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Captain Technocast Ltd.

BSE: 540652 Sector: Engineering
NSE: N.A. ISIN Code: INE931X01010
BSE 00:00 | 13 Jul Captain Technocast Ltd
NSE 05:30 | 01 Jan Captain Technocast Ltd
OPEN 35.00
PREVIOUS CLOSE 35.00
VOLUME 3000
52-Week high 41.40
52-Week low 21.80
P/E 12.68
Mkt Cap.(Rs cr) 36
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 35.00
CLOSE 35.00
VOLUME 3000
52-Week high 41.40
52-Week low 21.80
P/E 12.68
Mkt Cap.(Rs cr) 36
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Captain Technocast Ltd. (CAPTAINTECHNO) - Auditors Report

Company auditors report

TO THE MEMBERS OF ‘CAPTAIN TECHNOCAST LTD.’

Report on Audited Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of CAPTAINTECHNOCAST LTD. (‘the Company") which comprise the Standalone Balance Sheetas at 31st March 2021 the Standalone Statement of Profit and Loss theStandalone Cash Flow Statement for the year ended on that date and a summary ofsignificant accounting policies and other explanatory information (hereinafter referred toas "Standalone Financial Statements").

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 31st March 2021;

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.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with theStandards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013.Our responsibilities under those Standards are further described in the Auditor’sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Companies Act 2013 and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that in auditor’s professional judgment areof most significance in the audit of the standalone financial statements of the company.These matters are addressed in the context of audit of the standalone financial statementsas a whole and in forming auditor’s opinion thereon.

Based on our audit of Standalone Financial Statements of the Company for the periodunder review we did not come across any material Key Audit Matters to be communicated inour report.

Information other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board’s Report including Annexures to Board’s ReportBusiness Responsibility Report Corporate Governance and Shareholder’s Informationbut does not include the standalone financial statements and our auditor’s reportthereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

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 standalonefinancial position and standalone financial performance of the Company in accordance withthe accounting principles generally accepted in India 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.

In preparing the standalone 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 the company’s financialreporting process.

Auditor’s Responsibility for the audit of Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial 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 standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

? Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

? Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

? Conclude on the appropriateness of management’s use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the standalone 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 the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement wherever foundnecessary that we have complied with relevant ethical requirements regardingindependence and to communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence and where applicable relatedsafeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters if any identified. Wedescribe these matters if any in our auditor’s report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits 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 explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit of the aforesaidstandalone financial statements;

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 Standalone Balance Sheet Standalone Statement of Profit and Loss and StandaloneCash Flow Statement dealt with by this report are in agreement with the books of accountas 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 312021 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2021 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 – A. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of Section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. There were no pending litigations which would impact the financial position of theCompany.

ii. The Company has made all material provisions except as mentioned in the notes toaccounts if any as required under the applicable law or accounting standards formaterial foreseeable losses if any and as required on long-term contracts includingderivative contracts.

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

2. 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(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/-
Shilpang V. Karia
Partner Place: Rajkot
M. No. – 102114 Date: 7th June 2021
UDIN: 21102114AAAAGQ3314

ANNEXURE – A TO THE INDEPENDENT AUDITOR’S REPORT ON THE STANDALONE FINANCIALSTATEMENTS

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report to the Members of CAPTAIN TECHNOCAST LIMITEDof even date)

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 CAPTAINTECHNOCAST LIMITED ("the Company") as of 31st March 2021 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting 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 financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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 performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor’s judgement including the assessment of the risks of material misstatementof the standalone financial statements whether due to fraud or error. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the internal financial controls system over financial reporting of theCompany.

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 standalone financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of standalone financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the standalone 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For SVK & ASSOCIATES
Chartered Accountants
Firm Reg. No. 118564W
Sd/-
Shilpang V. Karia
Partner Place: Rajkot
M. No. – 102114 Date: 7th June 2021
UDIN: 21102114AAAAGQ3314

ANNEXURE - B TO THE INDEPENDENT AUDITOR’S REPORT ON STANDALONE FINANCIALSTATEMENTS

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements’ section of our Report to the Members of CAPTAIN TECHNOCAST LIMITEDof even date)

i. 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 Company has a program of verification to cover all the itemsof fixed assets in a phased manner which in our opinion is reasonable having regard tothe size of the Company and the nature of its assets. As further explained to us pursuantto the said program certain fixed assets were physically verified by the managementduring the year. According to the said information and explanations given to us nomaterial discrepancies were noticed on such verification.

c. According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds / registered sale deed provided tous we report that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate. In respect of immovable properties of land and building that have been taken onrent 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 andexplanation given to us as explained to us no material discrepancies were noticed onphysical verification of 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 granted unsecured loans of Rs. 320.60Lacs to its two subsidiary companies being parties covered in the register maintainedunder Section 189 of the Companies Act 2013 during the year under review. As informed tous there is no any stipulation regarding the repayment of the loans granted. Howeverentire loans granted were received back during the year under review and no anyoutstanding balance as at year end.

iv. 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 granted unsecured loans to its twosubsidiaries in which directors are interested. According to the information andexplanations given to us the company has not given any guarantee or provided any securityin connection with loans taken by the directors or person or entities in which directorsare interested from any bank or financial institutions. According to the information andexplanations given to us and on the basis of our examination of the books of accounts thecompany has complied with the provisions of section 186 in respect of investments made insecurities 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. Consequently theprovisions of clause (v) of the order are not applicable to the company.

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 income-tax goods and service tax custom duty cess and othermaterial statutory dues have been generally regularly deposited with the appropriateauthorities applicable to it though there had been some delays in certain cases. Furtheraccording to information explanation given to us No undisputed statutory dues applicableto the company were outstanding as at 31st March 2021 for a period of morethan 6 months from the date they become payable except for gratuity Rs. 6.89 Lacs.

b. According to the information and explanation available to us there are no duesoutstanding on account provident fund income-tax goods and service tax custom dutycess and other material statutory dues 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. Thecompany 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:

In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act. 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 thestandalone financial 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-IA OF RBI ACT 1934:

According to the information and explanations given to us and based on our examinationof the records of the company the company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934.

For SVK & ASSOCIATES
Chartered Accountants
Firm Reg. No. – 118564W
Sd/-
Shilpang V. Karia
Partner Place: Rajkot
M. No. – 102114 Date: 7th June 2021
UDIN: 21102114AAAAGQ3314

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