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Continental Petroleums Ltd.

BSE: 523232 Sector: Industrials
NSE: N.A. ISIN Code: INE369D01015
BSE LIVE 10:13 | 07 Dec 16.95 -0.85
(-4.78%)
OPEN

16.95

HIGH

16.95

LOW

16.95

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 16.95
PREVIOUS CLOSE 17.80
VOLUME 6
52-Week high 24.15
52-Week low 12.05
P/E 10.21
Mkt Cap.(Rs cr) 4.71
Buy Price 16.95
Buy Qty 494.00
Sell Price 18.65
Sell Qty 100.00
OPEN 16.95
CLOSE 17.80
VOLUME 6
52-Week high 24.15
52-Week low 12.05
P/E 10.21
Mkt Cap.(Rs cr) 4.71
Buy Price 16.95
Buy Qty 494.00
Sell Price 18.65
Sell Qty 100.00

Continental Petroleums Ltd. (CONTPETROLEUMS) - Director Report

Company director report

CONTINENTAL PETROLEUMS LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT Your Directors are pleased to present 25th Annual Report together with Audited Statement of Accounts for the year ended 31st March 2011. FINANCIAL RESULTS The Financial Results for the year under review are as follows:- (Rs. in Lacs) 2010-2011 2009-2010 Sales 1208.22 841.13 Other Income 346.43 256.03 Gross Profit before Interest, Depreciation & Adjustments 109.25 92.49 Interest 6.40 7.40 Depreciation 6.92 6.54 Net Profit/ (Loss) before tax 95.93 78.55 Net Profit/(Loss) after tax 60.93 50.84 Balance of Profit/(Loss)Brought - forward from last year (7.15) (57.99) Balance carried forward to Balance Sheet 53.79 (7.15) DIVIDEND Your Directors have decided not to pay dividend for the year 2010 - 2011 due to requirement of working capital for expansion programme. OPERATIONS It is appreciable to note that the company has achieved a higher turnover of Rs. 1208.22 Lacs as against Rs.841.13 Lacs in the previous year, recording 43.64% increase. The income from Hazardous Waste Management activities etc. has increased from Rs.256.03 Lacs to Rs.346.43 Lacs as compared to previous year. The Net Profit was Rs.60.93 Lacs as compared to net profit of Rs.50.84 Lacs in the previous year. The accumulated losses of the company are completely wiped out now. PROSPECTS In view of the increased awareness and stringent pollution regulation towards environment protection our industries in India is adopting improved technologies and measures to reduce pollution. Therefore, your Directors have decided to concentrate more efforts towards growing business on hazardous waste management within the parameters of prevailing Indian laws. The company expects reasonable growth by the above business. The growth in sales of lubricating oils is also expected to continue. The Company has already completed the installation of underground tanks & blending tanks for production of Petroleum products of A.B.& C class for which statutory permissions are shortly expected, It is expected that production of industrial solvents, lacquers etc will start during the current year which will lead to enhancement of profit of the Company. FIXED DEPOSITS The Company has not accepted any deposits from public which are covered under Section 58A of the Companies Ac, 1956 DIRECTORS Shri Ram Nath Karol retires by rotation and being eligible offers himself for re-appointment at forthcoming Annual General Meeting. The Board take on record the sad demise of the main promoter and Director of the company Smt. Bhagwati Khandelwal who has significantly contributed with all her able leadership, endless and unforgettable efforts during all the times towards achievement of the remarkable development and prosperity of the company to the present stage since its inception. Smt. Radhika Khandelwal was appointed as additional Director of Company and being eligible offer herself for appointment as Director liable to retire by rotation. A notice has been received from a member under Section 257 of the Companies Act, 1956 for her appointment as Director. COMPLIANCE CERTIFICATE Secretarial compliance certificate received from M/S C.M.Bindal & company .Company Secretaries. Jaipur under Section 383 A of the companies Act,1956 is annexed herewith and bears the part of Directors report. DIRECTOR'S RESPONSIBILITY STATEMENT Your Directors confirm: 1. That in the preparation of Annual Accounts, applicable accounting standards have been followed. 2. That the Directors have selected such accounting policies and applied them consistently & made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the State of affairs of the Company at the end of the financial year 31st March 2011. 3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud & other irregularities. 4. That the Directors have prepared the Annual Accounts for the financial year ended 31s1 March 2011 on a going concern basis. CONSERVATION The Company takes appropriate measures from time to time for conservation of energy in the operation of the plant. POWER & FUEL CONSUMPTION Unit 2010-2011 2009-2010 i) Electricity own generation - by D.G. Set Units KWH 73000 42000 Unit per Ltr. of Diesel Oil KWH 0.375 0.388 Cost/Unit Rs. 10.75 9.75 ii) Fuel Oil(Diesel/LDO/FO/GO) Quantity Ltr. 515323 275195 Total Amount Rs. 16634389 8393450 Average Rate/Unit Rs. 32.27 30.50 iii) Consumption per Unit of production (Lubricating Oils) Fuel Oil Ltr. 0.031 0.030 TECHNOLOGY ABSORPTION The R&D Department of the Company is dedicated to develop environment- friendly processes and introduce new formulations for lubricants from time to time. FOREIGN EXCHANGE During the year under review the income in foreign exchange was NIL & The expenditure in foreign exchange was Rs.46,060/-. AUDITORS M/s R.R Khandelwal & Associates, Jaipur, Auditors of the Company retires at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. The Directors have recommended their re-appointment. EMPLOYEES Information under Section 217(2A) of Companies Act, 1956 read with Companies (particulars of employees) Rules, 1975 as amended:- None of the employees was in receipt of remuneration beyond the limits prescribed under aforesaid rules. ACKNOWLEDGMENT Your Directors take this opportunity to place on record their grateful thanks for the support and assistance received by the Company from Central and State Government Authorities & Banks. The Directors also place on record their appreciation to all employees of the Company for their good work. Registered office By Order of Board of Directors A-2 Opposite Udyog Bhawan, Tilak Marg, C-Scheme, Jaipur M.L. Khandelwal Dated 30th May 2011 Chairman and Managing Director To, The Members, Continental Petroleums Ltd. A-2, Opp. Udyog Bhawan, Tilak Marg, Jaipur (Rajasthan) I have examined the registers, records, books and papers of Continental Petroleums Limited as required to be maintained under the Companies Act, 1956, (the Act) and the Rules made there under and also the provisions contained in the Memorandum and Articles of Association of the company for the financial year ended on 31st March, 2011 (financial year). In my opinion andjo the best of my information and according to the examinations carried out by me and explanations furnished to me by the company, it's officers and agents, I certify that in respect of the aforesaid financial year. 1. The company has kept and maintained all registers as stated in Annexure- A to this certificate, as per the provisions of the Act and the Rules made there under and all entries therein have been duly recorded. 2. The company has duly filed the forms and returns as stated in Annexure-B to this certificate, with the Register of Companies, Regional Director, Central Government, Company Law Board or other authorities within the time prescribed (except with additional fee where required) under the Act and the Rules made there under. 3. The company being a public limited company, comments on number of members, etc. are not required. 4. The board of Directors duly met seven times respectively on 02.03.2010, 29.05.2010, 14.08.2010, 13.11.2010, 3.01.2011, 26.02.2011, and 31.03.2011 in respect of which meetings proper notices were given and the proceeding were properly recorded and signed including the circular resolutions passed in the minutes book maintained for the purpose. 5. The company closed its register of members from 21.9.2010 to 28.9.2010 during the financial year. 6. The annual general meeting for the financial year ended on 31st March, 2010 , was held on 28.09.2010, after giving due notice to the members of the company and the resolutions passed thereat were duly recorded in Minutes Book maintained for the purpose. 7. Extra-ordinary general meetings were held during the financial year and compliances made. 8. As explained to us, the company has not advanced any loan to directors or companies and firms referred to Under Section 295 of the Act. 9. As explained to us, there were no cases falling within the provisions of section 297 of the Act during the financial year. 10. As explained to us, provisions of section 301 of the Act where necessary were complied with during the financial year. 11. As explained to us, provisions of section 314 of the Act were complied by the Company. 12. The company has not issued any duplicate share certificates during the financial year. 13. The company has: (i) delivered all the certificates on allotment of securities and on lodgment thereof for transfer/transmission or any other purpose in accordance with the provisions of the Act; (ii) the company has not deposited any amount in a separate Bank Account towards dividend as no dividend was declared during the financial year; (iii) the company was not required to post warrants to any member as no dividend was declared during the financial year; iv) the company has no amounts in unpaid dividend account, application money due for refund, matured deposits, matured debentures and interest thereon, as unclaimed or unpaid for seven years which were transferable to Investor Education and Protection Fund. (v) duly complied with the requirements of section 217 of the Act. 14. The Board of Directors of the company is duly constituted and the appointment of directors , additional directors, alternate directors and directors to fill casual vacancies have been duly made. 15. The company has made compliance if any with provisions of section 269 of the Act. 16. The company has not appointed any sole-selling agents during the financial year. 17. The company was not required to obtain any approvals of the Central Government, Company Law Board Regional Director, Registrar under various provisions of the Act during the financial year. However, company made an application to Bombay Stock Exchange for in-principle approval of 3,15,000 convertible warrants pursuant to the provisions of Listing Agreements which is under their consideration, as explained by the officers of Company. 18. The directors have disclosed their interest in other firms/companies to the Board of Directors pursuant to the provisions of the Act. 19. The company has issued 70,000 equity shares of Rs. 10 each during the financial year. 20. The company has not bought back any shares during the financial year. 21. The company has not redeemed any preference shares or debentures during the financial year. 22. There were no transaction necessitating the company to keep in abeyance the rights to dividend, rights shares and bounds shares pending registration of transfer of shares. 23. The company has not invited/accepted any deposits including any unsecured loans falling within the purview of section 58A of the Act during the financial year. 24. The amount borrowed by the company from directors, financial institutions, banks and other during the financial year are within the borrowing limits of the company under provisions of section 293 (1) (d) of the Act. 25. The investments made if any in securities are in compliance with provisions of section 372A of the Act. 26. The company has not altered the provisions of the memorandum with respect to situation of the company's registered office from one State to another during the year under scrutiny. 27. The company has not altered the provisions of the memorandum with respect to the objects of the company during the year under scrutiny. 28. The company has not altered the provision of the memorandum with respect to name of the company during the year. 29. The company has not altered provisions of memorandum with respect to share capital of the company during the year under scrutiny. 30. The company has not altered its Articles of Association during the year under scrutiny. 31. As explained to us, there was no prosecution initiated against or show cause notices received by the company and no fines, penalties or other punishment imposed on the company during the financial year, for offences under the Act. 32. The company has not received any money as security from its employees during the financial year. 33. As explained to us, the company has deposited both employees' and employer's contributions to provident fund with prescribed authority under section 418 of the Act during the financial year.

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