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Auditor Report of Mahavir Advanced Remedies Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of M/s. Mahavir Advanced Remedies Limited, which comprise the Balance Sheet as at 31st March 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under 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 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the 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 the 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 the 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 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 required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2014;

b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (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 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.

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

(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with Accounting Standards notified under 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.

(e) On the basis of the written representations received from the directors as on 31st March 2014 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 Act.

Annexure to the Auditors'' Report

Referred to in Paragraph 1 of our report of even date)

(i) The company has no fixed assets, so item (i) of paragraph 4 of the order is not applicable to the Company.

(ii) The company has no inventories, so item (ii) of paragraph 4 of the order is not applicable to the Company.

(iii) According to information and explanations given to us, the company has not taken or granted any secured or unsecured loans from/to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

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

(v) (a) According to 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.

(a) According to information and explanations given to us, no transactions have been 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 each party.

(vi) In our opinion, and according to information and explanations given to us, the Company has not accepted any deposits from the public. Under section 58A and 58AA of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules, 1975, during the year.

(vii) In our opinion, the Company''s internal audit system is commensurate with the size and the nature of its business.

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

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Income-tax, Wealth Tax, sale-tax, custom duty and any other statutory dues applicable to it;

(b) According to information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sale-tax, custom duty and excise duty etc. were outstanding as at 31st March 2014, for a period of more than six months from the date they became payable;

(b) According to the records of the company, there are no dues of income tax, wealth tax, sale-tax, custom duty and excise duty, which have been deposited on account of any dispute.

(x) The accumulated losses of the company are not more than fifty per cent of its net worth. The company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year also.

(xi) In our opinion and according to information and explanations given to us, the company not defaulted in repayment of dues to financial institution, bank or debenture holders.

(xii) 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) The company is not a Chit Fund, Nidhi or Mutual Benefit Society. Hence requirement of item (xiii) of paragraph 4 of the order is not applicable to the Company.

(xiv) The Company is in to the trading medicines or pharmaceutical products. Based on our examination of documents and records, we are of the opinion that proper records have been maintained by the company and timely entries have been made therein. The shares, securities and other investments have been held by the company in its own name.

(xv) As informed to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) As per information and explanations given to us, the company has not taken any fresh term loan during the year.

(xvii) According to 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 used for long-term investment. Similarly, no funds raised on long term basis have been used for short-term investment.

(xviii) According to information and explanations given to us, the company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The company has not issued any debenture. Hence requirement of item (xix) of paragraph 4 of the order is not applicable to the Company.

(xx) The company has not raised any money through public issue. Hence requirement of item (xx) of paragraph 4 of the order is not applicable to the Company.

(xxi) According to the information and explanations provided to us, a fraud on or by the company has not been noticed or reported during the year.

G. Sivaprakash Chartered Accountants

Place: Chennai Date: May 27, 2014

Proprietor Membership Number 200/24556


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Mahavir Advanced Remedies Limited, which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the 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 the 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 the 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 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 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, 2013;

b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (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 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.

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

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

Referred to in paragraph 3 our report of even date on the accounts for the year ended 31st March 2013 of MAHAVIR ADVANCED REMEDIES LIMITED, CHENNAI.

(i) The company has no fixed assets, so item (i) of paragraph 4 of the order is not applicable to the Company.

(ii) The company has no inventories, so item (ii) of paragraph 4 of the order is not applicable to the Company.

(iii) According to information and explanations given to us, the company has not taken or granted any secured or unsecured loans from/to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

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

(v) (a) According to 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) According to information and explanations given to us, no transactions have been 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 each party.

(vi) In our opinion, and according to information and explanations given to us, the Company has not accepted any deposits fromthe public. Under section 58A and 58AA of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules, 1975, during the year.

(vii) In our opinion, the Company''s internal audit system is commensurate with the size and the nature of its business.

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

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Income-tax, Wealth Tax, sale-tax, custom duty and any other statutory dues applicable to it;

(b) According to information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sale-tax, custom duty and excise duty etc. were outstanding as at 31st March 2013, for a period of more than six months from the date they became payable;

(b) According to the records of the company, there are no dues of income tax, wealth tax, sale-tax, custom duty and excise duty, which have been deposited on account of any dispute.

(x) The accumulated losses of the company are not more than fifty per cent of its net worth. The company has incurred cash losses during the financial year covered by our audit and the immediately preceding financial year also.

(xi) In our opinion and according to information and explanations given to us, the company not defaulted in repayment of dues to financial institution, bank or debenture holders.

(xii) 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) The company is not a Chit Fund, Nidhi or Mutual Benefit Society. Hence requirement of item (xiii) of paragraph 4 of the order is not applicable to the Company.

(xiv) The Company is in to the trading medicines or pharmaceutical products. Based on our examination of documents and records, we are of the opinion that proper records have been maintained by the company and timely entries have been made therein. The shares, securities and other investments have been held by the company in its own name.

(xv) As informed to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

(xvi) As per information and explanations given to us, the company has not taken any fresh term loan during the year.

(xvii) According to 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 used for long-term investment. Similarly, no funds raised on long term basis have been used for short- term investment.

(xviii) According to information and explanations given to us, the company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Companies Act, 1956.

(xix) The company has not issued any debenture. Hence requirement of item (xix) of paragraph 4 of the order is not applicable to the Company.

(xx) The company has not raised any money through public issue. Hence requirement of item (xx) of paragraph 4 of the order is not applicable to the Company.

(xxi) According to the information and explanations provided to us, a fraud on or by the company has not been noticed or reported during the year.

G. Sivaprakash

Chartered Accountants

Place : Chennai Proprietor

Date : May 30, 2013 Membership Number 200/24556


Mar 31, 2012

I have audited the attached Balance Sheet of INDO AMERICAN ADVANCED PHARMACEUTICALS LIMITED as at 31st March, 2012 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company management. My responsibility is to express an opinion on the financial statements based on my audit.

1. I conduct my audit in accordance with auditing standards accepted in India. These standards require that I 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 disclosing 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. I believe that my audit provides a reasonable basis for my opinion.

2. As required by the Manufacturing and Other Companies (Auditor''s Report) Order, 1988 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of Companies Act,1956, I enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

3. Further My comments in the Annexure referred to above, I report that :

(i) We have obtained all the information and explanations which, to the best of my knowledge and belief, were necessary for the purpose of my audit.

(ii) In my opinion, proper books of accounts as required by law have been kept by the Company so far as appears from my examination of these books.

(iii) The Balance Sheet and Profit and Loss Account is dealt with by this report are in agreement with the books of account.

(iv) In my report, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act.

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

(vi) In my opinion and to the best my information and according to the Explanations given to me the Balance Sheet and Profit and Loss Account give a true and fair view in conformity with the accounting principles generally accepted in India.

a. In the case of the 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 loss for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 2 OF MY REPORT OF EVEN DATE TO THE MEMBERS OF INDO AMERICAN ADVANCED PHARMACEUTICALS LIMITED ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED 31ST MARCH, 2012.

1. The Company generally maintained proper records showing full particulars including quantitative details and location of its Fixed Assets. The management has physically verified the Fixed Assets at reasonable intervals and no material discrepancies are reported to have been observed on such verification as compared to book records.

2. None of the Fixed Assets of the Company have been revalued during the year.

3. The stocks, finished goods, stores and spares, raw materials etc., have been physically verified by the management at reasonable intervals during the year.

4. The Company has not taken any loans, secured or unsecured from the companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. T am informed that there is no Company under the same management as defined under section 370 (1B) of the Companies Act, 1956.

5. 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. I am informed that there is no Company under the same management as defined under section 370 (1B) of the Companies Act, 1956.

6. In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of the business with regard to purchase of spares and stores, raw materials, plant and machinery equipment and other assets and for the sale of goods.

7. According to the information and explanations given to me, there is no transactions of purchase of goods and sale of medicines made in pursuance of contracts or arrangements entered in the register maintained under Section 301 or more during the year in respect of each party have been made at prices, which were reasonable having regards to the prevailing market prices for such medicines or prices at which the transactions for similar goods have been made with other parties.

8. As informed to me, the Company generally has a reasonable system of determination of unserviceable or damage stores and spares, raw materials, and finished goods, and adequate provision for the loss arising on such items has been made during the year and review.

9. The Company has not accepted any deposited from the public within the meaning of Section 58A of the Companies Act, 1956 and the rules framed thereunder.

10. In my opinion, the Company has maintained reasonable records for the sale of disposal of its realizable scrap.

11. The Company is yet to install an internal Audit System commensurate with the size and nature of business.

12. 12.According to the information and explanations given to us no personal expenses of employees of directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practice.

13. I have been informed that the Central Government has not prescribed maintenance of cost records under section 209 (1) (d) of the Companies Act 1956 for any of the products of the Company.

14. The Company does not have any Provident Fund Scheme.

15. The Company has generally been regular in depositing Employees State Insurance with appropriate authorities in time.

16. According to the information and explanation given to me and the books records examined by me, there is no undisputed amounts payable is respect of income-tax, Wealth Tax, Sales Tax, Customs duty and Excise duty outstanding as at 31st March 2012 for a period exceeding six months from the data it became payable.

17. The Company is not a sick industrial Company as defined in the sick industrial Companies (Special provisions) Act, 1956.

Place: Chennai For G. Sivaprakash

Date: 27.08.2012 Chartered Accountant

G. Sivaprakash

Proprietor Membership

No. 200/24556

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