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Auditor Report of Bacil Pharma Ltd.

Mar 31, 2014

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

Management''s Responsibility for the Financial Statements

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 the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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 31st March, 2014;

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

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

Report on Other Legal and Regulatory Requirements

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 sub-section (3C) of Section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

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 31st march, 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 INDEPENDENT AUDITORS'' REPORT

(Referred to in paragraph 1 of our report of even date to the members of BACIL PHARMA LIMITED on the financial statements for the year ended on 31st March, 2014.)

1) The provisions of clauses ii, x, xi, xii, xiii, xiv, xv, xvi, xviii and xix of paragraph 4 and 5 of the Companies (Auditors'' Report) Order, 2003 are not applicable for the current year.

2) In respect of its fixed assets:

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

(b) As informed to us, fixed assets of the company were physically verified during the year by the Management in accordance with a program of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification.

3) During the year the Company has neither granted nor taken any loan, secured or unsecured to/from the Companies, firms or other parties covered in the Register maintained u/s 301 of the Companies Act, 1956.

As explained to us, the Company has entered into all the particulars of contracts or arrangements referred to in section 301 of the Act.

4) In our opinion and according to the information and explanations given to us, the company has adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchase and sale of plant and machinery, equipment and other assets.

5) According to the information and explanations provided by the management, there have been no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6) The company has not accepted any deposits from the public. Accordingly provisions of section 58A and 58AA of Companies Act, 1956 are not applicable to the company.

7) In our opinion the company has an internal audit system commensurate with the size and nature of its Business.

8) The Central Government has not prescribed the maintenance of Cost Records under Section 209(1) of the Companies Act, 1956 for any of the products of the Company.

9) a) As informed to us Provident Fund and Employee State Insurance Act is not applicable to the Company.

b) According to the information and explanations given to us, there was no undisputed amounts payable in respect of Income-Tax, Wealth-tax, Sales-tax, Custom Duty and Excise Duty, which have remained outstanding as at the date of Balance Sheet for the period of more than six months from the date they became payable.

10) According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investments (fixed assets, etc.) and vice versa, other than temporary deployment pending application.

11) The Company has not raised any money through a public issue during the year under review.

12) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

Place: Mumbai For A. W. KETKAR & CO. Dated: May 30, 2014 Chartered Accountants Registration No.: 105006W

Address: 4, "SOUKHYA", Opp. B.M.C. Hospital A. W. KETKAR V. N. Purav Marg Proprietor Chunabhatti, Mumbai 400 022 Membership No.: 012287


Mar 31, 2012

1. We have audited the attached Balance Sheet of BACH PHARMA UMITED as at 31st March 2012 and Cash Flow Statement of the Company fo; the year ended on thai date, annexed thereto. These financial statements are the respanslbflrty of the Company's management, Our responsiblity Is to express an opinion on these financial statements based on our audit.

2. We conducted our audit In accordance with auditing standaids generally accepted in India. Those Standards requite that we plan and perform the audit io obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit Includes examining, on a test basis, evidence supporting the omounts 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 overal financial statement presentation. We believe that our audit provides a reasonable basts for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 Issued by the Central Government of India rn terms of sub-secton 4A of section 227 of the Companies Act, 1956, we enclose in the Amexure a statement on the matters specified In paragraph 4 and 5 of the said Order.

4. Further to our comments In the Amexure referred to in paragraph 3 above, we report that:

I] We hove obtained al the Information and explanations, which to the best ot our knowledge and belief were necessary for the purposes of our audit:

U) In our opinion, proper books of Account as required by law have been kepi Dy the Company, so far as appears from our examination of such books;

HI) The Balance Sheet ond Cash Flow Statement dealt whh by this report ore In agreement with the books of account;

to) In our opinion, the Balance Sheet and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the directors, as on 31 st March. 2012, and taken on record by the Board of Directors, we report that none of the directors !s disqualified as on 31s* March 2012 from being appointed as a director In terms of clause (g) of sub-sectton |1) ot section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and occording to the explanations given to us. the said accounts read wtlh the Significant Accounting Policies and Notes on Accounts give the information required by 1he Companies Act, 1956 In the manner so required and give a true and fair view :

a) In case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012; and

b) In the case of the Profit and Loss Account, of the profit fa the year ended on that date; and

c) In Ihe cose of the cash flow statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to In paragraph 3 of our report of even dole on the accounts of BACK. PHARMA UfvBTED, for the year ended on 31 st March, 2012.)

1) The provisions of clauses ix, x. xi. xii, xiii. xiv, xv, xvi, xvii and xviii of paragraph 4 and 5 of the Companies (Auditors' Report) Order, 2003 are not oppftcabte fa the current year.

2) In respect of Its fixed assets:

(a} The Company has matrtolned proper records showing tut parttcurors. Including quantttatrve detafts and situation of fixed assets.

[b) As Named to us, fixed assets of the company were physlcaly verified during the year by the Management In accordance wtfh a program of verification, which In our opinion provides fa physical verification of all the fixed assets at reasonable Intervals. According to the Information and explanations grven to us no material discrepancies were noticed on such verification.

3) During the year the Company has neither granted nor taken any loan, secured or unsecured to/from the Companies, firms or other parties covered In the Register maintained u/s 301 of the Companies Act, 1966.

As explained to us, the Company has entered Into oil the particulars of contracts or arrangements referred to In section 301 of the Act,

4) In our opinion and according to the Information and explanations given to us, the company has rxJequuie Wemol control procedures commensurate wtth the sbe of the company and nature of Its business wtth regard to purchase and sale of plant and machinery, equipment and other ossets.

5) According to the information and explanations provided by the management, there have been no transactions that need to be entered intc the register maintained under Section 301 of the Companies Act, 1956.

6 The compony has not accepted any deposits from the public. Accordingly provisions of section 58A and 56AA of Companies Act, 1956 are not applcabfe to the company.

7) In our opinion the company has an Internal audit system commensurate wtth the sbe and nature of Its Business.

8) The Central Government has not prescribed the maintenance of Cost Records under Section 209(1) of the Companies Act, 1956 tor any of the products of the Company.

9) a) As Informed to us Provident Fund and Employee State Insurance Act is not applicable to the

Company.

b) According to the information and explanations grven to us. there was no undisputed amounts

payable In respect of Income-Tax, Wearth-tax Sates-tox Custom Duty and Excise Duty, which have remained outstanding as at the date of Balance Sheet for the period of more than six months from the date they became payable.

10) According to the cosh flow statement and other records examined by us and the Information and exptanatlons grven to us, on an overall basis, funds raised on short term baste have, prima facie, not been used during the year for long term Investments (fixed assets, etc.) and vice versa, other than temporary deployment pending appicatlon,

11) Tie Compary has not raised any money through o pubic Issue during the year under review.

12) To the best of our knowledge and better and according to the Information and explanations given to us, no fraud on or by the compony was noticed or reported dutng the year.

Place: Mumbal for A. W. KETKAR & CO.

Dated: May 30,2012 Chartered Accountants

Registration No.: I05006W

Address: 4, "SOUKHYA', Opp. B.M.C.

Hospital A. W. KETKAR

V. N. Purav Marg Proprietor

Chunabhatti. Mumbal 400 022 Membernbefsnlp No.: 012287


Mar 31, 2010

1. We have audited the attached Balance Sheet of BACH PHARMA LIMITED as at 31 st March 2010 and 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.

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

3. 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 a statement on the matters specified In paragraph 4 and 5 of the said Order.

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

I) We have obtained all the Information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

II) In our opinion, proper books of Account as required by law have been kept by the Company, so for as appears from our examination of such books;

III) The Balance Sheet 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 Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to In sub-section (3C) of section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the directors, as on 31st March, 2010. and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010 from being appointed as 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 explanations given to us, the said accounts read with the Significant Accounting Policies and Notes on Accounts give the Information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

a) In case of the Balance Sheet, of the state of affairs of the Company as at 31 st March. 2010; and

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

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to In paragraph 3 of our report of even date on the accounts of BACIL PHARMA LIMITED, for the year ended on 31st March, 2010.)

1) The provisions of clauses II, x, xi, xii, xiii, xiv, xv, xvi, xviii and xlx of paragraph 4 and 5 of the Companies (Auditors Report) Order, 2003 are not applicable for the current year.

2) In respect of Its fixed assets:

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

(b) As Informed to us, fixed assets of the company were physically verified during the year by the Management In accordance with a program of verification, which In our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the Information and explanations given to us no material discrepancies were noticed on such verification.

3) (a) Loans taken by the company:

The Company has taken unsecured loans from Companies, Firms, or other parties ought to be listed In the register maintained under Section 301 of the Companies Act, 1956 and the rate of Interest wherever applicable and other terms and conditions of such loans are prima facie not prejudicial to the interest of the company and the maximum amount outstanding to them amounts to Rs. 6,74,376/- and we are informed that there Is no Company under the same management within the meaning of section 370(1-B) of the Companies Act, 1956.

(b) Loans given by the company:

The company has not granted any loans, secured or unsecured, to the companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4) In our opinion and according to the Information and explanations given to us, the company has adequate internal control procedures commensurate with the size of the company and nature of Its business with regard to purchase and sale of plant and machinery, equipment and other assets.

5) According to the information and explanations provided by the management, there have been no transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956.

6) The company has not accepted any deposits from the public. Accordingly provisions of section 58A and 58AA of Companies Act, 1956 are not applicable to the company.

7) In our opinion the company has an Internal audit system commensurate with the size and nature of its Business.

8) The Central Government has not prescribed the maintenance of Cost Records under Section 209(1) of the Companies Act. 1956 for any of the products of the Company,

9) a) As informed to us Provident Fund and Employee State Insurance Act is not applicable to the Company.

b) According to the Information and explanations given to us, there was no undisputed amounts payable In respect of Income-Tax, Wealth-tax. Sales- tax, Custom Duty and Excise Duty, which have remained outstanding as at the date of Balance Sheet for the period of more than six months from the date they became payable.

10) According to the cash flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term Investments (fixed assets, etc.) and vice versa, other than temporary deployment pending application.

11) The Company has not raised any money through a public issue during the year under review.

12) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

Place: Mumbai For A. W. KETKAR & CO.

Dated: May 31, 2010 Chartered Accountants

Registration No.: 105006W

Address: 4. "SOUKHYA", Opp. B.M.C. Hospital A. W. KETKAR

V. N. Purav Marg Proprietor

Chunabhatti, Mumbai 400 022 Membership No.: 012287

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