlosses during the financial year and in Ihe immediately preceding financial year

9. Based on our examination and according to the Information and explanation given tous the company has not defaulted in repayment of dues to banks. There are no dues tofinancial institution or debenture holders.

10. According to the records of the company and the Information and explanations givento us the company has not given any guarantee for loans taken by others from bank orfinancial institutions.

11. In our opinion and on the basis of information and explanations given to us and onoverall basis term loans availed by the Company were applied by the Company for thepurposes for which the loans were raised.

12. To the best of our knowledge and belief and according to the information andexplanation given to us no fraud on or by the company has been noticed or reported duringthe course of our audit for the year ended 31 March 2015.

Chartered Accountants
Firm Registration No000852C.
PLACE: Ghaziabad (M. S. KAPUR) F. C A.
DATE: 30. 04. 2015 Partner
Membership No. 074615

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