Report on the Audit of the Standalone Financial Statements

Opinion:

1. We have audited the Standalone financial statements of M/s. Captain Technocast Limited, Rajkot (CIN: L27300GJ2010PLC061678), (hereinafter referred to as the “Company") which comprise the Standalone balance sheet as at March 31, 2024 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, the aforesaid standalone 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 affairs of the Company as at March 31, 2024, and its Profit and its cash flows for the year ended on that date.

Basis for Opinion:

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our reoort. We 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 the 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:

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 doing 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 pej^p^j^e conclude that there is a material misstatement of this other information; we are

report the fact. We have nothing to report in this regard. I!'if chartere i \cA\

Responsibility of Management and those charged with Governance for the Standalone

Financial Statements:

1. 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 with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; ma<ing 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 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 liquidate 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, we exercise professional judgment and maintain professional skepticism throughout the audit. We 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 provice a basis for our opinion. The risk of not detecting a material misstatement resulting Fom fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal contro

• 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 eff^rttjvSh^SsPf 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 bas s 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 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 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 planned 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 with 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 “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 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;

^<9> mate_rs⁰whir⁰hⁿhi!l!^r! ^areHⁿ° ^obst^{rva,ions or} comments on financial transactions or matters which have any adverse effect on the functioning of the Company;

^(h) u^aS'^S °^{f the Wfitten re}P^resentati°ns received from the directors as on March 31

o~ TooS * ^by H^{e B}°^ard °' ^Direcl0rs' ^{n0ne of ,he} *«*» ® disqualified^as the Act " ³¹' ^{2024 f be,n9 appo,nted as a dir}ector in terms of Section 164 (2) of

(i) The qualifications relating to the maintenance of accounts and other matters

dause fb) ofs! ^ar^{re aS},,f^a'f^{d in sub}-P^ara9^raP^b <B) above on reporting under ^(b) °! s^-section (3) of section 143 and sub-paragraph (J)(h) below on

reporting under clause (g) of Rule 11; ' ^{A ;}

^ ^'theTomnVn^{0 of the interr}>al financial controls over financial reporting

Report^rAnnexure A "^e °^Pera"^{ng effec,ivene}ss of such controls, refer to our separate

^<k> wlthR^U Sth^{her mattel}?'^{b 116 included in ,he Auditor}'s Report in accordance the hi °^f.^{tbe Co}.^mpanies <^{Audlt 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 lonq-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

h°^Sedh^{in N}°? ^N°' ⁴¹ °^{f the 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 any foreiqn entitv/ies ( ntermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediaries shall, directly or indirectly lend or invest in other person⁸ or entities identified in any manner whatsoever by or on behalf of

!?® ,f°^mPatH^y fUR'mate 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 be ief as disclosed in the Note No. 42 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, 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;

(g) 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;

(h) 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;

(i) The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from April 01, 2023. Based on our examination which included test checks, except for the instances mentioned below, the Company has used accounting software for maintain its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in respective software.

1. The feature of recording audit trail (edit log) facility was not enabled at the database level to log any direct data changes for the accounting software used for maintain the books of account for the period April 01 2023 to April 04 2023.

2. The feature of audit trail (edit log) facility was not enabled at the application layer of accounting software for the period April 01 2023 to April 04 2023.

3. The feature of audit trail (edit log) facility was not enabled at the database level and application level of accounting software used for maintain the books of account relating to products of industrial valves for April 01 2023 to March 31,2024.

Further, for the periods where audit trail (edit log) facility was enabled and operated throughout the year for accounting software, we did not come across any instance of audit trail feature being tempered with.

Further, as proviso to sub-rule 1 of Rule 3 of the Companies (Account) Rule, 2014 is applicable from April 1, 2023, reporting under sub-rule (g) of Rule 11 of the Companies (Audit and Auditors) Rule, 2014 on preservation of audit trail as the statutory requirement for record retention is not applicable for the financial year ended on March 31, 2024.