£^{,he Standalone} financial statements of Captain Tochnocast Limited,
Rajkot (CIN L27300GJ2010PLC051678). hereinafter referred to as the Company") which
comprise the Standalone balance sheet as at 31 March. 2025 and the standalone statement
of profit and loss, the standalone cash flow statement for the year the ended, including a
summary of significant accounting policies and other explanatory information.

2 In our opinion and to the best of our information and according to the explanations given to us,
a’^{1 2 3 4 5}. ^s,andalono financial statements give the information required by the Companies

Act. 2013 (hereinafter referred to as the “Act) in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in India, of the state
of af^fa.rs of the Company as at 31 March. 2025. and its Profit and its cash flows for the year
ended on that date.

Basis for Opinion:

T accordance with the Standards on Auditing (SAs) specified under
°‘ ^{hS AC} °^{Ur fes}P°^{nsibllit!es und}er those Standards arc further described in
he Auoitors Responsibilities for the Audit of the Financial Statements section of our report
V^e are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act. and tho Rules
there under, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter:

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 2025. Tneso matters were addressed in the context of our audit of the standalone
f.nancial 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.

Information other than the financial statements and auditor’s report thereon:

1. The company's board of directors is responsible for the preparation of other information. The
other information comprises the Board's Report including Annexure to Board’s Report but
does not include the financial statements and our auditor's report thereon.

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

3. In connection with our audit of the financial statements, our responsibility is to read the other
information and, in dong so consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated. If. based on the work we have performed, v/o
conclude that there is a material misstatemont of this other information; we are required to
report the fact. Wo have nothing to report in this regard.

Responsibility of Management and thoso charged with Governance for the Standalone

Financial Statements: ⁶

ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and are
free from material misstatement, whether due to fraud or error.

2. In preparing the financial statements, 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 l.quidate the Company or to cease operations, or has no realistic alternative but to
do so.

3. Those Board of Directors are also responsible for overseeing the company's financial
reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements:

1. Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatements, 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 financial statements.

2. As a part of an audit in accordance with SAs, wo exercise professional judgment and maintain
professional skepticism throughout the audit. Wo also:

• Identify and assess the risks of material misstatement of the 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 control 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 polxies used and the reasonableness of
accounting estimates and related disclosures made by management. ⁷

• Evaluate the overall presentation, structure, and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

3 We communicate with those charged with governance regarding, among other matters, the
plannod scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit. We also provide those charged
with governance with a statement that we have complied v/ith relevant ethical requirements
regarding independence, and to communicate with the relationships and other matters that
may reasonably be thought to bear on our Independence, and where applicable, related
safeguards.

Report on Other Legal and Regulatory Requirements:

1 As required by the Companies (Auditor’s Report) Order. 2020 (the ‘Order⁷), issued by the
Central Government of India in terms of sub-section (11) of sect on 143 of the Companies Act.
2013, we give in the Annexure B 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, further to comments in the Annexure, 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 (j)(h) below on reporting under clause (g) of Rule 11;

(c) The Company has no branch, therefore, this reporting under this clause is not
applicable;

(d) The Company's balance sheet and profit and loss account dealt with by this Report are
in agreement with the books of account;

(e) In our opinion, the standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act. read with Rule 7 of the Companies
(Accounts) Rules, 2014;

(0 In our opinion, there are no observations or comments on 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,
2025 taken on record by the Board of Directors, none of the directors is disqualified as
on 31 March. 2025 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 (J)(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 A "; (! \\

(j) 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, 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
financial position in its financial statements;

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

(c) There were no amounts which were 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 Note No. 43 of the financial statements attached herewith, no
funds have been advanced cr loaned or invested (either from borrowed funds
or sharo premium or any other sources or kind of funds) by the Company to or
in any other person/s or entity/ies including any foreign entity/ies
('Intermediaries’), with the understanding, whether recorded 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 provido 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. 44 of the 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 recorded in writing or otherwise, that the Company shall, d rectly 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 audit 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) During the financial year under audit, no dividend has been declared, however
dividend has been paid by the Company which was declared in previous
financial year;

(h) Based on our examination, the company has used an accounting software for
maintaining its books of account, which has a feature cf recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. Further, during the course of our audit,
we did not come across any instance of audit trail feature being tampered with.

The feature of audit trail (edit log) facitrty:-y/as not enabled at the database level
of accounting software used;'fop ftfarntatp the books of account For the

Financial Year 2024-25. •• V w\

fW f.V''! , u

Further, as the proviso to sub-rule (1) of Rule 3 of the Companies (Accounts)
Rules. 2014 became applicable from April 1, 2023. the reporting requirement
under sub-rule (g) of Rule 11 of the Companies (Audit and Auditors) Rules,
2014, regarding the preservation of audit trails as a statutory requirement for
record retention, is now in effect Accordingly, the Company has preserved the
audit trail records for the period during which they have been maintained.

/

For J C Ranpura & Co.

Chartered Accounfants /

Firm's Registra^tf^mJjfer 108647W

Ketan Y. Shorn ((^_>(: :u Ý '-<Sk§T\

Partner / J®

Membership number: 118411
UDIN:

Place: Rajkot
Date: 08 May. 2025

1

We have determined the matters described below to be the key audit matters to be
communicated in our report. We have fulfilled the responsibilities desenbed 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 tho risks of matenal misstatement of

2

the standalone financial statements. The results of cur audit procedures including the

3

procedures performed to address the matters below, provide the basis for our audit opinion on

4

the accompanying (standalone) financial statements!

5

tim • f V> * \\

6

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 standalone financial statements that give a
true and fair view of the financial position, financial performance, and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including
the accounting Standards specified under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordance v/ith the prov.sions of
the Act for safeguarding of the assets of the Company and for preventing and detecting frauds
and other irregularities; selection and appellation Ý of appropriate accounting policies; making
judgments and estimates that are reasorfab£e and prudent; and design, implementation and

maintenance of adequate internal financial controls, that were operating effectively for

—¹ ÝÝ — ~----- ÝÝ — ----------- ------ -

Ai - ^ ^ c! kM i rv# n «• o n .. n.. . . v. . / /AVI # ^ a a ... a ⁷ « a ^

7

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 tho 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 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.