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Auditor Report of Alpa Laboratories Ltd.

Mar 31, 2015

1. We have audited the accompanying standalone financial statements of Alpa Laboratories Limited ("the Company"), which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. 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 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the 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

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

4. 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 there under.

5. 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.

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

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

Opinion

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

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2015;

(b) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, 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 statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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

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

d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

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

f. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (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 has disclosed the impact of pending litigation as at 31st March 2015 on its financial position in its financial statements.

ii. The Company has made provision as at 31st March 2015, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31st March, 2015.

ANNEXURE REFERRED TO IN PARAGRPH 8 OF OUR AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED ON 31st MARCH 2015 OF ALPA LABORATORIES LIMITED

The following statement is based on the comments in the Auditor's reports on the standalone financial statements of the Holding Company and subsidiary.

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

(b) All the assets have not been physically verified by the Holding Company and its subsidiary during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(ii) (a) We have been informed that the inventory excluding inventory with third parties (which have been substantially confirmed) has been physically verified during the year by the management. 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 inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of it's business.

(c) On the basis of our examination of the records of inventory, in our opinion, the Company has maintained proper records of inventory and the discrepancies noticed on physical verification between the physical stocks and the book records were not material in relation to the operations of the Company.

(iii) The Company has not granted loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under section 189 of the Companies Act, 2013. Therefore, the provisions of clause 3(iii) (b) and (c) of the Companies (Auditor's Report), 2015 are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurating with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for the sale of goods and services. Further, on the basis of our examinations and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal control systems.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the meaning of section 73 and 76 of the Companies Act, 2013 and the rules framed there under.

(vi) We have broadly reviewed the books of accounts maintained by the Company pursuant to the order of the Central Government for the maintenance of cost records under sub section (1) of section 148 of the Companies Act, 2013 in respect of the products dealt with by the Company and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records.

(vii) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, value added tax and other statutory dues as may be applicable to it from time to time.

According to the information and explanations given to us, no undisputed statutory dues in respect of provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, value added tax and other statutory dues were in arrears as at 31st March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and records of the Company, the dues of Sales Tax,

Income Tax and Service Tax, which have not been deposited on account of any dispute are as follows:

Nature of Amount Period to which the Serial No. Dues Rs. in lacs matter pe rtains

1 Value 2.68 2002-03 Added Tax

2 Central 2002-03 Sales Tax 12.28

3 Value 14.25 2004-05 Added Tax

4 Central 19.24 2004-05 Sales Tax

5 Income 21.00 2007-08 Tax

6 Central 1.10 2012-13 Sales Tax

Serial No. Forum where dispute pending

1 Second appeal filed before Madhya Pradesh Appeal Board, Bhopal.

2 Second appeal filed before Madhya Pradesh Appeal Board, Bhopal.

3 Second appeal filed before Madhya Pradesh Appeal Board, Bhopal.

4 Second appeal filed before Madhya Pradesh Appeal Board, Bhopal.

5 Litigation Pending in the High Court.

6 First appeal filed before Addl. Comm. of Comm. Tax, Indore.

(c) According to the records of the Company, there was no amount which was required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 2013 and rules made thereunder.

(viii) The Company has neither accumulated losses as at 31st March 2015 nor it has incurred cash loss either during the year ended on that date or in the immediately preceding financial year.

(ix) According to the information and explanations provided by the management, Company has neither defaulted in repayment of dues to bank or financial institution nor has issued any debentures.

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

(xi) As per records of the Company and information and explanations provided to us by the management, the Company has not obtained any term loans.

(xii) 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 instances of fraud on or by the Company, noticed or reported during the year, nor we have been informed of such case by the management.

For and on behalf of C. H. PADLIYA & CO., Chartered Accountants, FRN 003151C

S. C. Padliya, Partner, Membership Number 071 Indore, 29th May 2015


Mar 31, 2014

1. We have audited the accompanying financial statements of Alpa Laboratories Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the 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

3. 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.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.

The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 representation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

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

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

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

b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the returns received from branches not visited by us;

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

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

f. since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act, nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE REFERRED TO IN PARAGRAPH 7 OF OUR AUDITOR''S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31 st MARCH 2014 OF ALPA LABORATORIES LIMITED

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that:

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

(b) All the assets have not been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) In our opinion, and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year.

(ii) (a) We have been informed that the inventory excluding inventory with third parties (which have been substantially confirmed) has been physically verified during the year by the management. 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 inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of our examination of the records of inventory, in our opinion, the Company has maintained proper records of inventory and the discrepancies noticed on physical verification between the physical stocks and the book records were not material in relation to the operations of the Company.

(iii) (a) The Company has not granted loans, secured or unsecured, to companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4(iii) (b), (c) and

(d) of the Companies (Auditor''s Report), 2003 are not applicable to the Company.

(b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the Register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4(iii) (f) and (g) of the Companies (Auditor''s Report), 2003 are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurating with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods. Further, on the basis of our examinations and according to the information and explanations given to us, we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control systems.

(v) Based on the audit procedures applied by us and according to the information and explanations given to us, the Company has not entered into transactions, which are required to be recorded in the register in pursuance of section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4(v)(b) of the Companies (Auditor''s Report), 2003 are not applicable to the Company.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

(vii) According to the information given to us, the Company has an internal audit system commensurate with the size of the Company and nature of its business.

(viii) We have broadly reviewed the books of accounts maintained by the Company pursuant to the order of the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 in respect of the products dealt with by the Company and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records.

(ix) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues as may be applicable to it from time to time except Provident Fund, Employee State Insurance and Entry Tax.

Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were in arrears, as at the year end, for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us and records of the Company, the dues of Sales Tax, Income Tax, Service Tax, which have not been deposited on account of any dispute are as follows:

Sr. Nature of Amount Period to which the No. Dues Rs. in lacs matter pertains

1 Value Added 2.68 01/04/2002 to 31/03/2003 Tax 2 Central Sales 12.28 01/04/2002 to 31/03/2003 Tax

3 Central Sales 19.24 01/04/2005 to 31/03/2006 Tax

4 Value Added 14.25 01/04/2005 to 31/03/2006 Tax

5 Income Tax 21 01/04/2007 to 31/03/2008

Sr. Forum where dispute pending No.

1 Second appeal filed before Madhya Pradesh Appeal Board, Bhopal. 2 Second appeal filed before Madhya Pradesh Appeal Board, Bhopal.

3 Second appeal has been decided by Madhya Pradesh Appeal Board, Bhopal. A reference has been filed against the order before the Madhya Pradesh Appeal Board.

4 Second appeal has been decided by Madhya Pradesh Appeal Board, Bhopal. A reference has been filed against the order before the Madhya Pradesh Appeal Board.

5 Litigation Pending in the High Court.

(x) In our opinion, the accumulated losses of the Company are not more than fifty percent of its net worth. Further, the Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xi) According to the information and explanations provided by the management, Company has neither defaulted in repayment of dues to bank or financial institution nor has issued any debentures.

(xii) According to the information and explanations provided by the management and based on the documents and records produced 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.

(xiii) In our opinion, and to the best of our information and explanations provided by the management, the Company is not a chit fund or nidhi mutual benefit society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report), 2003 are not applicable to the Company.

(xiv) As per records of the Company and information and explanations provided to us by the management, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditor''s Report), 2003 are not applicable to the Company.

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

(xvi) In our opinion, the term loans have been applied for the purpose for which they were raised.

(xvii) According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that funds amounting to Rs. 74.21 Lacs raised on short term basis have been used for long term investment by the Company.

(xviii) 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, during the year.

(xix) The Company has not issued any debentures. Accordingly the provisions of clause 4(xix) of the Companies (Auditor''s Report), 2003 are not applicable to the Company.

(xx) The Company has not raised any money by public issues during the period covered by our report.

(xxi) 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 instances of fraud by the Company, noticed or reported during the year, nor we have been informed of such case by the management. Fraud on the Company involving theft of cheque issued amounting to Rs. 85,334 were noticed and reported during the year, against which no amount has been recovered by the Company during the year.

For and on behalf of C. H. PADLIYA & CO., Chartered Accountants, FRN 003151C

S. C. Padliya, Partner, Membership Number 071666 Indore, 15th May 2014


Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of Alpa Laboratories Limited ("the Company), which comprise the Balance Sheet as at 31st March 2013 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the 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

3. 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.

4. 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 representation of the financial statements.

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

Opinion

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

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2013;

(b) in the case of the Profit and Loss Account, of the loss for the year ended on that date; and

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

Emphasis of Matter

Without qualifying our opinion, we draw attention to Note – "39" to the Financial Statements, which describes the financial effect of the change of accounting policy for recognition of expenses in relation to consumption of analytical materials.

Report on Other Legal and Regulatory Requirements

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

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

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

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

c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account [and with the returns received from branches not visited by us];

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

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

f. since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE REFERRED TO IN PARAGRAPH 7 OF OUR AUDITOR''S REPORT OF EVEN DATE ON THE F INANCIAL STATEMENTS FOR THE YEAR ENDED 31 s t MARCH 2013 OF A LPA LABORATORIES LIMITED

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that: (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the fixed assets have not been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. We have been informed that no material discrepancies were noticed on such verification.

(c) In our opinion, and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year.

(ii) (a) We have been informed that the inventory has been physically verified during the year by the management except material lying with third party (which are substantially been confirmed). 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 inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of our examination of the records of inventory, in our opinion, the Company has maintained proper records of inventory and the discrepancies noticed on physical verification between the physical stocks and the book records were not material in relation to the operations of the Company.

(iii) (a) The Company has not granted any loans, secured or unsecured, to companies , firms or other parties listed in the Register maintained under the section 301 of the Companies Act, 1956. As the Company has not granted any loans, secured or unsecured, to parties listed in the Register maintained under the section 301 of the Companies Act, 1956, paragraphs (iii)(b), (iii)(c) and (iii)(d) of the Order, are not applicable.

(e) The Company has not taken any loans, secured or unsecured, from companies , firms or other parties listed in the Register maintained under the section 301 of the Companies Act, 1956. As the Company has not taken any loans, secured or unsecured, to parties listed in the Register maintained under the section 301 of the Companies Act, 1956, paragraphs (iii)(f) and (iii)(g) of the Order, are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of it''s business, with regard to purchase of fixed assets. Further, on the basis of our examinations and according to the information and explanations given to us, we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control systems.

(v) In our opinion and according to the information and explanations given to us, there are no contractor arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered in the Register required to be maintained under that section. Hence clause (v)(b) of the Order is not applicable.

(vi) The Company has not accepted any deposits under the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

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

(viii) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the accounts and records with a view to determine whether they are accurate or complete.

(ix) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is regular in depositing undisputed statutory dues including Investor Education and Protection Fund, Value Added Tax, Wealth tax, Customs duty, Excise duty, Cess and other material statutory dues as applicable with the appropriate authorities except Provident Fund, Employee State Insurance, Entry Tax, Service Tax and Tax Deducted at Source.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth tax, Service tax, Customs duty, Excise duty, Cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they become payable.

(c) According to the records of the Company, the dues of Sales Tax, Income Tax, Service Tax and cess that have not

been deposited with the appropriate authorities on account of disputes as at 31st March 2013 and the forum where disputes are pending are given below:

Period to which the matter Amount Nature of Dues Forum where dispute pending pertains Rs.in lacs

Value Added Second appeal filed before Madhya 01/04/2002 to 31/03/2003 2.68 Tax Pradesh Appeal Board, Bhopal.

Central Sales Second appeal filed before Madhya 01/04/2002 to 31/03/2003 12.28 Tax Pradesh Appeal Board, Bhopal.

Central Sales Second appeal filed before Madhya 01/04/2005 to 31/03/2006 19.24 Tax Pradesh Appeal Board, Bhopal.

Value Added Second appeal filed before Madhya 01/04/2005 to 31/03/2006 14.25 Tax Pradesh Appeal Board, Bhopal.

Income Tax 01/04/2007 to 31/03/2008 Litigation Pending in the High Court. 21

Additional Commissioner, Customs, Service Tax 01/04/2010 to 31/03/2012 37.85 Excise & Service Tax, Indore

(x) The Company has neither accumulated losses as at 31st March 2013 nor it has incurred any cash loss either during the year ended on that date or in the immediately preceding financial year.

(xi) According to the information and explanations provided by the management, the Company has not defaulted in repayment of dues to bank or financial institution. The Company has not obtained any borrowing by way of debentures.

(xii) According to the information and explanations provided by the management and based on the documents and records produced 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.

(xiii) In our opinion, and to the best of our information and explanations provided by the management, the Company is not a chit fund or Nidhi mutual benefit society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report), 2003 are not applicable to the Company.

(xiv) As per records of the Company and information and explanations provided to us by the management, the Company is not dealing or trading in share, securities, debenture and other investment. Accordingly the provisions of clause 4(xiv) of the order are not applicable to the Company.

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

(xvi) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained.

(xvii) According to the information and explanation given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short term basis have been applied for long term investments by the Company.

(xviii)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, during the year.

(xix) As the Company has no debentures outstanding at any time during the year, paragraph (xix) of the Order is not applicable to the Company.

(xx) The Company has not raised any money by public issue during the period covered by our report.

(xxi) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For and on behalf of C. H. PADLIYA & CO.,

Chartered Accountants,

FRN 003151C

S. C. Padliya,

Partner, Membership Number 071666

Indore, 30th May 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of Alpa Laboratories Limited ('the Company') as at 31st March 2012 and also 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 Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. 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 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 (Auditors' Report) Order, 2003 (as amended) 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.

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

(i) 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;

(ii) 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;

(iii) the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

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

(v) we report that none of the directors is disqualified as on 31st March 2012 from being appointed as director under clause (g) of sub-section (1) of section 274 of Companies Act, 1956;

(vi) in our opinion and to the best of our information and according to the explanations given to us, the said Accounts read with the Notes there on 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 Statement of Affairs of the Company as at 31st March 2012

(b) in the case of Profit and Loss Account, of the profit for the year ended on that date

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

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDITORS' REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2012 OF ALPA LABORATORIES LIMITED

On the basis of such checks as we considered appropriate and in terms of the information and explanations given to us, we state that:

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

(b) All the fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. We have been informed that no material discrepancies were noticed on such verification.

(c) In our opinion, and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year.

(ii) (a) We have been informed that the inventory has been physically verified during the year by the management except material lying with third party (which has substantially been confirmed). 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 inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of our examination of the records of inventory, in our opinion, the Company has maintained proper records of inventory and the discrepancies noticed on physical verification between the physical stocks and the book records were not material in relation to the operations of the Company.

(iii) (a) The Company has not granted any loans, secured or unsecured, to companies , firms or other parties listed in the Register maintained under the section 301 of the Companies Act, 1956. As the Company has not granted any loans, secured or unsecured, to parties listed in the Register maintained under the section 301 of the Companies Act, 1956, paragraphs (iii- b), (iii-c) and (iii-d) of the Order, are not applicable.

(b) The Company has not taken any loans, secured or unsecured, from companies , firms or other parties listed in the Register maintained under the section 301 of the Companies Act, 1956. As the Company has not granted any loans, secured or unsecured, to parties listed in the Register maintained under the section 301 of the Companies Act, 1956, paragraphs (iii- f) and (iii-g) of the Order, are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of it's business, with regard to purchase of fixed assets. Further, on the basis of our examinations and according to the information and explanations given to us, we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control systems.

(v) In our opinion and according to the information and explanations given to us, there are no contractor arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered in the Register required to be maintained under that section. Hence clause (v-b) of the Order is not applicable.

(vi) The Company has not accepted any deposits under the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

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

(viii) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the accounts and records with a view to determine whether they are accurate or complete.

(ix) (a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Value Added Tax, Wealth tax, Customs duty, Excise duty, Cess and other material statutory dues as applicable with the appropriate authorities except Income Tax, Entry Tax, Service tax and Tax deducted at source.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they become payable.

(c) According to the records of the Company, the dues of Sales Tax, Income Tax, Service Tax, Excise Duty and cess that have not been deposited with the appropriate authorities on account of disputes as at 31st March 2012 and the forum where disputes are pending are given below:

Name of the Period to which the Forum where dispute is pending Amount (Rs.in lac) Statue amount relates

Value Added Tax 01/04/02 to 31/03/03 Second appeal filed before Madhya Pradesh 3.98 Appeal Board, Bhopal

Central Sales Tax 01/04/02 to 31/03/03 Second appeal filed before Madhya Pradesh 18.79 Appeal Board, Bhopal

Central Sales Tax 01/04/05 to 31/03/06 Second appeal filed before Madhya Pradesh 28.52 Appeal Board, Bhopal

Value Added Tax 01/04/05 to 31/03/06 Second appeal filed before Madhya Pradesh 20.69 Appeal Board, Bhopal

Value Added Tax 01/04/07 to 31/03/08 Proceedings under Section 21 of Madhya 12.00 Pradesh Value Added Tax Act, 2002 is pending

Central Sales Tax 01/04/09 to 31/03/10 First appeal filed before Deputy Commissioner, 19.01 Division 1, Indore

(x) The Company has neither accumulated losses as at 31st March 2012 nor it has incurred any cash loss either during the year ended on that date or in the immediately preceding financial year.

(xi) According to the information and explanations provided by the management, the Company has not defaulted in repayment of dues to bank or financial institution. The Company has not obtained any borrowing by way of debentures.

(xii) According to the information and explanations provided by the management and based on the documents and records produced 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.

(xiii) In our opinion, and to the best of our information and explanations provided by the management, the Company is not a chit fund or nidhi mutual benefit society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors' Report), 2003 are not applicable to the Company.

(xiv) As per records of the Company and information and explanations provided to us by the management, the Company is not dealing or trading in share, securities, debenture and other investment. Accordingly the provisions of clause 44(xiv) of the order are not applicable to the Company.

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

(xvi) The term loans obtained by the Company from Bank of Baroda, Indore have been applied for the purpose for which they were raised.

(xvii) According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that funds raised on short term basis have not been used for long term investment by the Company.

(xviii) 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, during the year.

(xix) As the Company has no debentures outstanding at any time during the year, paragraph (xix) of the Order is not applicable to the Company.

(xx) The Company has not raised any money by public issue during the period covered by our report.

(xxi) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For and on behalf of

C. H. PADLIYA & CO.,

Chartered Accountants,

FRN 003151C

S. C. Padliya, Partner, Membership Number 071666

Indore, 28th May 2012


Mar 31, 2010

1) We have audited the attached Balance Sheet of Alpa Laboratories Limited (the Company) as at 31st March, 2010, 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.

2) 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 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 (Auditors Report) Order, 2003 (as amended) 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.

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

i) 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;

ii) 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;

iii) the balance Sheet and profit & loss account dealt with by this report are in agreement with the books of account;

iv) in our opinion,the balance Sheet and profit & loss account dealt with by this report,comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

v) on the basis of the written representations received from the directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as director under clause (g) of sub-section (1) of section 274 of Companies Act, 1956;

vi) in our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes there on 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 except matter regarding note number 22 regarding interest expenditure and interest income for the year

a) in the case of balance sheet, of the Statement of Affairs of the company as at 31st March, 2010

b) in the case of profit & loss account, of the profit for the year ended on that date

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



ANNEXURE REFERRED TO IN PARAGRPH 3 OF OUR AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2010 OF ALPA LABORATORIES LIMITED

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

b) All the fixed assets have not been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. We have been informed that no material discrepancies were noticed on such verification.

c) In our opinion, and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year.

ii. a) We have been informed that the inventory has been physically verified during the year by the management except material lying with third party (which are substantially been confirmed). 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 inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, in our opinion, the company has maintained proper records of inventory and the discrepancies noticed on physical verification between the physical stocks and the book records were not material in relation to the operations of the company.

iii. a) The Company has not granted any loans, secured or unsecured, to companies , firms or other parties listed in the Register maintained under the section 301 of the Companies Act, 1956. As the company has not granted any loans, secured or unsecured, to parties listed in the Register maintained under the section 301 of the Companies Act, 1956, paragraphs (iii-b), (iii-c) and (iii-d) of the Order, are not applicable. b) The Company has not taken any loans, secured or unsecured, from companies , firms or other parties listed in the Register maintained under the section 301 of the Companies Act, 1956. As the company has not granted any loans, secured or unsecured, to parties listed in the Register maintained under the section 301 of the Companies Act, 1956, paragraphs (iii-f) and (iii-g) of the Order, are not applicable.

iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, with regard to purchase of inventory, fixed assets and with regard to the sale of goods. Further, on the basis of our examinations and according to the information and explanations given to us, we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control systems.

v. In our opinion and according to the information and explanations given to us, there are no contractor arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered in the Register required to be maintained under that section. Hence clause (v-b) of the Order is not applicable.

vi. The Company has not accepted any deposits under the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under. vii. In our opinion the company has an internal audit system commensurate with the size of the Company and nature of its business.

viii. We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the accounts and records with a view to determine whether they are accurate or complete.

ix. a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth tax, Service tax, Customs duty, Excise duty, Cess and other material statutory dues as applicable with the appropriate authorities.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth tax, Service tax, Customs duty, Excise duty, Cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they become payable.

c) According to the records of the Company, the dues of Sales Tax, Income Tax, Service Tax, Excise Duty and cess that have not been deposited with the appropriate authorities on account of disputes as at 31st March, 2010 and the forum where disputes are pending are given below:

Name of the Period to which the Forum where dispute is pending Amount (Rs. in lacs) Statue amount relates

Value Added Tax 01/04/02 to 31/03/03 Second appeal filed before Madhya Pradesh Appeal 3.98 Board, Bhopal

Central Sales Tax 01/04/02 to 31/03/03 Second appeal filed before Madhya Pradesh Appeal 18.79 Board, Bhopal

Central Sales Tax 01/04/05 to 31/03/06 Second appeal filed before Madhya Pradesh Appeal 28.52 Board, Bhopal

Value Added Tax 01/04/05 to 31/03/06 Second appeal filed before Madhya Pradesh Appeal 20.69 Board, Bhopal

Value Added Tax 01/04/07 to 31/03/08 Proceedings under section 21 of Madhya Pradesh 23.73 Value Added Tax Act, 2002 is pending Entry Tax 01/04/07 to 31/03/09 Writ petition challenging the validity of Entry Tax 45.59 Act pending before the Supreme Court of India

x. The Company has neither accumulated losses as at 31st March., 2010, nor it has incurred any cash loss either during the financial year ended on that date or in the immediately preceding financial year.

xi. According to the information and explanations provided by the management, company has not defaulted in repayment of dues to any financial institution, bank or to debenture holders during the year. xii. According to the information and explanations provided by the management and based on the documents and records produced 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.

xiii. The provisions of any special statute as specified under paragraph (xiii) of the Order are not applicable to the Company. xiv. In our opinion and according to the information and explanations provided to us by the management, the Company is not a dealer or trader in securities. xv. According to the records of the company and the information and explanation provided by the management, the company has not given any guarantees for loans taken by others from banks or financial institutions. xvi. The Company has not taken any term loan during the year. xvii. According to the information and explanation given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investment by the company.

xviii. 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, during the year.

xix. As the company has no debentures outstanding at any time during the year, paragraph (xix) of the Order is not applicable to the Company.

xx. We have verified that the end use of money raised by public issue is as disclosed in the notes to the financial statements.

xxi. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

For and on behalf of C. H. PADLIYA & CO., Chartered Accountants

S. C. Padliya, Partner

Membership Number 071666, FRN 003151C

Place: Indore

Date: 21st May, 2010

 
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