Notes to Accounts of Captain Pipes Ltd.

Mar 31, 2024

Rights, preferences and restrictions attached to shares

The Company has only one class of issued, subscribed and paid-up equity shares having a par value of ?.1 each. Each shareholder of equity shares is entitled to one vote per share. No dividend is proposed by the Board of directors for the financial year under audit. In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

Upto 15 September 2023 Company was having 13,94,56,800 Shares, on 15 Spetember 2023 Company has Converted its 27,50,000 Warrents into Equity Shares of 1 Rs. Each and also issued Bonus of 2 Shares for 1 Shares Hold on Converted Warrents.

37 FIRST -TIME ADOPTION OF INDIAN ACCOUNTING STANDARDS ("IND AS")

These financial statements, for the year ended 31 March 2024, are the first financial statement, the Company has prepared in accordance with Ind As. For periods up to and including the year ended 31st march, 2024 the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act, 2013 (the "Act") read rogether with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).

According, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on or after 31 March 2024, together with the comparative period date as at and for the year ended 31 March 2023, as described in the summary of significant accounting policies. In preparing these financial statements, the Company''s opening Balance Sheet was prepared as at April 1, 2022, the Company''s date of transition to Ind As. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the Balance Sheet as at April 1,2022 and the financial statements as at and for the year ended 31 March 2023

Exemptions applied

Ind AS 101 "First-Time Adoption of Indian Accounting Standards" allows, first-time adopters certain exemptions from the restrospectve application of certain requirements under Ind AS. The Company has applied the following exemptions:

A) Since there is no change in the functional currency, the Company has elected to continue with the carrying value for all of its Property, plant and equipment and Intangible assets as recognised in its Indian GAAP financial as deemed cost at the transistion date.

B) The Company has elected to disclose the following amounts prospectively from the date of transition (Ind As ordinarily requires the amounts for the current and previous four annual periods to be disclosed):

(i) the present value of the defined benefit obligation, the fair value of the plan assets and the surplus or dificit in the plan; and

(ii) the experience adjustments arising on the plan liabilties and the plan assets.

C) Appendix X to Ind As 116 requires an entity to asses whether a contract or arrangement contains a lease. In accordance with Ind As 116 this assessment should be carried out at the inception of the contract or arrangement. However, the Company has used Ind As 101 exemption and assessed all arrangements based for embedded leases based on conditions in place as at the date of transition.

Explanatory Notes to the transition from previous GAAP to Ind AS:(a) Re-measurement cost of net defined liability:

Both under Indian GAAP and Ind As, the Company recognised costs related to its post-employment defined benefit on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to Statement of Profit and Loss. Under Ind As, re-measurements comprising of actuarial gains and losses, interest on the net defined benefit liability immediately in the Balance Sheet with a corresponding debit or credit to retained earnings through P&L.

(b) Other Comprehensive Income

Under Indian GAAP, the Company has not presented other comprehensive Income (OCI) separately. Hence, it has reconciled Indian GAAP Statement of Profit and Loss to Statement of Profit and Loss as per Ind AS. Further, Indian GAAP Statement of Profit and Loss is reconciled to total comprehensive income as per Ind AS.

(c) Deferred Tax Adjustments:

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the Balances Sheet approach, which focuses on temporary differences between the carrying amont of an asset or liability in the Balance Sheet and its tax base. The applicatoin of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary difference which was not required under Indian GAAP. In addition, the various transitional adjustments lead to temporary difference, According to the accounting policies, the Company has to account for such differences. Deferred tax adjustements are recognised in co-relation to the underlying transaction either in retained earnings or a seperate component of equity. Further, tax credits in the form of minimum alternate tax credit entitlement is classified as differed tax under Ind AS.

(d) Statement of Cash Flow

The Transition from Indian GAAP to Ind AS does not have material impact on the statement of Cash Flow

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Mar 31, 2023

Rights, Preferences and Restrictions Attaching to Each Class of Shares

The Company has only one class of issued, subscribed and paid-up equity shares having a par value of ^.1 each. Each shareholder of equity shares is entitled to one vote per share. No dividend is proposed by the Board of directors for the financial year under audit. In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

Upto September, 2022, the Company had 41,58,560 equity shares of ^. 10/-each fully paid up. In September and December, 2022, the Company has converted from warrant issued 3,90,000 equity shares of ^. 10/- each and 1,00,000 equity shares of ^. 10/- each. Thereafter the Company has, in February, 2023, sub-divided its 46,48,560 equity shares of ^. 10/- each into 4,64,85,600 equitys shares of ^. 1/- each fully paid up without alteration of sharehoders'' right, preferences and restriction attaching to it. In March, 2023, the Company then, issued bonus 9,29,71,200 equity shares of ^. 1/- each fully paid up.

Note : Terms of repayment of term loans and other other loans

HDFC Car loan, total opening outstanding of ?. 6.18 Lakhs was secured against hypothecation of vehicles financed. Rate of Interest 9.00% p.a. and repayable within 1 year from the Balance Sheet Date is shown under the head "Current Liabilities”

HDFC GECL loan, closing outstanding of ?. 4.79 Lakhs was secured against first charge on industrial property of the company. Rate of Interest being 8.25% p.a. to 9.30% p.a. and repayable within 2 Years from the balance sheet date.

HDFC TERM loan, closing outstanding of ?. 35.26 Lakhs was secured against first charge on industrial property of the company; secured by way of first & exclusive charge by hypothecation of all stocks, book debts and fixed deposits of the company and also covered by personal guarantee of directors. Rate of Interest being 8.25% p.a. to 9.30% p.a. and repayable within 2 Years from the balance sheet date.

Kotak Bank, Term loan of ?. 123.00 lakhs and closing outstanding of ?. 93.27 Lakhs was secured against first charge on industrial property of the company; secured by way of first & exclusive charge by hypothecation of all stocks, book debts and fixed deposits of the company and also covered by personal guarantee of directors. Rate of Interest being 8.25% p.a. to 9.30% p.a. and repayable within 2 Years from the balance sheet date.

Yes Bank Term loan closing outstanding of ?. 25.16 lakhs was repayable within 2 years from the balance sheet date.

Unsecured loans from directors and their relatives are not secured and are repayable after 1 year from the date of balance sheet.

Loan repayable on demand from HDFC Bank - Cash Credit was secured by way of first & exclusive charge by hypothecation of all stocks, book debts and fixed deposits of the company and also covered by personal guarantee of directors. Rate of Interest being 8.25% p.a. to 9.30% p.a.

Details of Borrowings from banks or financial institutions on the basis of Security of Current Assets

(a) Whether quarterly returns or statement of current assets filed by the company with banks or financial institution are in agreement with the books of account.

Details of Benami Property Held

No Proceedings are initiated or pending against the company for holding any benami property under the benami transaction (Prohibition) Act, 1988 and the rule made thereunder.

The Company Has Not Revalued Its Intangible Assets.

				As At		As At
		Particulars		31 March 2023	31 March 2023	31 March 2022	31 March 2022
23.	Other Current Assets
	Discount Income Receivable			8.93		19.70
					8.93		19.70
24.	Contingent Liabilities and Commitments
	Contingent Liabilities
	a.	Claims against the Company not acknowledged
		as debt		-		-
	b.	Guarantees		5.50		5.50
	c.	Other money for which the company is
		contingently liable		-		-
	d.	Letter or credit issued by Bank		577.33		647.62
					582.83		653.12
	Commitments
	a.	Estimated amount of contracts remaining to be executed on capital account and not provided for		-		-
	b.	Uncalled liability on shares and other investment		-
		partly paid		-		-
	c.	Other Commitments				-
25.	Details of Dividends and Arrears of Dividend
Particulars			Per Share	As At 31 March
			Dividend	2023		2022
	a.	To Equity Share Holders	-	-		-
	b.	To Preference Share Holders	-	-		-
	c.	Arrears of Fixed Cumulative
		Dividends on Preference Share	-	-		-

26. Details Of Amount Of Securities Not Used For The Purpose For Which Such Securities Have Been Issued

During the financial year 2022-23, the Company has not issued any security.

27. Details Of Amount Of Borrowings From Banks And Financial Institution Not Used For The Purpose For Which Such Borrowings Are Taken

During the financial year 2022-23, the Company has not used the borrowing from banks and financial institution for the purposes other than those for which such borrowings were raised

28. Details Of Assets Having Value On Realisation Less Than The Amount At Which The Said Assets Are Stated.

As at the end of the financial year 2022-23, the Board of Directors of Company is of the opinion that the assets other than Property, Plant and Equipment, Intangible Assets and non-current investments are of the value at which the said assets are stated in the balance sheet

53. Willful Defaulter

The board of directors of the Company is of the opinion that the Company has, till the date of signing of this financial statement, not been declared as willful defaulter by its banks or financial institution

54. Relationship With Struck off Companies

On the basis of confirmation with the parties, the board of directors of the Company is of the opinion that the Company did not have any transactions with companies struck off under section 248 of the Companies Act, 2013.

55. Details of Registration of Charges or Satisfaction With Registrar of Companies Yet to Be Registered

No charges or its satisfaction is yet to be registered with Registrar of Companies.

56. Compliance With Number of Layers of Companies Not Applicable

57. Compliance With Approved Scheme (s) of Arrangements Not Applicable

58. (a) 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 recorded in writing or otherwise, that the Intermediaries shall lend or invest in party (“Ultimate Beneficiaries) identified by or on behalf of the Company.

(b) The Company has not received any fund from any party(s) (“Funding Party/ies”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiary”) or provide any guarantee, security, or the like on behalf of the Ultimate Beneficiary.

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Mar 31, 2016

1. LONG TERM BORROWINGS (CONTD) :

2. Tata Capital Financial Service loan A/c No: 3860305 .secured against New Plant & machinery and guarantee by all Directors, Rate of Interest:-13.85%, this loan is covered with personal guarantee of directors, Shri Gopalbhai Khichadia, Shri Rameshbhai Khichadia and Shri Kantilal M. Gedia & repayable in monthly installment of Rs. 4,54,100 & Rs. 2,64,100 plus interest and date of last installment will be 15, January 2019

3. Mahindra & Mahindra Financial Ser Ltd. loan A/c. 3894252 secured against Mahindra Bolero Purchase repayable in Equal Monthly Installments of Rs. 15,350/- P.m. and date of last installment will be 15, October-2018.

^4. Unsecured Loans from directors and relatives are long term in nature and as per management explanation, generally not repayable within one year from the balance sheet date.

5. The company has not made any default for repayment of loans and their interest.

Working Capital Facilities from Banks:

Cash Credit from Banks secured by way of first charge by hypothecation of all stocks, receivables and other movables of the company and guarantee by all the Directors of the Company.

6. Realization :

In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets, loans and advances will, in the ordinary course of business, not be less than the amounts at which they are stated in the Balance sheet.

7. Contractual Liabilities :

As certified by the management of the company, the company has generally made all the applicable provisions with respect to the business operations of the company.

8. Disclosure under Accounting Standard -15 (Revised) on ''Post Employment Benefits''

Gratuity Benefits

Provision for gratuity is provided based on valuation made at the end of the financial year, by the management of the company in respect of employees who have completed five or more years of services and are eligible for gratuity at departure @15 days salary (Last drawn salary) for each completed year of service

Gratuity liability as at year end 917,397 812,698

9. Previous year’s figure have been reworked, regrouped, rearranged and reclassified wherever necessary. Accordingly, amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

10. Balances of Trade Payables, Unsecured Loans, Trade Receivables, Long Term & Short Term Loans & Advances, Other Current and Other Non Current Assets and Provisions and are subject to the confirmation of the parties concerned. Wherever confirmation of the parties for the amounts due to them / amounts due from them as per books of accounts are not received, necessary adjustments, if any, will be made when the accounts are reconciled / settled.

11. In the absence of information regarding outstanding dues of MICRO or Small Scale Industrial Enterprise(s) as per The Micro, Small & Medium Enterprise Development Act, the Company has not disclosed the same as required by Schedule III to the Companies Act,

12. Wherever no vouchers and documentary evidences were made available for our verification, we have relied on the authentication given by management of the company.

13. Figures have been rounded off to nearest rupee and have been regrouped, rearranged and reclassified wherever necessary.

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Mar 31, 2015

The company has issued equity shares of same assets of which is having same rights, preferential and restore-close is ailanthic to cad as of shares including restrictions on the distribution of dividends and the repayment of capital.

- Tata Capital Financial loan A/c No,;-3436953&.3497984 secured against Machinery , rate of interest 14,75%, this loan is covered with personal guarantee of directors - (i) Shri Gopaibbai Khichadia (ii) Shri Rarnethbhai Khichadia and (iii) Shri Kamilal M. Gedia, repayable in monthly installment of Rs:. 1,52,200 plus interest and Rs. 30.200 plus interest respectively and date of last installment will be 06. December 2017,

- BOB Term Loan secured against Factory Land, Building & Plant & Machinery. Rate Of Interest 14.50%, this loan is covered with personal guarantee of directors - (i) Shri Gopalbhai Khichadia (ii) Shri Rameshbhai Khichadia and (hi) Shri Kantilal M. Gedia, repayable in Monthly installments of Rs.475O00/- P.m. plus interest and date of last installment will be 30, April - 201G,

- L & T Finance Ltd Secured Against Vehicle Taw Super Ace, repayable in LM1 of Rs. 11.880/- and date of last installment will be 05, July - 2014.The loan was repaid during the F.Y. 2014-15

- Tata Capital Financial Service loan A/c No: 3S60305 ,secured against New Plant & machinery and guarantee by all Directors, Rate of Interest:- 13.85%, this loan is covered with personal guarantee of directors, Shri Gopalbhai Kichadia, Shri Rameshbhai Khichadia and Shri Kantilal M. Gedia repayable in monthly installment of Rs, 4,54.100 plus interest and date of last installment will be 15, January - 2019,

- Unsecured Loans are considered as nor current liability based on management explanation that the same are not repayable immediately

- Details of Raw - Materials mainly includes :- PVC resin Red Material .Calcium Chronis . HDPH GRANT. 'LS , Impact Modifier

- Finished Goods : Assembly Department. Column Pipe, Plumbing Pipe, U PVC pipe. Casing pipe

(Note : For the information of RM and FG Amt, - ruler to 4,1 -Chanson in victories of finished goods Work-in-progress and

- Raw materials arc valued at lower of cost and net variable value

- Cost is determined, on first-out method.

- Inventories of manufactured finished goods are valued at Market value.

- The figure shown under the Adjustment head is the figure of Rate Dale, and Discount on purchase of Raw Material.