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Auditor Report of Phaarmasia Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of PHAARAMASIA LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2015, 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

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal 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 31,2015;

(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, 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 paragraphs 3 and 4 of the Order, to the extent applicable.

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

a. we have 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 specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

e. on the basis of written representations received from the directors as on March 31,2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of sub-section (2) of section 164 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 litigations on its financial position in its financial statements;

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including the derivative contracts; and

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

Referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of our report even date

(i) In respect of its Fixed Assets:

a. The company has maintained proper records showing full particulars, including quantitative details and situations of Fixed Assets.

b. As per the information and explanation given to us, the Fixed Assets of the company have been physically verified by the management according to the phased programme, which is designed to cover all the Fixed Assets, at reasonable intervals and the said programme is considered reasonable, and no material discrepancies were noticed on such verification.

(ii) In respect of its Inventories:

a. As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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

c. The company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Act,. Hence Sub-clause (a) and (b) of clause (iii) of the Companies (Auditor's Report) Order 2015 are not applicable.

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

(v) According to the information and explanations given to us, the company has not accepted any deposits during the year from the public covered u/s 73 to 76 of the Act.

(vi) Central Government has prescribed for the maintenance of Cost Records under Sec.148(1) Act. and as per the information given to us, we are of the Opinion that prima facie the prescribed accounts and records have been made and maintained.

(vii)

a. According to the information and explanation given to us and on the basis of our examination of records, the company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax , Customs Duty, Excise Duty, Cess and other statutory dues applicable to it. According to the Information and explanations given to us, there are no undisputed arrears of statutory dues are Outstanding 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 based on the records of the company, there are no dues of Sale Tax, Income Tax, Customs, Wealth Tax, Service Tax, Customs Duty and Excise Duty, which have not been deposited on account of any disputes.

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.

(viii) The company had no accumulated losses at the end of the year under report and has not incurred cash losses during the said year or in the immediately preceding financial year. (The accumulated losses are wiped out in earlier years, by a scheme of arrangement approved by High Court of Andhra Pradesh)

(ix) According to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of any dues to Financial Institutions or banks.

(x) According to the information and explanation given to us, the terms and conditions of guarantees given by the company for loans taken by others from bank or financial institutions are, in our opinion, prima facie, not prejudicial to the interest of the company. However, there are no guarantees outstanding as on 31st March 2015.

(xi) According to the records of the company and information and explanation given to us the company has applied the terms loans for the purpose it is obtained.

(xii) As per the representation given by the company and relied on by us, no material fraud on or by the company has been noticed or reported during the year.

For K.S. Ramakrishna & Co., Chartered Accountants Firm Regn. No. 002888S

Sd/- (M. Naresh Kumar) Place: Hyderabad Partner Date: 29-05-2015 M.No: 223154


Mar 31, 2014

We have audited the accompanying financial statements of PHAARAMASIA LIMITED ("the Company"), 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 Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"), read with General Circular 8/2014 dated 4th April, 2014 issued by the Ministry of Corporate Affairs. 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 ("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.

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.

ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of our report even date

(i) In respect of its Fixed Assets:

a. The company has maintained proper records showing full particulars, including quantitative details and situations of Fixed Assets.

b. As per the information and explanation given to us, the Fixed Assets of the company have been physically verified by the management according to the phased programme, which is designed to cover all the Fixed Assets, at reasonable intervals and the said programme is considered reasonable, and no material discrepancies were noticed on such verification.

c. As per the information and explanations given to us, during the year that no substantial part of Fixed Assets of the Company are disposed off, and the going concern status of the Company is not effected.

(ii) In respect of its Inventories:

a. As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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

c. The company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has not granted/taken any loan, secured or unsecured to/from companies/firms or other parties covered in the register maintained under section 301 of the Companies Act 1956. Hence Sub-clause (b), (c), (d), (e), (f), and (g) of clause (iii) of the Companies (Auditor''s Report) Order 2003 are not applicable.

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

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

b. The transactions in pursuance of such contracts or arrangements have been made at prices reasonable having regard to the prevailing market prices at the relevant time.

(vi) According to the information and explanations given to us, the company has not accepted any deposits during the year from the public, covered by the directions issued by the Reserve Bank of India and provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under where applicable and issuance of order by the Company Law Boards in this regard does not arise.

(vii) As per the information and explanations given to us by the management, the Company has an internal audit system commensurate with the size of the company and the nature of its business.

(viii) We have broadly reviewed the Books of account relating to materials, labour and other items of cost maintained by Company pursuant to the Rules made by the Central Government for the maintenance of Cost Records under Sec.209(1) (d) of the Companies Act,1956 and we are of the Opinion that prima facie the prescribed accounts and records have been made and maintained. And, the Central government has directed the company to have Cost audit for the Company and the Company has appointed Cost auditors for the period under audit.

(ix) a. According to the information and explanation given to us and the records examined by us, the company is regular in depositing with appropriate authorities 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 statutory dues applicable to it. According to the Information and explanations given to us, there are no undisputed arrears of statutory dues are Outstanding as at 31st March, 2014 for a period of more than six months from the date they became payable.

b. According to the records of the company, there are no dues of Sale Tax, Income Tax, Customs, Wealth Tax, Service Tax, Excise Duty, Cess and deposit of the same with the forum does not arise.

(x) The company had no accumulated losses at the end of the year under report and it did not incur cash losses during the said year or in the immediately preceding financial year. (The accumulated losses are wiped out in earlier years, by a scheme of arrangement approved by High Court of Andhra Pradesh)

(xi) According to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of any dues to Financial Institutions or banks. However there are no dues repayable to any Financial Institutions or Banks.

(xii) Based on our examination of the records and the information and explanation given to us, the company has not granted any loans and/or advances on the basis of security by way of pledge of Shares, debentures and other securities.

(xiii) In our opinion, as the company is not a chit fund or a Nidhi or Mutual benefit fund or society, the provisions of clause 4(xiii) of the Companies (Audit Report) Order 2003 are not applicable to the company for this year.

(xiv) According to the records of the company, there are no investments made in the nature of shares in other companies and maintenance of records of transactions and contracts in respect of shares does not applicable.

(xv) According to the information and explanation given to us, the terms and conditions of guarantees given by the company for loans taken by others from bank or financial institutions are, in our opinion, prima facie, not prejudicial to the interest of the company. However, there are no guarantees outstanding as on 31st March 2014.

(xvi) According to the records of the company and information and explanation given to us the company has not raised terms loans during the year.

(xvii) As per the information and explanations given to us and on overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term investment and vice versa.

(xviii) Accounting to the information and explanations furnished to us, the company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not issued any debentures during the year, which requires the creation of security.

(xx) During the year the company has not made any public issues for which the management has to disclose the end use of money raised through that public issue.

(xxi) As per the representation given by the company and relied on by us, no fraud on or by the company has been noticed or reported during the year.

For K.S. Ramakrishna & Co., Chartered Accountants Firm Regn. No: 002888S

Sd/- (K. S. Ramakrishna) Place: Hyderabad Partner Date: 29th May, 2014 M.No.021154


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of PHAARAMASIA LIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2013, 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

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

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, 2013;

(b) in the case of the Profit and Loss Account, of the profit/ 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

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

ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of our report even date

(i) In respect of its Fixed Assets:

a. The company has maintained proper records showing full particulars, including quantitative details and situations of Fixed Assets.

b. As per the information and explanation given to us, the Fixed Assets of the company have been physically verified by the management according to the phased programme, which is designed to cover all the Fixed Assets, at reasonable intervals and the said programme is considered reasonable, and no material discrepancies were noticed on such verification.

c. As per the information and explanations given to us, during the year that no substantial part of Fixed Assets of the Company are disposed off, and the going concern status of the Company is not effected.

(ii) In respect of its Inventories:

a., As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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

c. The company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) (a) The Company has not granted/ taken any loan, secured or unsecured to/ from companies/firms or other parties covered in the register maintained under section 301 of the Companies Act 1956. Hence Sub-clause (b), (c), (d), (e), (f), and (g) of clause (iii) of the Companies (Auditor''s Report) Order 2003 are not applicable.

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

(v) a. According to the information and explanations given to us and as confirmed by us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. b. The transactions in pursuance of such contracts or arrangements have been made at prices reasonable having regard to the prevailing market prices at the relevant time.

(vi) According to the information and explanations given to us, the company has not accepted any deposits during the year from the public, covered by the directions issued by the Reserve Bank of India and provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under where applicable and issuance of order by the Company Law Boards in this regard does not arise.

(vii) As per the information and explanations given to us by the management, the Company has an internal audit system commensurate with the size of the company and the nature of its business.

(viii) We have broadly reviewed the Books of account relating to materials, labour and other items of cost maintained by Company pursuant to the Rules made by the Central Government for the maintenance of Cost Records under Sec.209(1) (d) of the Companies Act, 1956 and we are of the Opinion that prima facie the prescribed accounts and records have been made and maintained. And, the Central government has directed the company to have Cost audit for the Company and the Company has appointed Cost auditors for the period under audit.

(ix) a. According to the information and explanation given to us and the records examined by us, the company is not regular in depositing with appropriate authorities 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 statutory dues applicable to it. According to the Information and explanations given to us, the following undisputed arrears of statutory dues were Outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable.

Name of the Nature of Amount Period to Statute Dues involved which the (Amt in Rs) amount relates

Provident PF 476756 Apr''12 to Sep''12 Fund Act

ESI ACT ESI 106902 Apr''12 to Sep''12

Income Tax Act, IDS 117192 Apr''12 to Sep''12



Name of the Due Date of Statute Date Payment

Provident Fund 15th of Next 10/07/2013 Act month

ESI ACT 25th of Next 15/04/2013 month

Income Tax Act 07th of Next April 2013 month

b. According to the records of the company, there are no dues of Sale Tax, Income Tax, Customs, Wealth Tax, Service Tax, Excise Duty, Cess and deposit of the same with the forum does not arise.

(x) The company had no accumulated losses at the end of the year under report and it did not incur cash losses during the said year or in the immediately preceding financial year. (The accumulated losses are wiped out in earlier years, by a scheme of arrangement approved by High Court of Andhra Pradesh)

(xi) According to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of any dues to Financial Institutions or banks. However there are no dues repayable to any Financial Institutions or Banks.

(xii) Based on our examination of the records and the information and explanation given to us, the company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, as the company is not a chit fund or a Nidhi or Mutual benefit fund or society, the provisions of clause 4(xiii) of the Companies (Audit Report) Order 2003 are not applicable to the company for this year.

(xiv) According to the records of the company, there are no investments made in the nature of shares in other companies and maintenance of records of transactions and contracts in respect of shares does not applicable.

(xv) According to the information and explanation given to us, the terms and conditions of guarantees given by the company for loans taken by others from bank or financial institutions are, in our opinion, prima facie, not prejudicial to the interest of the company. However, there are no guarantees outstanding as on 31st March 2013.

(xvi) According to the records of the company and information and explanation given to us the company has not raised terms loans during the year.

(xvii) As per the information and explanations given to us and on overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term investment and vice versa.

(xviii)Accounting to the information and explanations furnished to us, the company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not issued any debentures during the year, which requires the creation of security.

(xx) During the year the company has not made any public issues for which the management has to disclose the end use of money raised through that public issue.

(xxi) As per the representation given by the company and relied on by us, no fraud on or by the company has been noticed or reported during the year.

For K.S. Ramakrishna & Co.,

Chartered Accountants

Firm Regn. No: 002888S

Sd/-

(K. S. Ramakrishna)

Place: Hyderabad Partner

Date : 29th August, 2013 M.No.021154


Mar 31, 2012

We have audited the attached Balance Sheet of M/s. PHAARMASIA LIMITED, as at 31st March 2012 and also the Statement of Profit and Loss Account and also 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.

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 misstatements. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors' Report) Order,2003 as amended by Companies (Auditors Report (Amendment) Order 2004, issued by the Central Government in terms Section 227 (4A) 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.

2. Further to our comments in the annexure referred in paragraph (1) 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 purpose 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 such books.

iii) The Balance Sheet and 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 and Profit and Loss Account and Cash Flow Statement comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

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

vi) In our opinion and to the best of our information and according to the explanation given to us, the said accounts 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 the Balance Sheet, of the sate of the affairs of the company as at 31st March 2012;

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

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

ANNEXURE TO THE AUDITORS REPORT (Referred to the paragraph 3 of our report of even date)

i. In respect of its Fixed Assets :

a. The company has maintained proper records showing full particulars, including quantitative details and situations of Fixed Assets.

b. As per the information and explanation given to us, the Fixed Assets of the company have been physically verified by the management according to the phased programme, which is designed to cover all the Fixed Assets, at reasonable intervals and the said programme is considered reasonable, and no material discrepancies were noticed on such verification.

c. As per the information and explanations given to us, during the year that no substantial part of Fixed Assets of the Company are disposed off which will affect the going concern status of the Company is not effected.

ii. In respect of its Inventories:

a. As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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

c. The company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

iii. The Company has not granted taken any loan, secured or un secured to from companies / firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Hence Sub-clause (b), (c), (d), (e), (1), and (g) of clause (iii) of the Companies (Auditor's Report) Order 2003 are not applicable.

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

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

b. The transactions in pursuance of such contracts or arrangements have been made at prices reasonable having regard to the prevailing market prices at the relevant time.

vi. According to the information and explanations given to us, the company has not accepted any deposits during the year from the public covered by the directions issued by the Reserve Bank of India and provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under where applicable and issuance of order by the Company Law Board in this regard does not arise.

vii. As per the information and explanations given to us by the management, the Company has an internal audit system commensurate with the size of the company and the nature of its business.

viii. We have broadly reviewed the Books of account relating to materials, labour and other items of cost, maintained by Company pursuant to the Rules made by the Central Government for the maintenance of Cost Records under Sec.209(1) (d) of the Companies Act, 1956 and we are of the Opinion that prima facie the prescribed accounts and records have been made and maintained. And, the Central government has directed the company to have Cost audit for the Company and the Company has appointed Cost auditors for the period under audit.

ix. a. According to the information and explanation given to us and the records examined by us, the company is not regular in depositing with appropriate authorities 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 statutory dues applicable to it. According to the Information and explanations given to us, no undisputed arrears of statutory dues were Outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

b. According to the records of the company, there are no dues of Sale Tax, Income Tax, Customs, Wealth Tax, Service Tax, Excise Duty, and Cess and deposit of the same with the forum does not arise.

x. The company had no accumulated losses at the end of the year under report and it did not incur cash losses during the said year or in the immediately preceding financial year. (The accumulated losses are wiped out in earlier years, by a scheme of arrangement approved by High Court of Andhra Pradesh)

xi. According to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of any dues to the bank

xii. Based on our examination of the records and the information and explanation given to us, the company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, as the company is not a chit fund or a Nidhi or Mutual benefit fund or society, the provisions of clause 4(xiii) of the Companies (Audit Report) Order 2003 are not applicable to the company for this year.

xiv. According to the records of the company, there are no investments made in the nature of shares in other companies and maintenance of records of transactions and contracts in respect of shares does not applicable.

xv. According to the information and explanation given to us, the terms and conditions of guarantees given by the company for loans taken by others from bank or financial institutions are, in our opinion, prima facie, not prejudicial to the interest of the company. However, there are no guarantees outstanding as on 31st March 2012.

xvi. According to the records of the company and information and explanation given to us the company has not raised terms loans during the year.

xvii. As per the information and explanations given to us and on overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term investment and vice versa.

xviii. According to the information and explanations furnished to us, the company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Act.

xix. The company has not issued any debentures during the year, which requires the creation of security.

xx. During the year the company has not made any public issues for which the management has to disclose the end use of money raised through that public issue.

xxi. As per the representation given by the company and relied on by us, no fraud on or by the company has been noticed or reported during the year.

For K.S. RAMAKRISHNA & CO.,

Chartered Accountants

Firm Registration No.002888S

Sd/-

Place: Hydeabad (K.S.RAMAKRISHNA)

Date: 31.08.2012 PARTNER.

Membership No.021154


Mar 31, 2011

We have audited the attached Balance Sheet of M/s. PHAARMASIA LIMITED, as at 31 st March 2011 and also the Profit and Loss Account and also 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.

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 misstatements. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors' Report) Order,2003 as amended by Companies (Auditors Report (Amendment) Order 2004, issued by the Central Government in terms Section 227 (4A) 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.

2. Further to our comments in the annexure referred in paragraph (1) 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 purpose 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 such books.

iii) The Balance Sheet and 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 and Profit and Loss Account and Cash Flow Statement comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v) On the basis of written representation received from Directors as on 31 st March 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 st 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.

vi) In our opinion and to the best of our information and according to the explanation given to us, the said accounts 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 the Balance Sheet, of the sate of the affairs of the company as at 31 st March 2011;

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

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

ANNEXURE TO THE AUDITORS REPORT (Referred to the paragraph 3 of our report of even date) i. In respect of its Fixed Assets :

a. The company has maintained proper records showing full particulars, including quantitative details and situations of Fixed Assets.

b. As per the information and explanation given to us, the Fixed Assets have been physically verified by the management according to the phased programme, which is designed to cover all the Fixed Assets verified and to this programme is considered reasonable. No material discrepancies were noticed on such verification.

c. As per the information and explanations given to us, during the year that no substantial part of Fixed Assets of the Company are disposed off which will affect the going concern status of the Company

ii. In respect of its Inventories:

a. As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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

c. The company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

iii. In respect of the Loans Secured or Unsecured, granted or taken by the Company to/from Companies, Firm of Other Parties covered in the register maintained under section 301 of the Companies Act, 1956. a . The company has not taken loans secured or unsecured, to/from the Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 . b. As the Company has not granted any loans, secured or unsecured, to/ from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, the (iii) (b),(c) and (d) of the order not applicable.

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

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

b. The transactions in pursuance of such contracts or arrangements have been made at prices reasonable having regard to the prevailing market prices at the relevant time.

vi. According to the information and explanations given to us, the company has not accepted any deposits during the year from the public covered by the directions issued by the Reserve Bank of India and provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under where applicable and issuance of order by the Company Law Board in this regard does not arise.

vii. As per the information and explanations given to us by the management, the Company has an internal audit system commensurate with the size of the company and the nature of its business.

viii. We have broadly reviewed the Books of account relating to materials, labour and other items of cost, maintained by Company pursuant to the Rules made by the Central Government for the maintenance of Cost Records under Sec.209(1) (d) of the Companies Act, 1956 and we are of the Opinion that prima facie the prescribed accounts and records have been made and maintained. And, the Central government has directed the company to have Cost audit for the Company and the Company has appointed Cost auditors for the period under audit.

ix. a. According to the information and explanation given to us and the records examined by us, the company is not regular in depositing with appropriate authorities 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 statutory dues applicable to it. However according to the Information and explanations given to us, no undisputed arrears of statutory dues were Outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

b. According to the records of the company, there are no dues of Sale Tax, Income Tax, Customs, Wealth Tax, Service Tax Excise Duty and Cess which have not been deposited on accounts of any dispute.

x. The company had no accumulated losses at the end of the year under report and it did not incur cash losses during the said year or in the immediately preceding financial year. (The accumulated losses are wiped out in earlier years, by a scheme of arrangement approved by High Court of Andhra Pradesh)

xi. According to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of any dues to the bank

xii. Based on our examination of the records and the information and explanation given to us, the company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, as the company is not a chit fund or a Nidhi or Mutual benefit fund or society, the provisions of clause 4(xiii) of the Companies (Audit Report) Order 2003 are not applicable to the company for this year.

xiv. According to the records of the company, there are no investments made in the nature of shares in other companies and maintenance of records of transactions and contracts in respect of shares does not applicable.

xv. According to the information and explanation given to us, the terms and conditions of guarantees given by the company for loans taken by others from bank or financial institutions are, in our opinion, prima facie, not prejudicial to the interest of the company. However, there are no guarantees outstanding as on 31 st March 2011.

xvi. According to the records of the company and information and explanation given to us the company has not raised terms loans during the year.

xvii. As per the information and explanations given to us and on overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term investment and vice versa.

xviii.According to the information and explanations furnished to us, the company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Act.

xix. The company has not issued any debentures during the year, which requires the creation of security.

xx. During the year the company has not made any public issues for which the management has to disclose the end use of money raised through that public issue.

xxi. As per the representation given by the company and relied on by us, no fraud on or by the company has been noticed or reported during the year.

For K.S. RAMAKRISHNA & CO., Chartered Accountants F.R.N.002888S

Sd/-

Place: Hydeabad (K.S.RAMAKRISHNA)

Date: 31.08.2011 PARTNER.

M.No.021154


Mar 31, 2010

The Members of M/s. PHAARMASIA LIMITED, We have audited the attached Balance Sheet of M/s. PHAARMASIA LIMITED, as at 31s March 2010 and also the Profit and Loss Account and also the Cash Flow Statement of the Company for the year ended on that date annexed thereto, These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditors Report) Order,2003 as amended by Companies (Auditors Report) (Amendment) Order 2004, issued by the Central Government in terms Section 227 (4A) 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.

2. Further to our comments in the annexure referred in paragraph (1) above, we report that:

i) We have obtained all the information and explanations which to the best of our knowledge and belief where necessary for the purpose 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 such books.

iii) The Balance Sheet and 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 and Profit and Loss Account and Cash Flow Statement comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v) On the basis of written representation received from Directors as on 31s March 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31" 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.

vi) In our opinion and to the best of our information and according to the explanation given to us, the said accounts 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 the Balance Sheet, of the sate of the affairs of the company as at 31st March 2010

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

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

ANNEXURE TO THE AUDITORS REPORT (Referred to the paragraph 3 of our report of even date)

(i) In respect of its FixedAssets :

(a) The company has maintained proper records showing full particulars, including quantitative details and situations of Fixed Assets.

(b) As per the information and ¦..xplanation given to us, the Fixed Assets have been physically verified by the management according to the phased programme, which is designed to cover all the Fixed Assets verified according to this programme considered reasonable, no material discrepancies were noticed on such verification.

(c) As perthe information and explanations given to us, during the year that no substantial part of FixedAssets of the Company are disposed off which will affect the going concern status of the Company.

(ii) In respect of its Inventories:

(a) As explained to us, inventories have been physically verified by the management at regular intervals during the year.

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

(c) The company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii ) In respect of the Loans Secured or Unsecured, granted or taken by the Company to/from Companies, Firm of Other Parties covered in the register maintained under section 301 of the CompaniesAct,1956.

(a) The company has not taken loans secured or unsecured, to/from the Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

(b) As the Company has not granted any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained is under section 301 of the Companies Act, 1956, the (iii) (b),(c) and (d) of the order not applicable.

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

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

(b) The transactions in pursuance of such contracts or arrangements have been made at prices reasonable having regard to the prevailing market prices at the relevant time.

(vi) According to the information and explanations given to us, the company has not accepted any deposits during the year from the public covered by the directions issued by the Reserve Bank of India and provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under where applicable and issuance of order by the Company Law Boards in this regard does not arise.

(vii) As per the information and explanations given to us by the management, the Company has an internal audit system commensurate with the size of the company and the nature of its business.

(viii) We have broadly reviewed the Books of account relating to materials, labour and other items of cost maintained by Company pursuant to the Rules made by the Central Government for the maintenance of Cost Records under Sec.209(1) (d) of the Companies Act, 1956 and we are of the Opinion that prima facie the prescribed accounts and records have been made and maintained. And, the Central government has directed the company to have Cost audit for the Company and the Company has not appointed Cost auditors for the Company for the period under audit.

(ix) (a) According to the information and explanation given to us and the records examined by us, the company is not regular in depositing with appropriate authorities 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 statutory dues applicable to it. According to the Information and explanations given to us, no undisputed arrears of statutory dues were Outstanding as at 31s1 March, 2010 for a period of more than six months from the date they became payable.

(b) According to the records of the company, there are no dues of Sale Tax, Income Tax, of any Customs, Wealth Tax, Service Tax Excise Duty, Cess, and deposit of the same with the forum does not arise.

(x) The company had no accumulated losses at the end of the year under report and it did not incur cash losses during the said year or in the immediately precedingfinancial year. (The accumulated losses are wiped out in earlier years, by a scheme of arrangement approved by High Court of Andhra Pradesh).

(xi) According to the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of any dues to the bank

(xii) Based on our examination of the records and the information and explanation given to us, the company has not granted any loans and/or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, as the company is not a chit fund or a Nidhi or Mutual benefit fund or society, the provisions of clause 4(xiii) of the Companies (Audit Report) Order 2003 are not applicable to the company for this year.

(xiv) According to the records of the company, there are no investments made in the nature of shares in other companies and maintenance of records of transactions and contracts in respect of shares does not applicable.

(xv) According to the information and explanation given to us, the terms and conditions of guarantees given by the company for loans taken by others from bank or financial institutions are, in our opinion, prima facie, not prejudicial to the interest of the company. However, there are no guarantees outstanding as on 31" March 2010.

(xvi) According to the records of the company and information and explanation given to us the company has not raised terms loans during the year.

(xvii) As per the information and explanations given to us and on overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short term basis have been used for long term investment and vice versa.

(xviii) Accounting to the information and explanations furnished to us, the company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Act.

(xix) The company has not issued any debentures during the year, which requires the creation of security.

(xx) During the year the company has not made any public issues for which the management has to disclose the end use of money raised through that public issue.

(xxi) As per the representation given by the company and relied on by us, no fraud on or by the company has been noticed or reported during the year.

Place: Hyderabad For K.S. RAMAKRISHNA & CO.,

Date:27.08.2010 Chartered Accountants

FRN.002888S

(K.S.RAMAKRISHNA)

PARTNER

M.No.021154



 
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