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Continental Petroleums Ltd.

BSE: 523232 Sector: Industrials
NSE: N.A. ISIN Code: INE369D01015
BSE LIVE 12:43 | 06 Dec 17.80 0.55
(3.19%)
OPEN

17.80

HIGH

17.80

LOW

17.80

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 17.80
PREVIOUS CLOSE 17.25
VOLUME 500
52-Week high 24.15
52-Week low 12.05
P/E 10.72
Mkt Cap.(Rs cr) 4.95
Buy Price 17.00
Buy Qty 300.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.80
CLOSE 17.25
VOLUME 500
52-Week high 24.15
52-Week low 12.05
P/E 10.72
Mkt Cap.(Rs cr) 4.95
Buy Price 17.00
Buy Qty 300.00
Sell Price 0.00
Sell Qty 0.00

Continental Petroleums Ltd. (CONTPETROLEUMS) - Auditors Report

Company auditors report

CONTINENTAL PETROLEUMS LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To The Share Holders We have audited the attached Balance Sheet of M/s Continental Petroleums Limited, Jaipur as at 31st March 2011 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, 2011. For R.P. Khandelwal & Associates Chartered Accountants Place: Jaipur R.P. Khandelwal Date : 30th May 2011 Partner 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 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. 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 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 / Appeallet Authorities to seek justice and the same are pending for decision by appropriate authorities/ courts. (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.6,94,412/- (Assessment Year 2002- 2003) 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 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 the funds of Rs. 3,46,42,827/- has been generated from the regular job work of Hazardous Waste Management operation. The company has repaid the Unsecured loan of Rs. 3,42,973/22. 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 out of which 70,000 fully convertible warrants were converted into equity share capital in equal number of equity shares. This issue is subject to approval by Bombay Stock Exchange. (Which is still avaited). 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 Place: Jaipur R.P. Khandelwal Date : 30th May 2011 Partner

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