TO THE MEMBERS OF 'CAPTAIN PIPES LTD.'
Report on Audited Financial Statements
We have audited the accompanying financial statements of CAPTAIN PIPES LTD. (theCompany ) which compose the Balance Sheet as at March 31.2018 and the Statement of Profitand Loss and the Cash Flow Statement for the year ended on that date and a summary ofsignificant accounting policies and other explanatory information
Management's Responsibility for the 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 preparationof these financial statements that give a true and fair view of the financial position andfinancial performance of the Company including the Accounting Standards specified underSection 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules. 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent: andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror
Our responsibility Is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements The procedures selected depend on the auditorsjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.
In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a tale andfair view in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on whether the Company has an adequateinternal financial controls system over financial reporting in place and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Board of Directors as well as evaluating the overall presentation of thefinancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements read together with the notes thereon give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India to the extentapplicable.
a) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch. 2018:
b) In the case of the Statement of Profit and Loss of the loss of the Company for theyear 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
As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of
1 India in terms of sub-section (11) of Section 143 of the Act. we give in the AnnexuroA. a statement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.
2 As required by section 143(3) of the Act we report that:
we have sought and obtained all the information and explanations which to the best ofour knowledge and belief 3' were necessary for the purposes of our audit:
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.
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:
in our opinion the aforesaid financial statements comply with the accounting standardsspecified under Section
d) 133 of the Companies Act. read with Rule 7 of the Companies (Accounts) Rules 2014.to the extent applicable;
On the basis of written representations received from the directors as on March 31.2018. and taken on record by
) the Board of Directors none of the directors is disqualified as on 31stMarch. 2018 from being appointed as a director in terms of Section 164(2) of the Act;
With respect to the adequacy of the internal financial controls over financialreporting of the Company and the
f) operating effectiveness of such controls refer to our separate report in Annexure -B and
With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the
g) Companies (Audit and Auditor's) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us
i. There were no pending litigations which would impact the financial position of theCompany
The Company has made provision as required under the applicable law or accountingstandards for material 1 foreseeable losses if any and as required onlong-term contracts including derivative contracts.
There were no amounts which were required to be transferred to the Investor Educationand Protection Fund by 1 the Company.
|For SVK & ASSOCIATES |
|Chartered Accountants |
|Firm Reg. No. -118564W |
|Shilpang V. Karia |
|M. No. -102114 |
|Place: Rajkot |
|Date: 25th May. 2018 |