Auditor Report of Elcid Investments Ltd.

Mar 31, 2025

Elcid Investments LimitedReport on the Audit of the IND AS Standalone Financial

Statements

1. Opinion

We have audited the accompanying standalone Ind AS financial statements of Elcid Investments Limited ("the Company"), which comprise the Balance Sheet as at 31^st March 2025, and the Statement of Profit and Loss (including other comprehensive income), the statement of Cash Flows and the statement of changes in equity for the year then ended, and notes to the financial statement including a summary of significant accounting policies and other explanatory information (herein after referred to as "Standalone Ind AS financial statements").

2. In our opinion and to the best of our information and according to the explanation given to us, the aforesaid Ind AS standalone 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 including the Ind AS, of the state of affairs of the Company as at 31 March 2025, and its Profit including loss in other total comprehensive income, its cash flows and the change in equity for the year ended on that.

Basis for Opinion

3. 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 thereunder, 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.

Key Audit Matters

4. 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. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Information other than the Standalone Ind AS Financial

Statements and auditor''s report thereon

5. The Company''s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company''s annual report but does not include the standalone financial statements and our auditors'' report thereon.

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

7. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the 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 Standalone Ind AS

Financial Statements

8. 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 of these standalone Ind AS financial statements, that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity 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 relevant rules issued thereunder. This

responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; for safeguarding the assets of the Company; for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

9. 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.

10. Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.

Auditors Responsibility for the Audit of the Standalone

Ind AS Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

12. 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 standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal 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 with reference to standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

13. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

our independence, and where applicable, related safeguards.

15. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' 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

16. As required by the Companies (Auditor''s Report) Order, 2020 (the "Order") issued by the Central Government 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, to the extent applicable.

17. As required by Section143(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 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 Company has no branch office and hence the company is not required to conduct audit under section 143 (8) of the Act;

d. The Standalone IND AS Balance sheet, the standalone statement of profit and loss including other comprehensive income, the statement of cash flow and the statement of changes in equity dealt with by this report are in agreement with the books of account.

e. In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards (Ind As) specified under Section 133 of the Act, read with relevant rule issued thereunder.

f. During our audit we did not come across any financial transaction or matters which might have an adverse effect on the functioning of the company.

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

h. We do not have any qualification, reservation or adverse remark relating to the maintenance of accounts and other matters connected therewith.

i. We have also audited the internal financial controls over financial reporting (IFCoFR) of the Company as on 31^st March 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date and our report as per Annexure II expressed.

18. With respect to the matter to be included in the Auditors'' Report under Section 197(16) of the Act: In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

19. With respect to the other matters to be included in the Auditors'' 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 may impact its financial positions in its standalone Ind AS financial statements;

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 the 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 (h) above, contain any material misstatement.

v. The final dividend paid by the company during the year is in respect of the dividend declared for the previous year and is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

The Board of Directors of Company have proposed a final dividend for the current year ended 31^st March 2025 which is subject to the approval of the members at ensuring Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of accounts 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 relevant transactions recorded in the software. Further, during the course of our audit, we were not able to verify any instance of the audit trail being tampered.

For V K Beswal & Associates

Chartered Accountants Firm Registration No 101083W

CA Kunal V. Beswal

Partner

Place : Mumbai M No-131054

Date : 28-05-2025 UDIN No.: 25131054BMHXSN9164

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Mar 31, 2024

We have audited the accompanying standalone Financial statements of ELCID INVESTMENTS LIMITED (“the Company”), which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss including other comprehensive income, the Statement of Changes in Equity and the Cash Flow Statement for the year ended and the notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information (herein after referred to as “Standalone Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed u/s 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the State of Affairs of the Company as at 31^st March, 2024, the Profits, total comprehensive income, 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 standalone Financial Statements section of our report. We are independent of the company in Accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone Financial Statements under the provision of the Companies Act, 2013 and the rules thereunder, 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 on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon and we do not provide a separate opinion on these matters. We have determined that there are no such key audit matters to be communicated in our report.

Information Other than the Financial Statements and Auditors Report thereon

The Company''s Board of Directors is responsible for the other information. The Other information comprises the information included in the Directors Report including Annexures thereon but does not include the standalone financial statements and our auditor''s report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the information is materially inconsistent with the standalone financial statements or our knowledge obtained in the 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 Standalone 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 standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Indian Accounting Standards and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and

completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone 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 also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibility

Our objectives are to obtain reasonable assurance about whether the standalone Financial Statements as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone Financial Statements.

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

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the 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 standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the 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 deficiencies in internal control that we identify during our audit.

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

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

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (“The Order”) issued by the Central Government of India in terms of Section 143 (11) of the Act, and on the basis of such checks of the books and records of the Company as we considered

appropriate and according to the information and explanations given to us, we give

in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of

the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit

b) In our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books

c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the Statement of changes in Equity dealt with by this Report are in agreement with the books of account

d) In our opinion, the aforesaid standalone Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with the relevant rules issued thereunder

e) On the basis of written representations received from the directors as on 31 March, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2024, 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 B” and

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:

According to the information and explanation given to us, the company has paid remuneration to its directors during the year within the provision of section 197(16) of 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) Rule, 2014, as amended, in our opinion and to the best of our information and according to the explanation given to us:

i. The Company does not have any pending litigations which shall impact its financial positions.

ii. The Company does not have any long terms contracts for which provisions are required to be made.

iii. The Company is not liable to transfer any amount to the Investor Education and Protection Fund.

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 final dividend paid by the company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

As stated in Notes to standalone financial statements, the Board of Directors of Company have proposed final dividend for the year which is subject to the approval of the members at ensuring Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination, which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.

As provision to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

For VORA & ASSOCIATES CHARTERED ACCOUNTANTS (ICAI Firm Reg. No.: 111612W)

MAYUR A. VORA PARTNER

(Membership No. 030097)

UDIN: 24030097BKCAVJ4714 PLACE: MUMBAI DATED: 21^st May 2024

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Mar 31, 2014

We have audited the accompanying financial statements of ELCID INVESTMENTS LTD ("the Company") which comprise Ihe Balance Sheet as at March 31,2014, and the Statements 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 .

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 (3CJ of Section 211 of the Companies Act, 1956 ("the Act")[ which continue to be applicable in respect of Section 133 of the Companies act 2013 in terms of General Circular 15/2013 dated 13 Sept. 2013 of the Ministry of Corporate Affairs], This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of Ihe 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 financiol statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chortered Accountants of India, Those Slandords require thot we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from materials misstatement.

An oudit involves performing procedures to obtain oudit evidenqe obout the amounts and disclosures on the financial stofements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the finoncial 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 entity'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 hove obtoined is sufficient and appropriate to provide a basis for our oudil 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:

i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2014 '

ii) In the case of the Statement of Profit and Loss, of 1 he Profit of the Company ' for the year ended on that date; and

iiij In the case of the Cash Flow Statement, of the cash flows for the yeor 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 paragraph 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 aur 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. The Balance Sheet, Statement of Profit & 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 & Loss, and Cash Flow Statement comply with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956;

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 Independent Auditor's Report

Referred to in Paragraph 1 under the heading of "Report on other Legal & Regulatory Requirements" of our Report of even date

On Ihe basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

a) The Compony has maintained proper records to show full particulars including

quantitative details and situation of its fixed assets,

(b) As explained to us, fixed assets have been 'physically verified by the monagemenl at reasonable intervals; no material discrepancies were noticed on such verification,

(c) In our opinion, the Company has not disposed off a substantial part of its fixed assets-during the year and therefore-does not offect the going concern assumption.

2. The Company's nature of operation and business does not require to hold any inventories, hence the provisions of clause (iS) of paragraph 4 of the Order are not opplicoble to the Company,.

3. (a) According to the information and explanations given to us, and on the basis of our examination of the books of occount, the Company has not granted any loans, secured or unsecured, to companies, firms' or other parties listed in the register maintained under section 301 of the Companies Act. Consequently, the - I provisions of clauses iii

(b), iii(c) and iii(d) of paragraph 4 of the Order are not applicable to the Company.

(b) According to the information and explanations given to us and on the bosis of our examination of the books of account, the Company has not taken any loans from companies,, firms or other parties listed in the register mointained under section 301 of the Companies Act, 1956. Thus, sub-clauses (f) and (g) are not applicoble to the Company.

4. 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 Compony and the nature of its business, for the sales & purchases of investment and fixed assets and payment for expenses, During the course of our audit, no major instance of continuing failure to correct any weakness in the internal controls has been noticed;

5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that Section.

(bj As per information and explanations given to us and in our opinion, the transaction entered into by the Company with the parties covered under ' Section 301 of the Act doe's not exceeds five lacs rupees in a financial year there fore requirement of reasonableness of transactions does not arises,

6. The Company has not accepted any deposits from the public covered under Section 58A and 50AA of the Act.

7. As per information and explanation given by 1he management, the Company has no internal audit system commensurate with its size and the nature of its business.

8. As per information and explanation given by the management, maintenance of cost records'has not been prescribed by the Central Government under tlause (d) of Sub section {1) of Section 209 of the Act, and clauses viii of paragraph 4 of the Order is not applicable to the Company.

9. According to the records of the Company, undisputed statutory dues including Income-tax and any other statutory dues have generally been regularly deposited with the appropriate authorities.

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year

11. Based on our audit procedures and on the information and explanations given by Ihe management, we are of the opinion' that, the Company has not defaulted in repayment of dues to financial institutions, banks and debenture holders,

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities,

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

14. According to information and explanations given to- us, the Company has maintained proper records of the transactions and contracts of the investments traded in shares, securities, debentures and other investments and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the Company in its own name.

15.According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks and financial Institutions. .

16. Based on our audit procedures and on the information given by the . management we report that the Company has not raised any term loans during, the year.

17. Based on the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company as at 31st March 2014, we report that no funds raised on short-term basts have been used for long term investments by the Company. .

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, during the year.

19. According to the records of the Company, and as per the information and explanations given to us by the management, the Company has no outstanding debentures as at the year-end. Therefore the question of creating securities/ charges for the same does not arise.

20. The Company has not raised any money by public issue during the year covered by our report.

21. According to Ihe records of the Company, and as per ihe information and explanations given 1o us by the management, no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For Deepak Shah & Co. Chartered Accountants . (Registration No. 102249W)

D.N.SHAH Proprietor Membership No.030566 . Mumbai: May 27, 2014

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Mar 31, 2012

1 We have audited the attached balance sheet of ELCID INVESTMENTS LTD as at March 31,2012, and also the profit and loss account and the cash flow statement 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.

2 We have conducted our audit in accordance with auditing standards generally accepted in j India. Those 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3 As required by the Companies (Auditor'.s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and

5 of the said Order, on the basis of such checks of the books and records of the Company as we considered appropriate and the information and explanations given to us during the course of our audit.

4 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 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 appears from our examination of the Books of Account.

c) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the Books of Account.

d) In our opinion, the Profit & Loss Account, Cash flow statement and the Balance Sheet of the Company comply with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956.

e) On the basis of written representations received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2012 from being appointed as a Director under clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the accounts, read together with the notes, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with 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 Account, of the Profit of the Company for the year ended on that date; and

iii) In the ease of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE REFFERED IN PARAGRAPH 3 OF THE AUDITOR'.S REPORT TO THE MEMBERS OF ELCID INVESTMENTS LTD. FOR THE YEAR ENDED 31st MARCH. 2012.

1. (a)The Company has maintained proper records to show full particulars including quantitative

details and locations of fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management. during the year, no material discrepancies were noticed on such verification.

(c) During the year, the company has not disposed off a substantial part of the fixed assets.

2. The company'.s nature of operation does not require to hold any inventory, hence this clause is not applicable

1 (a) The Company has not granted loans to any party covered in the register maintained under section 301 of the Companies Act. Hence, reporting under this clause is not applicable.

(b) The company has not taken any secured or unsecured loan from any party covered in the register maintained under section 301 of the Companies Act, 1956. Hence, reporting under this clause is not applicable.

4. In our opinion and according to the information and explanations given to us, thane is an adequate internal control system commensurate with the size of the Company and the nature of its business. There is no major weakness in the internal control procedures.

5. (a) All the transactions with parties covered under Section 301 of the Companies Act, 1956 have been properly entered in the register maintained under Section 301 of the Act.

(b) According to the information &r explanations given to us, there are no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 above Rs. 500000/- during the financial year.

6 In our opinion & according to the information and explanations given to us, the Company has not accepted any public deposits covered under the provisions of Sec 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,1975.

7. The Company has no Internal Audit system. :

8. No maintenance of cost record has been prescribed by the Central Government under clause (d) of sub section (1) of section 209 of the Act, and hence this clause is not applicable.

9. (a) The Company is regular in depositing undisputed statutory dues including Income' tax and any other statutory dues with the appropriate authorities to the extent applicable.

(b) Following dues are not deposited on account of the disputes pending before the appropriate authorities as under:

Name of Nature of Assessment year Rs. In lacs Forum where the Statute dues Dispute is pending

Income Tax Assessment 2008-09 104.97 CIT (Appeals) Act, 1961 Dues

10. The Company has no accumulated losses at the end of the current financial year. The company has not incurred cash losses during the financial year and in immediately preceding financial year.

11. According to the records of the company and as per the information and explanations given to us, there was no default in repayment of dues to a financial institution, bank or debenture holders during the financial year.

12. According to the records of the company and as per the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion the Company is not a Chit Fund Company or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor'.s Report) Order, 2003 are not applicable to the Company.

14. The Company has maintained proper records of the transactions and contracts of the investments traded and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in its own name except to extent of the exemption granted under section 49 of the Companies Act, 1956.

15. According to the records of the company, and as per the information and explanations given to us the Company has not given guarantees for loans taken by others from banks and financial Institutions.

16. According to the records of the company, and as per the intonation and explanations given to us, the Company has not taken the term loan and hence provision of clause 4(xvi) of the order is not applicable.

17. According to the records of the company, and as per the information and explanations given to us and on an overall examination of the balance sheet of the Company, it has not raised funds on short' term basis, which have been used for long term investments.

18. According to the records of the company, and as per the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19. According to the records of the company, and as per the information and explanations given to us the Company has no debenture outstanding as at the year-end. Therefore the question of creating a security for the same docs not arise. .

20. The Company has not raised any money by public issue during the year covered by our report.

21. According to the records of the company, and as per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.



For Deepak Shah & Co.

Chartered Accountants FRN102249W

D.N.SHAH

Proprietor

Mem No.030566

Mumbai: May 26,2012

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Mar 31, 2010

We have audited the attached Balance Sheet of ELCID INVESTMENT LIMITED as at 31st March 2010, the Profit and Loss Account and the Cash Flow Statement 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. Those 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.

1. As required by the Companies (Auditors Report) Order, 2003 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order to the extent applicable.

2. 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 such books;

c) The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement referred to in this report are in agreement with the books of account;

d) In our opinion the Balance Sheet, the Profit and Loss Account and the Cash Flow statement referred to in this report comply with the Accounting Standards referred to in Section 211(3C) 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 is disqualified as on 31st March 2007 from being appointed as a director in terms of clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956;

f) In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet, the Profit and Loss Account and the cash flow statement, read together with the notes thereon, give the information required by the Companies Act, 1956, 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 31st March, 2010;

ii. In the case of the Profit and Loss Account, of the "Profit" of the Company for the year ended on that date; and

iii. In the case of the Cash Flow Statement, of the cash flow for the year ended on that date.

ANNEXURE REFERRED IN PARAGRAH 3 OF THE AUDITORS REPORT TO THE MEMBERS OF ELCID INVESTMENT LIMITED FOR THE YEAR ENDED 31st MARCH 2010

1. a) The Company has maintained proper records showing full particulars including quantitative details and location of the Fixed Assets.

b) There is a regular program of physical verification, which in our opinion is reasonable, having regard to the size of the Company and the nature of fixed assets. No material discrepancies have been noticed in respect of the assets physically verified during the year.

c) The Company has not disposed of substantial part of fixed assets during the year.

2. There is no Inventories and hence, the provision for clause 4(ii) of the companies (Auditors Report) Order, 2003 is not applicable to the company.

3. a) According to the information and explanations given to us, the company has not granted any loans to Companies, Firms or other parties covered in the registered maintained under Section 301. The maximum balance in respect of loan granted earlier was Nil.

b) In our Opinion, the rate of interest and other terms and condition of such loans are prima facie not prejudicial to the interest of the Company.

c) The receipt and payment of principal amount and interest have been regular during the year.

d) There were no overdue amounts in respect of above intercorporate loans.

e) The Company has not taken any loan from any party covered in the register maintained under Section 301 of the Companies Act, 1956.

4. 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 the nature of its business with regard to fixed assets.

5 a) All the transactions with parties covered under section 301 of the Companies Act, 1956 have been properly entered in the register maintained under section 301 of the Act.

b) According to the information and explanations given to us, there are no transactions that need to be entered into the registered maintained u/s 301 of the companies act, 1956 above Rs. 5,00,000/- during the financial year.

6 In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits with in the meaning of Section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

7 The company has no formal internal audit department as such but its control procedures ensure reasonable internal check of its financial and other records.

8 The requirements of maintaining cost records has prescribed by the Central Government under Section 209(l)(d) of the Companies Act, 1956, are not applicable to the company.

9 a) According to the information and explanation given to us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities to the extent applicable.

b) According to the information and explanation given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty and Cess were in arrears, as at the end of financial year for a period of more than six months from the date they became payable.

10. The Company has not incurred cash loss in the current year and in the immediate preceding financial year.

11. According to the information and explanations given to us, the company has not obtained any borrowings from any banks, financial institutions or by way of debentures.

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

13. As the Company is not a chit fund, nidhi, mutual benefit fund or society the provision of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

14. The Company has maintained proper records of the transactions and contracts of the investments traded and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company in its own name except to extent of the exemption granted under Section 49 of the Companies Act, 1956.

15 The Company has not given any guarantees during the year.

16. The Company has not taken any term loan during the year.

17. According to the information and explanation received, the Company has not taken any short term and/or long term borrowings and hence clause no. 4 (xvii) is not applicable.

18. The Company has not made any preferential allotment of shares during the year.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by way of public issue during the year.

21. As per the information and explanation given to us no material fraud on or by the Company has been noticed during the year.

For DEEPAK SHAH & CO.,

Chartered Accountants

F.R.No. 102249W

[Mr.D.N. SHAH]

Proprietor

Mem. No. 030566

Mumbai: July 16,2010