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Captain Pipes Ltd.

BSE: 538817 Sector: Industrials
NSE: N.A. ISIN Code: INE513R01018
BSE LIVE 14:45 | 22 Nov 63.50 -11.45
(-15.28%)
OPEN

60.00

HIGH

63.50

LOW

60.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 60.00
PREVIOUS CLOSE 74.95
VOLUME 10500
52-Week high 80.00
52-Week low 37.00
P/E 50.00
Mkt Cap.(Rs cr) 26.42
Buy Price 60.00
Buy Qty 1500.00
Sell Price 74.95
Sell Qty 1500.00
OPEN 60.00
CLOSE 74.95
VOLUME 10500
52-Week high 80.00
52-Week low 37.00
P/E 50.00
Mkt Cap.(Rs cr) 26.42
Buy Price 60.00
Buy Qty 1500.00
Sell Price 74.95
Sell Qty 1500.00

Captain Pipes Ltd. (CAPTAINPIPES) - Auditors Report

Company auditors report

TO THE MEMBERS OF 'CAPTAIN PIPES LTD.’

Report on Audited Standalone Financial Statements

We have audited the accompanying standalone financial statements of CAPTAIN PIPES LTD.(‘the Company") which comprise the Balance Sheet as at March 31 2016 and theStatement of Profit and Loss and the Cash Flow Statement for the year ended on that dateand a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition and financial performance of the Company including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We conducted our audit in accordance with the Standards on Auditingissued by the Institute of Chartered Accountants of India. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the standalone financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error.

In making those risk assessments the auditor considers internal financial controlrelevant to the Company’s preparation of the standalone financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasan adequate internal financial controls system over financial reporting in place and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company’s Board of Directors as well as evaluating the overallpresentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the standalone financial statements read together with the notes thereongive the information required by the Act in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India to theextent applicable;

a) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 bestof 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 theCompany so far as it appears from our examination of those books;

c) the Balance Sheet and Statement of Profit and Loss dealt with by this report are inagreement with the books of account as submitted to us;

d) in our opinion the aforesaid standalone financial statements comply with theaccounting standards specified under Section 133 of the Companies Act read with Rule 7 ofthe Companies (Accounts) Rules 2014 to the extent applicable;

e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2016 from being appointed as a director in terms of Section 164(2) ofthe Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure - B and

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i) There were no pending litigations which would impact the standalone financialposition of the Company.

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For SVK & ASSOCIATES

Chartered Accountants

Firm No. -118564W

Shilpang V. Karia

M. No.-102114

Partner

Place : Rajkot

Date : 27th May 2016

ANNEXURE - A TO THE AUDITOR’S REPORT

(Referred to in paragraph 1 of our Report of even date on the Statement of Accounts ofCAPTAIN PIPES LIMITED for the year ended on 31st March 2016)

1) Fixed Assets:

a. In our opinion the company has generally maintained proper records showing fullparticulars including quantitative details and situation of fixed assets on the basis ofavailable information.

b. As explained to us the fixed assets have been physically verified by the managementduring the year in a phased periodical manner which in our opinion is reasonable havingregard to size of the company and nature of its assets. No material discrepancies withrespect to book records were noticed on such verification.

c. As explained to us and on the basis of our examination of the books of accounts thedeeds of immovable properties are held in the name of the company.

ii) INVENTORIES:

a. According to the information and explanation given to us the inventories have beenphysically verified during the year by the management and in our opinion the frequency ofverification is reasonable.

b. As explained to us no material discrepancies were noticed on physical verificationof inventories as compared to the book records.

iii) LOANS:

According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under Section 189 of the Companies Act 2013 during the yearunder review. Consequently the provisions of clause (iii) of the order are not applicableto the company.

v) LOANS INVESTMENTS & GUARANTEES:

According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has not granted any loans directly orindirectly to any directors or person or entities in which directors are interested and/orhas not given any guarantee or provided any security in connection with loan taken bythem;

According to the information and explanations given to us and on the basis of ourexamination of the books of account the company has complied with the provisions ofsection 186 in respect of investments made in securities of other body corporate.

v.) DEPOSITS:

As explained to us the company has not accepted any loans or deposits within meaningof Section 73 to 76 of the Companies Act 2013 read with Rule 2(b) of the Companies(Acceptance of Deposit’s) Rules 2014 during the year under review.

vi) COST RECORDS:

According to the information and explanations provided by the management to us and tothe best of our knowledge the Company is not engaged in production of any such goods orproduction of any such services for which the Central Government has prescribedparticulars relating to utilization of material or labour or other items of cost. Hencethe provisions of section 148(1) of the Act do not apply to the Company.

vii) STATUTORY DUES:

a. As per information and explanation available to us undisputed statutory duesincluding provident fund investor education and protection fund employee’s stateinsurance income- tax sales-tax wealth tax service tax custom duty excise dutyvalue added tax cess and other statutory dues have been generally regularly depositedwith the appropriate authorities applicable to it though there had been some delays incertain cases. Further according to information explanation given to us No undisputedstatutory dues applicable to the company were outstanding as at 31st March 2016 for aperiod of more than 6 months from the date they become payable except for professionaltax of Rs. 3.87 lacs.

b. According to the information and explanation available to us there are no duesoutstanding on account sales tax income tax wealth tax service tax custom duty exciseduty cess on account of dispute.

viii) DUES TO FINANCIAL INSTITUTION BANKS OR DEBENTURE HOLDER:

Based on our audit procedures and as per information and explanation given to us by themanagement of the company we are of the opinion that company has not defaulted inrepayment of dues to financial institutions and banks during the year under review.

The company has not issued any debentures.

ix) TERM LOANS & PUBLIC ISSUE:

Based on the audit procedures performed and according to the information explanationsgiven to us on an overall basis the existing as well as new term loans have been appliedfor the purpose for which they were obtained. The company has not raised any money througha public issue during the year under review.

x) FRAUD:

Based upon the audit procedures performed and as per the information and explanationgiven by the management we report that no fraud by the company or any fraud on thecompany by its officers / employees has been noticed or reported during the course of ouraudit.

xi) MANAGERIAL REMUNERATION:

As per the information and explanations given to us the company has complied with theprovisions of section 197 of the Companies Act 2013 regarding managerial remuneration tothe extent applicable.

xii) NIDHI COMPANY:

In our opinion the company is not a nidhi company. Consequently the provisions ofclause (xii) of the order are not applicable to the company.

xiii) RELATED PARTY TRANSACTIONS:

Based upon the audit procedures performed and as per the information and explanationgiven by the management all the transactions with the related parties are in compliancewith Section 177 and 188 of the Companies Act 2013 and have been duly disclosed in thefinancial statements as required by the applicable accounting standards.

xiv) PREFERENTIAL ALLOMENT / PRIVATE PLACEMENT:

Based on the audit procedures performed and according to the information andexplanations given to us the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Consequently the provisions of clause (xiv) of the order are not applicable tothe company.

XV) NON-CASH TRANSACTIONS:

Based on the audit procedures performed and according to the information andexplanations given to us the company has not entered into any non-cash transactions withdirectors or persons connected with him. Consequently the provisions of clause (xv) ofthe order are not applicable to the company.

xvi) REGISTRATION UNDER SECTION 45-IAOF RBI ACT 1934:

Since the company is not an NBFC the provisions of clause (xvi) of the order are not annlinahleto tho cnrrmanv

For SVK & ASSOCIATES

Chartered Accountants

Firm Reg. No. 118564W

Shilpang V. Karia

Partner

M. No.-102114

Place: Rajkot

Date: 27th May 2016

ANNEXURE - B TO THE AUDITOR’S REPORT

(Referred to in paragraph 2(f) of our Report of even date on the Statement of Accountsof CAPTAIN PIPES LIMITED for the year ended on 31st March 2016)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CAPTAINPIPES LIMITED ("the Company") as of 31 March 2016 in conjunction with our auditof the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance

that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For SVK & ASSOCIATES

Chartered Accountants Firm Reg. No. 118564W

Shilpang V. Karia

Partner

M. No.-102114 Place: Rajkot

Date: 27th May 2016

 

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