Auditor Report of Standard Surfactants Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of STANDARD SURFACTANTS LIMITED ("the
Company"), which comprise the Balance Sheet as at March 3 I, 2025, the Statement of Profit and
Loss (including Other Comprehensive lncome), the Statement of Changes in Equity and the Statement
of Cash flows for the year ended on that date, and a summary of the significant accounting policies
and other explanatory information including notes to financial statement (hereinafter referred to as
"the 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, and its profit
(including comprehensive income), changes in equity and its cash flows for the year ended on that
date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
(SA''s) specified under section 143(10) of the Act. 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 (ICAI) together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

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

The Company''s Board of Directors is responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Report on Corporate
Governance and Director''s Report including Annexures to Director''s Report, Business Responsibility
and Sustainability Report and Shareholder''s information, but does not include the Financial
Statements and our auditor''s report thereon. The aforesaid report is expected to be made available
to us after the date of this auditor''s report.

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

ln connection with our audit of the Financial Statements, our responsibility is to read the other
information identified above when it becomes available 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.

When we read the company''s annual report and if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those charged with governance and shall take
appropriate actions, if required.

Responsibilities of Management and Those Charged with Governance 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, total comprehensive income, changes in equity and cash
flows of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India, the Indian Accounting standard (Ind AS) specified under Section 133 of the Act.

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 Responsibility for the Audit of the 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.

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 an adequate internal financial controls
system with reference to the Standalone Financial statement 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 the Management and the Board of Directors.

• 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.

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 Section I 97(16) of the Act, we report that the Company has paid remuneration to
its directors during the year in accordance with the provisions of and limits laid down under
Section 197 read with Schedule V to the Act.

2. 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 the Annexure - ''A'' a
statement on the matters specified in paragraphs 3 and 4 of the Order;

3. As required by Sectionl43(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,
Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are
in agreement with the relevant books of account.

d) In our opinion. the aforesaid financial statements comply with the Ind AS specified under

Section I 33 of the Act. read with Rule 7 of the Companies (Accounts) Rules, 2014 as
amended.

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 directors 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 with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company''s internal financial controls with reference to
financial statements.

g) 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 has disclosed the impact of pending litigations as at March 31,2025 on its
financial position in its financial statements. Refer note 37 to the financial statement

ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses as at March 31, 2025.

iii. There has been no amount during the year, which is required to be transferred to the Investor
Education and Protection Fund by the Company.

iv) (a) The Management has represented to us that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested ( either from borrowed funds or share
premium or any other sources or kind of funds) by the company to or in any other persons or
entities, including foreign entities ("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 Ultimate Beneficiaries;

(b) The Management has represented to us that, to the best of its knowledge and belief, no
funds ( which are material either individually or in aggregate) have been received by the
company from any person(s) or entities, including foreign entities ("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 our audit procedure conducted that are considered reasonable and appropriate
in the circumstances, nothing has come to our attention that cause us to believe that the
representation under sub- clause (i) and (ii) of Rule 11 (e) as provided under paragraph (3) (g)
(iv) (a) & (b) above, contain any material misstatement.

4. The company has not declared or paid any dividend during the year in contravention of the
provisions of section 123 of the Companies Act, 2013.

5. Based on our examination which includes test checks, the company has used accounting software
for maintaining its books of account, which have a feature of recording audit trail (edit log) facility
and the same has operated through the period for all relevant transactions recorded in the
respective software Further, during the course of audit, we did not come across any instances of
the audit trail features being tampered with.

Additionally, the audit trail of relevant previous year has been preserved by the Company as per the
statutory requirement for record retention, to the extent it was enabled and recorded in the previous
year

FOR MITTAL GUPTA & CO.

CHARTERED ACCOUNTANTS
Firm Registration No. 01847C

FIZA GUPTA
Partner

Membership No. 424196
Place: Kanpur
Date: 27.05.2025
UDIN: 25429196BMIWNB1732

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Mar 31, 2024

STANDARD SURFACTANTS LIMTED Kanpur

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of STANDARD SURFACTANTS LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information including notes to financial statement (hereinafter referred to as “the 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, 2024, and its profit (including comprehensive income), changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SA’s) specified under section 143(10) of the Act. 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 (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

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

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Report on Corporate Governance and Director’s Report including Annexures to Director’s Report, Business Responsibility and Sustainability Report and Shareholder’s Information, but does not include the Financial Statements and our auditor’s report thereon. The aforesaid report is expected to be made available to us after the date of this auditor''s report.

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 identified above when it becomes available 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.

When we read the company’s annual report and if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and shall take appropriate actions, if required.

Responsibilities of Management and Those Charged with Governance 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, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the 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 Responsibility for the Audit of the 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 an adequate internal financial controls system with reference to the Standalone Financial statement 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 the Management and the Board of Directors.

• 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.

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 Section 197(16) of the Act, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act.

2. 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 the Annexure - ‘A’ a statement on the matters specified in paragraphs 3 and 4 of the Order;

3. 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 purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in the paragraph 3(h)(e) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 as amended.

e) On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.

f) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 3(b) above on reporting under Section 143 (3)(b) of the Act and paragraph 3(h)(e) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014

g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to financial statements.

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 has disclosed the impact of pending litigations on its financial position in its financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at March 31, 2024.

iii. There has been no amount during the year, which is required to be transferred to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented to us that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other persons or entities, including foreign entities (“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 to us that, to the best of its knowledge and belief, no funds ( which are material either individually or in aggregate) have been received by the company from any person(s) or entities, including foreign entities (“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 our audit procedure conducted that are considered reasonable and appropriate in the circumstances, nothing has come to our attention that cause us to believe that the representation under sub- clause (i) and (ii) of Rule 11 (e) as provided under paragraph (3) (h) (iv) (a) & (b) above, contain any material misstatement.

d) The company has not declared or paid any dividend during the year in contravention of the provisions of section 123 of the Companies Act, 2013.

e) Based on our examination which includes test checks, the company has used accounting software for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated through the period for all relevant transactions recorded in the respective software except:

i. The feature of recording audit trail (edit log) facility was not enabled at one of the accounting unit of the company for the accounting software used for maintaining the books of accounts through the year;

ii. Further, in another unit the feature of recording audit trail (edit log) facility was enabled in the accounting software for maintaining the books of account w.e.f 5^th May, 2023.

For the period where audit trail (edit log) facility was enabled for the respective accounting software, we did not come across any instances of the audit trail features being tampered with.

As proviso 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 the preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

FOR MITTAL GUPTA & CO.

Chartered Accountants FRN 001874C

Sd/-

(Fiza Gupta)

Partner

Membership No. 429196 Place of signature: Kanpur Date: 29.05.2024 UDIN: 24429196BKDCNF2359

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Mar 31, 2015

We have audited the accompanying standalone financial statements of M/S STANDARD SURFACTANTS LTD ("the company"), which comprise the Balance Sheet as at MARCH 31st, 2015, the Statement of Profit & Loss , the Cash Flow Statement, and a Summary of Significant Accounting Policies and Other Explanatory Information attached there with for the year ended.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS:

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation 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 preparation 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.

AUDITOR'S RESPONSIBILITY :

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the act and the rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our modified audit opinion on the standalone financial statements.

Basis for Modified opinion

(i) The retirement and other benefits to employees are not ascertained, disclosed and provided for in accordance with AS- 15 issued in terms of Companies (Accounting Standard) Rules 2006 read with Rule 7 of Companies (Accounts) Rules, 2014 . We are unable to comment on the adequacy of provision for gratuity and retirement benefits in absence of actuarial valuation.

(ii) The balance of various Parties, whether payable or receivable, etc. including old balances appearing under current assets, loans and advances, and current liabilities are subject to confirmation and reconciliation from respective parties.

The effect of such non confirmation and non-reconciliation of balances on the accounts of the company is not ascertainable.

MODIFIED OPINION:

In our opinion and to the best of our information and according to the explanations given to us ,except for the effects of the matter described in the Basis of Opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at MARCH 31st 2015.

b) In the case of the Profit & Loss Account, of the PROFIT for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

Emphasis of Matter

The contingent liabilities as mentioned in Note No. 18 are confirmed by the management and accordingly relied upon by us. Our opinion is not qualified in this respect.

REPORT ON OTHER LEGAL & REGULATORY REQUIREMENTS :

1. As required by the Companies (Auditor's Report) Order, 2015 , issued by the Central Government of India in terms of section 143(11) of the Companies Act 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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. Except for the effects of the matter described in the Basis for Modified Opinion paragraph above, 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 & Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. Excepts for the effects of the matter described in point (i) in the Basis for Modified opinion paragraph above , in our opinion, the aforesaid standalone Financial Statement comply with the Accounting Standard specified under Section 133 of the Act, read with Rule 7 of Companies ( Accounts ) Rules,2014.

e. Excepts for the effects of the matter described in point (i) and (ii) in the basis for Modified opinion paragraph above , in our opinion, the observations and comments of the auditor on the standalone financial matters or transactions does not have any adverse effect on the company.

f On the basis of the written representations received from the directors as on March 31st, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31st, 2015, from being appointed as a director in Terms of Section-164(2) of the Act.

g. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

a. We are informed that the impact of pending litigations on the financial position of the company is not material to effect the standalone financial statements as of March 31st 2015.

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

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

ANNEXURE TO THE AUDITORS' REPORT

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

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

(b) The management has adopted rotational policy of verification of fixed assets in such a way that all the fixed assets are physically verified during a period of two years. In our opinion the frequency of verification of the fixed assets is reasonable having regard to the size of the company and nature of fixed assets. No material discrepancies were noticed on such verification.

ii) a) As explained to us, the stock of raw materials, work-in-progress and finished goods have been physically verified by the management at reasonable intervals during the year. In respect of stock of stores and spares there is a perpetual inventory system which has not been verified during the year.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business

(c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of inventories. The discrepancies noticed on physical verification of inventory as compared to the book records were not material having regard to the size of the operation of the company.

iii) a) The Company has granted unsecured loans/advances to the parties covered in the register maintained under section 189 of the Companies Act,2013 during the year. The maximum amount due during the year is Rs.131.90 lacs and the year - end balance is Rs. 0.49 lacs due from one party.

(b) According to the information and explanation given to us, there are no stipulations regarding the repayment of principal amount of interest free unsecured loan granted by the company. In these circumstances the irregularity in the receipt of principal amount could not be ascertained.

(c) Overdue amount is not more than one lakh rupees.

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

v) The company has not accepted any outstanding deposits as defined in Companies Act ,2013

vi) Central Government has prescribed maintenance of Cost Records U/s-148 (1) of the Companies Act 2013, for the products or services rendered by the company. We have been informed that these records are under preparation.

vii) (a) The Company is regularly depositing the undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees' State Insurance, Income-tax, Sales-tax (VAT), Wealth-tax, Service-tax, and other material statutory dues applicable to it with some delay to the appropriate authorities. There are undisputed statutory dues as referred to above as at 31st March,2015 of 0.83 lacs outstanding for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us, details of dues of Income tax, Service-tax, Sales-tax (VAT),Stamp duty and other statutory material dues, which have not been deposited on account of any dispute are as per details given in note no. 18 of notes to accounts and 'Annexure A' of the Audit Report.

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

viii) The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered under the audit and in the immediately preceding financial year.

ix) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to a bank or financial institutions during the year .

x) According to the information and explanation given to us , the Company has not given any guarantees for loans taken by others from banks or financial institutions.

xi) According to the information and explanations given to us, the Company did not avail any term loan during the year.

xii) To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the Company was noticed or reported during the year.

For MITTAL GUPTA & CO., Chartered Accountants Firm Regn. No.: 01874C

AKSHAY KUMAR GUPTA Place : Kanpur Partner Date : 27.08.2015 MembershipNo.70744

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Mar 31, 2014

We have audited the Accompanying Financial Statements of STANDARD SURFACTANTS LIMITED, as at 31st March 2014, ("the Company"), which comprise the Balance Sheet as at 31stMarch, 2014, and the Statement of Profit &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-sec-(3C) of Sec-211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY :

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our modified audit opinion.

Basis for Modified opinion

(i) Liabilities of deferred tax has not been ascertained and provided for in accordance with Accounting Standard-22.

(ii) The retirement and other benefits to employees are not ascertained, disclosed and provided for in accordance with AS-15 issued by The Institute of Chartered Accountants of India. We are unable to comment on the adequacy of provision for gratuity and retirement benefits in absence of actuarial valuation.

(iii) Attention is invited to note no.37 of notes to accounts regarding non provision of depreciation on the fixed assets of the units not in operation. Amount not ascertained.

(iv) The balance of various Parties, whether payable or receivable, etc. including old balances appearing under current assets, loans and advances, and current liabilities are subject to confirmation and reconciliation from respective parties. The effect of such non confirmation and non-reconciliation of balances on the accounts of the company is not ascertainable.

MODIFIED OPINION :

In our opinion and to the best of our information and according to the explanations given to us,except for the effects of the matter described in the Basis of opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at March 31st 2014.

b) In the case of the Profit & Loss Account, of the PROFIT for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

Emphasis of Matter

The contingent liabilities as mentioned in Note No. 17 are confirmed by the management and accordingly relied upon by us.

Our opinion is not qualified in this respect.

REPORT ON OTHER LEGAL & 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-sec (4A) of Sec-277 of the Act, we give in the Annexure a statement on the matters specified in Paragraphs 4 & 5 of the Order.

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

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

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

c. The Balance Sheet and Statement of Profit & Loss and cash flow statement dealt with by this Report are in Agreement with the Books of Account and with the returns received from branches not visited by us.

d. Except for the matters described in the Basis for Qualified Opinion paragraph, in our opinion, the Balance Sheet and Statement of Profit& Loss comply with the Accounting Standards referred to in Sub-sec-(3C) of Sec-211 of the Companies Act, 1956.

e. On the basis of written representations received from the directors as on MARCH 31st,2014 and taken on record by the Board of Directors, none of the directors is disqualified as on MARCH 31st,2014 from being appointed as a director in terms of Clause-(g) of Sub-sec-(1) of Sec-274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in Paragraph 3 of our Report to the members of Standard Surfactants Ltd. on Accounts for the year ended 31st March 2014.

1. In respect of its fixed assets:

a. The company has maintained fixed assets records showing particulars, including quantitative details and situation of fixed assets. The records need to be updated to incorporate the additions, deletions and depreciation etc.

b. The management has adopted rotational policy of verification of fixed assets in such a way that all the fixed assets are physically verified during a period of two years. In our opinion the frequency of verification of the fixed assets is reasonable having regard to the size of the company and nature of fixed assets. No material discrepancies were noticed on such verification.

c. The company has not disposed of substantial part of the fixed assets of any of its units.

2. In respect of its inventories:

a. As explained to us, the stock of raw materials, work-in-progress and finished goods have been physically verified by the management at regular intervals during the year. In respect of stock of stores and spares there is a perpetual inventory system and a substantial portion of stock have been verified during the year. In our opinion, the frequency of verification is reasonable.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanation given to us, the Company has maintained proper records of inventories. The discrepancies noticed on physical verification of inventory as compared to the book records were not material having regard to the size of the operation of the company.

3. a) According to information and explanation given to us, the company has granted unsecured loans to eleven parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount due during the year is Rs.565.46 lacs and the year - end balance is Rs.77.07 lacs due from nine parties.

b) In our opinion and according to the information and explanations given to us, the other terms and conditions of interest free unsecured loans granted by the company are not prima facie prejudicial to the interest of the Company.

c) According to the information and explanation given to us, there are no stipulations regarding the repayment of principal amount of interest free unsecured loan granted by the company. In these circumstances the irregularity in the receipt of principal amount could not be ascertained.

d) Since there is no stipulation regarding the repayment of loans, we are unable to comment on the overdue amounts of more than one lakh rupee.

e) According to information and explanation given to us, the company has taken unsecured loan from seven parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding during the year is Rs.414.31 lacs and the year - end balance due is Rs. 157.23 lacs due to five parties.

f) In our opinion and according to the information and explanations given to us the rate of interest and other terms and conditions of the loans taken by the company are not prejudicial to the interest of the company.

g) In our opinion and according to the information and explanations given to us the company is regular in payment of the principal and interest amount.

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 for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transactions covered U/s-301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, the particulars of contacts or arrangements referred to in Section-301 of the Companies Act, 1956 have been entered in the register maintained under that section.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained U/s-301 ofthe Companies Act, 1956 and exceeding the value of Rs. Five Lacs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not invited any deposits from the general public in contravention of provisions of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits), Rules, 1975. However it has accepted unsecured loans from the relatives, close friends and associates of directors and the above mentioned provisions have not been complied with in respect of these unsecured loans. To the best of our knowledge and according to the information and explanations given to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal with regards to acceptance of deposits by the company.

7. In our opinion and according to the information and explanation given to us, the company has an internal audit system which needs to be strengthened in terms of frequency and scope.

8. We are informed by the management that the cost records, required to be maintained by company pursuant to the orders made by the Central Government for the maintenance of cost records u/s 209(1)(d) of the Companies Act, 1956, for the current year are under preparation.

9. In respect of Statutory Dues:

a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth-Tax, Customs Duty, Excise Duty, Cess and Other Statutory dues have been deposited with some delay with the appropriate authorities. According to the information and explanations given to us, undisputed amounts payable in respect of the aforesaid dues aggregating to Rs. 10.95 lacs were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable out of which dues aggregating to Rs.6.31 lacs were paid before the return filling date.

b. According to the information and explanation given to us, details of dues of sales tax, excise duty and cess which have not been deposited on account any dispute are as per details given in note no. 17 of Notes to accounts

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. According to the information and explanation given to us during the year the company has not defaulted in repayment of dues to financial institutions banks.

12. In our opinion and according to the information and explanation given to us, no loan and advance have been granted by the Company 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 or a Nidhi/ Mutual Benefit Fund/ Society. Therefore, Clause-4(xiii) of the Companies (Auditors'' Report) Order, 2003 is not applicable to the Company.

14. According to the information and explanations given to us, the company is not dealing or trading in the shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given any guarantees for loans taken by other from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, there are no outstanding term loans at the end of financial year.

17. In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on a short-term basis, which have been used for long-term investment.

18. In our opinion and according to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained U/s-301 of the Companies Act, 1956.

19. In our opinion and according to the information and explanation given to us, the company has not issued any secured debentures during the period cover by our report. Accordingly, the provisions of clause 4(xix) of the order are not applicable to the company.

20. In our opinion and according to the information and explanation given to us, the company has not raised any money by way of public issue during the year.

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

For MITTAL GUPTA & CO., Chartered Accountants Firm Regn. No.: 01874C

Place : Kanpur AKSHAY K.GUPTA Date : 16.10.2014 Partner Membership No.70744

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Mar 31, 2013

REPORT ON THE FINANCIALSTATEMENTS:

We have audited the Accompanying Financial Statements of STANDARD SURFACTANTS LIMITED, as at 31st March 2013, ("the Company"), which comprise the Balance Sheet as at 31st March, 2013. and the Statement of Profit &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-sec-(3C) of Sec-211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY:

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our modified audit opinion.

Basis for Modified opinion:

(i) Liabilities of deferred tax has not been ascertained and provided for in accordance with Accounting Standard-22. Amount not ascertained ''

(ii) The retirement and other benefits to employees are not ascertained, disclosed and provided for in accordance with AS- 15 issued by The Institute of Chartered Accountants of India. We are unable to comment on the adequacy of provision for gratuity and retirement benefits in absence of actuarial valuation.

(iii) Attention is invited to note no.37 of notes to accounts regarding non provision of depreciation on the fixed assets of the units not in operation. Amount not ascertained.

(iv) The balance of various parties, whether payable or receivable, etc. including old balances appearing under current assets, loans and advances, and current liabilities are subject to confirmation and reconciliation from respective parties. The effect of such non confirmation and non-reconciliation of balances on the accounts of the company is not ascertainable. MODIFIED OPINION:

In our opinion and to the best of our information and according to the explanations given to us.except for the effects of the matter described in the basis of opinion paragraph, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at March 31st 2013;

b) In the case of the Profit &. Loss Account, of the PROFIT for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

Emphasis of Matter

The contingent liabilities as mentioned in Note No. 17 are confirmed by the management and accordingly relied upon''by us. Our opinion is not qualified in this respect.

REPORT ON OTHER LEGAL & 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-sec (4A) of Sec-277 of the Act, we give in the Annexure a statement on the matters specified in Paragraphs 4 & 5 of the Order.

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

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

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

c. The Balance Sheet and Statement of Profit & Loss and cash flow statement dealt with by this Report are in Agreement with the Books of Account and with the returns received from branches not visited by us.

d. Except for the matters described in the Basis for Qualified Opinion paragraph, in our opinion, the Balance Sheet and Statement of Profit & Loss comply with the Accounting Standards referred to in Sub-sec-(3C) of Sec-211 of the Companies Act, 1956.

e. On the basis of written representations received from the directors as on March 31 st, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31st, 2013,from being appointed as a director in terms of Clause-(g) of Sub-sec-(l) of Sec-274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in Paragraph 3 of our Report to the members of Standard Surfactants Ltd. on Accounts for the year ended 31 st March 2013.

1. In respect of its fixed assets:

a. The company has maintained fixed assets records showing particulars, including quantitative details and situation of fixed assets. The records need to be updated to incorporate the additions, deletions and depreciation etc.

b. The management has adopted rotational policy of verification of fixed assets in such a way that all the fixed assets are physically verified during a period of two years. In our opinion the frequency of verification of the fixed assets is reasonable having regard to the size of the company and nature of fixed assets. No material discrepancies were noticed on such verification.

c. The company has not disposed of substantial part of the fixed assets of any of its units.

2. In respect of its inventories:

a. As explained to us, the stock of raw materials, work-in-progress and finished goods have been physically verified by the management at regular intervals during the year. In respect of stock of stores and spares there is a perpetual inventory system and a substantial portion of stock have been verified during the year. In our opinion, the frequency of verification is reasonable.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanation given to us, the Company has maintained proper records of inventories. The discrepancies noticed on physical verification of inventory as compared to the book records were not material having regard to the size of the operation of the company.

3. a) According to information and explanation given to us, the company has granted unsecured loans to nine parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount due during the year is Rs.99.89 lacs and the year - end balance is Rs.58.79 lacs due from three parties.

b) In our opinion and according to the information and explanations given to us, the other terms and conditions of interest free unsecured loans granted by the company are not prima facie prejudicial to the interest of the Company.

c) According to the information and explanation given to us, there are no stipulations regarding the repayment of principal amount of interest free unsecured loan granted by the company. In these circumstances the irregularity in the receipt of principal amount could not be ascertained.

d) Since there is no stipulation regarding the repayment of loans, we are unable to comment on the overdue amounts of more than one lakh rupee.

e) According to information and explanation given to us, the company has taken unsecured loan from ten parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding during the year is Rs.596.72 lacs and the year - end balance due is Rs.248.15 lacs due to five parties.

f) In our opinion and according to the information and explanations given to us the rate of interest and other terms and conditions of the loans taken by the company are not prejudicial to the interest of the company.

g) In our opinion and according to the information and explanations given to us the company is regular in payment of the principal and interest amount.

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 for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transactions covered U/s-301 of the Companies Act, 1956:

a. In our opinion and according to the information and explanations given to us, the particulars of contacts or arrangements referred to in Section-301 of the Companies Act, 1956 have been entered in the register maintained under that section.

b. In our opinion and according to the information and explanations given to us. the transactions made in pursuance of contracts or arrangements entered in the register maintained U/s-301 of the Companies Act, 1956 and exceeding the value of Rs. Five Lacs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not invited any deposits from the general public in contravention of provisions of section 58A and 58A A of the Companies Act, 1956 and the Companies (Acceptance of Deposits), Rules, 1975. However it has accepted unsecured loans from the relatives, close friends and associates of directors and the above mentioned provisions have not been complied with in respect of these unsecured loans. To the best of our knowledge and according to the information and explanations given to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal with regards to acceptance of deposits by the company.

7. In our opinion and according to the information and explanation given to us, the company has an internal audit system which needs to be strengthened in terms of frequency and scope.

8. We are informed by the management that the cost records, required to be maintained by company pursuant to the orders made by the Central Government for the maintenance of cost records u/s 209(l)(d) of the Companies Act. 1956, for the current year are under preparation.

9. In respect of Statutory Dues:

a. According to the records of the Company, undisputed statutory dues including Provident Fund. Investor Education & Protection Fund, Employees'' State Insurance, Income Tax. Sales Tax. Wealth-Tax. Customs Duty. Excise Duty. Cess and Other Statutory dues have been deposited with some delay with the appropriate authorities. According to the information and explanations given to'' us, undisputed amounts payable in respect of the aforesaid dues aggregating to Rs. 4.96 lacs were outstanding as at 31st March. 2013 for a period of more than six months from the date of becoming payable.

b. According to the information and explanation given to us. details of dues of sales tax. excise duty and cess which have not been deposited on account any dispute are as per details given in note no. 17 of Notes to accounts.

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. According to the information and explanation given to us during the year the company has not defaulted in repayment of dues to financial institutions banks.

12. In our opinion and according to the information and explanation given to us. no loan and advance have been granted by the Company 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 or a Nidhi/ Mutual Benefit Fund/ Society. Therefore. Clause-4(xiii) of the Companies (Auditors'' Report) Order. 2003 is not applicable to the Company.

14. According to the information and explanations given to us. the company is not dealing or trading in the shares. securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given any guarantees for loans taken by other from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us. there are no outstanding term loans at the end of financial year.

17. In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on a short-term basis, which have been used for long-term investment.

18. In our opinion and according to the information and explanation given to us. the company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained U/s-301 of the Companies Act. 1956.

19. In our opinion and according to the informaliuii and explanation given to us. the company has not issued any secured debentures during the period cover by our report. Accordingly, the provisions of clause 4(xix) of the order are not applicable to the company.

20. In our opinion and according to the information and explanation given to us, the company has not raised any money by way of public issue during the year.

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

For MITTAL GUPTA & CO.,

Chartered A ccountants

Firm Regn. No.: 01874C

Place : Kanpur AKSHAY K.GUPTA

Date : 27.09.2013 Partner

Membership blo.70744

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Mar 31, 2010

We have audited the attached Balance Sheet of STANDARD SURFACTANTS LIMITED, KANPUR, as at 31st March 2010 and also the Profit & Loss Account and the Cash Flow Statement 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.

Except as discussed in the following paragraph, 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. Art 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.

1) As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Sec227 (4A) of the Companies Act 1956, we annex hereto statement on the matters specified in Paragraphs4 & 5 of the said Order.

2) Further to our comments in the Annexure referred to in Paragraph (1) above :

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 accounts as required by law have been kept by the company as far it appears from our examination of the books;

c) The balance sheet and profit & loss account referred to in this report are in agreement with the books of accounts;

d) In our opinion, except as stated in Para (f) herein below regarding non compliance of AS 22 and AS 15, the said balance sheet, profit & loss account and cashflow statement comply with the Accounting Standards referred to in Sec. 211 (3C) of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on 31 st March 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March 2010 from being appointed as director under Clause (g) of SubSection (1) of Sec. 274 of the Companies Act, 1956.

f) (i) Liabilities for deferred tax has not been ascertained and provided for in accordance with Accounting Standard

22.

(ii) We are unable to comment on the adequacy of provision for gratuity in absence of actuarial valuation.

Subject to aforesaid, in our opinion and to the best of our information and according to the explanation given to us, the said balance sheet and profit & loss account read together with the significant accounting policies and other 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 :

a) in the case of Balance Sheet of the State of Affairs of the Company as at 31 st March, 2010;

b) in the case of Profit & Loss Account of the PROFIT for the year ended on that date and

c) in the case of cash flow statement, of the cash flow for the year ended on that date..

ANNEXURE TO THE AUDITORS REPORT

Referred to in Paragraph 2 of our Report to the members of Standard Surfactants Ltd. on Accounts for the year ended 31 st March 2010.

1. In respect of its fixed assets :

a. The Company has maintained proper Fixed assets record showing Ml particulars, including quantitative details and situation of fixed assets.

b. The management has adopted rotational ploicy of verification of fixed assets in such a way that all the fixed assets will be physically verified during a period of two years. During the year the management has verified the fixed assets of S03 unit. In our opinion the frequency of verification of the fixed assets is reasonable having regard to the size of the company and nature of fixed assets. No material discrepancies were noticed on such verification.

c. The Company has disposed of substantial part of the plant and machinery of one of its units. In our opinion and as per information and explanation given to us, disposal of fixed assets by the company will not effect the going concern status of the Company.

2. In respect of its inventories :

a. As explained to us, the stock of raw materials, workinprogress and finished goods have been physically verified by the management at regular intervals during the year. In respect of stock of stores and spares there is a perpetual inventory system and a substantial portion of stock have been verified during the year. In our opinion, the frequency of verification is reasonable.

b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c. In our opinion and according to the information and explanation given to us, the Company has maintained proper records of inventories. The discrepancies noticed on physical verification of inventory as compared to the book records were not material having regard to the size of the operation of the company.

3. a) According to information and explanation given to us, the company has granted unsecured loans to five parties

covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount due during the year is Rs. 25.17 lacs and the year end balance is Rs. 5.10 lacs due from three parties.

b) In our opinion and according to the information and explanations given to us, the other terms and conditions of interest free unsecured loans granted by the company are not prima facie prejudicial to the interest of the Company.

c) According to the information and explanation given to us, there are no stipulations regarding the repayment of principal amount of interest free unsecured loan granted by the company. In these circumstances the irregularity in the receipt of principal amount could not be ascertained.

d) Since there is no stipulation regarding the repayment of loans, we are unable to comment on the overdue amounts of more than one lakh rupee.

e) According to information and explanation given to us, the company has taken unsecured loan from nine parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding during the year is Rs. 293.40 lacs and the year end balance due is Rs. 191.95 lacs due to seven parties.

f) In our opinion and according to the information and explanations given to us the rate of interest and other terms and conditions of the loans taken by the company are not prejudicial to the interest of the company.

h) In our opinion and according to the information and explanations given to us the company is regular in payment of the principal and interest amount.

4. Inour 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 for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

5. In respect of transactions covered U/s301 of the Companies Act, 1956 :

a. In our opinion and according to the information and explanations given to us, the particulars of contacts or arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register maintained under that section.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained U/s301 of the Companies Act, 1956 and exceeding the value of Rs. Five Lacs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the company has not invited any deposits from the general public in contravention of provisions of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits), Rules, 1975. However, it has accepted unsecured loans from the relatives, close friends and associate of directors and the above mentioned provisions have not been complied with in respect of these unsecured loans. To the best of our knowledge and according to the information and explanations given to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal with regards to acceptance of deposits by the company.

7. In our opinion and according to the information and explanation given to us, the company has internal audit system commensurate with its size and nature of its business.

8. We are informed by the management that the cost records, required to be maintained by company pursuant to the orders made by the Central Government for the maintenance of cost records u/s 209(1 Xd) of the Companies Act, 1956, for the current year are under preparation.

9. In respect of Statutory Dues :

a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, Employees State Insurance, Income Tax, Sales Tax, WealthTax, Customs Duty, Excise Duty, Cess and Other Statutory dues have been deposited late along with the interest with the appropriate authorities. According to the information and explanations given to us, undisputed amounts payable in respect of the aforesaid dues aggregating to Rs. 18.37 lacs were outstanding as at 31 st March, 2010 for a period of more than six months from the date of becoming payable.

b. According to the information and explanation given to us, details of dues of sales tax, excise duty and cess which have not been deposited on account any disputes are as per details given in note no. 2 of schedule "N".

10. The company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11. According to the information and explanation given to us during the year the company has paid the dues of IDBI with slight delay in few cases. There are no arrears of dues at the year end to the financial institution We are informed that the installments of equipment loan taken from one of the bank has not been repaid during the year due to dispute which has been settled at the end of the year and the company has paid entire amount through post dated cheque which has been cleared before the finalization of audit.

12. In our opinion and according to the information and explanation given to us, no loan and advance have been granted by the Company 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 or a Nidhi/ Mutual Benefit Fund/ Society. Therefore, Clause4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

14. According to the information and explanations given to us, the company is not dealing or trading in the shares, securities, debentures and other investments.

15. According to the information and explanations given to us, the company has not given any guarantees for loans taken by other from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised.

17. In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that there are no funds raised on a shortterm basis, which have been used for longterm investment.

18. In our opinion and according to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and Companies covered in the Register maintained U/s 301 of the Companies Act, 1956.

19. In our opinion and according to the information and explanation given to us, the company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause 4(xix) of the order are not applicable to the company.

20. In our opinion and according to the information and explanation given to us, the company has not raised any money by way of public issue during the year.

21. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

For MITTAL GUPTA& CO.,

Chartered Accountants

Place : Kanpur B. L. GUPTA

Date : 30.09.2010 Partner

Membership No. 73 794