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Texmo Pipes and Products Ltd.

BSE: 533164 | NSE: TEXMOPIPES |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE141K01013 | SECTOR: Plastics

BSE Live

Oct 20, 16:00
14.26 -0.14 (-0.97%)
Volume
AVERAGE VOLUME
5-Day
6,832
10-Day
14,820
30-Day
14,216
17,947
  • Prev. Close

    14.40

  • Open Price

    14.44

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Oct 20, 15:57
14.30 -0.10 (-0.69%)
Volume
AVERAGE VOLUME
5-Day
58,555
10-Day
87,374
30-Day
78,399
56,697
  • Prev. Close

    14.40

  • Open Price

    14.85

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance Sheet of Texmo Pipes and Products Limited (the Company) for the year ending on 31st March, 2012 and the related Profit & Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 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.

3. As required by the Companies (Auditors' Report) Order, 2003, as amended by the Companies (Auditors' Report) (Amendment) Order 2004, issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Without qualifying our opinion we invite your attention to Note 29forming part ofthe statement regarding fire insurance claim settlement less to the extent of Rs. 906.83 lakhs for which the company has initiated legal action. Pending final outcome in the matter, no adjustments have been made in this regard to the financial results for the year ended 31st March 2012.

5. Further to our comments in the Annexure referred to in paragraph 3 above, 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, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable;

(e) On the basis of the written confirmations received from the Directors and taken on record by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31.03.2012 from being appointed as a Director of the Company in terms of 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 explanations given to us, the said financial statement read together with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required, except for the matter stated in paragraph 4 above, give a true and fair view in conformity with the accounting principles generally accepted in India

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March, 2012;

(ii) in the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date; and

(iii) in the case of the cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS* REPORT (As referred to in paragraph 03 of our Report to the members of Texmo Pipes and Products Limited on the accounts as at and for the year ended 31st March 2012)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative

details and situation of its fixed assets;

(b) As explained to us all the fixed assets have been physically verified by the management during the year, 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 verification as compared with the book records.

(c) During the year, the Company has not disposed off substantial part of fixed assets and the going concern status of the Company is not affected;

(ii) (a) The inventory has been physically verified at reasonable intervals during the year by the

Management;

(b) In our opinion and according to the information and explanations given to us, the procedures for physical verification of inventory followed by the Management is reasonable and adequate in relation to the size of the Company and the nature of its business;

(c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

(iii) (a) As informed to us the Company has not granted any loan secured or unsecured to companies,

firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved was Rs. 200 Lacs. The year end balance is ofRs. 32.40 Lacs;

(b) According to information and explanations given to us the Company has taken unsecured loan from a Company covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved was of Rs. 72.68 Lakhs. The year end balance is of Rs. 36.00 lakhs.

(c) In our opinion, the rate of interest and other terms and conditions on which loans have been given to and taken from such parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company;

(d) There is no stipulation as to the repayment of loan and interest thereon, hence reply to Clauses

(iii) (c) & (iii)(d) is nil;

(iv) In our opinion, there is adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system;

(v) (a) Based on the audit procedures applied by us and according to the information and explanations

given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 3 01 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 made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) The Company has not accepted any deposits from the public within the meaning of Section 5 8 A, 5 8 AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under;

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(viii) The requirement of maintenance of cost records as prescribed by the Central Government u/s 209(1)

(d) of the Companies Act, 1956 is not applicable to the Company.

(ix) (a) According to information and explanations given to us and records of the Company examined by

us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, custom duty, excise duty, cess and other statutory dues to the extent applicable to it. There are no undisputed statutory dues as referred to above as at 31st March 2012 outstanding for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues in respect of income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess which have not been deposited on account of any dispute except for the following:

Sl. No. Name of the Statue Nature of dues Forum where Period to which Amount dispute pending relates in Rs lakhs

1. MPVAT Act VAT Appellate Deputy Commissioner 2009-10 5.10 of Commercial Tax, Khandwa

2. Entry Tax Act Entry Tax MP Commercial Tax 2008-09 12.93 Appellate Tribunal, Bhopal

3. Central Sales Tax Act CST MP Commercial Tax 2008-09 0.72 Appellate Tribunal, Bhopal

4. Entry Tax Act Entry Tax MP High Court, Jabalpur 2007-08 39.23

5. MP VAT Act VAT MP High Court, Jabalpur 2007-08 125.88

6. Central Sales Tax Act CST MP High Court, Jabalpur 2007-08 91.22

7. Entry Tax Act Entry Tax Appellate Deputy 2006-07 48.41 Commissioner of Commercial Tax, Khandwa

(x) Clause (x) of paragraph 4 of the order is not applicable to the Company;

(xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank. The Company had no transactions with financial institutions and had no debentures outstanding during the year;

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities;

(xiii) The nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi / mutual benefit fund / societies;

(xiv) The Company does not deal or trade in shares, securities, debentures and other investments;

(xv) On the basis of the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions;

(xvi) On the basis of the records examined by us, and relying on the information compiled by the Company for co- relating the funds raised to the end use of term loans, we have to state that, the Company has, prima-facie, applied the term loans for the purposes for which they were obtained;

(xvii) According to information and explanations given to us and on an overall examination of the financial statements of the Company and after placing reliance on the reasonable assumptions made by the Company for classification of usage of funds, we are of the opinion that, prima-facie, as at the close of the year, short term funds have not been utilized for long term investment;

(xviii) The Company has not made any preferential allotment of shares;

(xix) During the year, the Company has not issued any debentures;

(xx) The Management has disclosed the endues of money raised by Public Issue and the same has been verified byus.

(xxi) Based upon the audit procedures performed in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we report that we have neither come across any instances of fraud on or by the Company, noticed or reported during the year, nor we have been informed of such cases by the Management.

For Pankaj Somaiya & Associates Firm Registration No. 010081C Chartered Accountants

Place: Burhanpur (MP)

Date : 16th August 2012 CA Pankaj Somaiya

Partner

Membership No.079918