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Continental Petroleums Ltd.

BSE: 523232 Sector: Industrials
NSE: N.A. ISIN Code: INE369D01015
BSE 13:37 | 17 Jan 36.00 -1.85
(-4.89%)
OPEN

36.00

HIGH

36.20

LOW

36.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 36.00
PREVIOUS CLOSE 37.85
VOLUME 730
52-Week high 48.00
52-Week low 14.75
P/E 19.89
Mkt Cap.(Rs cr) 10
Buy Price 36.00
Buy Qty 470.00
Sell Price 37.85
Sell Qty 100.00
OPEN 36.00
CLOSE 37.85
VOLUME 730
52-Week high 48.00
52-Week low 14.75
P/E 19.89
Mkt Cap.(Rs cr) 10
Buy Price 36.00
Buy Qty 470.00
Sell Price 37.85
Sell Qty 100.00

Continental Petroleums Ltd. (CONTPETROLEUMS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

M/S CONTINENTAL PETROLEUMS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Continental PetroleumsLimited ("the Company") which comprise the Balance Sheet as at March 31st2017 the Statement of Profit and Loss and Cash Flow Statement for the year the Ended anda 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 atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-Section (3C) ofSection 211 of the Companies Act 1956 ("the Act") read with the GeneralCircular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respectof Section 133 of the Companies Act 2013. This responsibility includes the designimplementation of internal control relevant to the preparation and presentation of thefinancial 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 financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2017;

(b) In the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As Required by the Companies (Auditor’s Report) Order 2015 ("theOrder") as amended issued by the Central Government of India in terms ofSub-section(11) 0f Section 143 of the Act We give in the Annexed a statement on thematters specified in paragraphs 4 and 5 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 kept by theCompany so far as appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with 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 written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2017 from being appointed as a Director of the company interms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial control over financialreporting of the company and the operating effectiveness of such controls refers to ourseparate report in "Annexure B": and

g. With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules and to our best ofinformation and according to the explanations given to us :

i. The company has no pending litigations which would impact it financial position.

ii. The company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There has been no amounts which were required to be transferred to the investoreducation and protection fund by the company.

h. During the year the Company had specified the bank notes (i.e. as provided in thenotification no. S.O.3407 (E) dated 8th November 2016 issued by the government of Indiaor other denomination note as defined in the MCA notification G.S.R 308 (E) dated 30thMarch 2017 the denomination wise SBNs and other notes as per the notification is givenbelow.

Particular Specified Bank Notes Other Denomination Notes Total
Balance of Cash As on 8th November 2016 1100000/- 125469/- 1225469/-
Add: Permitted Receipts -- --
Less: Permitted Payments -- --
Less: Amount Deposited in Bank 1100000/- --
Balance of Cash As on 30th December 2016 44994/-

 

For R.P KHANDELWAL & ASSOCIATES
Chartered Accountants
FRN: 001759C
Date: 30th May 2017 Sd/-
Place: Jaipur R.P. Khandelwal
(Partner)
M.No.071002

ANNEXURE- A

[Referred to in our report of even date to the Member of Continental Petroleums Ltd]

1. (a) The Company is in the process of compiling fixed assets records to show fullParticulars including quantitative details and situation of fixed assets.

(b) We were informed that all major items of fixed assets were physically verified bythe management at the end of the year and that no major discrepancy were notified on suchverification which on account of proper records being still under compilation could notbe verified

2. (a) The Management of Company has conducted physical verification of inventoryat Reasonable intervals. (b) In our opinion the procedures of physical verification ofstocks followed by the management of Company are reasonable and adequate in relation tothe size of the Company and the nature of its business.

3. The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013. Accordingly the clause 3(iii)(a) and 3(iii)(b) of the order are not applicableto the Company.

4. In our opinion and according to information and explanation given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business fixed assets and with regard to loan given. Further on the basisof our examination of books and records of the Company and according to the informationand explanations given to us we have not observed any continuing failure to correct majorweaknesses in the aforesaid internal control system.

5. 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 theorder are not applicable to the Company.

6. According to information and given to us The Central government has notprescribed maintenance of cost records under section (1) one of section 148 of thecompany’s act 2013 and as per explanation given to us that cost Audit is notApplicable on the company during the year

• According to the information and explanation given to us the company isgenerally regulars in depositing with appropriate authorities undisputed statutory dues tothe company had no areas of such outstanding statutory dues as at 31st March 2017 for aperiod more than six months from the date they become payable.

• According to the information and explanation given to us the company has nodisputed outstanding statutory dues as 31st March 2017.

• According to the information and explanation given to us no amount is requiredto be transferred to the Investor Education and Protection fund as the relevant provisionsof the Companies Act 2013 are not applicable to the Company.

7. The Company does not have any accumulated loss at the end of the financial yearand has not incurred cash losses during the financial year end in the immediatelypreceding the financial year.

8. According to the information and explanation given to us the Company has notdefaulted in the repayments of dues to financial institution bank or debenture holderduring the year

9. According to the information and explanation given to us the Company has notgiven any guarantee for loan taken by others from bank or financial institution during thefinancial year 10.According to the information and explanation given to us theCompany has applied term loan for the purpose for which the loan were obtained. 11.Accordingto the information and explanation given to us no fraud on or by the Company has beennoticed or reported during the course of our Audit.

For R.P KHANDELWAL & ASSOCIATES
Chartered Accountants
FRN: 001759C
Date: 30th May 2017 Sd/-
Place: Jaipur R.P. Khandelwal
(Partner)
M.No.071002

ANNEXURE-‘B’

Report on the Internal Financial Controls under (i) of Sub Section 3 of Section 143 ofthe Companies Act 2013

We have audited the internal financial control over financial reporting of ContinentalPetroleums Limited as of 31st March 2017 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management Responsibility for internal financial controls

The Company’s management is responsible for establishing & maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation & maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly &efficient conduct of its business including adherence to company’s policies thesafeguarding of its assets the prevention & detection of frauds & errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s Internal FinancialControls over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reportingand the standards on auditing issued by ICAI & deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls and both issued by ICAI. Those standards and Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtain thereasonable assurance about whether adequate internal controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialsrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy if the Internal Financial Controls system over Financial Reporting & theiroperating effectiveness. Our audit of Internal Financial Controls over Financial Reportingincluded obtaining an understanding of Internal Financial Controls over FinancialReporting assessing the risk that a material weakness exists and testing and aevaluating the design & operating effectiveness of internal control based on theassessed risk. The procedure selected depends on the auditor’s judgment includingthe assessment of the risk of material misstatement of the financial statements whetherdue to fraud or error. We believe that the audit evidence we have obtained is sufficient& appropriate to provide a basis for our audit opinion on the company’s internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s Internal Financial Control over Financial Reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reporting& the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial controlsover financial reporting includes those policies & procedures that (1) pertain tomaintenance of records that in reasonable details; accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receipts& expenditure of the company are being only in accordance with authorizations ofmanagement & directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material on the financial statements.

Inherent Limitations of Internal Financial over Financial Reporting

Because of the Inherent Limitations of Internal Financial controls over FinancialReporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not to be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes in condition or thatthe degree of compliances with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate InternalFinancial Controls System over Financial Reporting and such Internal Financial Controlsover Financial Reporting were operating effectively as at 31st March 2017 based on theInternal Controls over Financial Reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For R.P KHANDELWAL & ASSOCIATES
Chartered Accountants
FRN: 001759C
Date: 30th May 2017 Sd/-
Place: Jaipur R.P. Khandelwal
(Partner)
M.No.071002