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Continental Controls | Auditor's Report > Electric Equipment > Auditor's Report from Continental Controls - BSE: 531460, NSE: N.A
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Continental Controls

BSE: 531460|ISIN: INE545B01022|SECTOR: Electric Equipment
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Mar 13
Auditor's Report (Continental Controls) Year End : Mar '14
We have audited the accompanying financial statements of Continental
 Controls Limited (the Company), which comprise the Balance Sheet as
 at 31st March, 2014, the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended and a 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 a true and fair view of the financial position,
 financial performance and cash flows of the Accounting Standards
 notified under the Companies Act, 1956 (the Act) read with the
 General Circular 15/2013 dated 13th September 2013 of the Ministry of
 Corporate Affairs in respect of section 133 of the Companies Act, 2013.
 This responsibility includes the design, implementation and maintenance
 of internal control relevant to the preparation and presentation of the
 financial statements that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.
 
 Auditors'' Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatements.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error.  In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances, but not for the
 purpose of expressing an opinion on the effectiveness of the entity''s
 internal control. An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by management, as well as evaluating the overall
 presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid financial statements give the
 information required by the Act in the manner so required and give a
 true and fair view in conformity with the accounting principles
 generally accepted in India:
 
 (a) In the case of the Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2014;
 
 (b) In the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 (c) In the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of Section 
 227(4A) of the Act, we give in the Annexure a statement on the
 matters specified in paragraphs 4 and 5 of the Order.
 
 2. As required by Section 227(3) of the Act, we report that:
 
 (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) In our opinion, proper books of account as required by law have
 been kept by the Company so far as appears from our examination of
 those books.
 
 (c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 (d) in our opinion, the Balance Sheet, the Statement of Profit and
 Loss, and the Cash Flow Statement comply with the Accounting Standards
 notified under the Companies Act, 1956 read with the General Circular
 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
 respect of section 133 of the Companies Act, 2013;
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2014, taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March,
 2014, from being appointed as a director in terms of Section 274(1)(g)
 of the Act.
 
 Annexure to Auditors1 Report
 (Referred to in Paragraph 1 under the heading of Report on Other Legal
 and Regulatory Requirements of our report of even date)
 
 1. In respect of its fixed assets:
 
 a) The Company has not maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets on the basis of available information.
 
 b) As explained to us, all the fixed assets have been physically
 verified by the management in a phased periodical manner, which in our
 opinion is reasonable, having regard to the size of the Company and
 nature of its assets. No material discrepancies were noticed on such
 physical verification.
 
 c) In our opinion, the Company has not disposed off a substantial part
 of its fixed assets during the year and the going concern status of the
 Company is not affected.
 
 2. In respect of its inventories:
 
 a) The inventories have been physically verified during the year by the
 management. In our opinion, the frequency of verification is
 reasonable.
 
 b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c) The Company has maintained proper records of inventories. As
 explained to us, there was no material discrepancies noticed on
 physical verification of inventories as compared to the book records.
 
 3. In respect of the loans, secured or unsecured, granted or taken by
 the Company to/from companies, firms or other parties covered in the
 register maintained under Section 301 of the Companies Act, 1956:
 
 a) The Company has granted advances during the year to two parties. The
 maximum amount outstanding during the year was Rs. 50,02,514 and at the
 end of the year balance was Rs. Nil.
 
 b) In our opinion, the terms and conditions on which such advances have
 been given are not prima facie prejudicial to the interest of the
 company.
 
 c) In respect of advance given by the Company, these are repayable on
 demand and therefore the question of overdue amount doesn''t arise.
 
 d) The Company has not taken advances during the year from two parties,
 therefore clause (iii) (e)(f)(g) of paragraph 4 of the order are not
 applicable.
 
 4. In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate 
 with the size of the Company and the nature of its business for the
 purchases of inventory and fixed assets and for the sale of goods and
 services. During the course of our audit, we have not observed any 
 continuing failure to correct major weaknesses in internal control 
 system.
 
 5. In respect of the contracts or arrangements referred to in Section
 301 of the Companies Act, 1956:
 
 a) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements that need to be entered in the register maintained under
 Section 301 of the Companies Act, 1956 have been so entered.
 
 b) In our opinion and according to the information and explanations
 given to us, the transactions in pursuance of contracts / arrangements
 have been made at prices which appear reasonable as per information
 available with the Company.
 
 6. According to the information and explanations given to us, the
 Company has not accepted any deposit from the public. Therefore, the
 provisions of Clause (vi) of paragraph 4 of the Order are not
 applicable to the Company.
 
 7. In our opinion, the Company does not have internal audit system
 commensurate with the size and nature of its business.
 
 8. To the best of our knowledge and belief, the Central Government has
 not prescribed maintenance of cost records under clause (d) of
 sub-section (1) of Section 209 of the Act, in respect of the services
 rendered by the Company. Accordingly, the provisions of clause 4(viii)
 of the Order are not applicable.
 
 9. According to the information and explanations given to us in respect
 of statutory dues:
 
 a) Undisputed statutory dues in respect of custom duty, excise duty,
 sales tax, service tax, withholding taxes, provident fund, and
 employees'' state insurance, cess as applicable and any other statutory
 dues have been regularly deposited with the appropriate authorities.
 Since to the best of our knowledge, the Central Government has till
 date not prescribed the amount of cess payable under section 441A of
 the Act, no comments in this respect have been made.
 
 b) There were no undisputed amounts payable in respect of Income-tax,
 Wealth Tax, Custom Duty, Sales Tax, Excise Duty, Cess and other
 material statutory dues in arrears as at 31st March 2014, for a period
 of more than six months from the date they became payable.
 
 c) Details of dues of Income Tax which have not been deposited as on
 31st March 2014, on account of disputes are given below:
 
 Statute       Nature of   Forum where   Period to   Amount
               Dues        Dispute is    which the   Involved
                           pending       amount
                                         relates
 
 Income tax    Income tax   ITAT         2000-01    11,92,911
 Act, 1961
 
 During the year the Company has paid Rs. 5,21,102 on the said demand.
 
 10. The Company does not have accumulated losses at the end of the
 financial year. The Company has not incurred cash losses during the
 financial year covered by the audit and also in the immediately
 preceding financial year.
 
 11. Based on our audit procedures and as per the information and
 explanations given by management, the Company has not taken any Loan
 from Financial Institutions, Banks and Debenture holders, so default in
 repayment of dues does not arise.
 
 12. In our opinion and according to the explanations given to us and
 based on the information available, no loans and advances have been
 granted by the Company on the basis of security by way of pledge of
 shares, debentures and other securities.
 
 13. In our opinion, the Company is not a chit fund / nidhi / mutual
 benefit fund / society. Therefore, the provisions of clause (xiii) of
 paragraph 4 of the Order are not applicable to the Company.
 
 14. The Company is not in dealing or trading in shares, securities,
 debentures and other investments, paragraph 4(xiv) is not applicable.
 
 15. According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions. Therefore, the provisions of paragraph
 4 (xv) of the said Order are not applicable to the Company.
 
 16. In our opinion and according to the information and explanations
 given to us, the Company has not taken any Term loans.
 
 17. According to the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company, we are of the
 opinion that there are no funds raised on short-term basis that have
 been used for long term investment.
 
 18. The Company has not made any preferential allotment of shares to
 parties and companies covered in the Register maintained under Section
 301 of the Companies Act, 1956.
 
 19. The Company has not issue any Debenture during the year.
 
 20. The Company has not raised any monies by way of public issues
 during the year.
 
 21. In our opinion and according to the information and explanations
 given to us, no material fraud on or by the Company has been noticed or
 reported during the year.
 
 
 For D Kothary & Co.
 Chartered Accountants
 (Firm Registration No. 105335W)
 
 Vipul N. Chauhan
 Partner
 Membership No. 047846
 
 Place : Mumbai
 Date : 28th May, 2014
Source : Dion Global Solutions Limited
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