Notes to Accounts of Captain Technocast Ltd.

Mar 31, 2025

(Xii) Provisions, contingent liabilities and contingent assets:

Provisions:

A provision is recognised when the company has a present obligation as a result
of past events and it is probable that an outflow of resources will be required to
settle the obligation, in respect of which a reliable ostimate can be made
Provisions are not discounted to their present value and are determined based
on best estimates required to settle the obligation at the balance sheet date.
These are reviewed at each balance sheet date and adjusted to reflect the
current best estimates.

Contingent Liabilities:

A contingent liability is a possible obligation that arises from past events whose
existence w.ll be confirmed by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the company or a present
obligation that is not recognized because it is not probable that an outflow of
resources will be required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The company does not recognize a
contingent liability but discloses its existence in the financial statements.
Contingent liabilities are disclosed by way of notes to the accounts.

Contingent Assets:

Contingent assets are not recognized.

(xiii) Cash Flow Statement:

Cash and cash equivalents in the cash flow statement comprise cash at bank and
in hand and fixed deposits with bank.

Cash flows are reported using the indirect method, v/hereby profit before tax is
adjusted for the effects of transactions of non-cash nature, any deferrals or
accruals of past or future operating cash receipts or payments and item of income
or expenses associated with investing or financing cash flows Cash flows from
operating, investing and financing activities of the Company arc segregated,
accordingly.

(xiv) Trade Receivables:

Trade receivables are recognized at transaction price.

(xv) Trade and other Payables:

These amounts represent liabilities for goods and services provided to the
Company prior to the end of the financial year which are unpaid. These amounts
are unsecured and usually paid within the operating cycle of the Company. Trade
and other payables are presented as current liabilities unless payment is not due
within twelve months after the reporting period. They are recognized initially at
their fair value

(xv) Goods & Scrvico Tax (GST):

GST is accounted for at the time of goods or services supplied to customers

(xvi) Segment Reporting:

In accordance w-th Accounting Standard-17 - "Segment Reporting'' issued by
the Institute of Chartered Accountants of India is not applicable as the Company
has mainly one business segment i.e. "manufacturing and selling of Investment
Casting." There are no other primary reportable segments. The major and
material activities of the company arc restricted to only one geographical
segment i.e. India, hence the secondary segment disclosures are also not
applicable.

As per our report of even date / For and on behalf of the Board of

For J C Ranpura & Co., / Captain Technocast Limited

Chartered Accountants /

Firm''s RegistratioWUL 108647W

ju ; /ijSSx Ramcsh D Khichdiya Anilbhai V Bhalu

Ketan Y. Shfcw/ Director Managing Director

Partner / \\''V > DIN: 00087859 DIN :3159038

Memberships. 118411

UDIN:25)i$1i»GrMnjt-u«»5S>- °

/ Prashant B. Bhatti Brlf^?Mehta

/ Chief Financial Officer Company Secretary

M No.: ACS66883

Place: Rajkot Place : Rajkot.

Date: 08 May. 2025 Date : 08 May. 2025

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Mar 31, 2024

(ii) 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 ?.10/- each Each shareholder of equity shares is entitled to one vote per share. 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.

1 Company hasinvested in 700.000 Equity Shares of Rs 10/- each in the subsidiary Company Captain Castech Limited, incorporated on 25 February, 2020 [% of ownership held by the company as at 31 March 2024 - 70%] CIN U27209GJ2020PLC112933 having main cbjective of manufacturing Investment Casting in ferrous & Non-Ferrous Casting

2 Company has invested in 7000 equity shares of Rs 10/- each in subsidiary Company X2 Valves Private Limited, incorporated on 14 July, 2023 [% of ownership held by the company as at 31 March 2024 - 70%] CIN U28132GJ2023PTC142936 having main objective of manufacturing of Industrial Valves.

3 Company has invested in 3,00,000 Equity Shares of Rs. 10/- each in the Associate Company Captain Metcast Private Limited, incorporated on 2 November, 2020 [% of ownership held by the company as at 31 March 2024 - 20%] CIN U27310GJ2020PTC117869 having main objective of manufacturing Investment Casting (Ferrous & Non-Ferrous Casting) & Aluminium Pressure Die Casting.

No proceedings are initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and the rule made thereunder

36 Wilful Defaulter

Date of declaration as wilful defaulter NA

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.

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.

38 Registration of Charge

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

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of furds) by the Company to or in any other person/s or entity/ies including foreign entity/ies (“Intermediaries”), with the understanding, wh sther recorded in writing or otherwise, that the Intermediaries shall lend or invest in party (“Ultimate Beneficiaries) identified by or on be ialf of the Company.

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.

43 Undisclosed Income

The Company has not disclosed any transaction not recorded in books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 and also not recorded any previously unrecorded income and related assets.

44 Details of Crypto Currency

The Company has not traded or invested in Crypto Currency or Virtual Currency during the fiancial year ended on 31 March 2024.

45 Other Statutory Disclosures as per the Companies Act, 2013

a) The company has not entered into any scheme of arrangement approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

46 Details of Assets Having Value Value on Realisation Less Than the Amount at which the Said Assets are Stated.

As at the end of the financial year 2023-24, 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.

47 Subsequent Events

There has not been any reportable subsequent events happened after reporting date

48 Regrouping

Figures of previous year are regrouped/rearranged/reclassified, wherever necessary.

49 There has been no dividend proposed to be distributed to equity shareholder for the period ended 31 March 2024. In previous year dividend was proposed of ? 0.20 per share which was distributed during the current year

50 There has not been any securities issued in current year for any specific or general purpose, also there has not been any security issued during previous year for any specific or general purpose.

51 The Board of the Company is of the opinion that the assets other than Property, plant and equipment, Intangible assets and Non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated

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Mar 31, 2023

(Xiii) Provisions, contingent liabilities and continueniassets_:

A provision is recognised when the company has a present obligation as a result of past events
and it is probable that an outflow of resources will be required to settle the obligation, in respect
of which a reliable estimate can be made. Provisions are not discounted to their present value
and are determined based on best estimates required to settle the obligation at the balance
sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current

best estimates.

A contingent liability is a possible obligation that arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond
the control of the company or a present obligation that is not recognized because it is nor
probable that an outflow of resources will be required to settle the obligation.

A contingent liability aiso arises in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably The company does not recognize a
contingent liability but discloses its existence in the financial statements, Contingent liabilities
are disclosed by way of notes to the accounts.

Contingent assets are not recognized

(xiv) Cash and Cash Equivalents

Cash and cash equivalents in the cash now statement comprise cash at bank and in hand and
fixed deposits with bank,

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the
effects of transactions of non-cash nature, any deferrals or accruals of past or future operating
cash receipts or payments and item of income or expenses associated with investing or financing
cash flows. Cash flows from operating, investing and financing activities of the Company are

segregated, accordingly.

!{u/ \rM\

f/ -/ Ch.,, H::i rI iOil

(XV) Sp-gmerlt Reporting:

in accordance with Accounting Standard-17 - ''Segment Reporting issued by the Institute of
Chartered Accountants of India is not applicable as the Company has mainly one business
segment i.e. -manufacturing and selling of Investment Casting.". There are no other primary
reportable segments. The major and material activities of the company are restricted to only one
geographical segment i.e. India, hence the secondary segment disclosures are also not

applicable.

For J C RANPURA 4 Co.. M''s- Captain Technocast Limited, Rajkot

Chartered Accountants

FRN.1Q8647W VS ^

™®&y4y, (K&S''Jn) Rameiijtbhai D. Khichadia AnilhhaiV. Bhalu

'' V \ J *j} nirector Director

Mehul J. Ranpura ; >¦ Luecroi

_d;n 00007059 DIN:03159038

Partner ''

Membership No 128453 1$ j

OEftN:23 t2$tf 5&B5rf* BCW''fiMSfi5 N>/ n ft.$>*

Place. Rajkot. Urvi Kesariya PrishantK Bhatti

Date'' 16 05 2023 Company Secreatary Chief Financial Officer

M.Nq. A47589 Place : Rajkot.

Date : 16.05.2023

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Mar 31, 2018

A The Company :-

CAPTAIN TECHNOCAST LTD. (the Company) was originally incorporated on Twentieth day of July Two Thousand & Ten under any previous company law as CAPTAIN TECHNOCAST PVT. LTD. and name of the company is being changed to “CAPTAIN TECHNOCAST LTD.” pursuant to conversion into Public Limited Company vide Shareholder’s Resolution passed at the Extra Ordinary General Meeting of the Company held on April 08, 2017 and a fresh Certificate of Incorporation dated April 21, 2017 issued by the Registrar of Companies, Gujarat, Ahmedabad. The Company got listed on 1st August, 2017 on BSE SME Platform.

B Nature of Operations :-

The Company is having its manufacturing facilities at Shapar (Veraval), Gujarat, is presently engaged in manufacturing Investment Casting.

1 Prior Period Items

Prior Period Items Rs. 4,24,466/- consists of provision for gratuity for the years ended on 31st March, 2013 to 31st March, 2016 on the basis of acturial valuation.

2 Long Term and Short Term Borrowings :-Secured :

Term Loans From Banks Amt O/s Rs. 1,92,80,007/- Secured by Registered Equitable Mortgage of factory land & building, Hypothecation of stocks viz. stock of Raw Materials, WIP, Finished Goods, Book Debts and Fixed Assets of the Company including Plant & Machineries, Equipments / Spares (Existing & Future) and personal and guarantee of directors.

Vehicle Loans From Banks Amt O/s Rs. 14,60,849/- Secured against hypothecation of vehicles.

Cash Credit facilities from Banks Amt O/s Rs. 2,84,94,517/- Secured by Registered Equitable Mortgage of factory land & building, Hypothecation of stocks viz. stock of Raw Materials, WIP, Finished Goods, Book Debts and Fixed Assets of the Company including Plant & Machineries, Equipments / Spares (Existing & Future) and personal and guarantee of directors.

The rate of interest on the long term and short term borrowings ranges between 9.00% to 13.50% p.a. depending upon the prime lending rate / base rate of the banks and applicable at different point of time during the year and the interest rate spread agreed with the banks.

Repayment period of long term borrowings ranges from 2 years to 5 years from the balance sheet date.

Unsecured:

From Directors Rs. 73,78,000 (Rs. 45,65,000) carries Nil interest rate and not repayable on demand

From Promoter Group / Shareholders / Relatives Rs. 48,50,000 (Rs. 94,35,000) carries Nil interest rate and not repayable on demand

3 Disclosure under Accounting Standard - 15 (Revised) on ‘Post Employment Benefits’ Gratuity Benefits

The Company has defined benefit gratuity plan. Every employee who has completed five years or more of services gets a gratuity on departure at 15 days salary (Last drawn salary) for each completed year of service.

The following table summarizes the component of net benefit expenses recognized in Statement of Profit & Loss.

The estimated future salary increases, considered in actuarial valuation, takes into account the effect of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

4 Segment Information :-

In accordance with Accounting Standard-17 - “Segment Reporting” issued by the Institute of Chartered Accountants of India is not applicable as the Company has only one business segment i.e. “manufacturing and selling of Investment Casting.”. There are no other primary reportable segments. The major and material activities of the company are restricted to only one geographical segment i.e. India, hence the secondary segment disclosures are also not applicable.

5 Related Party Disclosures:

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosure of the transactions with the related parties as defined in the Accounting Standard are given :

a. List of Related Parties along with relationship and Transactions

Key Management Personnel

Anilbhai Vasantbhai Bhalu Shaileshbhai Karshanbhai Bhut Ankur P. Makwana (CS) (01.04.17 to 31.08.17) Urvi H. Kesariya (CS) (w.e.f. 15.09.17) Prashant B. Bhatti (CFO)

Promoters / Promoter Group / Shareholders / Relatives Rameshbhai D. Khichadia Gopalbhai D. Khichadia Rameshbhai D. Khichadia(HUF)

Sangeetaben R. Khichadia Smit V. Bhalu Komalben S. Bhut Dharmeshbhai J. Pansuriya Dipakbhai D. Bhut Nitaben A. Bhalu Rashmitaben S. Bhalu Vaghjibhai G. Bhalu Durlabhbhai P. Bhut Pushpaben D. Bhut Sanjaybhai D. Bhut Sonalben S. Bhut Kantibhai M Gediya (HUF)

Ashokbhai K. Bhut

Companies / Entities owned / singificantly influenced by directors, shareholders & relatives

Captain Pipes Ltd.

Captain Engineering Pvt. Ltd.

b. Related Party Transactions Key Management Personnel

6 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 / Schedule VI to the Companies Act.

7 Details of utilization of funds raised from IPO

During the year under review, the company has raised Rs. 330.00 Lacs through an initial public offer by fresh issue of 8,25,000 Equity Share of Rs. 10 each issued at a premium of Rs. 30 each

*Contingent liability produced here in above on the basis of information compiled by the management of the company

8 Dues from the other companies / parties under the same management at year end have been covered under related party disclosures.

9 In the opinion of the Board and to the best of its knowledge and belief, the value on realisation of current assets and loans and advances are approximately of the same value as stated.

10 Balances of Trade Payables, Trade Receivables, Long-term and Short-term Loans & Advances, other current liabilities and other current assets 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 Previous year’s figure have been reworked, regrouped, rearranged and reclassified wherever necessary, in accordance with the Restated Financial Statements so as to give a comparative view. 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.

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.