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Auditor Report of Link Pharma Chem Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Link Pharma Chem Limited ('the Company'), which comprise the balance sheet as at 31 March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Fianancial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions 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 financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment 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, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 143 (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.

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 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

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

i. the Company has no pending litigations .

ii. the company did not have any long term contracts including derivative contracts for which there were any forseeable losses and

iii. there are no such amounts, required to be transferred, to the Investor Education and Protection Fund by the Company .//there has been no delay in transferring amounts required to be transferred ,to investor education and protection fund by the company.

ANNEXURE TO THE INDIPENDENT REPORT

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

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

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

ii) a. The Company has carried out physical verification of inventory at the end of the year.

b. Procedures followed for physical verification of inventory by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. Company has maintained proper records of inventory and no material discrepancies were noticed on physical verification.

iii) The Company has not granted any loans secured or unsecured to company, firms or other parties covered in the register maintained under section 189 of the companies act.

iv) (iv)In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of 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 deposits from the public.

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

vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

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

(c) According to the information and explanations given to us there are no such amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under, and hence no such amount has been transferred to such fund.

viii) The Company does not have any accumulated losses at the end of the financial year but has incurred cash losses during the financial year.

ix) The Company has not defaulted in repayment of dues to a financial institution or bank.

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

xi) Term loan were applied for the purpose for which the loans were obtained.

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

For, Khedkar & Co. Chartered Accountants. Firm Reg. No. 130838W

D.R. Khedkar Place: Vadodara Proprietor Date: 30.05.2015 M.No.: 034963


Mar 31, 2014

We have audited the accompanying financial statements of Link Pharma Chem Limited, which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Fianancial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

b) in the case of the Profit and 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 for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

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

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

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 TO THE AUDITOR''S REPORT (Referred in paragraph (1) of report of even date)

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

b. The fixed assets were physically verified during the period by the Management in accordance with a regular programme of verification which, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to me, no material discrepancies were noticed on such verification.

c. There was no substantial disposal of fixed assets during the year.

ii) In respect of its inventory :

a. The management has conducted physical verification of inventory at reasonable intervals during the year.

b. The procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the company and the nature of its business.

c. The company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iii) (a) According to the information and explanations given to us, the company has not granted any loan to firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence clause (iii) (b), (c), (d) is not applicable.

(b) The company has taken loans, Unsecured from companies, firm or other parties covered in the register maintained under section 301 of the Act. The No. of Parties involved in the transactions are 4 and amount involved is Rs. 1,37,57,137/- and

(c) The Rate of interest and other terms and conditions of loan taken by the company, are prima facie not prejudicial to the interest of the company, and

(d) The payment of interest and whenever required, principal amount are regular.

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 purchases of inventory and fixed assets and the sale of goods and services. During the course of our audit no major weakness has been noticed in the internal control system in respect of these areas.

v) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to me:

a. The particulars of contracts or arrangements referred to in section 301 that were required to be entered in the Register maintained under the said section have been so entered.

b. The transaction in pursuance of contracts or arrangements have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vi) According to the information and explanations given to me, the company has not accepted any deposits from the public within the meaning of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under. According to the information and explanations given to me, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal.

vii) In my opinion, the company has an adequate internal audit system, commensurate with the size and nature of its business.

viii) According to the information and explanations given to us, the Central Government of India has not prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956, for any of the products of the company.

ix) According to the information and explanations given to me in respect of statutory dues:

a. The company has generally been regular in depositing undisputed dues, including Provident Fund, investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

b. There were no undisputed amounts payable

in respect of Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31s1 March, 2014 for a period of more than six month from the date they became payable.

x) The Company has not incurred cash losses during the financial year covered by our Audit and its immediate preceding financial year.

xi) In my opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks, financial institutions.

xii) According to the information and explanations given to me, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In my opinion, the company is not a chit fund or a nldhi mutual benefit fund/ society. Therefore, the provisions of clause4(xiii) of the companies (Auditor''s Report) order, 2003 are not applicable to the company.

xiv) In my opinion, the company is not dealing in or trading in shares securities, debentures and othe investments. Accordingly, the provisions of cluse 4 (xiv) of the companies ( Auditor''s Report) Order, 2003 are not applicable to the company.

xv) In my opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions.

xvi) According to information and explanations given to us, the term loans have been applied for the purpose for which they were raised.

xvii) According to the information and explanations given to me, and on an overall examination of the balance sheet of the company, I report that no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets except for permanent working capital.

xviii) According to the information and explanations given to me, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix) According to the information and explanation given by the management, the company has not raised money through public issue during the year under audit.

xx) According to the information and explanations given by the management no fraud on or by the company has been noticed or reported during the course of my audit.

For Khedkar & Co. Firm Reg. no.130838W Chartered Accountants

D. R. Khedkar Place : VADODARA (Proprietor) Date: 30th May 2014 M No.:034693


Mar 31, 2013

We have audited the accompanying financial statements of Link Pharma Chem Limited, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management 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. 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.

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

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

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

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

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

b) in the case of the Profit and 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 for the year ended on that date.

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

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

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

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

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

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

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

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 TO THE AUDITOR''S REPORT (Referred in paragraph (1) of report of even date)

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

b. The fixed assets were physically verified during the period by the Management in accordance with a regular programme of verification which, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to me, no material discrepancies were noticed on such verification.

c. The fixed assets disposed off during the period, in my opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in my opinion, not affected the going concern status of the Company.

ii) In respect of its inventory:

a. As explained to me, the inventories, excluding materials in transit and materials lying with third parties were physically verified during the period by the Management at reasonable intervals.

b. In my opinion and according to information and explanations given to me, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the company and the nature of its business.

c. In my opinion and according to the information and explanations given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

iii) (a) According to the information and explanations given to us, the company has not granted any loan to firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence clause iii) (b), (c), (d) is not applicable.

(e) The company has taken loans, Unsecured from companies, firm or other parties covered in the register maintained Under section 301 of the Act. The No. of Parties involved in the transections are 4 and amount involved is Rs.1,23,71,570/-, and

(f) The Rate of interest and other terms and conditions of loan taken by the company, are prima facie not prejudicial to the interest of the company, and

(g) The payment of interest and whenever required, principal amount are regular, and

iv) In our opinion and according to the information and explanations given to me, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and the sale of goods and services. During the course of my audit, I have not observed any major weakness in such internal control system.

v) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to me:

a. The particulars of contracts or arrangements referred to in section 301 that were required to be entered in the Register maintained under the said section have been so entered.

b. The transaction in pursuance of contracts or arrangements have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

vi) According to the information and explanations given to me, the company has not accepted any deposits from the public within the meaning of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under. According to the information and explanations given to me, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal.

vii) In my opinion, the company has an adequate internal audit system, commensurate with the size and nature of its business.

viii) According to the information and explanations given to us, the Central Government of India has not prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956, for any of the products of the company.

ix) According to the information and explanations given to me in respect of statutory dues:

a. The company has generally been regular in depositing undisputed dues, including Provident Fund, investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

b. There were no undisputed amounts payable in respect of Income Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at 31s1 March, 2013 for a period of more than six month from the date they became payable.

x) The Company has not incurred cash losses during the financial year covered by our Audit and its immediate preceding financial year.

xi) In my opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks, financial institutions.

xii) According to the information and explanations given to me, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In my opinion, the companyis not a chit fund or a nidhi mutual benefit fund/ society. Therefore, the provisions of clause4(xiii) of the companies (Auditor''s Report) order, 2003 are not applicable to the company.

xiv) In my opinion, the company is not dealing in or trading in shares securities, debentures and othe investments. Accordingly, the provisions of cluse 4 (xiv) of the companies ( Auditor''s Report) Order, 2003 are not applicable to the company.

xv) In my opinion, the company has not given any guarantee for loans taken by other from banks or financial institutions.

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

xvii) According to the information and explanations given to me, and on an overall examination of the balance sheet of the company, I report that no funds raised on short term basis have been used for long term investment. No long term funds have been used to finance short term assets except for permanent working capital.

xviii) According to the information and explanations given to me, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix) According to the information and explanation given by the management, the company has not raised money through public issue during the year under audit.

xx) According to the information and explanations given by the management no fraud on or by the company has been noticed or reported during the course of my audit.

Place : VADODARA For KHEDKAR & Co.

Date : 30''" May, 2013 chartered accountants

Firm Reg. No. 130838W

(D. R. KHEDKAR)

Proprietor M.No: 34963.


Mar 31, 2011

I have audited the attached Balance Sheet of LINK PHARMA CHEM LTD. as at 31st March, 2011 and also the profit and loss account and the cash flow statement for the year ended on 31st March, 2011 annexed thereto. These financial statements are the responsibility of the company's management. My responsibility is to express an opinion on these financial statements based on my audit.

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

1. As required by the Companies(Auditor's Report) Order,2003, as amended by the Companies(Auditor's Report), issued by the Central Government in terms of section 227(4A) of the Companies Act, 1956; I enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

2. Further to my comments in the Annexure referred to in paragraph (1) above, I report that:

(a) I have obtained all the information and explanations, which to the best of my knowledge and belief were necessary for the purposes of my audit;

(b) In my opinion proper books of accounts as required by law have been kept by the Company so far as appears from my examination of those books;

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

(d) In my opinion the balance sheet, profit and 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;

(e) On the basis of written representations received from the directors, as on 31st March, 2011 and taken on record by the Board of Directors, I report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a Director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act 1956;

(f) In my opinion and to the best of my information and according to explanations given to me the said accounts read with the notes thereon give the information as required by The Companies Act of India, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2011.

(ii) In the case of the Profit and Loss Account, of the Profit for the year ended on that date; and

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

ANNEXURE TO THE AUDITOR'S REPORT (Referred in paragraph (1) of report of even date)

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

b The management has carried out a physical verification of most of its fixed assets during the year. In our opinion, the frequency of verification is reasonable having regard to the size of the company and nature of its fixed assets. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

c. During the year, the Company has not disposed off substantial part of its fixed assets so as to affect it as a going concern.

ii) a. As informed to us, inventories were physically verified during the period by the management at reasonable interval.

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

c. According to the information and explanations given to us, the company has maintained proper book records of its inventories and the discrepancies noticed on the verification between the physical stocks and book records have been properly dealt with in the books of account.

d. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.Accordingly, paragraphs 4(iii) (b),(c) & (d) of the Order are not applicable.

e. According to the information an< explanations given to us, the company has not taken loan from firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 Accordingly, paragraphs 4(iii) (f) & (g) of the Order are not applicable.

iii) 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 the purchase of inventories and fixed assets and with regard to the sale of goods. During the course of audit, no major weakness has been noticed in the internal controls.

iv) a. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that need to be entered in the Register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuances of contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

v) 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 sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vi) In our opinion, the company has an internal audit system, which is commensurate with the size and nature of its business.

vii) According to the information and explanations given to us, the Central Government of India has not prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956, for any of the products of the company.

viii) The Company has not incurred cash losses during the financial year covered by our Audit and its immediate preceding financial year.

ix) According to the information and explanations given to us the company has not defaulted in repayment of dues to any financial institutions, banks or to debenture holders during the year.

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

xi) In our opinion, company is not a Chit Fund or a Nidhi Fund or a Mutual Benefit Fund / Society. Accordingly, paragraphs 4(xiii) (a), (b), (c) & (d) of the Order are not applicable

xii) In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in securities, debentures or other investments. Accordingly, paragraphs 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

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

xiv) In our opinion and according to the information and explanations given to us, the term loans taken during the year have been applied for the purpose for which they were obtained.

xv) According to the information and explanations 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. No long term funds have been used to finance short term assets except for permanent working capital.

xvi) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956

xvii) During the year, since the company has not issued any debenture, paragraph 4(xix) of the Order is not applicable.

xviii) According to the information and explanations given to us, the company has not raised any money through a public issue during the year under audit

xix) According to the information and explanations given by the management no fraud on or by the company has been noticed or reported during the course of our audit.

xx) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty and other material statutory dues applicable to it.

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 positioning the same.

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

(c) According to the information and explanations given to us , there are no dues of income tax, sales tax, wealth tax, service tax, custom duty, and excise duty which have not been deposited on account of any dispute

For KHEDKAR & Co. CHARTERED ACCOUNTANTS

(D.R.KHEDKAR) Proprietor M.No: 34963. Firm Reg. No. 130838W

Place : VADODARA Date : 25 August 2011




Mar 31, 2010

I have audited the attached Balance Sheet of LINK PHARMA CHEM LTD. as at 31st March,2010 and also the profit and loss account and the cash flow statement for the year ended on 31st March,2010 annexed thereto. These financial statements are the responsibility of the companys management. My responsibility is to express an opinion on these financial statements based on my audit.

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

1. As required by the Companies(Auditors x Report) Order, 2003, as amended by the

Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government in terms of section 227(4A) of the Companies Act,1956; I enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

2. Further.to my comments in the Annexure referred to in paragraph (1) above, I report that:

(a) I have obtained all the information and explanations, which to the best of my knowledge and belief were necessary for the purposes of my audit;

(b) In my opinion proper books of accounts as required by law have been kept by the Company so far as appears from my examination of those books;

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

(d) In my opinion the balance sheet, profit and 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;

(e) On the basis of written representations received from the directors, as on 31st March.2010 and taken on record by the Board of Directors, I report that none of the directors is disqualified as on 31st March,2010 from being appointed as a Director in terms of clause(g) of sub- section (1) of section 274 of the Companies Act 1956;

(f) In my opinion and to the best of my information and according to explanations given to me the said accounts read with the notes thereon give the information as required by The Companies Act of India, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

(i) In the case of the Balance Sheet of the state of affairs of the Company as at31*March,2010.

(ii) In the case of the Profit and Loss Account of the Profit for the year ended on that date; and

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



ANNEXURE TO THE AUDITORstREPORT (Referred in paragraph (1) of report of even date)

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

b. The management has carried out a physical verification of most of its fixed assets during the year. In our opinion, the frequency of verification is reasonable having regard to the size of the company and nature of its fixed assets. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts.

c. During the year, the Company has not disposed off substantial part of its fixed assets so as to affect it as a going concern.

ii) a. As informed to us, inventories were physically verified during the period by the management at reasonable interval.

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

c. According to the information and explanations given to us, the company has maintained proper book records of its inventories and the discrepancies noticed on the verification between the physical stocks and book records have been properly dealt with in the books of account.

d. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.Accordingly, paragraphs 4(iii) (b),(c) & (d) of the Order are not applicable.

e. According to the information and explanations given to us, the company has not taken from firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraphs 4(iii) (f) & (g) of the Order are not applicable.

iii) In our opinion and according to the information and explanations given to us, there is no an adequate internal control system commensurate with the size of the company and the nature of its business, with regard to the purchase of inventories and fixed assets and with regard to the sale of goods. During the course of audit, no major weakness has been noticed in the internal controls.

iv) a. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements, that need to be entered in the Register maintained under section 301 of the Companies Act, 1956 have been so entered.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuances of contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

v) 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 sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under.

vi) In our opinion, the company has an Internal audit system, which is commensurate with the size and nature of its business.

vii) According to the information and explanations given to us, the Central Government of India has not prescribed the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956, for any of the products of the company.

viii) The Company does not have accumulated losses nor has it incurred cash losses during the financial year covered by our Audit and its immediate preceding financial year

ix) According to the information and explanations given to us the company has not defaulted in repayment of dues to any financial institutions, banks or to debenture holders during the year.

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

xi) In our opinion, company is not a Chit Fund or a Nidhi Fund or a Mutual Benefit Fund / Society. Accordingly, paragraphs 4(xiii) (a), (b), (c) & (d) of the Order are not applicable

xii) In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in securities, debentures or other investments. Accordingly, paragraphs 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

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

xiv) In our opinion and according to the information and explanations given to us, the term loansttaken during the year have been applied for the purpose for which they were obtained.

xv) According to the information and explanations 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. No long term funds have been used to finance short term assets except for permanent working capital.

xvi) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956

xvii) During the year, since the company has not issued any debenture, paragraph 4(xix) of the Order is not applicable.

xviii) According to the information and explanations given to us, the company has not raised any moneythrough a public issue during the year under audit

xix) According to the information and explanations given by the management no fraud on or by the company has been noticed or reported during the course of our audit.

Place : VADODARA For KHEDKAR & Co.

Date : 30 June 2010 CHARTERED ACCOUNTANTS

(D. R. KHEDKAR)

Proprietor

M.No: 34963.

Firm Reg. No. 130838W

 
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