1. We have audited the accompanying Ind AS Standalone financial statements of Captain Pipes Limited,
Rajkot(CIN:L25191GJ2010PLC059094)(the "Company"), which comprise the Balance Sheet as at 31March 2025, the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended and notes to standalone financial statements, including a summary of material
accounting policies and other explanatory information (hereinafter referred to as the"Ind AS Standalone financial
statements").

2 In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS
Standalone financial statements give the information required by the Companies Act, 2013 (the "Act") in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of
the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (the "Ind AS") and other
accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, the profit, total
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis forOpinion

1. We conducted our audit of the Ind AS Standalone financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the
Auditor's Responsibilities for the Audit of the Ind AS Standalone financial statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
(ICAI) together with the independence requirements that are relevant to our audit of the Ind AS Standalone financial
statements under the provisions of the Act and the Rules made there under and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.

Key Audit Matters

1 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. These matters were addressed in the context
of our audit of the Standalone financial 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.

2. We have determined the matters described below to be the key audit matters to be communicated in our report. We have
fulfilled the responsibilities described 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 the risks of material misstatement of the financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion
on the accompanying financial statements.

Information Other than the Standalone financial statements and Auditor's Report thereon

1. The Company's Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board's Report including Annexure to
Board's Report, Business Responsibility Report, Corporate Governance and Shareholder's Information, but does not include
the Ind AS Standalone financial statements and our auditor's report thereon.

2. Our opinion on the Ind AS Standalone 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 Standalone financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the Standalone financial statements or
our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

4. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we
are required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Ind AS 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 Ind AS Standalone financial statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS
and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting 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
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 Standalone financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.

2. In preparing the Ind AS Standalone financial statements, the 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. The Board of Directors are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Ind AS Standalone Financial Statements

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

2. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Ind AS Standalone 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 financial controls 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 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 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 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 Standalone 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 Ind AS Standalone financial statements, including the
disclosures, and whether the Ind AS Standalone financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.

3 Materiality is the magnitude of misstatements in the Standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone financial statements
may be influenced. We consider quantitative materiality and qualitative factors in(I)planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone
financial statements.

4 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.

5. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

6. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the Ind AS Standalone financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

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 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, 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 (k)(h) below on reporting
under clause (g) of Rule 11;

(c) Accounts of the Company's branch office is audited by us, and therefore, in our opinion, reporting under clause

(c) of sub-section 3 of section 143 is not required;

(d) The standalone balance sheet, the standalone statement of profit and loss statement and other comprehensive
income, the standalone statement of changes in equity and the standalone statement of cash flows dealt with
by this Report are in agreement with the books of account.

(e) In our opinion, the afford said Ind AS Standalone financial statements comply with the Ind AS specified under

Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(f) There are no such 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 2025taken on record by
the Board of Directors, none of the directors is disqualified as on 31 March 2025from 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
(k)(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". Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls
over financial reporting.

(j) In our opinion and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with the provisions of
section 197 of the Act.

(K) 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,as amended 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 statements.

(b) The Company did not have any long-term contracts including derivative contracts; for which there were any

materials foreseeable losses.

(c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

(d) The management has represented that, to the best of it's knowledge and belief, as disclosed in the Note No.52 of
the Standalone 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 foreign entity/ies ("Intermediaries"), with the understanding,
whether re coded 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 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 belief, as disclosed in the Note No. 53 of
the Standalone 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 re
coded 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.

(f) Based on the audits 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) No dividend has been declared or paid during the year by the Company.

(h) Based on our examination on test check basis, the company has used an accounting software for maintaining its

books of account which has a feature of recording audit trail (edit log) facility and except for the instances
mentioned below, the same has operated throughout the year for all relevant transactions recorded in
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 01 April 2024 to 31
March 2025.

2 The feature of recording audit trail (edit log) facility was not enabled at the application layer of accounting
software used for all other branched than Head Office for the period 01 April 2024 to 18 April 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 01 April, 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 now in effect. However, as the audit trail records have
been preserved for which it has been maintained.

For J C Ranpura & Co.,

Chartered Accountants
FRN. 108647W

Ketan Y Sheth

Partner

Membership No.118411
UDIN: 25118411BMHVFT9326
Place:Rajkot.

Date:10 May, 2025