1. We have audited the accompanying Ind AS Standalone financial statements of Captain Polyplast Limited, Rajkot
(CIN:L25209GJ1997PLC031985) (the "Company"), which comprise the Balance Sheet as at 31 March, 2026, the Statement of
Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows
for the year ended and notes to Standalone financial statements, including a summary of material accounting policies and
other explanatory information (hereinafter referred to as "the Ind AS Standalone financial statements").
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS
Standalone financial statements give the information required by the Companies Act, 2013 (the "Act") in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (the "Ind AS") and other accounting
principles generally accepted in India, of the state of affairs of the Company as at 31 March, 2026, the profit, total
comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
3. We conducted our audit of the Ind AS Standalone financial statements in accordance with the Standards on Auditing specified
under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Ind AS Standalone financial statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with
the independence requirements that are relevant to our audit of the Ind AS Standalone financial statements under the
provisions of the Act and the Rules made there under and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Ind AS Standalone financial statements.
Key Audit Matters
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone financial statements for the financial year ended 31 March, 2026. These matters were addressed in the context of
our audit of the Standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided
in that context.
5. We have determined the matters described below to be the key audit matters to be communicated in our report. We have
fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the Standalone financial statements
section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the Standalone financial statements. The
results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our
audit opinion on the accompanying Standalone financial statements.
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Completeness of revenue (as described in Note No. 2(9) (Summary of Material accounting policie s)
and Note No. 28 of notes to the Standalone financial statements
for the year ended 31 March, 2026
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Key audit matters
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How our audit addressed the key audit
matter
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• The Company has revenue from sale of
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We performed the following audit procedures,
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products which includes finished goods and
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amongst others:
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scrap sales. The Company is engaged in
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• We obtained an understanding of the Company's
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manufacturing of Micro Irrigation System and
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sales process, in cl udin g design and
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Solar EPC services.
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implementation of controls over timing of
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• The Company recognizes revenue from sale of
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recognition of revenue from sale of goods and
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goods at a point in time when control of the
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tested the operating effectiveness of these
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goods is transferred to the customer, based on
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controls
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the terms of the contract with customers which
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• We reviewed the Company's accounting policies
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varies for each customer. Determination of
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for revenue recognition in context of the
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point in time includes assessment of timing of
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applicable accounting standard.
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transfer of significant risk and rewards of
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• Obtained customer contracts on sample basis
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ownership, establishing the present right to
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and read the terms to assess various
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receive payment for the products, delivery
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performance obligations in the contract, the
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specifications including Inco terms, timing of
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point in time of transfer of control and pricing
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transfer of legal title of the asset and
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terms.
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determination of the point of acceptance of
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• Tested on a sample basis sales invoice for
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goods by customer. Further, the pricing of the
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identification of point in time for transfer of
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products is dependent on metal indices and
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control and terms of contract with customers.
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foreign exchange fluctuation making the price
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Further, we performed procedures to test on a
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volatile.
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sample basis whether revenue was recognized in
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• Due to judgments relating to determination of
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the appropriate period by testing shipping
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point in time in satisfaction of performance
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records, good inwards receipt of customer, sales
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obligations with respect to sale of products,
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invoice, income-terms etc. and testing the
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this matter has been considered as key audit
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management assessment involved in the
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matter.
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process, wherever applicable.
• Attended and observed the inventory count
performed by the management at year-end and
obtained confirmations for inventory lying with
third parties.
• Circulated the confirmations for outstanding
trade receivables on sample basis on year end.
• We also performed various analytical
procedures to identify any unusual sales trends
for further testing.
• We assessed the disclosure is in accordance with
applicable accounting standards.
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Capital Expenditure in respect of property, plant and equipment and capital work in progress (as
described in Note No. 5 & 7 of the standalone Ind AS financial statements)
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Key audit matters
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How our audit addressed the key audit
matter
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• The Company has incurred significant
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We performed the following audit procedures,
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expenditure on capital projects, as reflected by
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amongst others:
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the total value of addifions in property plant
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• We obtained an understanding of the Company's
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and equipment and capital work in progress in
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capitalisafion policy and assessed for compliance
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Notes No. 5 and 7 of the Financial Statements.
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with the relevant accounfing standards;
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• The Company is in process of execufing various
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• We obtained as understanding, evaluated the
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projects for setting up new facilifies expansions
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design and tested the operating effectiveness of
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of exisfing capacity across the locafions. These
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controls related to capital expenditure and
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projects take a substanfial period of fime to get
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capitalisafion of assets;
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ready for intended use.
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• In relation to borrowing costs we obtained the
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• We considered Capital expenditure as a Key
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supporting calculations, verified the inputs to
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audit matter due to:
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the calculafion and tested the arithmefical
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i. Significance of amount incurre don such
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accuracy of the model.
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items during the year ended March 31,
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• We performed substantive testing on a sample
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2026.
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basis for each element of capitalised costs and
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ii. Judgement and esfimate required by
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physical verificafion performed by management
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management in assessing assets meefing
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and directly attributable cost including
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the capitalisafion criteria set out in Ind AS
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verificafion of underlying supporfing evidence
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16 Property, Plant and Equipment.
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and understanding nature of the costs
capitalised.
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iii. Judgement involved in determining the
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eligibility of costs including borrowing cost
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• We obtained understanding on management
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and other directly attributable costs for
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assessment relafing to progress of projects and
their intention to bring the asset to its intended
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capitalisafion as per the criteria set out in
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Ind AS 16 Property, Plant and Equipment.
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use.
• We assessed the disclosure is in accordance with
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iv. Further, management is required to assess
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applicable accounfing standards.
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when assets are ready for their intended
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use, which determines the fi'ming of
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• Evaluated management's assessment regarding
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transfer from CWIP to Property, Plant and
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the classificafi'on of expenditures between
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Equipment and commencement of
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Property, Plant and Equipment and Capital
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depreciation.
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Workin-Progress.
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Information Other than the Standalone financial statements and Auditor's Report thereon
6. The Company's Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board's Report including Annexure to
Board's Report, Business Responsibility Report, Corporate Governance and Shareholder's Information, but does not include
the Ind AS Standalone financial statements and our auditor's report there on.
7. Our opinion on the financial Ind AS statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
8. In connection with our audit of the Standalone financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the Standalone financial statements or our
knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
9. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are
required to report that fact. We have nothing to report in this regard.
Management's Responsibility for the Ind AS Standalone financial statements
10. The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these Ind AS Standalone financial statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS
and other accounting principles generally accepted in India. 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 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 Standalone financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error.
11. In preparing the Ind AS Standalone financial statements, the management is responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
12. The Board of Directors are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Ind AS Standalone financial statements
13. Our objectives are to obtain reasonable assurance about whether the Standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Ind AS Standalone financial statements.
14. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Ind AS Standalone financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion
on whether the Company has adequate internal financial controls system in place and the operating effectiveness of
such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the Standalone financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the Ind AS Standalone financial statements, including the
disclosures, and whether the Ind AS Standalone financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
15. Materiality is the magnitude of misstatements in the Standalone financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable user of the Standalone financial statements may be
influenced. We consider 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 financial
statements.
16. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
17. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
18. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Ind AS Standalone financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.
Report on Other Legal and Regulatory Requirements
19. As required by the Companies (Auditor's Report) Order, 2020 (the "Order"), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure-A, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
20. 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 best of 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 the Company so far as it appears from our
examination of those books except for the matters stated in sub-paragraph (k)(h) below on reporting under clause (g) of
Rule 11;
(c) Accounts of the Company's branch office is audited by us, and therefore, in our opinion, reporting under clause (c) of
sub-section 3 of section 143 is not required;
(d) The standalone balance sheet, the standalone statement of profit and loss statement and other comprehensive
income, the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this
Report are in agreement with the books of account.
(e) In our opinion, the aforesaid Ind AS Standalone financial statements comply with the Ind AS specified under Section 133
of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(f) There are no such financial transactions or matters which have any adverse effect on the functioning of the Company;
(g) On the basis of the written representations received from the directors as on 31 March, 2026 taken on record by the
Board of Directors, none of the directors is disqualified as on 31 March, 2026 from being appointed as a director in terms
of Section 164 (2) of the Act.
(h) The qualifications relating to the maintenance of accounts and other matters connected therewith are as stated in sub¬
paragraph (b) above on reporting under clause (b) of sub-section (3) of section 143 and sub-paragraph (k)(h) below on
reporting under clause (g) of Rule 11.
(I) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in Annexure-B. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls over
financial reporting.
(j) In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid
by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
(k) With respect to the other matters to be included in the Auditor'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 to the
explanations given to us:
(a) The Company does not have any pending litigations which would impact its Standalone financial statements.
(b) The Company did not have any long-term contracts including derivative contracts; for which there were any
material foreseeable losses.
(c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.
(d) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note No. 57 of
the Standalone financial statements attached herewith, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other
person/s or entity/ies including foreign entity/ies ("Intermediaries"), with the understanding, whether recoded in
writing or otherwise, that the Intermediaries shall, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on the behalf of the Ultimate Beneficiaries.
(e) The management has represented that, to the best of its knowledge and belief, as disclosed in the Note No. 58 of
the Standalone financial statements attached herewith, no funds have been received by the Company from any
person/s or entity/ies including foreign entity/ies ("Funding Party/ies"), with the understanding, whether recoded
in writing or otherwise, that the Company shall, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party/ies ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on the behalf of the Ultimate Beneficiaries.
(f) Based on the audits procedures performed that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that representations under sub-clauses (i)
and (ii) of clause (e) of Rule 11 contain any material mis-statement.
(g) No dividend has been declared or paid during the year by the Company.
(h) Based on our examination on test check basis, the Company has used an accounting software for maintaining its books
of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year
for all relevant transactions recorded in software. Further, from the date audit trail (edit log) facility was enabled, it was
operated throughout the period and we did not come across any instance of audit trail feature being tempered with.
Also, we report that the audit trail records have been preserved for the entire year.
For J C Ranpura & Co.,
Chartered Accountants
Firm Registration no.: 108647W
SD/-
Ketan Y Sheth
Partner
Membership No.118411
UDIN:
Place: Rajkot.
Date: 23 May, 2026
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