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Captain Pipes Ltd.

BSE: 538817 Sector: Industrials
NSE: N.A. ISIN Code: INE513R01018
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NSE 05:30 | 01 Jan Captain Pipes Ltd
OPEN 100.00
PREVIOUS CLOSE 100.00
VOLUME 1500
52-Week high 104.00
52-Week low 31.90
P/E 526.32
Mkt Cap.(Rs cr) 42
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 100.00
CLOSE 100.00
VOLUME 1500
52-Week high 104.00
52-Week low 31.90
P/E 526.32
Mkt Cap.(Rs cr) 42
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Captain Pipes Ltd. (CAPTAINPIPES) - Auditors Report

Company auditors report

TO THE MEMBERS OF ‘CAPTAIN PIPES LTD.'

Report on Audited Financial Statements

Opinion

We have audited the accompanying financial statements of CAPTAIN PIPESLTD. (‘the Company") which comprise the Balance Sheet as at March 31 2021 theStatement of Profit and Loss the Cash Flow Statement for the year ended on that date anda summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the 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 theCompany as at 31st March 2021;

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

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

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in auditor'sprofessional judgment are of most significance in the audit of the financial statementsof the company. These matters are addressed in the context of audit of the financialstatements as a whole and in forming auditor's opinion thereon.

Based on our audit of Financial Statements of the Company for theperiod under review we did not come across any material Key Audit Matters to becommunicated in our report.

Information other than the Financial Statements and Auditor'sReport Thereon

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board's Report includingAnnexures to Board's Report Business Responsibility Report Corporate Governance andShareholder's Information but does not include the financial statements and ourauditor's report thereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained during the course of our audit or otherwise appears to be materiallymisstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position and financial performance of the Company including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibility for the audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statementwherever found necessary that we have complied with relevant ethical requirementsregarding independence and to communicate with them all relationships and other mattersthat may reasonably be thought to bear on our independence and where applicable relatedsafeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters if anyidentified. We describe these matters if any in our auditor's report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.

Report on Other Legal and Regulatory Requirements.

1. As required by section 143(3) of the Act we report that:

a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

b) in our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books;

c) the Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this report are in agreement with the books of account assubmitted to us;

d) in our opinion the aforesaid 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 directorsas on 31st March 2021 and taken on record by the Board of Directors none ofthe directors is disqualified as on 31st March 2021 from being appointed as a director interms of Section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in Annexure - A. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controlsover financial reporting.

g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of Section 197(16) of the Act asamended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us:

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

ii. The Company has made all material provisions except as mentionedin the notes to accounts if any 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 theInvestor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of sub-section(11) of Section 143(11) of the Act we give in the Annexure - B a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

For SVK & ASSOCIATES
Chartered Accountants
Firm Reg. No. - 118564W
Sd/-
Dhaval R. Karia
Partner Place: Rajkot
M. No. - 143121 Date: 7th June 2021
UDIN: 21143121AAAABD6971

(Referred to in paragraph 1(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of CAPTAIN PIPESLIMITED of even date)

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of CAPTAIN PIPES LIMITED ("the Company") as of 31st March 2021 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the internal financial controlssystem over financial reporting of the Company.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us 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 31st March 2021 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
Sd/-
Dhaval R. Karia
Partner Place: Rajkot
M. No. - 143121 Date: 7th June 2021
UDIN: 21143121AAAABD6971

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our Report to the Members of CAPTAIN PIPESLIMITED of even date)

i. FIXED ASSETS:

a. In our opinion the company has generally maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets onthe basis of available information.

b. As explained to us the Company has a program of verification tocover all the items of fixed assets in a phased manner which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Asfurther explained to us pursuant to the said program certain fixed assets werephysically verified by the management during the year. According to the said informationand explanations given to us no material discrepancies were noticed on such verification.

c. According to the information and explanations given to us therecords examined by us and based on the examination of the conveyance deeds / registeredsale deed provided to us we report that the title deeds comprising all the immovableproperties of land and buildings which are freehold are held in the name of the Companyas at the balance sheet date. In respect of immovable properties of land and building thathave been taken on rent the rent agreements are in the name of the Company.

ii. INVENTORIES:

a. According to the information and explanation given to us theinventories have been physically verified during the year by the management and in ouropinion the frequency of verification is reasonable.

b. According to the information and explanation given to us asexplained to us no material discrepancies were noticed on physical verification ofinventories as compared to the book records.

iii. LOANS:

According to the information and explanations given to us and on thebasis of our examination of the books of account the company has not granted any loanssecured or unsecured to companies firms Limited Liability Partnerships or other partiescovered in the register maintained under Section 189 of the Companies Act 2013 duringthe year under review. Consequently the provisions of clause (iii) of the order are notapplicable to the company.

iv. LOANS INVESTMENTS & GUARANTEES:

According to the information and explanations given to us and on thebasis of our examination of the books of account the company has not granted any loansdirectly or indirectly to any directors or person or entities in which directors areinterested and/or has not given any guarantee or provided any security in connection withloans taken by them;

According to the information and explanations given to us and on thebasis of our examination of the books of accounts the company has complied with theprovisions of section 186 in respect of investments made in securities of other bodycorporate.

v. DEPOSITS:

As explained to us the company has not accepted any loans or depositswithin meaning of Section 73 to 76 of the Companies Act 2013 read with Rule 2(b) of theCompanies (Acceptance of Deposit's) Rules 2014 during the year under review.Consequently the provisions of clause (v) of the order are not applicable to the company.

vi. COST RECORDS:

According to the information and explanations provided by themanagement to us and to the best of our knowledge the Company is not engaged inproduction of any such goods or production of any such services for which the CentralGovernment has prescribed particulars relating to utilization of material or labour orother items of cost. Hence the provisions of section 148(1) of the Act do not apply to theCompany.

vii. STATUTORY DUES:

a. As per information and explanation available to us undisputedstatutory dues including provident fund income-tax goods and service tax custom dutycess and other material statutory dues have been generally regularly deposited with theappropriate authorities applicable to it though there had been some delays in certaincases. Further according to information explanation given to us no undisputed statutorydues applicable to the company were outstanding as at 31st March 2021 for aperiod of more than 6 months from the date they become payable except for professionaltax of Rs 7.78 lacs and gratuity of Rs. 16.38 Lacs. b. According to the information andexplanation available to us there are no dues outstanding on account provident fundincome-tax goods and service tax custom duty cess and other material statutory dues onaccount of dispute.

viii. DUES TO FINANCIAL INSTITUTION BANKS OR DEBENTURE HOLDER:

Based on our audit procedures and as per information and explanationgiven to us by the management of the company we are of the opinion that company has notdefaulted in repayment of dues to financial institutions and banks during the year underreview.

The company has not issued any debentures.

ix. TERM LOANS & PUBLIC ISSUE:

Based on the audit procedures performed and according to theinformation explanations given to us on an overall basis the existing as well as newterm loans have been applied for the purpose for which they were obtained. The company hasnot raised any money through a public issue during the year under review.

x. FRAUD:

Based upon the audit procedures performed and as per the informationand explanation given by the management we report that no fraud by the company or anyfraud on the company by its officers / employees has been noticed or reported during thecourse of our audit.

xi. MANAGERIAL REMUNERATION:

In our opinion and according to the information and explanations givento us the Company has paid/provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct.

xii. NIDHI COMPANY:

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

xiii. RELATED PARTY TRANSACTIONS:

Based upon the audit procedures performed and as per the informationand explanation given by the management all the transactions with the related parties arein compliance with Section 177 and 188 of the Companies Act 2013 and have been dulydisclosed in the financial statements as required by the applicable accounting standards.

xiv. PREFERENTIAL ALLOMENT / PRIVATE PLACEMENT:

Based on the audit procedures performed and according to theinformation and explanations given to us the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Consequently the provisions of clause (xiv) of the order are notapplicable to the company.

xv. NON-CASH TRANSACTIONS:

Based on the audit procedures performed and according to theinformation and explanations given to us the company has not entered into any non-cashtransactions with directors or persons connected with him. Consequently the provisions ofclause (xv) of the order are not applicable to the company.

xvi. REGISTRATION UNDER SECTION 45-IA OF RBI ACT 1934:

According to the information and explanations given to us and based onour examination of the records of the company the company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934.

For SVK & ASSOCIATES
Chartered Accountants
Sd/-
Dhaval R. Karia
Partner
M. No. - 143121 Place: Rajkot
F. No. - 118564W Date: 7th June 2021
UDIN: 21143121AAAABD6971

.