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Continental Petroleums Ltd.

BSE: 523232 Sector: Industrials
NSE: N.A. ISIN Code: INE369D01015
BSE LIVE 15:20 | 28 Jun 21.00 -0.20
(-0.94%)
OPEN

20.25

HIGH

21.00

LOW

20.20

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 20.25
PREVIOUS CLOSE 21.20
VOLUME 1200
52-Week high 29.25
52-Week low 13.87
P/E 12.35
Mkt Cap.(Rs cr) 6
Buy Price 20.55
Buy Qty 500.00
Sell Price 21.00
Sell Qty 90.00
OPEN 20.25
CLOSE 21.20
VOLUME 1200
52-Week high 29.25
52-Week low 13.87
P/E 12.35
Mkt Cap.(Rs cr) 6
Buy Price 20.55
Buy Qty 500.00
Sell Price 21.00
Sell Qty 90.00

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 312016 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 Affairsin respect of Section 133 of the Companies Act 2013. This responsibility includes thedesign implementation of internal control 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 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 2016;

(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(ll) 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 2016 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2016 from being appointed as a Director of thecompany in terms of Section 164(2) of the Act.

f. 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.

For R.P KHANDELWAL & ASSOCIATES
Chartered Accountants
FRN:001759C
Date: 30th May 2016 Sd/-
Place: Jaipur R.P. Khandelwal
(Partner)
M.No.071002

ANNEXURE TO THE AUDITOR'S REPORT

[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 inventory atReasonable intervals.

(b) In our opinion the procedures of physical verification of stocks followed by themanagement of Company are reasonable and adequate in relation to the size of the Companyand the nature of its business.

3. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013. Accordingly the clause 3(iii)(a) and 3(iii)(b) of the order are not applicable tothe Company.

4. In our opinion and according to information and explanation given to us there isadequate internal control system commensurate with the size of the Company and the natureof its business fixed assets and with regard to loan given. Further on the basis of ourexamination of books and records of the Company and according to the information andexplanations 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 (Acceptanceof Deposits) Rules 2014.Accordingly; the provisions of Clause 3(v) of the order are notapplicable to the Company.

6. According to information and given to us The Central government has not prescribedmaintenance of cost records under section (1) one of section 148 of the company’sact 2013.and as per explanation given to us that cost Audit is not Applicable on thecompany 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 March2016 for a period 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 2016.

• 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 the Company hasapplied term loan for the purpose for which the loan were obtained.

11. According to the information and explanation given to us no fraud on or by theCompany has been noticed or reported during the course of our Audit.

For R.P KHANDELWAL & ASSOCIATES
Chartered Accountants
FRN:001759C
Date: 30th May 2016 Sd/-
Place: Jaipur R.P. Khandelwal
(Partner)
M.No.071002