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Rex Pipes & Cables Industries Ltd.

BSE: 535393 Sector: Engineering
NSE: REXPIPES ISIN Code: INE00D001018
BSE 05:30 | 01 Jan Rex Pipes & Cables Industries Ltd
NSE 00:00 | 20 Jan 46.75 1.35
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Rex Pipes & Cables Industries Ltd. (REXPIPES) - Auditors Report

Company auditors report

To

The Board of Directors

Rex Pipes and Cables Industries Limited (U31300RJ2002PLC017714) F-69A Rico IndustrialArea Sikar Rajasthan-332 001.

Dear Sirs

We have examined the Financial Information ofRex Pipes and Cables Industries Limited(the Company‘) described below and annexed to this report for the purpose ofinclusion in the offer document. The Financial Information has been prepared in accordancewith the requirements of paragraph B (1) of Part II of Schedule II to the Companies Act('the Act') The Securities and Exchange Board of India (SEBI) - Issue of Capital andDisclosure Requirements Regulations 2009 ('ICDR Regulations') notified on 26thAugust 2009 the Guidance Note on Reports in Company Prospectuses (Revised) issued by theInstitute of Chartered Accountants of India (ICAI) and in terms of the engagement agreedupon by us with the Company.

The Financial Information has been approved by its Board of Directors.

Audit for the financial years ended 31st March 2018 and 31stMarch 2019was conducted M/s

A.Khan& Company 31st March 2020 was conducted M/s Siddharth Ganesh& Associates for period ended 31st January 2021 was conducted by M/s.Happy Kedawat& Company. Chartered Accountantsand accordingly reliance has been placedon the financial information examined by them for the said years / periods.

In terms of Schedule VIII Clause IX (9) of the SEBI (ICDR) Regulations 2009 and otherprovisions relating to accounts of Rex Pipes and Cables IndustriesLimited We M/s.Ramanand& Associates Chartered Accountants have been subjected to the peer reviewprocess of the Institute of Chartered Accountants of India (ICAI) and hold a validcertificate issued by the ‘Peer Review Board' of the ICAI.

A. Financial Information as per Audited Financial Statements:

We have examined:

a. the attached Statement of Assets and Liabilities as Restated as at year / periodended March 31 2018 20192020 and January 312021(Annexure 1);

b. the attached Statement of Profits and Losses as Restated for the year / periodended March 31 201820192020 and January 312021(Annexure 2);

c. the attached Statement of Cash Flows as Restated for the year / period ended March312018 20192020 and January 312021(Annexure 3);

d. the significant accounting policies adopted by the Company and notes to the RestatedFinancial Statements along with adjustments on account of audit qualifications /adjustments / regroupings. (Annexure 4);

(Collectively hereinafter referred as “Restated Financial Statements”)

The Restated Financial Statements have been extracted from audited Financial Statementsof the Company for the year / period ended March 31 201820192020 andJanuary312021which have been approved by the Board of Directors.

Based on our examination and in accordance with the requirements of the Act ICDRRegulations we state that:

Restated Statement of Assets and Liabilities of the Company as at March 31201820192020 and January 312021are as set out in Annexure 1 which are after makingsuch material adjustments and regroupings as in our opinion are appropriate and are tobe read with the significant accounting policies and notes thereon in Annexure 4;

Restated Statement of Profits and Losses of the Company for the year / period endedMarch 31 2018 2019 2020 and January 312021are as set out in Annexure 2 which havebeen arrived at after making such material adjustments and regroupings to the auditedfinancial statements as in our opinion are appropriate and are to be read with thesignificant accounting policies and notes thereon in Annexure 4;

Restated Statement of Cash Flows of the Company for the year / period ended March 312018 2019 2020 and January 312021are as set out in Annexure 3 after making suchmaterial adjustments and regroupings;

Adjustments for any material amounts in the respective financial years have been madeto which they relate; and

There are no Extra-ordinary items that need to be disclosed separately in the RestatedSummary Statements or Auditor's qualification requiring adjustments.

An adjustment in Financial Statements has been made in accordance with the correctaccounting policies. There was no change in accounting policies which needs to beadjusted in the “Restated Financial Statements”. There are no revaluationreserves which need to be disclosed separately in the “Restated FinancialStatements”. There are no audit qualifications requiring adjustments.

B. Other Financial Information:

We have also examined the following Financial Information relating to the Companywhich is based on the Restated Financial Statements and approved by the Board of Directorsof the Company and annexed to this report is proposed to be included in the OfferDocument:

1. Statement of Details of Reserves & Surplus as at March 31 201820192020and January 312021as set out in Annexure 5 to this report.

2. Statement of Accounting Ratios for the year / period ended on March 31 20182019 2020 and January 312021as set out in Annexure 6 to this report.

3. Capitalization Statement as atJanuary 312021as set out in Annexure 7 to thisreport.

4. Statement of Tax Shelters for the yearended on March 312018 20192020 andperiod ended on January 312021 as set out in Annexure 8 to this report.

5. Statement of Long Term Borrowings for the year / period ended on March312018 2019 2020 and January 312021as set out in Annexure 9 to this report.

6. Statement of Details of Other Long Term Liabilities as at March 31201820192020 and January 312021as set out in Annexure 10to this report.

7. Statement of Short Term Borrowings for the year / period ended on March 3120182019 2020 andJanuary 312021as set out in Annexure 11 to this report.

8. Statement of Details of Current Liabilities & Provisions of the Companyfor the year / period ended on March 31 2018 2019 2020 and January 312021as set outin Annexure 12to this report.

9. Statement of Details of Tangible Assets of the Company for the year / periodended on March 31 20182019 2020 and January 312021as set out in Annexure 13to thisreport.

10.Statement of Details of Intangible Assets of the Company for the year / period endedon March 31 20182019 2020 and January 312021as set out in Annexure 14to this report.

11.Statement of Details of Long Term Loans & Advances of the Company for the year /period ended on March 31 20182019 2020 and January 312021as set out in Annexure 15tothis report.

12.Statement of Details of Inventories of the Company for the year / period ended onMarch 31 20182019 2020 and January 312021as set out in Annexure 16to this report.

13.Statement of Details of Trade Receivables of the Company for the year / period endedon March 31 20182019 2020 and January 312021as set out in Annexure 17to this report.

14.Statement of Details of Cash and Bank Balances of the Company for the year / periodended on March 31 20182019 2020 and January 312021as set out in Annexure 18to thisreport.

15.Statement of Details of Short Term Loans & Advances as at March 31201820192020 and January 312021as set out in Annexure 19to this report.

16.Statement of Details of Revenue from Operations of the Company for the year / periodended on March 31 20182019 2020 and January 312021as set out in Annexure 20to thisreport.

17.Statement of Details of Other Income of the Company for the year / period ended onMarch 31 20182019 2020 and January 312021set out in Annexure 21to this report.

18.Statement of Details of Cost of Materials Consumed of the Company for the year /period ended on March 31 201820192020 and January 312021set out in Annexure 22to thisreport.

19.Statement of Details of Changes in Inventories of the Company for the year / periodended on March 31 201820192020 and January 312021set out in Annexure 23to this report.

20.Statement of Details of Employee Benefit Expensesof the Company for the year /period ended on March 31 201820192020 and January 312021set out in Annexure 24to thisreport.

21.Statement of Details of Manufacturing Administrative Selling and Other Expensesofthe Company for the year / period ended on March 31 201820192020 and January 312021setout in Annexure 25to this report.

22.Statement of Details of Financial Expensesof the Company for the year / period endedon March 31 201820192020 and January 312021set out in Annexure 26to this report.

23.Statement of Details of Related Party Transactions of the Company for the year /period ended on March 31 201820192020 and January 312021as set out in Annexure 27 tothis report.

In our opinion the "Restated Financial Statements" and "Other FinancialInformation" mentioned above contained in Annexure 1 to 27 of this report have beenprepared in accordance with Part II of Schedule II to the Act the SEBI Guidelines and theGuidance Note on the reports in Company Prospectuses (Revised) issued by the Institute ofChartered Accountants of India (ICAI).

Consequently the financial information has been prepared after making such regroupingsand adjustments as were in our opinion considered appropriate to comply with the same.As result of these regroupings and adjustments the amount reported in the financialinformation may not necessarily be same as those appearing in the respective auditedfinancial statements for the relevant years.

This report should not in any way be construed as a reissuance or redacting of theprevious audit report nor should this be construed as a new opinion on any of thefinancial statements referred to herein. We have no responsibility to update our reportfor events and circumstances occurring after the date of the report.

This report is intended solely for your information and for inclusion in the OfferDocument in connection with the proposed IPO of the Company and is not to be usedreferred to or distributed for any other purpose without our prior written consent.

For Ramanand& Associates.
Chartered Accountants
Firm Registration No.-117776W
Sd/-
Ramanand Gupta
Partner
Membership No. 103975
Place: Mumbai
Date: 31/05/2021
UDIN No. 21103975AAAALZ4373

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