Captain Pipes Ltd Auditors Report.

TO THE MEMBERS OF CAPTAIN PIPES LTD.

Report on Audited Financial Statements

We have audited the accompanying financial statements of CAPTAIN PIPES LTD. (the Company ), which compose the Balance Sheet as at March 31.2018 and the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information

Managements Responsibility for the Financial Statements

The Companys Board of Directors is responsible for the matters stated In Section 134(5) of the Companies Act. 2013 ( "the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company including the Accounting Standards specified under Section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules. 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent: and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error,

Auditors Responsibility

Our responsibility Is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

In making those risk assessments, the auditor considers internal financial control relevant to the Companys preparation of the financial statements that give a tale and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has an adequate internal financial controls system over financial reporting in place and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Companys Board of Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements read together with the notes thereon, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable.

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March. 2018:

b) In the case of the Statement of Profit and Loss, of the loss of the Company for the year ended on that date: and

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

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors 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 Annexuro A. a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

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 of our 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 the Company, 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 in agreement with the books of account, as submitted to us:

in our opinion, the aforesaid financial statements comply with the accounting standards specified 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

e) the Board of Directors, none of the directors is disqualified as on 31st March. 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 financial reporting 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 Auditors Report in accordance with Rule 11 of the

g) Companies (Audit and Auditors) Rules, 2014 in our opinion 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 financial position of the Company

The Company has made provision, as required under the applicable law or accounting standards, for material 1 foreseeable losses, if any, and as required on long-term contracts including derivative contracts.

There were no amounts which were required to be transferred to the Investor Education and Protection Fund by 1 ‘ the Company.

For SVK & ASSOCIATES
Chartered Accountants
Firm Reg. No. -118564W
Sd/-
Shilpang V. Karia
Partner
M. No. -102114
Place: Rajkot
Date: 25th May. 2018