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Auditor Report of Captain Pipes Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/S, CAPTAIN PIPES UMITED (Previously Known as Captain Pipes Private Limited) {the company),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible For the matters in section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these financial statements that give a true and fair view of fair financial positron, 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, read with Rule 7 of the Companies (Accounts) Rules, 2014, This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and its free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we considers internal financial control relevant to The Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our at opinion on the financial statements.

Opinion

In our opinion and to the best or our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner to required and give a true and fair view conformity with the accounting principles generally accepted in India; a} In the case of the Balance Sheet, of the state of affairs of the Company as at March 31.2015;

b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements As required by the Companies (Auditor's Report) Order, 2015 (the Order), issued by the Central Government of India in terms of sub-section [11) of Section 143 of the Act, we report that:

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,

In our opinion proper books of account as required by law have been Kept by the Company so far as appears from our examination of those books (and proper returns adequate for the purposes of our audit have been received from the branches which is also audited by us)

The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

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

There is nothing to disclose which is having adverse effect on the functioning of the company.

On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

With respect to the other matters included in the Auditors Report and to our best of our information and according to the explanations given to us;

The Company does not have any pending litigations which would impact its financial position,

The Company did not have any long-term contracts including derivatives contracts for which there were any material to resisted losses,

There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

The Annexure referred to in our report to the members of M/S. CAPTAIN PIPES LIMITED (Previously Known as Captain Pipes Private Limited) for the year ended 31st March, 2015- On the basis of the information and explanation given to us during the course of our audit, we report that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification. In our opinion and according to the information and explanations given to us, no fixed asset has been disposed of during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals,

{b} In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories, No material discrepancy was noticed on physical verification of stocks by the management as compared to book records,

3. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 18S of the Companies Act. Thus sub clauses (a) 4 (b) are not applicable to the company.

4. In our opinion and according to the Information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. In our opinion and according to the information and explanations given to us company hasn't accepted any deposits, from (he directives issued by the Reserve Bank of India and as per the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act

6. Being covered under the definition of Small and Medium Enterprise, the maintenance of cost records prescribed by the Central Government under sub-section (1) of section 148 of the Act read with Rule 3 of the Companies (Cost Records and Audit} Rules, 2014, are not applicable to the company.

7. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees Slate Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax. Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were following outstanding statutory dues as on 31st of March, 2015 for a period or more than six months from the date they became payable

(b) According to the information and explanations given to us7 there is no amounts payable in respect of income tax. wealth tax, service tax. sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

(c) In our opinion, the company has complied with the provisions relating to transfer of funds to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under within time. However, till 31.03.2015, the company is not required to transfer any such funds.

8. The accumulated loss as on 31.03,2015 is as under. However company has not Incurred any cash loss during the financial year covered by our audit.

F.Y Amount of Loss

2010-11 38,43,740

2011-12 1,36,33,413

2012-13 13,22,419

2013-14 24,43,913

9. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders,

10. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

11. 1ft our opinion Terms Loans were applied for the purpose for which loans were obtained

12. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For P. H. Patel & Associates

Chartered Accountants

Sd/-

Place : RAJKOT CA. Parin H, Patel

Date : 30/05/2015 (Proprietor)

M. No. 119023