Financial Analyst Summary: Tijaria Polypipes Limited NSE Clarification
Date and Nature of Exchange Communication
Tijaria Polypipes Limited submitted a clarification to the National Stock Exchange of India Limited on September 3, 2026, regarding deficiencies observed in the Financial Results submitted on August 14, 2026. The NSE had raised three specific objections:
1. Machine Readable Form/Legible copy of Financial Results not submitted
2. Financial results submitted in XBRL with discrepancies - EPS incorrect in XBRL
3. Financial results submitted is not as per format prescribed by SEBI - Unaudited mentioned in P&L statement
The company responded to all objections with "Corrected file enclosed" for each point.
Company's Clarification on Trading and Financial Results
While the document does not specifically address trading volume issues, it provides extensive clarification on financial results matters through the attached auditor's report. The company reported zero revenue for both Pipe and Textile segments for the quarter ended June 30, 2026, with a net loss of ₹36.11 lakhs. Segment-wise results showed Pipe segment loss of ₹9.71 lakhs and Textile segment loss of ₹12.00 lakhs.
Regulatory Compliance Reference
The document explicitly references compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The financial results were prepared in accordance with Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34) prescribed under section 133 of the Companies Act, 2013.
Detailed Financial Results Clarification
The auditor's report (Pramod & Associates) issued a disclaimer of conclusion due to multiple material uncertainties:
Bank NPA and Insolvency Proceedings:
- Bank of India declared the company as NPA on June 30, 2022 (w.e.f. November 27, 2020) with outstanding loan amount of ₹71.16 crore and bank guarantee of ₹57 lakhs (total ₹71.73 crore)
- Bank forfeited equity shares of promoters/directors totaling ₹540.27 lakhs, shown as "Loan against shares forfeited"
- Bank sold 71,69,116 shares in FY2023-24 for ₹4.65 crore (₹6.49 per share) and 14,17,858 shares in FY2022-23 for ₹76.33 lakhs (₹5.38 per share)
- Bank forfeited FD with interest of ₹66.54 lakhs during Q1 FY2027
- NCLT Jaipur case filed (CP No. (IB)-54/7/JPR/2023) with next hearing scheduled for September 2, 2026
- No interest provision made on NPA accounts since July 1, 2022
Receivables and Advances:
- Total outstanding receivables and advances to suppliers: ₹2,515.59 lakhs as of June 30, 2026
- No independent balance confirmation received for majority outstanding amounts
- No interest accrued on loans and advances
- Directors making payments/receipts from personal bank accounts
Other Material Issues:
- No response received on bank balance confirmations as of June 30, 2026
- Trade receivables and payables subject to confirmation and reconciliation
- Land and building of ₹29.82 lakhs at Daulatpura, Jaipur held for sale without execution plan
- Gross tax asset of ₹26.48 lakhs without assessment/refund status documentation
- No production during the quarter, plant and machinery rented to related party Vasa Industries
- Textile segment closed with gross assets of ₹83.98 crore and net block of ₹12.04 crore
- Physical verification of fixed assets not conducted
- Income tax including deferred tax not determined and provided
- Director loans of ₹44 lakhs from previous years and additional ₹5 crore loan in FY2024-25 for OTS
Financial Position as of June 30, 2026:
- Total Assets: ₹4,797.18 lakhs
- Total Equity: Negative ₹3,415.07 lakhs
- Total Liabilities: ₹8,212.26 lakhs
- Non-current liabilities (borrowings): ₹5,346.34 lakhs
- Current liabilities: ₹2,865.91 lakhs