Auditor Report of Amar Remedies Ltd.

Jun 30, 2011

1. We have audited the attached Balance Sheet of AMAR REMEDIES LIMITED as at 30th June, 2011 and also the Profit & Loss Account and Cash Flow statement for the year ended on that date attached thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditors Report) Order, 2003, as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the annexure hereto a statement of the matter specified in paragraphs 4 & 5 of the said order.

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

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

b) In our opinion, proper books of accounts, as required by law have been kept by the company so far as appears from our examination of books of accounts.

c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

d) In our opinion the Balance Sheet and Profit & Loss Account referred to in this report; comply with the accounting standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956.

Based on the representations made by all the Directors of the Company and the information and explanations as made available to us by the company, we report that none of the Directors of the company has prima facie any disqualification as referred to in clause (g) of sub-section (1) of section 274 of the Act.

e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the and subject to the notes to the accounts relating to Balance Sheet and Profit & Loss account give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view.

i. In the case of Balance Sheet of the state of Affairs of the Company as at 30th June, 2011.

ii. In the case of Profit & Loss account, of the Profit of the Company for the year ended on that date.

iii. In case of Cash Flow statement, of the Cash Flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

Referred to paragraph 3 of the Auditors Report of even date to the members of Amar Remedies Limited on financial statements for the year ended June 30,2011.

1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its Fixed Assets. Fixed Assets were physically verified by the management during the period ended on 30th June, 2011.

(b) We were informed that no material discrepancies were noticed by the management on such verification. In our opinion, the frequency of verification is reasonable having regards to the size of the Company and the nature of the assets. None of the Fixed Assets have been revalued during the period ended on 30th June, 2011.

(c ) According to the information and explanation given to us, the company has not disposed off substantial part of any fixed assets during the year.

2 (a) The inventory have been physically verified during the year by the management. In our opinion the frequency of the verification is reasonable.

(b) The procedure for physical verification of stock followed by the Company are reasonable & adequate in relation to the size of the Company & the nature of its business.

(c) The Company has maintained proper records of Inventories. The Discrepancies, if any, noticed on physical verification of Stock as compared to book records have been properly dealt within the books of Accounts.

3 (a) As per information furnished, the Company has granted interest free unsecured loans, to wholly owned subsidiary company and Associate Firm. The Maximum amount outstanding during the year was Rs. 1818.46 Lacs and the year end balance of such loan was Rs. 1818.46 Lacs.

(b) In our opinion, other terms and conditions on which loans have been granted to wholly owned subsidiary company and Associate Firm are not, prime facie, prejudicial to the interest of the company.

(c) In the case of loans granted to wholly owned subsidiary company and Associate Firm, where stipulation have been made, the borrowers have been regular in repaying the principal amounts as stipulated.

(d) There is no overdue amount of more than Rupees One Lakh in respect of loan granted to parties covered in the register maintained under section 301 of the companies Act, 1956

(e) As per information furnished, the Company has not taken interest free unsecured loans, from parties covered in the register maintained under section 301 of the companies Act, 1956. Therefore, clause of (f) & (g) are not applicable.

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

5 (a) In our opinion and according to the information and explanation given to us, the transaction made in pursuance of contracts or arrangements that needed to be entered in the register maintained under section 301 of the companies act 1956, have been so entered.

(b) According to the information and explanation given to us, we are of the opinion that the transaction made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6 In our opinion and according to the information and explanation given to us, the company has not accepted any deposit from public during the year, within the meaning of section 58A and 58AA and other relevant provisions of the companies Act, 1956 and rules frames there under.

7 In our opinion, the internal audit system of the company is commensurate with the size and its nature of business.

8 According to the information and explanations given to us, the maintenance of cost records are not applicable as prescribed by the Central Government under section 209(1) (d) of the Companies Act,1956.

9 (a) According to the information, explanation given to us and records of the company examined by us, in our opinion the company is generally regular in depositing undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other material dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and records of the company examined by us, no dues in respect of Sales Tax, Income Tax, Custom Duty, Excise Duty ,Cess and other material dues have been deposited on account of dispute.

10 The company does not have accumulated losses and has not incurred any cash losses during the period ended on 30th June, 2011 covered by our audit or in the immediately preceding financial year.

11 Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institution, banks or debentures holders.

12 According to the information and explanations given to us, the company has not granted any loan or advances on the basis of security by way of pledge share, debenture or other security.

13 In our opinion the company is not a chit fund or nidhi / mutual benefit fund / society. Therefore the provisions of clause 4(xiii) of the Companies (Auditors report) Order 2003 are not applicable to the company.

14 In our opinion and according to the information and explanations given to us, the company is not dealing in shares securities and debentures and other investment. Therefore the provisions of clause 4 (xiv) of the order are not applicable to the company.

15 In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loan taken by others from bank or financial institutions.

16 According to the information and explanations given to us and the records examined by us, on an overall basis, the term loans have been applied for the purpose for which the loans were obtained.

17 In our opinion and according to the information and explanations given to us and on an overall examination of the Balance sheet of the company, we report that no funds raised on short term basis have been utilized for long term investment.

18 According to the information and explanations given to us, 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.

19 According to the information and explanations given to us, the company has not issued any debenture during the period covered by our report. Accordingly, the provisions of clause (xix) of the order are not applicable to the company.

20 During the year the company has not raised any amount by way of public issue.

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

FOR SHYAM C. AGRAWAL & CO.

CHARTERED ACCOUNTANTS

FIRMS REGISTRATION NO.110243W

Sd/- PLACE: MUMBAI SHYAM C. AGRAWAL

DATE: 26TH AUGUST, 2011 PROPRIETOR

(MEMBERSHIP NO. 31774)

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Jun 30, 2010

We have audited the attached Balance Sheet of AMAR REMEDIES LTD. as at 30th June2010 and its Profit & Loss Account & the cash flow statement for the year ended on that date attached 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.

1. We 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 about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as, evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the annexure hereto a statement of the matter specified in paragraphs 4 & 5 of the said order.

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

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

b) In our opinion, proper books of accounts, as required by law have been kept by the company so far as appears from our examination of books of accounts.

c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

d) In our opinion the Balance Sheet and Profit & Loss Account referred to in this report, comply with the accounting standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956.

e) Based on the representations made by all the Directors of the Company and the information and explanations as made available to us by the company, None of the Directors of the company has prima facie any disqualification as referred to in clause (g) of sub-section (1) of section 274 of the Act.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the and subject to the notes to the accounts relating to Balance Sheet and Profit & Loss account give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view.

i) In the case of Balance Sheet of the state of Affairs of the Company as at 30th June, 2010.

ii) In the case of Profit & Loss account, of the profit of the Company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS REPORT Referred to in paragraph 2 of our report of even date

1 In respect of its Fixed Assets

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its Fixed Assets. Fixed Assets were physically verified by the management during the period ended on 30th June, 2010.

b) We were informed that no material discrepancies were noticed by the management on such verification. In our opinion, the frequency of verification is reasonable having regards to the size of the Company and the nature of the assets. None of the Fixed Assets have been revalued during the period ended on 30th June, 2010.

c) According to the information and explanation given to us, the company has not disposed off substantial part of fixed assets during the year

2 In respect of Inventories:

a) As explained to us, inventories have been physically verified by the management at regular intervals during the period ended on 30th June, 2010.

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 on inventories. As explained to us there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

d) The company has reasonable system of authorization at proper levels and an adequate system of internal control commensurate with the size of the nature of its business on issue of its business on issue of stores and allocation of stores and labour to jobs.

3 The company had neither granted loan to any person nor taken any loan from any person.

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

5 a. In our opinion and according to the information and explanation given to us, the transaction made in

pursuance of contracts or arrangements that needed to be entered in the register maintained under section 301 of the companies act 1956, have been so entered.

b. According to the information and explanation given to us, we are of the opinion that the transaction made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6 The company has not accepted any deposit from the public.

7 In our opinion, the internal audit system of the company is commensurate with the size of its business.

8 We have been informed that the maintenance of cost records has not been prescribed by the central government under section 209 (1) (d) of the companies act, 1956.

9 According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee State Insurance, Income Tax, Sale Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities.

According to the information and explanations given to us, no undisputed amount payable in respect of aforesaid dues were outstanding as at 30th June, 2010 for a period of more than six months from the date they become payable.

10 The company does not have accumulated losses and has not incurred any cash losses during the period ended on 30th June, 2010 covered by our audit or in the immediately preceding financial year.

11 Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institution, banks or debentures holders.

12 According to the information and explanations given to us, the company has not granted any loan or advances on the basis of security by way of pledge share, debenture or other security.

13 The company is not a chit fund or a Nidhi/ Mutual benefit fund/ Society. Therefore, the provisions of clause 4(xiii) of the order are not applicable to the company.

14 In our opinion and according to the information and explanations given to us, the company is not dealing in shares securities and debentures and other investment. Therefore the provisions of clause 4 (xiv) of the order are not applicable to the company.

15 In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loan taken by others from bank or financial institutions.

16 According to the information and explanations given to us and the records examined by us, on an overall basis, the term loans have been applied for the purpose for which the loans were obtained.

17 In our opinion and according to the information and explanations given to us and on an overall examination of the Balance sheet of the company, we report that no funds raised on short term basis have been utilized for long term investment.

18 According to the information and explanations given to us, 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.

19 According to the information and explanations given to us, the company has not issued any secured debenture during the period covered by our report. Accordingly, the provisions of clause (xix) of the order are not applicable to the company.

20 During the year the company has not raised any amount by way of public issue.

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

For SHYAM C. AGRAWAL & CO. Chartered Accountants

SD/-

SHYAM C. AGRAWAL Proprietor (Membership No. 31774)

Place : Mumbai Date : 28TH AUGUST, 2010

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Jun 30, 2009

We have audited the attached Balance Sheet of AMAR REMEDIES LTD. as at 30th June2009 and its Profit & Loss Account & the cash flow statement for the year ended on that date attached 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,

1. We 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 about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as, evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the annexure hereto a statement of the matter specified in paragraphs 4 & 5 of the said order.

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

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

b) In our opinion, proper books of accounts, as required by law have been kept by the company so far as appears from our examination of books of accounts.

c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.

d) In our opinion the Balance Sheet and Profit & Loss Account referred to in this report, comply with the accounting standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956.

e) Based on the representations made by all the Directors of the Company and the information and explanations as made available to us by the company, None of the Directors of the company has prima facie any disqualification as referred to in clause (g) of sub-section (1) of section 274 of the Act.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the and subject to the notes to the accounts relating to Balance Sheet and Profit & Loss account give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view.

i) In the case of Balance Sheet of the state of Affairs of the Company as at 30th June, 2009.

ii) In the case of Profit & Loss account, of the profit of the Company for the year ended on that date.

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

Referred to in paragraph 2 of our report of even date

1 In respect of its Fixed Assets

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its Fixed Assets. Fixed Assets were physically verified by the management during the period ended on 30th June, 2009.

b) We were informed that no material discrepancies were noticed by the management on such verification. In our opinion, the frequency of verification is reasonable having regards to the size of the Company and the nature of the assets. None of the Fixed Assets have been revalued during the period ended on 30th June, 2009.

c) According to the information and explanation given to us, the company has not disposed off substantial part of fixed assets during the year.

2 In respect of inventories:

a) As explained to us, inventories have been physically verified by the management at regular intervals during the period ended on 30th June, 2009.

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 on inventories. As explained to us there were no material discrepancies noticed on physical verification of inventory as compared to the book records.

d) The company has reasonable system of authorization at proper levels and an adequate system of internal control commensurate with the size of the nature of its business on issue of its business on issue of stores and allocation of stores and labour to jobs.

3 The company had neither granted loan to any person nor taken any loan from any person.

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

5 a. In our opinion and according to the information and explanation given to us, the transaction made in pursuance of contracts or arrangements that needed to be entered in the register maintained under section 301 of the companies act 1956, have been so entered.

b. According to the information and explanation given to us, we are of the opinion that the transaction made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6 The company has not accepted any deposit from the public.

7 In our opinion, the internal audit system of the company is commensurate with the size of its business.

8 We have been informed that the maintenance of cost records has not been prescribed by the central government under section 209 (1) (d) of the companies act, 1956.

9 According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee State Insurance, Income Tax, Sale Tax, Wealth Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amount payable in respect of aforesaid dues were outstanding as at 30* June, 2009 for a period of more than six months from the date they become payable.

10 The company does not have accumulated losses and has not incurred any cash losses during the period ended on 30th June, 2009 covered by our audit or in the immediately preceding financial year.

11 Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debentures holders.

12 According to the information and explanations given to us, the company has not granted any loan or advances on the basis of security by way of pledge share, debenture or other security.

13 The company is not a chit fund or a nidhi/mutual benefit fund/ society. Therefore, the provisions of clause 4(xiii) of the order are not applicable to the company.

14 In our opinion and according to the information and explanations given to us, the company is not dealing in shares securities and debentures and other investment. Therefore the provisions of clause 4 (xiv) of the order are not applicable to the company.

15 In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loan taken by others from bank or financial institutions.

16 According to the information and explanations given to us and the records examined by us, on an overall basis, the term loans have been applied for the purpose for which the loans ware obtained.

17 In our opinion and according to the information and explanations given to us and on an overall examination of the Balance sheet of the company, we report that no funds raised on short term basis have been utilized for long term investment.

18 According to the information and explanations given to us, 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.

19 According to the information and explanations given to us, the company has not issued any secured debenture during the period covered by our report. Accordingly, the provisions of clause (xix) of the order are not applicable to the company.

20 During the year the company has not raised any amount by way of public issue.

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

For SHYAM C.AGRAWAL &CO. Chartered Accountants Sd/- SHYAM C.AGRAWAL (Proprietor)

(Membership No.31774)

Place :Mumbai Date :30th September,2009