Auditor Report of ELF Trading & Chemicals Manufacturing Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of ELF Trading and Chemicals Manufacturing Limited ('the Company'), which comprise the balance sheet as at 31st March 2015, the statement of profit and loss and 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 stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, 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 maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets ofthe 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 financial statements that give a true and fair view and are 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 thereunder.

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 the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment ofthe risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the 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 audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, ofthe state of affairs ofthe Company as at 31st March 2015 and its profit and its cash flows for the year ended on that date.

Emphasis of Matter

We draw your attention that during the year the company has not complied with the requirement ofthe section 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. 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 give in the Annexure a statement on the matters specified in the paragraph 3 and 4 ofthe 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;

c. The balance sheet, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of account;

d. 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;

e. on the basis of the written representations received from the directors as on 31st 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) ofthe Act; and

f. 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, in our opinion and to the best of our information and according to the explanations given to us:

i. the Company does not have any pending litigations which would impact its financial position;

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; and

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

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the financial statements for the year ended 31 March 2015, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

(ii) The Company is a trading company; primarily goods are purchased as per requirements of buyer. Accordingly, it does not hold any physical inventories. Thus, paragraph 3(ii) of the said Order is not applicable.

(iii) (a) The Company has not granted loans to any corporate covered in the register maintained under section 189 of the Companies Act, 2013 ('the Act'). Thus, paragraph 3(iii)(b), and (iii)(c) ofthe said Order are also not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) ofthe Act, for any ofthe activities of by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination ofthe records ofthe Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees' state insurance and duty of excise. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31st March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute.

(c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

(viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(ix) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) The Company did not have any term loans outstanding during the year.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For Kamlesh T. Mody & Co. Chartered Accountants FRN: - 104690W Kamlesh T. Mody Proprietor Mem no. 032170 Mumbai; 18th May 2015

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Mar 31, 2014

We have audited the accompanying financial statements of ELF TRADING AND CHEMICAL MANUFACTURING LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and 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 Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 ("the Act")read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Cur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 the auditor's 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, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, 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 audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in 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, 2014;

(b) in the case of the Statement of Profit and Loss, of the profit/ loss of the Company for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose 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;

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, dealt with by this report comply with the Accounting Standards notified under the Act read with the General circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

e. on the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT

(Referred to in Paragraph 1 of our report of even date)

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

(b) The Company has a phased program of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such program, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification.

(c) The Company has not disposed off a substantial part of fixed assets during the year, and therefore do not affect the, going concern status of the Company.

(ii) (a) As explained to us, physical verification of the inventory was carried out at reasonable intervals by the management.

(b) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The Company has not granted any loans, secured or unsecured to or from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. According, clause (iii) (b), (iii) (c) and (iii) (d) of the Order are not applicable.

(b) The Company has not taken any loans, secured or unsecured or from Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clause (iii)(f) & (iii)(g) are not applicable.

(iv) In our opinion, and according to the information and explanations given to us, the Company has adequate internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory, fixed assets and for the sale of goods and service. Further, during the course of the audit we have neither come across nor have we been informed of any major weakness in the internal control system.

(v) To the best of our knowledge and belief and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements that need to be entered in the register in pursuance of Section 301 of the Act, have been entered and such transactions made are at prices which are reasonable with regard to the prevailing market price at the relevant time.

(vi) The Company has not accepted any deposit from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder are not applicable.

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanations given to us, the Central government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the activities carried out by the Company.

(ix) (a) According to the information and explanations given to us and on the basis of the books of account, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees' State Insurance, Income-tax, Sales Tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Cess and any other material statutory dues applicable to it. However in case of Investor Education and Protection Fund the Company has not deposited same with the appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amounts in respect of the statutory dues referred to above were outstanding as at March 31st 2014 for a period of more than six months from the date they became payable.

(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in- the immediately preceding financial year.

(xi) The Company has neither taken any loans from a financial institutions and and a bank nor issued any debentures. Accordingly, clause 4(xi) of the Order is not applicable.

(xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause (xii) of the order is not applicable.

(xiii) The Company is not a Chit Fund, nidhi, mutual benefit fund or a society. Accordingly clause (xiii) of the order is not applicable.

(xiv) The Company has maintained proper records in respect of transaction and contracts of its dealing and trading in investments and timely entries have been made thereon. All the investments have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. Accordingly, clause (xv) of the order is not applicable.

(xvi) The Company has not obtained any term loans during the year. Accordingly, clause (xvi) of the Order is not applicable.

(xvii) According to the information and explanations given to us, the Company has not raised any funds on short term basis. All assets have been funded by shareholders' funds.

(xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act. Accordingly, Clause 4(xviii) of the order is not applicable.

(xix) The Company has not issued any debentures. Accordingly, Clause 4(xix) of the order is not applicable.

(xx) The Company has not raised any money by public issue during the year. Accordingly, Clause 4(xx) of the order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For Kamlesh T. Mody & Co. Chartered Accountants FRN:104690W

Sd/- Kamlesh T. Mody Proprietor Membership No. 032170

Place: Mumbai Date: 27th May 2014

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Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of ELF TRADING AND CHEMICAL MANUFACTURING LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2013, and the Statement of Profit and Loss and 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 Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the AcL"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 the auditor''s 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, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements 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 Management, 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 audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in 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, 2013;

(b) in the case of the Statement of Profit and Loss, of the profit/ loss of the Company for the year elided on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of'' the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose 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;

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURETO THE INDEPENDENT AUDITORS REPORT (Referred to in Paragraph 1 of our report of even date)

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

(b) The Company has a phased program of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such program, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification.

(c) The Company has not disposed off a substantial part of fixed assets during the year, and therefore do not affect the, going concern status of the Company.

(ii) (a) As explained to us, physical verification of the inventory was carried out at reasonable intervals by tine management.

(b) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The Company has not granted any loans, secured or unsecured to or from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. According, clause (iii) (b), (iii) (c) and (iii) (d) of the Order are not applicable.

(b) The Company has not taken any loans, secured or unsecured or from Companies, firms or other parries covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clause (iii)(f) & (iii)(g) are not applicable.

(iv) In our opinion, and according to the information and explanations given to us, the Company has adequate internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory, fixed assets arid for the sale of goods and service. Further, during the course of the audit we have neither come across nor have we been informed of any major weakness in the internal control system.

(v) To the best of our knowledge and belief and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements that need to be entered in the register in pursuance of Section 301 of the Act, have been entered and such transactions made are at prices which are reasonable with regard to the prevailing market price at the relevant time.

(vi) The Company has not accepted any deposit from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder are not applicable.

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(viii) According to die information and explanations given to us, the Central government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the activities carried out by the Company.

(ix) (a) According to the information and explanations given to us and on the basis of the books of account, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-Tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Cess and any other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts in respect of the statutory dues referred to above were outstanding as at March 31st 2012 for a period of more than six months from the date they became payable.

(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(xi) The Company has neither taken any loans from a financial institutions and a bank nor issued any debentures. Accordingly, clause 4(xi) of the Order is not applicable.

(xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause (xii) of the order is not applicable.

(xiii) The Company is not a Chit Fund, nidhi, mutual benefit fund or a society. Accordingly clause (xiii) of the order is not applicable.

(xiv) The Company has maintained proper records in respect of transaction and contracts of its dealing and trading in investments and timely entries have been made thereon. All the investments have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. Accordingly, clause (xv) of the order is not applicable.

(xvi) The Company has not obtained any term loans during the year. Accordingly, clause (xvi) oi the Order is not applicable.

(xvii) According to the information and explanations given to us, the Company has not raised any funds on short term basis. All assets have been funded by shareholders'' funds.

(xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act. Accordingly, Clause 4(xviii) of the order is not applicable.

(xix) The Company has not issued any debentures. Accordingly, Clause 4(xix) of the order is not applicable.

(xx) The Company has not raised any money by public issue during the year. Accordingly, Clause 4{xx) of the order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been nodced or reported during the year.

For Kamlesh T. Mody & Co.

Chartered Accountants

FRN: 104690W

Sd/-

Kamlesh T. Mody

Proprietor

Membership No. 32170

Place; Mumbai

Date: 30th May 2013

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Mar 31, 2012

We have audited the attached Balance Sheets of ELF TRADING & CHEMICALS MFG. LTD. ('the Company') as at March 31, 2012, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto, (together referred to as 'financial statements'). These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materials misstatement.

An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003, as amended by' the.

Companies-(Auditor' Report) (Amendment) order 2004 (together the "order"), issued by the Central Government of India in terms of Section 227(4A) of the Act, and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. 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;

c. in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report comply with the books of accounts ;

d. in our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e. on the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on March 31, 2012 from being appointed as director under clause (g) of sub-section (1) of Section 274 of the Act;

f. in our opinion and to the best of our information and according to the explanations given to us, the said financial statements, read together with the Significant Accounting Policies and Notes thereon, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012;

ii. in the case of the Profit and Loss, of the profit of the Company for the year ended on that date; and

iii. in case of Cash Flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

The Annexure referred to in the auditor's report to the members of Elf Trading & Chemicals Mfg. Ltd. (the Company) for the year ended March 31, 2012. We report that:

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

(b) The Company has a phased program of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such program, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification.

(c) The Company has not disposed off a substantial part of fixed assets during the year, and therefore do not affect the, going concern status of the Company.

(ii) (a) As explained to us, physical verification of the inventory was carried out at reasonable intervals by the management.

(b) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The Company has not granted any loans, secured or unsecured to or from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. According, clause (iii) (b), (iii) (c) and (iii) (d) of the Order axe not applicable.

(b) The Company has not taken any loans, secured or unsecured or from Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clause (iii)(f) & (iii)(g) are not applicable.

(iv) In our opinion, and according to the information and explanations given to us, the Company has adequate internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory, fixed assets and for the sale of goods and service. Further, during the course of the audit we have neither come across nor have we been informed of any major weakness in the internal control system.

(v) To the best of our knowledge and belief and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements that need to be entered in the register in pursuance of Section 301 of the Act, have been entered and such transactions made are at prices which are reasonable with regard to the prevailing market price at the relevant time.

(vi) The Company has not accepted any deposit from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable. .

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanations given to us, the Central government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the activities carried out by the Company.

(ix) (a) According to the information and explanations given to us and on the basis of the books of account, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees; State Insurance, Income-tax, Sales-Tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Cess and any other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts in respect of the statutory dues referred to above were outstanding as at March 31st 2012 for a period of more than six months from the date they became payable.

(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(xi) The Company has neither taken any loans from a financial institutions and a bank nor issued any debentures. Accordingly, clause 4(xi) of the Order is not applicable.

(xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause (xii) of the order is not applicable.

(xiii) The Company is not a Chit Fund, nidhi, mutual benefit fund or a society. Accordingly clause (xiii) of the order is not applicable.

(xiv) The Company has maintained proper records in respect of transaction and contracts of its dealing and trading in investments and timely entries have been made thereon. All the investments have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. Accordingly, clause (xv) if the order is not applicable.

(xvi) The Company has not obtained any term loans during the year. Accordingly, clause (xvi) of the Order is not applicable.

(xvii) According to the information and explanations given to us, the Company has not raised any funds on short term basis. All assets have been funded by shareholders' funds.

(xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act. Accordingly, Clause 4(xviii) of the order is not applicable.

(xix) The Company has not issued any debentures. Accordingly, Clause 4(xix) of the order is not applicable.

(xx) The Company has not raised any money by public issue during the year. Accordingly, Clause 4(xx) of the order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For Kamlesh T. Mody & Co.

Chartered Accountants

FRN: 104690W

Sd/-

Kamlesh T. Mody

Proprietor

Membership No. 32170

Place: Mumbai

Date: 30th May 2012

---

Mar 31, 2011

We have audited the attached Balance Sheets of ELF TRADING & CHEMICALS MFG. LTD. ('the Company') as at March 31, 2011, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto, (together referred to as 'financial statements'). These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materials misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) order 2004 (together the 'order'), issued by the Central Government of India in terms of Section 227(4A) of the Act, and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above and subject to Note No.1 in schedule J of the audited accounts pertaining to provisions of Section 45 IA of Reserve Bank of India Act, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. 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;

c. in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report comply with the books of accounts ;

d. in our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e. on the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on March 31, 2011 from being appointed as director under clause (g) of sub-section (1) of Section 274 of the Act;

f. in our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the Significant Accounting Policies and Notes thereon and in particular Note No. 2, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2011;

ii. in the case of the Profit and Loss, of the profit of the Company for the year ended on that date; and

iii. in case of Cash Flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

The Annexure referred to in the auditor's report to the members of Elf Trading & Chemicals Mfg. Ltd. (the Company) for the year ended March 31, 2011. We report that:

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

(b) The Company has a phased program of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such program, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification..

(c) The Company has not disposed off a substantial part of fixed assets during the year, and therefore do not affect the, going concern status of the Company.

(ii) (a) As explained to us, physical verification of the inventory was carried out at reasonable intervals by the management.

(b) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The Company has not granted any loans, secured or unsecured to or from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. According, clause (iii) (b), (iii) (c) and (iii) (d) of the Order are not applicable.

(b) The Company has not taken any loans, secured or unsecured or from Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clause (iii)(f) & (iii)(g) are not applicable.

(iv) In our opinion, and according to the information and explanations given to us, the Company has adequate internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory, fixed assets and for the sale of goods and service. Further, during the course of the audit we have neither come across nor have we been informed of any major weakness in the internal control system.

(v) To the best of our knowledge and belief and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements that need to be entered in the register in pursuance of Section 301 of the Act, have been entered and such transactions made are at prices which are reasonable with regard to the prevailing market price at the relevant time.

(vi) The Company has not accepted any deposit from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder are not applicable.

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanations given to us, the Central government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the activities carried out by the Company.

(ix) (a) According to the information and explanations given to us and on the basis of the books of account, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-Tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Cess and any other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts in respect of the statutory dues referred to above were outstanding as at March 31st 2011 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us details of dues in respect of Income tax, Sales tax, Wealth tax, Service tax, Custom Duty, Excise Duty and Cess which have not been deposited with the appropriate authorities on account of any dispute are given below:

Particulars Period to which the From where the Amount amount Relates dispute is pending

Income Tax 2002-2003 Appeal pending 3,78,621 before CIT Appeals

(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(xi) The Company has neither taken any loans from a financial institutions and and a bank nor issued any debentures. Accordingly, clause 4(xi) of the Order is not applicable.

(xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause (xii) of the order is not applicable.

(xiii) The Company is not a Chit Fund, nidhi, mutual benefit fund or a society. Accordingly clause (xiii) of the order is not applicable.

(xiv) The Company has maintained proper records in respect of transaction and contracts of its dealing and trading in investments and timely entries have been made thereon. All the investments have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. Accordingly, clause (xv) if the order is not applicable.

(xvi) The Company has not obtained any term loans during the year. Accordingly, clause (xvi) of the Order is not applicable.

(xvii) According to the information and explanations given to us, the Company has not raised any funds on short term basis. All assets have been funded by shareholders' funds.

(xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act. Accordingly, Clause 4(xviii) of the order is not applicable.

(xix) The Company has not issued any debentures. Accordingly, Clause 4(xix) of the order is not applicable.

(xx) The Company has not raised any money by public issue during the year. Accordingly, Clause 4(xx) of the order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For Kamlesh T. Mody & Co. Chartered Accountants FRN : 104690W

Kamlesh T. Mody Proprietor Membership No. 32170

Place: Mumbai Date : 30th May 2011

---

Mar 31, 2010

We have audited the attached Balance Sheets of ELF TRADING & CHEMICALS MFG. LTD. (the Company) as at March 31, 2010, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. (together referred to as financial statements). These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materials misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) order 2004 (together the order), issued by the Central Government of India in terms of Section 227(4A) of the Act, and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above and subject to Note No.2 in schedule J of the audited accounts pertaining to provisions of Section 45 IA of Reserve Bank of India Act, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. 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;

c. in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this report comply with the books of accounts ;

d. in our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e. on the basis of the written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on March 31, 2010 from being appointed as director under clause (g) of subsection (1) of Section 274 of the Act;

f. in our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the Significant Accounting Policies and Notes thereon and in particular Note No. 2, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010;

ii. in the case of the Profit and Loss, of the profit of the Company for the year ended on that date; and

iii. in case of Cash Flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

The Annexure referred to in the auditors report to the members of Elf Trading & Chemicals Mfg. Ltd. (the Company) for the year ended March 31, 2010. We report that :

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

(b) The Company has a phased program of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with such program, the management has physically verified fixed assets during the year and no material discrepancies were noticed on such verification..

(c) The Company has not disposed off a substantial part of fixed assets during the year, and therefore do not affect the, going concern status of the Company.

(ii) (a) As explained to us, physical verification of the inventory was carried out at reasonable intervals by the management.

(b) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory as compared to the book records were not material and have been properly dealt with in the books of account.

(iii) (a) The Company has not granted any loans, secured or unsecured to or from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. According, clause (iii) (b), (iii) (c) and (iii) (d) of the Order are not applicable.

(b) The Company has not taken any loans, secured or unsecured or from

Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly clause (iii)(f) & (iii)(g) are not applicable.

(iv) In our opinion, and according to the information and explanations given to us, the Company has adequate internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory, fixed assets and for the sale of goods and service. Further, during the course of the audit we have neither come across nor have we been informed of any major weakness in the internal control system.

(v) To the best of our knowledge and belief and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements that need to be entered in the register in pursuance of Section 301 of the Act, have been entered and such transactions made are at prices which are reasonable with regard to the prevailing market price at the relevant time.

(vi) The Company has not accepted any deposit from the public and consequently, the directives issued by the Reserve Bank of India, the provisions of section 58A and 58AA of the Companies Act, 1956 and the rules framed thereunder are not applicable.

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(viii) According to the information and explanations given to us, the Central government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 in respect of the activities carried out by the Company.

(ix) (a) According to the information and explanations given to us and on the basis of the books of account, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-Tax, Wealth tax, Service tax, Custom Duty, Excise Duty, Cess and any other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts in respect of the statutory dues referred to above were outstanding as at March 31st 2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us details of dues in respect of Income tax, Sales tax, Wealth tax, Service tax, Custom Duty, Excise Duty and Cess which have not been deposited with the appropriate authorities on account of any dispute are given below:



Particulars Period to which the From where the Amount amount Relates dispute is pending

Income Tax 2002 - 2003 Appeal pending 3,88,121 before CIT Appeals

Income Tax 2003 - 2004 Appeal pending 7,95,978 before ITAT



(x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(xi) The Company has neither taken any loans from a financial institutions and and a bank nor issued any debentures. Accordingly, clause 4(xi) of the Order is not applicable.

(xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly clause (xii) of the order is not applicable.

(xiii) The Company is not a Chit Fund, nidhi, mutual benefit fund or a society. Accordingly clause (xiii) of the order is not applicable.

(xiv) The Company has maintained proper records in respect of transaction and contracts of its dealing and trading in investments and timely entries have been made thereon. All the investments have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. Accordingly, clause (xv) if the order is not applicable.

(xvi) The Company has not obtained any term loans during the year. Accordingly, clause (xvi) of the Order is not applicable.

(xvii) According to the information and explanations given to us, the Company has not raised any funds on short term basis. All assets have been funded by shareholders funds.

(xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under Section 301 of the Act. Accordingly, Clause 4(xviii) of the order is not applicable.

(xix) The Company has not issued any debentures. Accordingly, Clause 4(xix) of the order is not applicable.

(xx) The Company has not raised any money by public issue during the year. Accordingly, Clause 4(xx) of the order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For Kamlesh T. Mody & Co.

Chartered Accountants

FRN : 104690W

Sd/-

Kamlesh T. Mody

Proprietor

Membership No. 32170

Place: Mumbai

Date: 30th July 2010