Auditor Report of Decipher Labs Ltd.

Mar 31, 2024

We have audited the standalone financial statements of Decipher Labs Limited (“the Company”), which
comprise the Balance Sheet as at 31st March 2024, and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Cash Flow Statement of Cash Flow for
the year then ended, and notes to the standalone financial statements, including a material accounting policies
and other explanatory information, (hereinafter referred to as “the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the
manner so required and give a true and fair view in conformity with the accounting standards prescribed under
section 133 of the Act read with the Companies Indian Accounting Standards) Rules 2015, as amended (“Ind
AS”) other accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2024, and its profit (including other comprehensive income), changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)
of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities
for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the standalone financial statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics issued by the Institute of Chartered Accountants
of India. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the standalone financial statements of the current period. These matters were addressed in the context of
our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. We have determined that there are no key audit matters. We have
determined that there are no key audit matters to communicate in our report.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information comprises
the information included in the Director’s Report, but does not include the standalone financial statements,
and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
standalone financial statements, or our knowledge obtained in the audit or otherwise appears to be materially
misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of the standalone financial statements that give a true and fair view of the financial
position, financial performance, changes in equity 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. This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of 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 standalone financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the Board of Directors is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these standalone financial
statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the company has adequate internal financial controls with reference
to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude

that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including
the disclosures, and whether the standalone financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone
financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i)
planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect
of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the standalone financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit, we report that:

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

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books except for the matter stated in paragraph l(i)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules ,2014.

(c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), Statement
of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the
books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with Indian Accounting Standards
specified under Section 13 3 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being
appointed as a director in terms of Section 164 (2) of the Act.

(f) The modification relating to the maintenance of accounts and other matters connected therewith

Are as stated in paragraph 1(b) above and paragraph l(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules 2014.

(g with respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure A”.

(h) In our opinion and to the best of our information and according to the explanations given to us the
remuneration paid by the company to its directors during the year is in accordance with the provisions of
section 197 of the Act.

(i) 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, as amended, in our opinion and to the best of our information
and according to the explanations given to us:

i. The Company does not have pending litigations on its financial position in its standalone financial
statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.

iv. (a) The Management has represented that (refer note 29 of the standalone financial statements) to
the best of its knowledge and belief, no funds (which are material either individually or in the
aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other person or entity, including
foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, (refer note 29 of the standalone financial statements) to
the best of its knowledge and belief, no funds (which are material either individually or in the
aggregate) have been received by the Company from any person or entity, including foreign entity
(“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the
Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

v. No dividend was declared or paid during the year by the Company.

vi. Based on our examination, the Company has used accounting software prime 2.0 and is in the
process of establishing necessary controls and maintaining documentation relating to audit trail (edit
log). Hence, we are unable to comment on the audit trail feature and whether the audit trail had
operated throughout the year or was tampered with.

2. As required by the Companies (Auditor’s Report) Order, 2020, (‘the Order’) issued by the Central
Government of India in terms of Section 143 (11) of the Act, we give in “Annexure B” a statement on the
matters specified in paragraphs 3 and 4 of the Order.

For Ramanatham & Rao
Chartered Accountants
(FRN: 002934S)

Sd/-

K Sreenivasan
Partner

Membership No: 206421
UDIN: 24206421BKAKHW8563
Place: Hyderabad
Date: 30.05.2024

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Mar 31, 2015

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

The company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation 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 specified under Section 133 of the Act, read with Rule 7 of the Companies (accounts) Rules, 2014. This responsibility also includes maintainance 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 maintainance of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the Audit report under the provisions of the Act and the Rules made thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts and 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 controls 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 financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the company as at 31st march, 2015 and its loss and its cash flow 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 sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

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

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

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts ) Rules, 2014;

e) On the basis of 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 Section 164 (2) of the Act.

Annexure to Auditors Report

The Annexure referred to in our report to the members of the Company for the year ended 331st March, 2015. We report that

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

b. As explained to us, the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and the nature of its business. No material discrepancies were noticed on such physical verification.

ii. a. The inventories have been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.

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

c. The Company has maintained proper records of its inventories. The discrepancies noticed on verification between physical stocks and book records were not material.

iii. a. The Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under Section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

v. The company has not accepted any deposits within the meaning of the Section 73 to 76 of the Act and the rules framed thereunder.

vi. Maintenance of cost records by the company has not been prescribed by central government of India under Sub-Section (1) of Section 148 of the Companies Act, 2013.

vii. a. According to the information and explanations given to us and records of the Company examined by us the company is regular in depositing undisputed statutory dues including Provident Fund, Smployees State insurance, Income Tax, Sales Tax, value Added tax, Service Tax, Customs Duty, Excise Duty, cess and any other statutory dues as applicable with the appropriate authorities and there was no arrears of outstanding statutory dues as on the last day of the financial year concerned 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 records of the Company examined by us, there are no disputes pending against the company as at 31st March, 2015.

c. There are no amounts which are required to be transferred to the Investor Education and Protection Fund by the company.

viii. The company has accumulated losses at the end of the financial year exceeding fifty percent of its net worth and it has incurred cash losses during the financial year and in the immediately preceding financial year.

ix. In our opinion and according to the information and explanations given to us, the Company has not taken any loan from financial institutions, bank or through debentures. Accordingly, the provisions of clause 3(ix) of Companies (Auditor's Report) Order, 2015 are not applicable to the Company.

x. In our opinion and according to the information and explanations given to us, the Company has not given any gurantee for loan taken by others from banks or financial institutions Accordingly, the provisions of clause 3(ix) of Companies (Auditor's Report) Order, 2015 are not applicable to the Company.

xi. In our opinion and according to the information and explanation given to us, the Company has not taken any term loans. Accordingly, the provisions of clause 3(ix) of Companies (Auditor's Report) Order, 2015 are not applicable to the Company.

xii. 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.

For M. Anandam & Co., Chartered Accountants (Firm Regn.No.000125S)

Sd/- A.V.Sadasiva Place: Secunderabad Partner Date: 30th May, 2015 M.No.18404

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Mar 31, 2014

We have audited the accompanying financial statements of Combat Drugs Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, 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 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 controls 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 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 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 subsection (3C) of section 211 of the Companies Act, 1956 read with general circular 8/2014, dated 4th April, 2014 issued by Ministry Corporate Affairs;

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 AUDITORS REPORT

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

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

b. As explained to us, the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the company and the nature of its business. No material discrepancies were noticed on such physical verification.

c. The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern status.

ii. a. According to the information and explanations given to us, the management has physically verified the inventory but the count sheets were not available for verification.

b. In the light of clause 4(ii)(a), it is hard to comment if the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size and nature of Company.

c. In the light of clause 4(ii)(a), it is hard to comment if the Company has maintained proper records of its inventories and if there are any material discrepancies between physical stock and book records.

iii. a. The Company has not granted any loans to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

b. The Company has taken unsecured loans from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year and the year-end balance of loans taken is Rs.5.18 Lakhs.

c. In our opinion, the rate of interest and other terms and conditions on which loans have been taken from the parties covered in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie prejudicial to the interest of the Company.

d. The Company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

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. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from public.

vii. According to the information and explanations given to us, the Company has an internal audit which is commensurate with the size and nature of its business.

viii. Maintenance of cost records by the company has not been prescribed by central government of India under Section 209(1) (d) of the Companies Act, 1956.

ix. a. On verification it was found that the company was not regular in depositing undisputed statutory dues relating to Employee State insurance, Professional tax and Income tax with the appropriate authorities and Rs.5,21,792 stood outstanding for six months or more as on the last day of the financial year.

b. According to the information and explanations given to us and records of the Company examined by us, particulars of sales tax, as at 31st March, 2014 for the amounts involved on account of dispute pending, are as under:

Name of the Nature of Amount Period to Forum where Statute the Dues (Rs. In which the dispute is amount Lakhs) pending relates

Central Sales Central 1.30 2012-13 Appellate Tax Act, 1956 Sales Deputy Tax Commissioner (CT), Hyderabad

x. The company has accumulated losses not exceeding fifty percent of its net worth and incurred cash losses during the financial year covered by our audit but not incurred cash loss in the immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us, the Company has not taken any loan from financial institutions, bank or through debentures. Accordingly, the provisions of clause 4(xi) of Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xii. According to information and explanations given to us and based on the documents and records produced to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the Company is not a chit fund / nidhi/ mutual benefit fund/ society. Accordingly the provisions of clause 4(xiii) if the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and according to the information and explanation given to us, the Company is not dealing in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

xv. 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 banks or financial institutions. Accordingly, the provisions of clause 4(xv) of the Companies (Auditors'' Report) Order, 2003 are not applicable to the Company.

xvi. In our opinion and according to the information and explanation given to us, the Company has not taken any term loans. Accordingly, the provisions of clause 4(xvi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xvii. In our opinion and according to the information and explanation given to us, and on an overall examination of the Balance sheet of the Company, we report that no funds raised on short-term basis have been used for long term investments.

xviii. The Company has not made any preferential allotment of shares during the year to parties or Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

xix. The Company has not issued any debentures during the year.

xx. The Company has not raised any funds on public issue and hence disclosure on the end use of money raised by the public issue is not applicable to the Company.

xxi. 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.

For M. Anandam& Co., Chartered Accountants (Firm Regn.No.000125S)

Sd/- Place: Hyderabad A.V.SADASIVA Date: 30th May'' 2014. Partner - M.No.018404

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Mar 31, 2013

We have audited the financial statements of Combat Drugs Limited (''the Company'') which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then and a ummary of the significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of financial position, 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 maintainance of internal controls relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, weather 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 auditing standards on Auditing issued by the Institute of Charted Accountants of India. Those standards require that we comply ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depended on the auditors judgement including the assessment of risk of material misstatement of the financial statements, wether due to fraud or error. In making those risk assessment the auditor considers the internal controls 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 the accounting policies used and the reasonableness of the accounting estimates made by the 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 as 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 case of the Balance sheet, of the state of affairs of the company as at 31 March 2013,

b) In the case of the statement of Profit & Loss of the loss of the year ended on that date.

c) In the case of the Cash Flow, of the Cash Flow for the year ended on that date.

Report on Other Legal & Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said 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 comply with the accounting standards referred to in Sub- section (3C) of section 211 of the Companies Act, 1956

d) The Balance Sheet, Statement of Profit and Loss Account and Cash flow statement dealt with by this report are in agreement with the books of account;

e) On the basis of written representations received from the directors as on 31 March 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 of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

Annexure to Auditors'' Report

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

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

(b) As explained to us, the Fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable having regard to the size of the company and the nature of its business. No material Discrepancies were noticed on such physical verification.

(c) The Company has not disposed off any substantial part of its fixed assets so as to effect its going concern status.

ii. (a) As per the information and explanations given to us, the management has physically verified the inventory but count sheets were not available for verification.

(b) In the light of clause 4(II)(a), it is hard to comment if the procedure for physical verification of inventories followed by the management are reasonable and adequate in nature to the size and relation of the company.

(c) In the light of clause 4(II)(a), it is hard to comment if the company has maintained proper records of its inventory and if there are any material discrepancies between the physical stocks and 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 301 of the Companies Act, 1956.

(b) The company has unsecured loan from two party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year and the year-end balance is Rs. 5.18 Lakhs.

(c) In our opinion, the rate of intrest and other terms and conditions on which loans have been taken from the parties covered in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie prejudice to the interest of the company.

(d) The company is regular in repaying the principal amounts as stipulated.

iv. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

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) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act 1956, exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

vi. In our opinion and according to the information and explanations given to us the Company has not accepted deposits from the public..

vii. According to the information and explanations given to us, the Company has an internal audit system which is commensurate with the size and nature of its business.

viii. Maintenance of cost records by the company has not been prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956.

ix. On verification it was found that the company was not regular in depositing undisputed statutory dues relating to Employee State Insurance, Professional Tax, & Income Tax with the appropriate authority and Rs.5,21,792 stood outstanding for 6 months or more as on the last day of the financial year.

x. The company has no accumulated losses and it has not incurred any cash losses during the financial year covered by our audit or in the immidiately preceding financial year.

xi. In our opinion and according to the information and explanations given to us, the company has not taken any loan from any financial institutions, banks or through debentures. Accordingly the provisions of the clause 4(xi) of the companies (Auditors Report) order, 2003 are not applicable to the company.

xii. According to the information and explanation given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of securities by way of pledges of shares, debentures and other securities.

xiii. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xiv. In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the companies (Auditor''s report) order, 2003 are not applicable to the company.

xv. In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, the provisions of Clause 4 (xv) of the companies (Auditor''s report) order, 2003 are not applicable to the company.

xvi. The company has not taken any term loans; hence this clause is not applicable.

xvii. 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 were applied for long-term investment.

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

xix. The company has not issued any debentures during the year.

xx. The company has not raised any funds on public issue and hence disclosure on the end use of money raised by the public issue is not applicable to the Company.

xxi. 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.

For M. Anandam & Co.,

Chartered Accountants

(Firm Regn.No.000125S)

Sd/-

A.V. SADASIVA

Partner

Place: Secunderabad M.No: 18404

Date: 30th May 2013

---

Mar 31, 2012

1. We have Audited the attached Balance Sheet of Combat Drugs Limited the Company'' for the period 1st October 2011 to 31st March 2012 and also the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of tire 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. Those 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 lest 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 (Auditor''s Report) Order. 2003 issued by (he Centre! Government in terms of Section 227 (4A) of the Companies Act. 1956. we annex hereto a statement on the matters specified in paragraphs A and 5 of the said Order.

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

b) 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;

c) In bur 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,

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with requirements of the accounting standards referred to in Sub-section (3C) of section 211 of the Companies Act, 1956

e) The Balance Sheet, Statement of Profit and Loss Account and Cash flow statement dealt with by this report are in agreement with the books of account;

f) On the basis of written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified from being appointed as a director of the Company under clause (g) of sub-section (1) of Section 274 of the Companies Act. 1956;

a) In Our opinion and to the best of our information and according to the explanations given to us, they said accounts read together with the Significant Accounting Policies and notes thereon 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:

i. In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March 2012;

ii. In the ease of the Statement of Profit and Loss, of the Loss of the company for the year ended on that date, and

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

Annexure to Auditors'' Report

Referred to in paragraph 3 of our report of even date

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

(b) The Fixed assets have been physically verified by the management during the year. No material Discrepancies were noticed on such physical verification.

(c) The Company as not disposed of any substantial part of its fixed assets during the year.

xviii. (a) As per the information and explanations given to us, physical verification of inventories is carried out by the Company at regular intervals during the year. In our opinion the frequency of verification is reasonable.

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

(c) The Company is maintaining proper records of inventory. As informed by the management, the discrepancies noticed on verification between the physical stocks and the book records were not material,

xix. (a) The company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 which are not prejudicial to the company

(b) The company has taken an interest free loan from one party covered in the register maintained under Section 301 of the Companies Act. T95S. The maximum amount involved during the year is Rs 3.54 Lakhs and the year-end balance is Rs. 2.S8 Lakhs.

(c) The company is regular in repaying the principal amounts as stipulated.

XX. In our opinion, and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, for the purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

xxi. (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) In our opinion and according to the information and explanations-.given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act 1956, exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

ix. The Company has not accepted deposits from the public within the meaning of section 58A and 5&AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under. We are informed that no order has been passed by the Company Law Board or National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal.

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

xi. Maintenance of cost records by the company has not been prescribed by the Central Government of India under Section 209(I) (d) of the Companies Act, 1956

xii. (a) According to the information and explanations given to us, and on the basis of our examination of books of account, the Company is generally regular in -.depositing with the appropriate authorities undisputed statutory dues including provident fund, employee state insurance, sales tan, customs duty, health tax service tax, Excise duty, Cess and other statutory dues applicable to "1C /According to the information and explanations given to us, the company has period remitted Tax deduction at source Rs 4,25,740. and Professional Tax Rs. 35,590/- to the appropriate authorities

(b) According to the information and explanations given to us, there are no disputed statutory dues pending as on31siMarch, 2012.

xiii. The company has appropriated an amount of Rs. 2,24,40,0007- under a Scheme of Arrangement towards reduction of share capital sanctioned by the Humble High Court of A.P. vide its order no. 9 of 2011 dated 26th July 2011 and henceforth the accumulated losses have been set off. Therefore the Company does not have any accumulated tosses as at 31M March 2012,

xiv. In our opinion and1 according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.

xv. According to the information and explanation given to us and based on the documents and records produced to us, the company has not granted loans and advances on the basis of securities by way of pledges of shares, debentures and other securities.

xvi. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are hot applicable to the Company.

i. In our opinion'' and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the companies (Auditors report) order. 2003 are not applicable to the company.

ii. In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Accordingly, the provisions of Clause A (xv) of the companies (Auditor''s report) order. 2003 are not applicable to the company.

iii. The company has not taken any term loans; hence this Clause is not applicable.

iv. in our opinion and according to the information and explanations given to list and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis were applied for long-term investment

v. 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 register maintained under section 301 of the Companies Act. 1956 and hence this clause is-not applicable

vi. According to the information and explanations given to us, there were no o debentures issued by the company during the period. Accordingly, Clause 4 (xix) of Companies [Auditor''s Report) Order. 2003 is not applicable.

vii. According to the information and explanations given to us, the Company has not raised any funds on public issue and hence disclosure on the end use of money raised by the public issue is not applicable to the Company.

viii. Based upon the audit procedures performed for the purpose of reporting-this true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the course of our audit.

For M. Artandam & Co..

Chartered Accountants

(Firm Regn.No.000125S)

Sd/-

A.V. SADASIVA

Partner

Place; Seconderabad M.No: 16404

Date : 7th Sep 2012

---

Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s Combat Drugs Limited, as at 31st March, 2010 and the Profit and Loss Account for the year ended on that date annexed thereto both of which have been signed under reference to this report. These financial statements are the responsibility of the Companys management. Our responsibility is to express on 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 assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Manufacturing and Other Companies (Auditors Report) Order, 2003, we report that, in our opinion, and to the best of our knowledge and belief, and as per the information and explanations furnished to us, and the books and records examined by us in the normal course of audit:

i. The Company is in the process of updating fixed asset register to show full particulars including quantitative details and situation of fixed assets. We understand that the fixed assets have been physically verified by the management and that no material discrepancies have been noticed on such verification.

ii. The fixed assets have not been revalued.

iii. According to the information given to us physical verification has been conducted by the management at reasonable intervals in respect of finished goods, stores and raw materials.

iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures 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 weaknesses in internal controls.

v. The Company has not taken loans from companies listed in the register maintained under section 301 of the Companies Act, 1956. The terms and conditions and rates of interest are not prima facie prejudicial to the interests of the Company.

vi. The Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. We have been informed that there are no companies under the same management within the meaning of section 370 (IB) of the Companies Act, 1956.

vii. The Company has not given loans and advances in the nature of loan during the year.

viii. There are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods.

ix. According to the information and explanations given to us there were no purchases of goods and materials and sale of goods, materials and services, aggregating during the period to more than Rs.50,000 in value, in pursuance of contracts and arrangements entered into with the parties entered in the register maintained under section 301 of the companies Act. 1956.

x. The Company has a procedure for determining unserviceable or damaged stores, raw materials and finished goods. However, according to the information and explanations given to us the Company did not have any unserviceable or damaged stores, raw materials and finished goods during the period under review.

xi. According to the information and explanations given to us, the Company has not accepted any deposits as contemplated in the provisions of section 58 A of the Companies Act, 1956.

xii. According to the information and explanations given to us the Company did not have any realisable by-products and scrap.

xiii. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.

xiv. The Company has not maintained the records inspite of the rules made by the Central Government Under section 209 (1) (d) of the Companies Act, 1956 in respect of formulations.

xv. According to the information & explanations given to us and the records of the Company examined by us, in our opinion the Company is generally regular in depositing the undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Customs Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities. There are no undisputed amounts payable in respect of the aforesaid dues which were outstanding as at 31st March, 2010 for a period of more than six months from the date of becoming payable.

xvi. There are no undisputed amounts payable in respect of Income Tax, Sales Tax. Customs Duty and Excise Duty as at 31st March, 2010.

xvii. The Company has a policy of authorizing expenditure based on reasonable checks and controls. This policy is intended to ensure that expenses are authorized on the basis of contractual obligations or accepted business practices having regard to the Companys business needs and exigencies. In terms of these observations, we have not come across any expenses charged to revenue account which, in our opinion and judgement and to the best of our knowledge and belief, could be regarded as personal expenses.

xviii. The accumulated losses at the end of the financial year are more than 50% of its networth. However the company has not incurred cash loss in the year nor in the preceding financial year.

II. In terms of and further to the above, we also report as follows:

a. 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;

b. In our opinion, proper books of accounts as required by the Companies Act, 1956, have been kept by the Company so far as it appear from our examination of those books;

c. The attached Balance Sheet and the Profit and Loss Account are in agreement with the books of account;

d. In our opinion, the Profit and Loss Account and Balance Sheet comply with the account- ing standards referred to in Section 211 (3C) of the Companies Act, 1956 to the extent applicable.

e. On the basis of confirmations received from the other Companies in which Directors are Directors or in their absence, confirmation from Directors concerned, none of the Director is disqualified from being appointed as a Director under clause (g) of sub section (1) to Section 274 of the Companies Act, 1956.

In our opinion and to the best of our information, and according to the explanations given to us, the said statements of account together with the schedules and the notes thereon, 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 the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010.

and

ii. In the case of the Profit and Loss Account, of the Profit of the Company for the year ended 31 st March, 2010.



for MAHESH, VIRENDER & SRIRAM

Chartered Accountants

(B.R.MAHESH)

Partner

Place : Hyderabad.

Date: 06.09.2010.