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NOTES TO ACCOUNTS

Captain Technocast Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 23.48 Cr. P/BV 2.12 Book Value (₹) 10.86
52 Week High/Low (₹) 30/20 FV/ML 10/3000 P/E(X) 25.08
Bookclosure 23/07/2019 EPS (₹) 0.92 Div Yield (%) 0.87
Year End :2018-03 

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.

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