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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

Report on the Financial Statements We have audited the accompanying financial statements of Texmo Pipes and Products Limited, which comprise the Balance Sheet as at March 31, 2013, and 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 Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). 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. Auditor''s 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 misstatement. 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. 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 financial statements give the information required by the Act in the manner so required, 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 March 31, 2013; (b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and 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 sub-section (4A) of section 227 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 and proper returns adequate for the purposes of our audit have been received from branches not visited by us; c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the returns received from branches not visited by us; d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; e. on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. 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 2013) (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 per the information and records made available, the Company has granted unsecured loan to two companies covered in the register maintained under Section 301 of the Companies Act,1956. The maximum amount involved during the period and the balances of said loans were aggregating to Rs. 32.40 lacs and Rs. 32.40 lacs respectively. As informed, the company has not given any loans, secured and unsecured to firms or other parties listed in the register maintained under section 301 of the Act; (b) As per the information and records made available, the rate of interest and other terms and conditions of loans granted by the company are prima facie not prejudicial to the interest of the company except to the extent that there are no covenants with regard to the repayment/ payment of loan and interest thereon and security. (c) In respect of aforesaid loans granted, whether the amount( principal as well as interest) has been repaid/paid regularly or not cannot be commented upon, as there is no stipulation as regard to the repayment/payment of the amount; (d) As per the information given to us and on the basis of records made available to us, and subject to (a) and (b) above, the unsecured loan granted to companies of Rs.32.40 Lacs is considered doubtful and no interest is provided on such loans, the company has taken reasonable steps for the recovery of the outstanding amount. (e) As informed, the company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions stated in paragraph 4 (iii) (f) and (g) of the order are not applicable. (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 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 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 Lacs 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 58A, 58AA 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) We have broadly reviewed the books of account maintained by the company in respect of products where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub section (1) of Section 209 of the Act and we are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. (ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income tax, wealth tax, service tax, sales tax, customs duty, excise duty, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the records of the company, the dues outstanding of income tax, sales tax, wealth tax, Customs duty, excise duty and cess on account of any dispute, are as follows: S. No. Name of the Statue Nature of Forum where dues dispute pending 1. M P VAT Act VAT Additional Deputy Commission of Commercial tax, Indore 2. Central Sales Tax Act CST Additional Deputy Commission of Commercial tax, Indore 3. M P VAT Act VAT Appellate Deputy Commissioner of Commercial Tax, Khandwa 4. Entry Tax Act Entry Tax M P Commercial Tax Appellate Tribunal, Bhopal 5. Central Sales Tax Act CST M P Commercial Tax Appellate Board 6. M P VAT Act VAT Appellate Deputy Commissioner of Commercial Tax, Khandwa 7. Entry Tax Act Entry Tax MP High Court, Jabalpur 8. M P VAT Act VAT MP High Court, Jabalpur 9. Central Sales Tax Act CST MP High Court, Jabalpur 10. Entry Tax Act Entry Tax Appellate Deputy Commissioner of Commercial Tax, Khandwa 11. Income Tax Act Income Tax Commissioner of Income Tax (Appeals) II 12. Income Tax Act Income Tax Commissioner of Income Tax (Appeals) II Name of the Statute Period to which Amount relates (in Rs. lakhs) MP VAT Act 2010-11 47.17 Central Sales Tax Act 2010-11 1.01 MP VAT Act 2009-10 5.10 Entry Tax Act 2008-09 12.93 Central Sales Tax Act 2008-09 1.42 MP VAT Act 2008-09 0.48 Entry Tax Act 2007-08 36.32 MP VAT Act 2007-08 113.79 Central Sales Tax Act 2007-08 44.95 Entry Tax Act 2006-07 38.21 Income Tax Act 2006-07 3.92 Income Tax Act 2010-11 32.09 (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) During the year, the Company has not raised any money by public issue; (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 : 28th May 2013 CA Pankaj Somaiya Partner Membership No.079918