Tamilnadu Petroproducts : Reply to Clarification Sought- Financial Results
June 06, 2022 at 02:42 am
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Tamilnadu Petroproducts Limited
E-mail:secy-legal@tnpetro.com
Phone No. 044-69185588
The Listing Deparbnent
National Stock Exchange of India Ltd
Mumbai - 400 051
Scrip ID: TNPETRO
Sub: Clarification to Limited Review Report /Independent Auditor's Report - date and place not mentioned in Audit Report.
Ref.: Email dated 01.06.2022, received from NSE.
For Tamilnadu Petroproducts Limited
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Company Secretary
Regd. Office & Factory :
Post Box No. 9, Manali Express Hig_hway, Manal1,
Chennai -
600 068. India.
5588
Tel
. (0091)
- 44 - 25945500 to 09 Telefax : 044-2594
Webslte: www.tnpetro.com
CIN : L23200TN1984PLC010931
TPL GSTIN : 33AAAGT1295M1Z6
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Management's Responsibilities for the Standalone Financial Results
These quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of standalone financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 ofthe Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 ofthe Listing Regulations. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting 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 adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation ofthe standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Board ofDirectors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board ofDirectors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions ofusers taken on the basis ofthese standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
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TP - Tamilnadu PetroProducts Ltd. published this content on 06 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2022 06:41:07 UTC.
Tamilnadu Petroproducts Limited is engaged in the manufacturing and selling of petrochemical and chemical products, namely Linear Alkyl Benzene, Caustic Soda, Chlorine and Propylene Oxide. The Company operates in the Industrial Intermediate Chemicals segment. The Company offers Linear Alkyl Benzene in various grades, which include SL-352 and SL-402. The Company also offers Ammonium Chloride, Hydrochloric Acid, Hydrogen and Sodium Hypo Chlorite. The Companyâs product, Linear Alkyl Benzene, is used as a chemical intermediate to form Linear Alkyl Benzene Sulfonate (LAS), which is used as a surfactant in detergents and cleaning products. The Linear Alkyl Benzene is used in various application in the manufacture of domestic detergents, institutional and industrial cleaners. Its Caustic Soda is an industrial chemical, and has applications in textile, pulp and paper, aluminum, soaps and detergents industries. The Company's manufacturing facilities are located in Manali.