Auditor Report of Bandaram Pharma Packtech Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Shiva Medicare Limited ("the Company") which comprises the balance sheet as at 31 March, 2014, 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 Financial Statements

The Company''s 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 notified under sub- section (3C) of Section 211 of the Companies Act, 1956 (''the Act") (which continue to be applicable in respect of Section 133 of the companies Act 2013 in terms of the General Circular 15/2013 dated 13-09-2013 of the Ministry of Corporate Affairs) and in accordance with the Accounting principles generally accepted in India. 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.

Auditors'' 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we 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 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:

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

(b) in the case of the statement of profit and loss, of the profit of the Company for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' Report) Order, 2003 ("the Order"), as amended, issued by the Central Government 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, the statement of profit and loss and the cash flow statement dealt with by this report are in agreement with the books of account;

(d) in our opinion, the balance sheet, the statement of profit and loss and the cash flow statement comply with the Accounting Standards notified under the Act (which continue to be applicable in respect of Section 133 of the companies Act 2013 in terms of the General Circular 15/2013 dated 13-09-2013 of the Ministry of Corporate Affairs); and

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

STATEMENT REFERRED TO IN THE AUDIT REPORT

i. There were no fixed assets during the year ended on 31-03-2014.

a. The Company has no Stock and hence the question of physical verification does not arise.

ii.

a) As per the Information and explanation given to us, the company has taken interest free loan from parties covered u/s 301 of the Companies Act, and it has not given any loans to any party covered u/s 301 of the Companies Act, 1956.

b) The loans are interest free unsecured loan and as per the information and explanation given to us is not prima-facie prejudicial to the interest of the company.

c) We have been informed that there are no terms of repayment of the principal and hence the reporting requirement of this clause and clause iii (d) are not applicable.

The details of the loans are as under:-

Name of the Opening Receipt during Repayment Closing balance party balance the year during the year

Shiva paper 4,75,000 - - 4,75,000 mills limited

Sh.Pramod 10,00,000 - - 10,00,000 kumar jain

Sh. Amit Jain 5,00,000 - - 5,00,000

Smt. Kiran Jain 1,65,000 - - 1,65,000

iii. The entire operation of the company remain closed and there was no employee and consequently the internal control procedures established in the past for purchase of inventory, fixed assets, sale of goods was also not in operation.

iv. a) According to the information and explanation given to us, we are of the opinion that the transaction that needs to be entered into 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 explanation given to us, there has been no transaction made in pursuance to contracts or arrangements entered in the register maintained u/s 301 which exceed valued of five lakh in respect of any party during the year.

c) As per the information and explanation given to us, the company has not accepted any public deposit except outstanding inter-corporate loans and deposits from share holders.

v. As the operation of the company remain closed during the financial year there was no internal audit system in operation.

vi. Maintenance of the cost record has not been prescribed by the Central Government u/s 209(1 )(d) of the companies Act, 1956.

vii.

a) We have to report that the custom duty of Rs. 36,778, property tax Rs. 817,129, sales tax Rs. 14,874 & TDS on contractors Rs. 4239 & TDS on salaries for Rs. 300 are outstanding as on 31.03.2014.

b) according to the information and explanations given to us, except as above there were no other undisputed amounts, payable in respect of income tax, wealth tax, sales tax, custom duty, excise and cess which were arrears, as on 31.03.2014 for a period of more than six months from the date they became payable and that there are no demands pending on account of any disputes before any forum.

viii. The accumulated losses of the company at the end of the financial year exceed its net worth. The company has incurred cash losses in this financial year.

ix. As per records of the company and the information and explanations given to us, we have to report that the company had defaulted in repayment of its secured loans to banks. During the year ended 31.03.2006 the company paid entire amount due to banks on one time settlement. Consequently there is no outstanding amount payable to banks.

x. Based on our examination of documents and records maintained by the company, we are of the opinion that since the company has not granted any loans and advance on the basis of security by way of pledge of shares, debenture and other securities, it is not required to maintain records in respect thereof.

xi. In our opinion, the company is neither a chit fund nor nidhi / mutual benefit fund/society and hence clause 4 (xiii) of the Order is not applicable to the company.

xii. In our opinion and as per the information and explanations give by management, the company is not dealing in or trading in shares, securities, debentures and other investments.

xiii. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company we report that during the year no funds were raised on shorter basis have been used for long-term investments and no long-term funds have been used to finance short term investments.

xiv. During the year the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act, 1956.

xv. During the year the company had not issued any debentures and as such creation of security is not applicable.

xvi. During the year under review, no money was raised by public issue and s such disclosure of end use of money raised is not applicable.

xvii. Based upon the audit procedure performed and information and explanations given by the management we report that during the year no fraud on or by the company has been noticed or reported by the management.

Sd/-

V.RAMACHANDRA RAO

Place : Hyderabad Chartered Accountant

Date : 30.05.2014.

Membership No.203292

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Mar 31, 2011

We have audited the attached Balance sheet of M/s Shiva Medicare Limited as on March 31, 2011 and the profit & Loss Account for the year ended on that date annexed thereto and report that:

1. We have Conducted our audit in accordance with auditing standards generally accepted in India. This standards required that we Plan and Perform the audit to obtain reasonable assurance about whether the financial statements are free of material miss-statement. An audit includes examining, On a test also includes assessing the accounting principles used and significant-estimates made by management, as well as evaluation the overall Statement Presentation. we believe; that our audit provides a reasoned a basis for our opining.

2. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central government of India in terms of terms of section 227 (4A) of the Companies Act,1956, We enclose in the annexure a statement on the matters specified paragraph 4 and 5 the said order.

3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:

i) We have optioned all the information and explanations Which to the best of our knowledge and belief and 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 apparels from our examination of the said books.

iii) The Balance Sheet, Profit & Loss Account dead with in this report are in agreement with the books of accounts.

iv) In our opinion, and Subject to our observations and read with other thereon in Schedule 7 of the Balance Sheet and the profit & Loss Account, with by this report, are in Compliance with the mandatory accounting standard referred to in section 211(3C) of the Companies ACT,1956.

v) Based on the represented made by all the Directors of the Companies and in Accordance with the information and explanations as made available, we report that none of the directors are disqualified as on 31st March 2011, from being appointed as a Director in terms of section 274(1)(g) of the Companies ACT, 1956.

vi) in our opinion and to the best of our information and according to the given to us, the said account subject to.

a) Preparation of the financial statements on the basis of the quoin concern concept in view of the accumulated losses and the sale of entire asset. We also refer to our observations on this subject in clause 1(c) of our report in annexure attached;

b) Note No. 3 regarding non-provision of interest of Rs. 7,09,800/- payable on unsecured loans for the current year and accumulated non-provision thereof of Rs. 72,13,439/-

Consequent to which the loss for the current year and the accumulated losses are understated which however cannot be fully quantified and read with significant accounting policies and other notes thereon in schedule 7, 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 case of the Balance sheet of the state of affairs of the company as at 31st March 2011; and

b) In case of the profit & Loss Account, of the loss of the company for the year ended on that date.

Annexure referred to in paragraph 1 the Auditors Report on the Accounts For the Account For the year ended 31st March,2011.

i. The Company disposed off vehicle and there were no assets the year ended on 31-30-2011

ii. Based on our examination of rectors, the Company does not have any inventory during the year and hence the reporting of Claus (ii)(a) and (c) are not applicable.

iii.(a) As per the information and explanation given to us, the Company has taken interest free loan from parties Covered u/s 301 of the Company has Act, and the amount outstanding is Rs.59,91,500. it has not given any loans to any party Covered u/s301 of the Companies Act.

(b) The said lone is the interest free unsecured lone and as per the information and explanation given to us is not prima-facie perjuries to the interest of the Company.

(c) We have been informed that that there are no terms of repayment of principal and hence the reporting required clues ii(d) are not applicable.

iv. The entire operation of the Company relation Closed and there was no employees and consequently the interns procedures stabiles in the past for purchase of inventory, fixed assets, sales of goods was also not in operation.

v.(a) Acceding to the information and explanations given to us, We are of the opinion that the transaction that need to be enteral into the register section 301 of the Company Act, 1956 have been so entered.

(b) In our opinion and according the information and explanation given to us, there has been no transaction made in pursuance to contracts or arrangements entered in the register maintained u/s 301 which exceeds value of five lakh rupees in respect of any party during the year except an interest free loan received from a director the terms of which are reasonable.

vi. the Company has not accepted any public deposit outstanding inter-Corporate lones.

vii. As the operation of the company remain closed during the financial year there was no internal audit system in the operation.

viii. Maintenance of the Cost records has not been prescribed by the central Government u/s 209 (1)(d) of the Companies Act, 1956

ix.(a) We have to report that the custom duty of Rs.36,778/- and the properly taxes of Rs.817,129/- are outstanding as on 31-3-2011 for a period more than six months from the date they became payable.

(b) According to the information and explanations given to us, threw were no undisputed amounts Payable in respect of income tax, custom duty, excise and cuss which ewer arrears, as threes, as on 31-3-2011 for period of more than six months from the date they became payable and that there are no demands pending on account any disputes before any forum.

x. The accumulated losses of the company at the end of the financial year exceed its net worth. The company has incurred cash losses in this financial year.

xi. As per records of the company and the information and explanation given to us, we have to report that the company had defaulted in repayment of its secured loans to banks. During the year ended 31-3-2006 the company paid entire amount due to banks on one time settlement. Consequently there is no outstanding amount payable to banks.

xii. Based on our examination of documents and records maintained by the company, we are of the opinion that since the company has not granted any loan and advance on the basis of security by way of pledge of shares, debentures and other securities, it is not required to maintain records in respect thereof.

xiii. In our opinion, the company is neither a chit fund nor nidhi/ mutual benefit fund society and hence clause 4 (xiii) of the order is not applicable to the company.

xiv. In our opinion and as per the information and explanations given by management, the company is not dealing in or trading in shares, securities, debentures and other investments.

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 during the year no funds were raised on short-term basis have been used for long-term investments and no long-term investments and no long-terms funds have been used to finance short term investment.

xvi. During the year the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act, 1956.

xvii. During the year the company had not issued any debentures and as such creation of security is not applicable.

xviii. During the year under review, no money was raised by public issue and as such disclosure of end use of money raised is not applicable.

xix. Based upon the audit procedure performed and information and explanations given by the management we report that during the year no fraud on or by the company has been noticed or reported by the management.

FOR AVK & Associates

chartered Accountants

Paul Gupta

Prather

FCA - 095539

Place: New Delhi

Dated:2-8-2011

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Mar 31, 2010

We have audited me attached Balance Sheet of M/s Shiva Medicare Limited as on March 31, 2010 and the Profit & Loss Account for the year ended on that date annexed merely and report that.

1. We Have conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance abort whether the Financial statements are free of material misstatement An audit includes examining. on u test basis, evidence supporting the amount and the disclosure in the Financial Statements An audit also includes assessing the accounting principles used and significant estimates made by management as whit as evaluating the overall financial statement premeditation We believe than: our audit provides a reasonable basis for our opinion

2.. As required by the Companies (Auditors' Report) Order. 2003 issued by the Central Government 01 India m terms of section 227{4A) of the Companies Act. 19W we enclose in the annexure a statement on the matters specified in paragraph a and S of the said order

3. Further to our comments m the Annexure referred paragraph 2 above, we report that,

i) We have obtained all the information and explanations which to the best of our knowledge and behalf were necessary foe 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 the said books.

iii) The Balance Sheet Profit & Loss Account dean with in tnks report are in agreement with the books of accounts:

iv) In our opinion, and subject To our observations and read with other notes thereon Schedule 7 of the Balance Sheet and the Profit & Loss Accounting dealt with by this report, are in compliance with the mandatory accounting standard referrer to in section 211 (3C) of the Companies Act, 1956

v) Based on the representations made by all the Directors of the company as on 31st March 2010 and taken on record by the Board of Directors of the company and n accordance will the- information and explanations as matte available, we repot that none of the directors arc disqualified as on 31st March 2010 from being appointed as a Director in terms o' Section 274ii)(g) of the Compares Act 1956

vi) In our opinion and to the best of our information and according to the explanations given to us, the said account subject to:

a) Preparation of the financial statements on the basis of the going concern concept in view of the accumulated losses and the sale of entire asset we also rafter to our observation on this in clause 19c) of our report in annexure attached:

b) Note No-3 regarding non-provision of interest of Rs7,09,800/- payable on unsecured loans for the current year and accumulated non provision thereof of Rs,65.03.639/-.

Consequent to which the loss for the current year and the accumulated losses are understated which however cannot be fully quant field read with significant accounting policies and other notes thereon in schedule.

7, given 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 case of the Balance Sheet of the State of affairs of the company as at 31st March 2010, and

b) In case of the profit & Loss Account of the loss of the company for the year ended on that date.

Annexure referred to in paragraph the Auditors Report on the Accounts for the year ended 31st March, 2010.

i. The company disposed off vehicle and there were no assets dunning the year ended or 31-03-2010

ii. Based an out examination of records. the Company does not have any inventory during the year and hence the reporting requirements of clause (ii) (a)(b) and (c) are not applicable.

iii)a)As per the information and explanations given to us, the company has take interest free loan from part covered u/s 301 of the companies Act, and the amount outstanding is Rs,59.91.500 It has not given any loans any party covered u/s 301 of the companies Act,

b) The said loan is the Interest Free unsecured lean and as per the information and exp agnation given to us is not primavera prejudice a I to the interest of the company

c) We nave been informed that there ere no terms of repayment of principal and here the reporting requirement of this clause and clause ii-(d) are not applicable

iv). The entire operation of the- company remain dosed and there was no employee and consequently the internal control procedures established in the pas: for purchase of inventory, fixed assets, sere of goods was$ also in operation.

v.(a) According to the information and emanations given to us. we are of the opinion that the transaction that needs to be entered into the fie register mainlined under section 301 of the companies Act. 1956 have been so entered.

(b) in our opinion and according the information and explanation given to us. there has been transaction made in pursuance to contracts arrangements entered in the register maintained U.S 301 which exceeds value of five laks rupees, if respect of any party during the year expect an interest Freetown receded from a director the terms which are reasonable.

vi. The company has. not accepted any public deposit except outstanding miner-corporate loans

vii. As the operation of the company remain closed during the financial year there was no internal audit systems in the operation.

viii. Maintenance of the cost records has not been prescribed by the Central Government u/s 209(1)(d) of the Companies Act. 1956

x. (a} We have to report than the custom duty of Rs.36.778 and the property taxes of Rs817 129 are outstanding as on 31 -3-2010 for a period of more than $ix months from the date they became payable.

(b) According to the information and explanations given to us. there were no undisputed amounts payable m respect of income tax. wealth tax. sale tax. custom duty, excise and cess which we-e arrears, as on 31-3-2010 for a period of more than six months from the date they became payable and that there are no demands pending on account of any disputes before any forum.

x)The accumulated losses of the company at [he end of the financial year exceed is let worth I he company has incurred cash tosses in this financial year

xi). As per records to the company and the information and explanation given lo us we have of report that the company had defaulted in repayment of its is secured loans 10 tanks During in yea. ended 31-3-2006 the company paid entire amount due lo tanks on one lime settlement Consequently there is no outstanding amount payable to banks.

xii) Based on our nomination to documents and records maintained by the company we are of the opinion that since the company was not granted any loan and advance on the' basis of security by way of pledge or snares debentures and other securities ,is not required to maintain records in respect thereof.

viii. In our opinion, the company is neither a chit fund nor nidhi mutual benefit fund' society and hence clause A (xiii) of the Order is not applicable to tic company

xiv. In our opinion and as per the formation and explanations given by management the company is not dealing poi trading ,in steadies. securities, calenture sand other investments

xv)According lo the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that during the yea- no funds were reseed on sorters basis have been used for long-term investments and no keg. terms funds have been surd to finance short term investment.

xv)During the year the company had not issued any debentures and as such creation of security is not applicable.

xvi)During the year the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the companies Act, 1956

xvii), During the year under review, no money was raised by public issue and as such disclose of end use of money raised is not applicable.

xix) Based upon the audit procedure performed and information and explanation given by the management we report that during the year no fraud on or by the company has been noticed or reported by the management. Chartered Accountants

For AVK & Associates

Chartered Accounts

Parul Gupta

Partner

FCA 095539

Place ; New Delhi

Dated: 20-07-2010