209404412018-02-012019-01-31209404412018-02-012019-01-31RevPers1209404412018-02-012019-01-31RevPers2209404412018-02-012019-01-31RevPers1209404412018-02-012019-01-31RevPers2209404412018-02-012019-01-31209404412018-02-012019-01-31fsa:RetainedEarningsMember209404412018-02-012019-01-31fsa:ContributedCapitalMember209404412018-02-012019-01-31fsa:RetainedEarningsMember209404412017-02-012018-01-31209404412017-02-012018-01-31fsa:RetainedEarningsMember209404412019-01-31209404412018-02-01fsa:ContributedCapitalMember209404412018-02-01fsa:RetainedEarningsMember209404412018-01-31xbrli:purexbrli:pureiso4217:DKKxbrli:shares To the shareholders of Midwesco Filter Resources Denmark A/S under frivillig likvidation Basis of opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in our auditors' report under “Auditors' responsibility for the audit of the financial statements”. As required by the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, we are independent of the Company, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion We have audited the financial statements of Midwesco Filter Resources Denmark A/S under frivillig likvidation for the financial year 1 February 2018 - 31 January 2019, which comprise an income statement, balance sheet and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 January 2019 and of the results of its operations for the financial year 1 February 2018 - 31 January 2019 in accordance with the Danish Financial Statements Act. 2019-06-17MariboOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in the financial statements, 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. The risk of not detecting a material misstatement resulting from fraud is higher than for a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. * Evaluate whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. , The auditor's responsibility for the audit of the financial statements Our responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in the financial statements, 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. The risk of not detecting a material misstatement resulting from fraud is higher than for a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. * Evaluate whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management considers necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is 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 in preparing the financial statements unless Management either intends to either liquidate the Company or suspend operations, or has no realistic alternative but to do so.Statement on Management's Review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review. Our responsibility in connection with our audit of the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act. Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. 1290103812901038mne26784mne550Thomas HenckelKnud Engberg Liquidator Lars Hindsgaul Stuckert Attorney/Liquidator aage maagensenaage maagensenRevisionspåtegningtrue11522412984043810800682825Regnskabsklasse B70000007000000115224129840438 Reporting Class The Annual Report of Midwesco Filter Resources Denmark A/S under frivillig likvidation for 2018/19 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The Annual Report has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, with the adoption of individual rules from class C. Accounting policies applied remain unchanged from last year. Reporting currency The Annual Report is presented in Danish kroner. Translation policies Transactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the Income Statement under Financial Income and Expenses. General Information Basis of recognition and measurement Income is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the Income Statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the Income Statement. Assets are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income Statement Gross profit/loss The Company has decided to aggregate certain items of the Income Statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Other external expenses Other external expenses comprise expenses regarding administration. Financial income and expenses Financial income and expenses are recognised in the Income Statement with the amounts that concern the financial year. Financial income and expenses include interest income and expenses, realised and unrealised capital gains and losses regarding securities, debt and foreign currency transactions as well as surcharges and allowances under the tax repayment scheme. Tax on net profit/loss for the year Tax for the year consists of current tax for the year and changes in deferred tax. The current tax payable or receivable is recognized in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax. Balance Sheet Receivables group enterprises Receivables are measured to the nominal value. Cash and cash equivalents Cash and cash equivalents comprise cash at bank. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. Contributed Retained capital earnings Total Equity 1 February 2018 7.000.000 2.776.907 9.776.907 Retained earnings 2018/19 0 1.563.275 1.563.275 Equity 31 January 2019 7.000.000 4.340.182 11.340.182 2. Finance expenses Other finance expenses 1.220 1.532.079 1.220 1.532.079 4. Ownership The following shareholders hold more than 5% of the company´s share capital: Midwesco Filter Resources Inc., Virginia, USA 5. Related parties Related parties with a controlling interest in the company: Perma - Pipe International Holdings, Inc. (previously MFRI Inc.), Niles, Illinois, USA (the ultimate parent) Midwesco Filter Resources Inc., Virginia, USA (group parent) Midwesco Filter Resources Denmark A/S related parties with significant influence includes group companies and associated companies and the board of directors, management and manegerial staff as well af these persons related family members. Related parties furthermore includes companies in which the first mentioned persons have significant interests. 3. Tax expense Current tax 43.510 0 43.510 0 113401829776907-7000000-2776907-143033-1033840108439111522412984043818223063531 2018/19 2017/18 1. Income from investments in group enterprises and associates Gain/loss from disposal of subsidiary (2015/16) 0 1.084.391 0 1.084.391 1220153207985873162703892307324264177500635311563275-1641051563275-164105015632751606785-164105-143033-10338443401822776907true1822306353111414406975761311414406966561347300092000435100Maribo, 4930C. E. Christiansens Vej 562019-06-171998-04-012019-06-17851881192094044112901038ÅrsrapportLars StuckertLars Hindsgaul StuckertMidwesco Filter Resources Denmark A/S under frivillig likvidationaage maagensen, statsautoriseret revisionsaktieselskab2017-02-012018-01-31360, Lolland2019-01-312018-02-01Development in activities and financial matters The Company's Income Statement of the financial year 1 February 2018 - 31 January 2019 shows a result of DKK 1.563.275 and the Balance Sheet at 31 January 2019 a balance sheet total of DKK 11.522.412 and an equity of DKK 11.340.182. Expectations for the future Mangement expects positive result in the financial year 2018/19. The Company's principal activities The Company's principal activities consist of investment and asset management. The Company's principal activities The Company's principal activities consist of investment and asset management. Development in activities and financial matters The Company's Income Statement of the financial year 1 February 2018 - 31 January 2019 shows a result of DKK 1.563.275 and the Balance Sheet at 31 January 2019 a balance sheet total of DKK 11.522.412 and an equity of DKK 11.340.182. Expectations for the future Mangement expects positive result in the financial year 2018/19. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 January 2019 and of the results of the Company's operations for the financial year 1 February 2018 - 31 January 2019. 2019-06-17 Today, Management has considered and adopted the Annual Report of Midwesco Filter Resources Denmark A/S under frivillig likvidation for the financial year 1 February 2018 - 31 January 2019. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. MariboWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of Midwesco Filter Resources Denmark A/S under frivillig likvidation for the financial year 1 February 2018 - 31 January 2019. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 January 2019 and of the results of the Company's operations for the financial year 1 February 2018 - 31 January 2019. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Maribo, June 17, 2019 Liquidator Lars Hindsgaul Stuckert Attorney/Liquidator