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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 29, 16:00
16.49 -0.50 (-2.94%)
Volume
AVERAGE VOLUME
5-Day
27,599
10-Day
20,088
30-Day
18,222
25,470
  • Prev. Close

    16.99

  • Open Price

    17.16

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Oct 29, 15:55
16.30 -0.50 (-2.98%)
Volume
AVERAGE VOLUME
5-Day
288,677
10-Day
172,698
30-Day
122,274
167,651
  • Prev. Close

    16.80

  • Open Price

    16.60

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    16.30 (297)

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of Texmo Pipes and Products Limited (the Company), which comprise the Balance Sheet as at March 31, 2015, 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 forthe Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ) (the Act) with respect to the preparation of these standalone financial statements that gives a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards referred to in section 133 of the Companies Act, 2013 read with rule 7 of the Companies (accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 have taken into account the provisions of the Act, the accounting & auditing standards and matters which are required to be included in the audit report under the provision of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. 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 financial 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 whether the company has in place an adequate internal financial control over financial reporting and the operating effectiveness of such controls. 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 on the Standalone Financial Statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows forthe year ended on that date. Emphasis of Matter We draw attention to Note 27 to the standalone financial statements which, describes the uncertainty related to the outcome of the lawsuit filed against the Insurance Company. Our opinion is not modified in respect of this matter. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order), issued by the Central Government of India in terms Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by Section 143(3) of the Act, we report that: a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; b. In our opinion, proper books of account as required by law have been kept by the Company so far as it 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 aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e. On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015 from being appointed as a director in terms of Section 164 (2)of the Act. f. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditor''s) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer note 29 to the standalone financial statement. ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses. iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT (Referred to in paragraph 1 under Report on Legal and Regulatory Requirements'' section of our report on even date) (i) Having regard to the operations/activities/business of the Company during the year clause (vi) of the order is not applicable. (ii) In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets; (b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification. (iii) In respect of its inventories: (a) As explained to us, 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) In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. (iv) According to the information and explanations given to us, the Company has granted loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013. In respect of such loans: (a) The receipts of principal amounts have been as per stipulations. (b) In respect of overdue amounts of over Rs. 1 lakh remaining outstanding as at the year-end, as explained to us, Management has taken reasonable steps for recovery of the principal amounts and interest. (v) In our opinion and according to the information and explanation given to us 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 & services. We have not observed any major weakness in the internal control system during the course of our audit. (vi) According to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 & the rules framed there under; (vii) (a)According to information explanation given to us and on the basis of our examination of records of the Company, amount deducted/accrued in the books of accounts in respect of undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, service tax, wealth tax, custom duty, excise duty, value added tax, cess, Professional tax and other material statutory dues have been regularly deposited during the year by the company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees'' state insurance, income tax, sales tax, service tax, wealth tax, custom duty, excise duty, value added tax, cess, Professional tax and other material statutory dues were in arrears as at 31sl March 2015, for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs, excise duty and cess which has not been deposited with the appropriate authorities on account of any dispute. However, according to the information and explanations given to us, the following dues of income tax, sales tax and value added tax have not been deposited by the Company on account of disputes: Name of the Nature of dues Amount Period to which Statute (in lacs) the amount relates Central Sales Central Sales Tax 44.95 2007-08 Tax Act,1956 0.72 2008-09 1.22 2011-12 Entry Tax Act, 1976 Entry Tax 36.32 2007-08 12.93 2008-09 Madhya Pradesh Value Added Tax 113.79 2007-08 Value Added 37.83 2009-10 and Tax,2002 2010-11 67.46 2011-12 and 2012-13 1.37 2012-13 Income Tax Act, 1961 Income Tax 16.05 2010-11 21.07 2011-12 Name of the Statute Forum where the dispute is pending central sales Tax Act,1956 M.P. High Court, Jabalpur M.P. Commercial Tax Appellate Tribunal Deputy Commissioner of Commercial Tax, Indore Entry Tax Act, 1976 M.P. High Court, Jabalpur M.P. Commercial Tax Appellate Board Madhya Pradesh Value Added Tax,2002 M.P. High Court, Jabalpur M.P. Commercial Tax Appellate Board Additional Commissioner of Commercial Tax, Indore Appellate Deputy Commissioner of Commercial Tax, Khandwa Income Tax Act,1961 Income Tax Appellate Tribunal, Indore Commissioner of Income Tax (Appeals) II, Indore (c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. (viii) The company does not have any accumulated losses as at the end of the financial year and the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to bank and financial institutions. The Company has not issued any debentures. (x) In our opinion and 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; (xi) In our opinion and according to the information and explanations given to us, the term loans applied, on an overall basis, forthe purpose for which they were obtained. (xii) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. For Pankaj Somaiya & Associates LLP Firm Registration No. 010081C/C4000001 Chartered Accountants Place: Burhanpur (MP) CAPankaj Somaiya Date : 26th May, 2015 Partner Membership No.079918