Auditor Report of Continental Chemicals Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of CONTINENTAL CHEMICALS LIMITED (“the Company”), which comprise the Balance
Sheet as at March 31,2025, the Statement of Profit and Loss, including the Statement of Other Comprehensive Income, the Cash Flow Statement
and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information
(hereafter referred to as Ind AS Financial Statements).

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 Companies Act, 2013 as amended (“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
,thereof (“Ind AS “) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2025, the profit,
changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our
responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the 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 together
with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules
there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matters

Attention is invited to

Note no 24(b) regarding no disclosure under the “Micro, Small and Medium Enterprises Development Act 2006” has been furnished.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current
period. Key audit matters are selected from matters communicated with those charge with governance, but are not intended to represent all matters
that were discussed with them. The auditors'' procedures relating to these matters were designed in the context of the audit of the financial statements
as a whole.

However, there are no Key audit matters to report.

Information Other than the Financial Statements and Auditor’s Report Thereon

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 Annexures to Board''s Report, Business Responsibility Report, Corporate
Governance and Shareholder''s Information, but does not include the financial statements and our auditor''s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to
be materially misstated.

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 Financial Statements

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 financial
statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in
accordance with the accounting principles generally accepted in India including the Indian accounting standards (Ind AS) specified under section 133
of the Act, read with the Companies( Indian Accounting Standards) Rules,2015 as amended thereof..

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
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, 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.

The Board of Directors are responsible for overseeing the company''s financial reporting process.

Auditor’s Responsibilities for the Audit of Financial Statements

Our Objectives are to obtain reasonable assurance about whether the 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 aggregate, they could reasonably be expected to influence the economic decision of
users taken on the basis of these financial statements. (Refer Appendix A)

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

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and to 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 control 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 material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures
in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusion is based on the audit evidences 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 financial statements, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statement that, individually or in aggregate, makes it probable that the economic decision
of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factor in (i)
planning the scope of our audit work; and (ii) to evaluate the effect of any identified misstatement in the financial statements.

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 decencies in internal control that we identify during our audit.

We also provide those charge 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the
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

As required by the Companies (Auditor''s Report) Order, 2020(“the Order”), issued by the Central Government of India in terms of section 143(11) of
the Act, we give in “Annexure I” a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 the law have been kept by the Company so far as it appears from our examination
of those books.

(c) The Balance Sheet and the Statement of Profit and Loss dealt with by this Report are in agreement with the relevant books of account.

(d) In our opinion, the aforesaid financial statements comply with Ind AS specified under Section 133 of the Act, read with relevant rules issued
there under.

(e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors,
none of the director is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) 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 II”. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company''s internal financial controls over financial reporting.

(g) With respect to the other matters to be included in the Auditor''s report in accordance with the requirements of section 197(16) of the Act,
as amended the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the
provisions of section 197 read with Schedule V to the Act.

(h) 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:

(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.

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

(iv) (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually
or in the aggregate) 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 or entity, including foreign entity (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually
or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”),
with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has
come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided
under (a) and (b) above, contain any material misstatement.

(v) The company has not paid or proposed any dividend for the year ended 31.03.2025

(vi) Based on our examination, which included test checks, the company has used accounting software for maintaining its books
of account for the financial year ended March 31,2025 which has a feature of recording audit trail (edit log) Facility and the same,
has operated throughout the year for all the relevant transactions recorded in the software.

Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the
audit trail has been preserved by the company as per the statutory requirements for record retention.

For

For SSVS & CO.
Chartered Accountants
Firm Registration No. 021648C

Sd/-

(Vipul Sharma) F. C A.

(Partner)
M. No: 74437

Place: NOIDA

Dated: 17.05.2025

UDIN: 25074437BMKW0V2720

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Mar 31, 2015

We have audited the accompanying financial statements ot CONTINENTAL CHEMICALS LIMITED which comprise the Balance Sheet as at March 31. 2015. the Profit and Loss Statement and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

The Company's Board of Directors is responsible lor the matters slated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 of the Act for safeguarding of the assols of the Company and for preventing and de tectlng frauds and other irregularities; selection and application of ap proprlate accounting poll cios: making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively tor ensuring the accuracy and completeness ot the accounting records, relevant to the preparation and prosontatlon ot tho financial statements that give a true and fair view and are tree from material misstatement, whether duo to fraud or error.

Auditor's Responsibility

Our responsibility is to express on opinion on those standalone financial statements based on our audit

Wo have token Into account the provisions of the Act, the accounting and auditing standards and matters which am required to be included In the audit report under tho provisions ot the Act and tho Rules made thereunder.

Wc 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 misslalcmont

An audit Involves performing procedures to obtain audit evidence about lire amounts and the disclosures in Ihu financial statements. The procedures selected depend on trie 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 financial control relevant to the Company's preparation of the financial statements that give a true and fair view in ordor to design audit procedures that arc appropriate in the circumstances. An audit also includes evaluating tho appropriateness of the accounting pollclos used and the reasonableness ot tho accounting estimates made by tho Company's Directors, as well as evaluating the overall presentation of tho financial Statements.

Wo believe that tho audit evidence wo have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

In oui opinion and lo the best ol 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 glvo a true and fair view in conformity with tho accounting principles generally accepted in India1

a. in the case of the Balance Shoot, ot tho state of affairs of the Company as at March 31, 2015;

b. in tho case of the Profit and Loss Statomnnt of the Profit for the year ondod on that date: end

c In the cose of Hie Cash Flow Statemont. of Hie cosh Mows for Iho year ended on that date

Report on Other Legal and Regulatory Requirements

1 As required by Iho Companies (Auditor's Report) Older, 2015 ("the Order") Issued by tho Central Government In terms of section 143(11) of tho Companies Ad, 2013 wo gtvo In tho Annoxuro a statement on tho matters aped lied in paragraphs 3 and 4 of the Order.

2 As required by section 143(3) ot the Act. we report that.

a. Wo havo obtained all the Information and explanations which to the best ot our knowledge and belief were necessary for tho purpose ot our

b. In our opinion proper books ot account ns required by law have been kepi by Ihe Company so far as .appears from our examination ot those books

c. Tho Balance Sheet. Profit and Loss Statement and Cash Flow Statement dealt wilh by this Report uro In agreement with the books of account

d. In our op uilon, the aforesaid standalone financial statements comply with the Accounting Standards referred to In section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 ;

o. On tho basis of written represontations received from Iho directors as on March 31. 2015, and takon on record by Ihe Boairi of Dlroctors. nono of Iho directors is disqualified as on March 31, 2015, from being appointed as a director In terms of section 164(2) of the Act.

f. With respect to the other matters to be Included in the Auditor's Report In accordance with Rule 11 of the Companies (Audi! and Auditors) Rules, 2014, In our opinion and to tho best of our information and according to the explanations given to us:

I. The Company doos not have any pending litigations which would impact its Financial Positions.

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

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

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph (1) of our Report on other Legal and Regulatory requirements section of our report of even date)

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

b The fixed assets of the company have been physically verified during the year by the management at reasonable intervals and no material discrepancies between the book records and the physical inventory have been noticed on such verification.

2. Since the company does not have any inventory information required under Para 3(ii) (a) to (c) Is not being given.

3. According to information made available to us . the company has not granted any loan . secured or unsecured to companies . firm or other parties covered in the register maintained under section 189 of the Act .accordingly Para 3(iii)(a) & (b) of the Order are not applicable to the company.

4. In our opinion and according to the information and explanation given to us. there are adequate internal procedures commensurate with the size of the company and nature of its business, for purchase of inventory and fixed assets and for the sale of goods, and Services. Further, on the basis of our examination and according to the informalion and explanalions given to us, we have not observed any continuing failure to correct major weaknesses in internal controls procedures.

5. On the basis of information and explanation given to us and our scrutiny of company's records, in our opinion. Ihe company has not accepted any public deposits.

6. Tu Ihe best of our knowledge and belief and according to information given to us. Central Government has not prescribed the maintenance of cost records under sub-section (1) of section 148 ot the Companies Act, 2013 for the products of the Company

7. (a) According to the information and explanation given to us the company is generally regular in depositing with appropriate authorities the undisputed statutory dues including Income-tax, Wealth-tax. Salcs-tax. Service lax Custom Duty. Excise Duty and any other statutory dues applicable to it, except few coses of dotoy in depositing provident fund. No amount was due to be deposited under Investor education and Protection Fund Further, there was no arrears of undisputed statutory dues outstanding as at 31* March. 2015 for a period of more than six month from the date they became payable.

(b) According to the Information and explanations given to us. there are no tax dues of Income Tax. Service Tax. and Cess which have not been deposited on account of any dispute.

8. The company does not have accumulated losses. The Company has not Incurred cash losses during the financial year and in the immediately preceding financial year

9. Based on our examination and according to the Information and explanation given to us, the company has not defaulted in repayment of dues to banks. There are no dues to financial institution or debenture holders.

10. According to the records of the company and the Information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

11. Incur opinion and on the basis ot information and explanations given to us and on overall basis, term loans availed by the Company were, applied by the Company for the purposes for which Urn loans were raised.

12. To the best ot our knowledge and belief and according to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the course of our audit for the year ended 31 March, 2015.

For B K KAPUR AND CO Chartered Accountants, Firm Registration No000852C.

Sd/-

PLACE: Ghazlabad (M.S.KAPUR) F. C A. DATE: 30.04.2015 Partner Membership No. 074615

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Mar 31, 2014

We have audited the accompanying financial statements of M/s CONTINENTAL CHEMICALS LIMITED which comprise the Balance Sheet as at 31st March,2014, the statement of Profit and Loss for the year then ended, and a summary of the 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 in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act 1956 and in accordance with the accounting policies 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.

Auditors'' 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 the disclosures in the financial statements. The procedure selected depends on the auditor''s judgement, 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 the accounting policies used and the reasonableness of the accounting estimates made by the 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 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March,2014, and;

(b) in the case of the Statement of Profit and Loss of the Company for the year ended on that date.

(c) In the case of Cash Flow Statement of the cash flow 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 issued by the Central Government in the terms of Section 227(4A) 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 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 and the Statement, of Profit and Loss dealt with by this Report are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274(1) (g) of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date to the members of Continental Chemicals Limited on the accounts for the year ended March 31st, 2014. We Report that:

i) In respect of its fixed assets:

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

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

(c) In our opinion, a substantial part of fixed assets has not been disposed off by the company during the year.

ii) In respect of its inventories:

(a) The inventory has not purchased/sold goods during the year nor is there any opening stock, requirement of reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise.

(iii) In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301 of the act:

(a) According to information made available to us, The Company has not granted unsecured loan from Companies covered in the register maintained under section 301 of the Companies Act, 1956.

(b) According to information made available to us, the Company has taken unsecured loans of Rs. 15.92 Lacs from one director''s relatives covered in the register maintained under section 301 of the Act, 1956. Further the company has not taken any secured loan from aforesaid parties.

1. Except rate of interest other terms & condition of unsecured loan not prejudicial to the interest of the company.

2. There is no overdue amount of principal as on 31.03.2014

(iv) In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to purchase of fixed assets and other assets. During the course of our Audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in to the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in to the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. Five lacs have been made at the prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) Based on our scrutiny of the company''s records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any loans or deposits which are ''deposits'' within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit''s) Rules, 1975.

(vii) The company has Internal Audit System commensurate with its size and nature of its business.

(viii) In terms of clause (d) of subsection (1) of the section 209 of the Companies Act, 1956 the Central Government has not prescribed maintenance of cost records by the company.

(ix) (a) According to the information and explanations given to us, and to the best of our knowledge the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Income-tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty and any other statutory dues applicable to it.

(b) According to the information and explanations given to us, and to the best of our knowledge the Company has no undisputed amounts payable in respect of Income-tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty which have remained outstanding as at March 31st, 2014, for a period exceeding six months from the date they become payable.

(c) According to the information and explanations given to us, there are no dues of sales tax, income tax, Custom Duty, wealth tax, cess and Excise Duty, which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the Company are not more than 50% of its net worth. The Company has not incurred cash losses in the financial year immediately preceding such financial year.

(xi) In our opinion and according to the information and explanation given to us, The Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

(xiii) The special statutes applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to the Company.

(xiv) The Company has dealt in or traded in shares, securities, debentures or other investments.

(xv) According to the records of the company and the information and explanation provided by the management, the company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) According to the records of the company, the company has not obtained any term loans, Hence, comments under the clause are not called for.

(xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, we report that the no funds raised on short – term basis have been used for long term investment. No long-term funds have been used to finance short term assets except permanent working capital.

(xviii) The Company has not made any preferential allotment of shares to the parties and the Companies covered under section 301 of the Companies Act.

(xix) The Company has not issued debentures during the year.

(xx) The company has not raised any money by public issues during the year.

(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 Hari Bhushan & Associates Chartered Accountants Firm Reg. No. : 007618C

(CA. Hari Bhushan) Partner Membership Number: 076688

Place: Delhi Date: 30th May, 2014

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Aug 31, 2011

We have audited the attached Balance Sheet of CONTINENTAL CHEMICALS LIMITED ("the Company") as at August 31st, 2011 and the relative profit & loss account of the Company for the year ended on that date annexed thereto. 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 material 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 issued by the Central Government in terms of sub-section (4A) of section 227 of the Companies Act, 1956 ("the Act") we give 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 the books;

(c) The balance sheet and profit and loss account dealt with by this report are in agreement with the books of account;

(d) In our opinion, for preparation of accounts of the Company for the year ended August 31st 2011 the Accounting Standards referred to in sub-Section (3C) of Section 211 of the Companies Act, 1956 have been complied with;

(e) On the basis of the written declarations received from the directors and taken on record by the board of directors, we report that none of the directors was disqualified as at August 31st 2011 from being appointed as a director in terms of 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 with the notes thereon, give the information required by the Act, in the manner so required and give a true and fair view;

(i) In the case of Balance sheet, of the Company' state of affairs as at August 31st 2011;

and (ii) In the case of the profit & loss account, of the profit for the year ended on that date.

(iii) In the case of cash flow statement for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Statement referred to in paragraph 3 of our report of even date to the members of Continental Chemicals Limited on the accounts for the year ended August 31, 2011. We Report that:

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

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

(c) In our Opinion, a substantial part of Fixed assets has not been disposed off by the company during the year.

(ii) (a) As the company has not purchased/sold goods during the year nor are there any opening stocks, requirement of reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise.

iii) The Company has not granted or taken loan from Companies covered in the register maintained under section 301 of the Companies Act, 1956.

iv) In our opinion, and according to the information and explanations given to us, there are

adequate internal control procedures commensurate with the size of the Company and nature of its business for purchase of fixed assets, inventory and with regard to the sale of goods. During the course of our Audit, we have not observed any continuing failure to correct major weakness in internal controls.

v) (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in to the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in to the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. Five lacs have been made at the prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) Based on our scrutiny of the company's records and according to the information and

explanations provided by the management, in our opinion, the company has not accepted any loans or deposits which are 'deposits' within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit's) Rules, 1975.

vii) The company has Internal Audit System commensurate with its size and nature of its business.

viii) In terms of clause (d) of subsection (1) of the section 209 of the Companies Act, 1956 the Central Government has not prescribed maintenance of cost records by the company.

ix) (a) According to the information and explanations given to us, and to the best of our knowledge the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Income-tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty and any other statutory dues applicable to it.

(b) According to the information and explanations given to us, and to the best of our knowledge the Company has no undisputed amounts payable in respect of Income-tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty which have remained outstanding as at 31st August, 2011, for a period exceeding six months from the date they become payable.

(c) According to the information and explanations given to us, there are no dues of sales tax, income tax, Custom Duty, wealth tax, cess and Excise Duty, which have not been deposited on account of any dispute.

x) The accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year covered by our audit and the company has not incurred cash losses during the immediately preceding financial year.

xi) In our opinion and according to the information and explanation given to us, The Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The special statutes applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to the Company.

xiv) The Company has not dealt in or traded in shares, securities, debentures or other investments.

xv) According to the records of the company and the information and explanations provided by the management, the company has not given any guarantee for loans taken by others from Bank or Financial Institutions.

xvi) According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, we report that the no funds raised on short – term basis have been used for long term investment. No long-term funds have been used to finance short term assets except permanent working capital.

xviii) The Company has not made any preferential allotment of shares to the parties and the Companies covered under section 301 of the Companies Act.

xix) The Company has not issued debentures during the year.

xx) The company has not raised any money by public issues during the year.

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 Hari Bhushan & Associates Chartered Accountants

(Hari Bhushan)

Proprietor

M. No. 076688

Place: Delhi

Date: 13th January 2012

---

Aug 31, 2010

We have audited the attached Balance Sheet of CONTINENTAL CHEMICALS LIMITED ("the Company") as at August 31st, 2010 and the relative profit & loss account of the Company for the year ended on that date annexed thereto. 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 material 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 issued by the Central Government in terms of sub-section (4A) of section 227 of the Companies Act, 1956 ("the Act") we give 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 the books;

(c) The balance sheet and profit and loss account dealt with by this report are in agreement with the books of account;

(d) In our opinion, for preparation of accounts of the Company for the year ended August 31st 2010 the Accounting Standards referred to in sub-Section (3C) of Section 211 of the Companies Act, 1956 have been complied with;

(e) On the basis of the written declarations received from the directors and taken on record by the board of directors, we report that none of the directors was disqualified as at August 31st 2010 from being appointed as a director in terms of 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 with the notes thereon, give the information required by the Act, in the manner so required and give a true and fair view;

(i) In the case of Balance sheet, of the Company state of affairs as at August 31st 2010;

and (ii) In the case of the profit & loss account, of the loss for the year ended on that date.

(iii) In the case of cash flow statement for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

Statement referred to in paragraph 3 of our report of even date to the members of Continental Chemicals Limited on the accounts for the year ended August 31, 2010. We Report that:

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

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

(c) In our Opinion, a substantial part of Fixed assets has not been disposed off by the company during the year.

(ii) (a) As the company has not purchased/sold goods during the year nor are there any opening stocks, requirement of reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise.

iii) The Company has not granted or taken loan from Companies covered in the register maintained under section 301 of the Companies Act, 1956.

iv) In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business for purchase of fixed assets, inventory and with regard to the sale of goods. During the course of our Audit, we have not observed any continuing failure to correct major weakness in internal controls.

v) (a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered in to the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in to the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. Five lacs have been made at the prices which are reasonable having regard to prevailing market prices at the relevant time.

vi) Based on our scrutiny of the companys records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any loans or deposits which are deposits within the meaning of Rule 2(b) of the Companies (Acceptance of Deposits) Rules, 1975.

vii) The company has Internal Audit System commensurate with its size and nature of its business.

viii) In terms of clause (d) of subsection (1) of the section 209 of the Companies Act, 1956 the Central Government has not prescribed maintenance of cost records by the company.

ix) (a) According to the information and explanations given to us, and to the best of our knowledge the Company has been regular in depositing with appropriate authorities undisputed statutory dues including Income-tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty and any other statutory dues applicable to it.

(b) According to the information and explanations given to us, and to the best of our knowledge the Company has no undisputed amounts payable in respect of Income-tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty which have remained outstanding as at 31st August, 2010, for a period exceeding six months from the date they become payable.

(c) According to the information and explanations given to us, there are no dues of sales tax, income tax, Custom Duty, wealth tax, cess and Excise Duty, which have not been deposited on account of any dispute.

x) The accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year covered by our audit and the company has not incurred cash losses during the immediately preceding financial year.

xi) In our opinion and according to the information and explanation given to us, The Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) The special statutes applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to the Company.

xiv) The Company has not dealt in or traded in shares, securities, debentures or other investments. The Company in its own name holds the Shares and debentures acquired by the Company by way of investment.

xv) According to the records of the company and the information and explanations provided by the management, the company has not given any guarantee for loans taken by others from Bank or Financial Institutions.

xvi) According to the records of the company, the company has not obtained any term loans. Hence, comments under the clause are not called for.

xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, we report that the no funds raised on short - term basis have been used for long term investment. No long-term funds have been used to finance short term assets except permanent working capital.

xviii) The Company has not made any preferential allotment of shares to the parties and the Companies covered under section 301 of the Companies Act.

xix) The Company has not issued debentures during the year.

xx) The company has not raised any money by public issues during the year.

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 Hari Bhushan & Associates Chartered Accountants

(Hari Bhushan) Proprietor M. No. 076688

Place: Delhi Date: 15th January 2011