Samsrita Labs Ltd. இன் முடிவுகள்

Mar 31, 2025

We have audited the standalone financial statements of SAMSRITA LABS LIMITED (“the Company”), which
comprise the balance sheet as at March 31,2025, and the statement of Profit and Loss, statement of changes in
equity and statement of Cash Flows for the year then ended, and notes to the standalone financial statements,
including a summary of significant accounting policies and other explanatory information.

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 Companies (Indian Accounting Standards) Rules, 2015 as amended and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025,
and its profit, 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 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 (ICAI) 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 there under, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. 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 judgment, 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 matters qualifying as key audit matters.

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises 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 these standalone financial statements that give a true and fair view of the financial position,
financial performance, changes inequity 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 statement 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.

We give in “Annexure A” a detailed description of Auditor''s responsibilities for Audit of the Standalone Financial
Statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in “Annexure B” a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable 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;

(c) The Balance Sheet, the Statement of Profit and Loss, the 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 the Indian Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March,2025taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March2025 from being
appointed as a director in terms of Section 164 (2) of the Act.

(f) 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 C”.

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements
of section 197(16) of the Act, as amended, 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.

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according
to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial position;

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

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

iv. a) The Management has represented that, to the best of its knowledge and belief, as disclosed in note

34(vi) to the Standalone financial statements, no funds 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(s) or entity(ies), including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, 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, to the best of it''s knowledge and belief, as disclosed in note
34(vii) to Standalone financial statements, no funds have been received by the Company from any
person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company shall, 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 performed 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 Interim dividend has been declared by the company during the year or the previous year so the
provisions of section 123 of the Companies Act, 2013 are not applicable to the company.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining booksof account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the
Company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit
and Auditors) Rules, 2014 is applicable for the financial year ended March 31, 2025. The company has
maintained an audit trail.

For MGR & Co

Chartered Accountants

ICAI Firm Registration No. 012787S

Sd/-

M. G. Rao

Partner

Membership No. 029893

UDIN:25029893BMHANX5326

Place: Hyderabad

Date: 26.04.2025

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Mar 31, 2024

We have audited the standalone financial statements of SAMSRITA LABS LIMITED (“the Company”), which
comprise the balance sheet as at March 31,2024, and the statement of Profit and Loss, statement of changes in
equity and statement of Cash Flows for the year then ended, and notes to the standalone financial statements,
including a summary of significant accounting policies and other explanatory information.

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 Companies (Indian Accounting Standards) Rules, 2015 as amended and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024,
and its profit, 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 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 (ICAI) 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 there under, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. 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 judgment, 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 matters qualifying as key audit matters.

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises 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 these standalone financial statements that give a true and fair view of the financial position,
financial performance, changes inequity 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 statement 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.

We give in “Annexure A” a detailed description of Auditor''s responsibilities for Audit of the Standalone Financial
Statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2020 (“the Order”), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in “Annexure B” a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable 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;

(c) The Balance Sheet, the Statement of Profit and Loss, the 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 the Indian Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31st March,2024taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March2024 from being
appointed as a director in terms of Section 164 (2) of the Act.

(f) 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 C”.

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements
of section 197(16) of the Act, as amended, 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.

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according
to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial position;

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

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

iv. a) The Management has represented that, to the best of its knowledge and belief, as disclosed in note 34(vi)
to the Standalone financial statements, no funds 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(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall, 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, to the best of it''s knowledge and belief, as disclosed in note 34(vii)
to Standalone financial statements, no funds have been received by the Company from any person(s) or
entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing
or otherwise, that the Company shall, 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 performed 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 Interim dividend has been declared by the company during the year or the previous year so the
provisions of section 123 of the Companies Act, 2013 are not applicable to the company.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using
accounting software which has a feature of recording audit trail (edit log) facility is applicable to the
Company with effect from April 1, 2024, and accordingly, reporting under Rule 11(g) of Companies (Audit
and Auditors) Rules, 2014 is not applicable for the financial year ended March 31,2024.

For MGR & Co

Chartered Accountants

ICAI Firm Registration No. 012787S

Sd/-

M. G. Rao

Partner

Membership No. 029893

UDIN:24029893BKACQN6859

Place: Hyderabad

Date: 28.05.2024

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Mar 31, 2018

Independent Auditors'' Report

To

The Members,

DR HABEEBULLAH LIFE SCIENCES LIMITED Report on the Standalone Ind AS financial statements

We have audited the accompanying standalone Ind AS financial statements of DR HABEEBULLAH LIFE SCIENCES LIMITED (“the Company”), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (Including other comprehensive income), the Statement of cash flows and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information (herein referred to as ''Standalone Ind AS financial statements'').

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 standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, and cash flows and changes in Equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act, read wit relevant rules issued there under. This responsibility also includes maintenance 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 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 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 there under.

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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone Ind AS financial statements that give a true and fair view 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 Company''s Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 including the standalone Ind AS, of the financial position of the Company as at 31^st March, 2018, and its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure -A a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 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, the Statement of Profit and Loss, the statement of Cash flows and the changes in Equity dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, relevant rules issued there under.

(e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B”; and

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

i. The Company does not have any pending litigations which would impact its financial position;

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.

The Annexure referred to the Independent auditors’ report to the members of the company on the standalone Ind AS financial statements for the year ended 31 March 2018, we report that

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

(b) A major portion of fixed assets have been physically verified by the management during the year at reasonable intervals; no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us, the company does not have any immovable property hence paragraph 3 (i)(c) of the Companies (Auditor''s Report) Order, 2016 is not applicable.

ii. The inventory has been physically verified by the management during the year at reasonable intervals; no material discrepancies were noticed on such verification and have been properly dealt with in the books of account.

iii. The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.

iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.

v. The Company has not accepted any deposits within the meaning of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any tribunal.

vi. In our opinion and according to the information and explanations given to us, maintenance of cost records as specified by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 is not applicable to the company.

vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess, GST and any other statutory dues to the appropriate authorities and no undisputed amounts payable were outstanding as at 31st March, 2018 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 the records of the company examined by us, there are no dues of Income Tax or GST or Sales Tax or Service Tax or duty of customs or duty of excise or value added tax or cess as at 31st March, 2018 which have not been deposited on account of a dispute.

viii. The Company does not have any loans or borrowings from any financial institution, banks, government or debenture holders during the year. Accordingly, paragraph 3 (viii) of the Companies (Auditor''s Report) Order, 2016 is not applicable.

ix. The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Companies (Auditor''s Report) Order, 2016 is not applicable.

x. According to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

xi. In our opinion and according to the information and explanations given to us, managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V of the Act.

xii. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Companies (Auditor''s Report) Order, 2016 is not applicable.

xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

xiv. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has made any preferential allotment of equity share of 8,00,000 to non- promoters and 37,50,000 Convertible warrants to promoters and non-promoters. Out of 37,50,000 convertible warrants 7,00,000 Warrants converted in to equal number equity shares of the company. The requirement of Section 42 and all the other applicable provisions of the Companies Act, 2013 and SEBI Regulations were complied with.

xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Companies (Auditor''s Report) Order, 2016 is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

We have audited the internal financial controls over financial reporting of DR HABEEBULLAH LIFE SCIENCES LIMITED (“the Company”) as of 31st March 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial

reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31^stMarch 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For N.M. Khatavkar& Co.,

Chartered Accountants

Firm Regd No. 007939S

Sd/-

N. M. Khatavkar

Membership No. 206569

Place: Hyderabad

Date: 30.05.2018

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Mar 31, 2015

We have audited the accompanying standalone financial statements of PC Products India Limited ('the Company'), which comprise the balance sheet as at 31 March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 and presentation of these standalone 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance 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 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 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 standalone 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 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 internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, 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 on the standalone financial statements.

Opinion

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 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 31 March 2015 and its profit and its 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, 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 the paragraph 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 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, the statement of profit and loss and the cash flow statement dealt with by this Report are in agreement with the books of account;

(d) in our opinion, the aforesaid standalone 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 the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and

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

i. the Company has disclosed the impact of pending litigations on its financial position in its financial statements;

ii. the Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts and

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that:

(i) (a) The Company does not have any fixed assets. Thus paragraph 3(i) of the order is not applicable.

(ii) The management has conducted physical verification of inventory at reasonable intervals. In my opinion, the procedures of physical verification of inventory followed by the management are reasonable adequate in relation to the size of the company and the nature of its business. In my opinion and according to the information and explanation given to us, the company is maintaining proper records of inventory. The discrepancies noticed on verification between physical inventories and books of records were not material in relation to the operations of the Company and the same have been properly dealt with the books of accounts.

(iii) (a) The Company has granted loans to one party covered in the register

maintained under section 189 of the Companies Act, 2013 ('the Act'). The details are as under:

Sl.No. Name of the Party Amount

1. Bhimasen Khurana 6,00,000.00/-

(b) In the case of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of the interest as stipulated. The terms of arrangements do not stipulate any repayment schedule and the loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of the Order is not applicable to the Company in respect of repayment of the principal amount.

(c) There are no overdue amounts of more than rupees one lakh in respect of the loans granted to the bodies corporate 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 with regard to purchase of fixed assets and sale of goods.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services/ goods rendered/ traded by the Company.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees' state insurance and duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute.

(c) According to the information and explanations given to us there were no such cases where the amount was required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under has been transferred to such fund within time.

(viii) According to information and explanation given to us the Company has been registered for the period not less than five years and its accumulated losses at the end of financial year are less than fifty percent of net wealth and it has not incurred any cash losses in the financial year and in the immediate preceding financial year.

(ix) The Company did not have any outstanding dues to financial institutions, banks or debenture holders during the year.

(x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xi) The Company did not have any term loans outstanding during the year.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

For N.M. Khatavkar & Co Chartered Accountants Sd/- N M Khatavkar Partner Membership number: 206569 Firm Regd No.007939S Hubli 29 May, 2015

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Mar 31, 2014

We have audited the accompanying financial statements of "Jayavant Industries Limited", which comprises the Balance Sheet as at 31 March, 2014, and the Statement of Profit and Loss account 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 gives a true and fair view of the financial position, financial performance 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

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.

Option:

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 31 March, 2014;

b. in the Case of the Statement of Profit and Loss, of the Profit 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 (as amended) issued by the Central Government of India in terms of sub-section [4A] of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order to the extent applicable.

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 dealt with by this report is in agreement with the books of accounts.

d. In our opinion, the Balance Sheet and statement of 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, 1956.

e. On the basis of written representations received from the directors, as on 31st March, 2013 and taken on record by the Board of Directors,we report that none of the directors are disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub - selection (1) of section 274 of the Companies Act, 1956:

ANNEXURE TO THE AUDITORS' REPORT OF JAYAVANT INDUSTRIES LIMITED

Referred to in Paragraph 3 of our Report of even date

1. Maintenance of proper records showing full particulars regarding the quantitative details and situation of fixed assets of the Company, and physical verification of Assets by the management is not applicable for the year, as company does not hold any Fixed Assets.

2. a. According to information and explanation given to us, physical verification of inventory has not been conducted by the management as there was no trading or manufacturing activity during the year and the Company did not deal with any kind of inventory

b. In our opinion and according to the information and explanation given to us procedures of physical verification of Inventory followed by the management reasonable and adequate in relation to the size of the company and nature of its business but there was no trading of inventory in the financial year 2013-14.

c. The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification; however there was no trading during the year.

3. The Company has not taken/granted any loans, secured or unsecured from/to companies, firms or other parties listed in Register maintained under Section 301 of the Companies Act 1956

4. In our opinion and according to the information and explanation 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 and sale of goods. However company did not purchase or sell inventories during the year. There are no continuing failures to correct major weaknesses in internal control.

5. To the best of our knowledge and belief and as explained to us, the Company has not entered into any transactions during the year under preview, which required to be entered in the Register maintained under section 301 of the Companies Act 1956

6. Company has not accepted any deposits from the public as explained under section 58A of the Companies Act 1956 and the companies (Acceptance of deposits) rules 1975.

7. In our opinion, the Company has no internal audit system commensurate with the size and nature of its business.

8. Provisions of Section 209 (1) (d) of the Companies Act 1956 relating to maintenance of cost records are not applicable to this Company.

9. According to the information and explanations, given to us, there are no undisputed amounts remaining to be deposited in respect of Provident fund, Investor Education and protection Fund, Employees State Insurance, Income Tax. Wealth Tax, Customs duty, Excise duty, cess Which has remained arrears, as at 31st March 2014 for a period of more than six months from the date they become payable.

10. In our opinion accumulated losses of the Company are not more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered by our audit and it has also incurred cash losses during the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to financial Institution, Bank or debenture holders during the year covered for audit.

12. According to the information and explanation given to us the Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not chit fund or Nidhi, mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor Report) Order 2003 are not applicable to the Company.

14. In our opinion, the proper records have been maintained of transactions and contracts and timely entries have been made therein in respect of shares and securities held by the Company. Shares, Securities and other securities have been held by the Company, in its own name.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from Bank or financial institution.

16. As per the information and explanations given to us, the Company has not availed any term loans during the year.

17 According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital or losses.

18 According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act.

19 The Company has not issued any secured debentures.

20 The company has not raised any money through a public issue during the year. However the allotment money arrears has been received in cash during the current financial year.

21 According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during year.

Place: Hubli Date: 19/04/2014.

As Per Our Report of Even Date

Sheshgiri B Kulkarni Chartered Accountant

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Mar 31, 2013

We have audited the accompanying financial statements of "Jayavant Industries Limited", which comprises the Balance Sheet as at 31 March, 1013, and the Statement of Profit and Loss account for the year then ended, and a summary / of significant accounting policies and other explanatory information.

Management's Responnsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that gives a true and fair view of the financial position, financial performance 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

Auditor's Responsbility

Our responsibility to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards in Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirement 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 prepare ion 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 i 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 wit! 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 31 March, 2013;

b. in the Case of the Statement of Profit and Loss, of the loss or the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As require by the Companies [Auditor's Report] Order, 2003 (as amended) issued by the Cental Government of India in terms of sub-section [4A] of Section 227 of the Compnies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order to the extent applicable.

2. As require 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 dealt with by this report is in agreement with the books of acounts.

d. In ur opinion, the Balance Sheet and statement of Profit & Loss account, dealt with by this report comply with the Acc unting Standards referred to in sub - section (3C) of section 211 of the Companies Act, 1956.

e. On the basis of written representations received from the directors, as on 31st March, 2013, and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31 st March, 2013 from being appointed as a director in terms of clause (g) of sub - selection (1) of section 274 of the Companies Act, 1956;

ANNEXURE TO

THE AUDIORS' REPORT OF JAYAVANT INDUSTRIES LIMITED Referred to in Paragraph 3 of our Report of even date

1. Maintenance of proper records showing full particulars regarding the quantitative details and situation of fixed assets of the Company, and physical verification of Assets by the management is not applicable for the year, as company does not hold any Fixed Assets.

2.

a. According t information and explanation given to us, physical verification of inventory has not been cor acted by the management as there was no trading or manufacturing activity during the year and the Company did not deal with any kind of inventory

b. In our opinion and according to the information and explanation given to us procedures of physical verification of Inventory followed by the management reasonable and adequate in relation to the size of the company and nature of its business but there was no trading of inventory in he financial year 2012-13.

c. The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification; however there was no trading during the year.

3. The Company has not taken/granted any loans, secured or unsect red from/to companies, firms or other parties listed Register maintained under Section 301 of the Companies Act 1956

4. In our opinion and according to the information and explanation 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 and sale of goods. Howe sr company did not purchase or sell inventories during the year. There are no continuing failures to correct major weaknesses in internal control.

5. To the best of our knowledge and belief and as explained to us, the Company has not entered into any transactions during the year under preview, which require i to be entered in the Register maintained under section 301 of the Companies Act 1956

6. Company has not accepted any deposits from the public as explained under section 58A of the Companies Act 1956 and the companies (Acceptance of deposits) rules 1975.

7. In our opinion, the company has no internal audit system commensurate with the size and nature of its business.

8. Provisions of Section 209 (1) (d) of the Companies Act 1956 relating to maintenance of cost records are not applicable to this Company,

9. According to the information and explanations, given to us, there are no undisputed amounts remaining to be deposited in respect of Provident fund, Investor Education and protection Fund, Employees State Insurance, Income Tax. Wealth Tax, Customs duty, Excise duty, cess Which has remained arrears, at 31st March 2013 for a period of more than six months from the date they become payable.

10. In our opinion accumulated losses of the Company are more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and, it has also incurred cash loss; during the immediately preceding financial year.

11. In our opinion am according to the information and explanations given to us the Company has not defaulted in repayment of dues to financial Institution, Bank or debenture holders during the year covered for audit.

12. According to the information and explanation given to us the Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is t chit fund or Nidhi, mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor Report) Order 2003 are not applicable to the Company.

14. In our opinion, the proper records have been maintained of transactions and contracts and timely entries have been made therein in respect of shares and securities held by the Company. Shares, Securities and other securities have been held by the Company, in its own name.

15. According to the formation and explanations given to us, the company has not given any guarantee for loans taken by others from Bank or financial institution.

16. As per the information and explanations given to us, the Company has not availed any term loans during the year.

17 According to the it information and explanations given to us and on an overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been us; for long-term investment. No long-term fund have been used to finance short-term assets except permanent working capital or losses.

18 According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act.

19 The Company has not issued any secured debentures.

20 The company has not raised any money through a public issue during the year.

21 According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during year.

Place: Hubli Date: 1st September 2013

As Per Our Report of Even Date

Sheshgiri B. Kulkarni Chartered Accountants

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Mar 31, 2012

1 We have audited the attached Balance Sheet of JAYAVANT INDUSTRIES LIMITED as at 31st March 2012 and also Statement of profit &. Loss for the year ended on that date annexed thereon. These financial statements are the responsibility of the company's Management. Our responsibility is to express an opinion on these financial statements based on our audit,

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reason able assurance about whether the financial statements are tree of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. as well as evaluating Lite overall financial statement presentation. We believe that our audit provides a reasonable basis of our opinion.

a. As requires by the Companies (Auditors Report) Order 2003 issued by the Central Government of India in terms of Sub-Section (4 A) of Section 227 of the Companies Act 1956, we annex here to a statement on the matter matters sped tied in paragraph 4 & 5 of the said order.

4. further to our comments in the Annexure referred to above, We report that

a) We have obtained all the information and explanations which 10 the best of our knowledge and the belief which necessary for the purpose of our audit.

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

c) The Company Las incurred a net Loss of Rs. 8,94,148.23 during the year ended March 2012 and, as of that date, the Company's current Liabilities exceeded its current good assets by Rs. 3,22,99,089/- and its total liabilities exceeded its total assets by Rs. 1,68,735,01 The ability of the company to continue as a going concern is dependent on the future business plans of the Company for which no indications do exist as referred to in Note 1.5 of Note 1, however the financial statements have been prepared on a going concent basis based on matters as set forth in Note No. 1.1 of Notes on Accounts"

d) The Balance Sheet and Statement of Profit and loss dealt with by this Report arc in agreement with the books of account.

e) In our opinion the Balance Sheet and Statement of Profit and Loss dealt with by this report Comply with the accounting standards referred to the sub-section (3C) of Section 211 of the companies Act. 1956, Except Accounting Standard 22.,the company considering accumulated losses and management's perception of virtual uncertainty of making profit in the past results have not created or assumed any deferred tax asset or deferred Lax liability for the current year as required to he done according to the Accounting standard 22 issued by Institute of Chattered Accountants of India.

On the basis of the written representations from the Directors, taken on record by the Board of Directors, none of the director is disqualified as on 31st March 2012 from being appointed as a Director in terms section 274 (I) (g) of the Companies Act 1956,

g) In our opinion,, and to the best of our information and according to the explanation given to us, the accounts read together with the accounting policies and notes given in Note 1 & 2 give the information required by the Companies Act 1956 In the manner so required and give True and fair view.

I. in the case of the Balance Sheet, of the state of affairs of the Company as at 32st March 2012.

II. In the case of Statement of Profit and loss of the for the twelve months period ended on that date.

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

ANNEXURE TO

THE AUDIORS' REPORT OF JAYAVANT INDUSTRIES LIMITED Referred to in Paragraph 3 of our Report of even date

1. Maintenance of proper records showing full particulars regarding the quantitative details and situation of fixed assets of the Company, and physical verification of Assets by the management is not applicable for the year, as company does not hold any Fixed Assets.

2.

a. According t information and explanation given to us, physical verification of inventory has not been cor acted by the management as there was no trading or manufacturing activity during the year and the Company did not deal with any kind of inventory

b. In our opinion and according to the information and explanation given to us procedures of physical verification of Inventory followed by the management reasonable and adequate in relation to the size of the company and nature of its business but there was no trading of inventory in he financial year 2012-13.

c. The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification; however there was no trading during the year.

3. The Company has not taken/granted any loans, secured or unsect red from/to companies, firms or other parties listed Register maintained under Section 301 of the Companies Act 1956

4. In our opinion and according to the information and explanation 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 and sale of goods. Howe sr company did not purchase or sell inventories during the year. There are no continuing failures to correct major weaknesses in internal control.

5. To the best of our knowledge and belief and as explained to us, the Company has not entered into any transactions during the year under preview, which require i to be entered in the Register maintained under section 301 of the Companies Act 1956

6. Company has not accepted any deposits from the public as explained under section 58A of the Companies Act 1956 and the companies (Acceptance of deposits) rules 1975.

7. In our opinion, the company has no internal audit system commensurate with the size and nature of its business.

8. Provisions of Section 209 (1) (d) of the Companies Act 1956 relating to maintenance of cost records are not applicable to this Company,

9. According to the information and explanations, given to us, there are no undisputed amounts remaining to be deposited in respect of Provident fund, Investor Education and protection Fund, Employees State Insurance, Income Tax. Wealth Tax, Customs duty, Excise duty, cess Which has remained arrears, at 31st March 2013 for a period of more than six months from the date they become payable.

10. In our opinion accumulated losses of the Company are more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and, it has also incurred cash loss; during the immediately preceding financial year.

11. In our opinion am according to the information and explanations given to us the Company has not defaulted in repayment of dues to financial Institution, Bank or debenture holders during the year covered for audit.

12. According to the information and explanation given to us the Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is t chit fund or Nidhi, mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor Report) Order 2003 are not applicable to the Company.

14. In our opinion, the proper records have been maintained of transactions and contracts and timely entries have been made therein in respect of shares and securities held by the Company. Shares, Securities and other securities have been held by the Company, in its own name.

15. According to the formation and explanations given to us, the company has not given any guarantee for loans taken by others from Bank or financial institution.

16. As per the information and explanations given to us, the Company has not availed any term loans during the year.

17 According to the it information and explanations given to us and on an overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been us; for long-term investment. No long-term fund have been used to finance short-term assets except permanent working capital or losses.

18 According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act.

19 The Company has not issued any secured debentures.

20 The company has not raised any money through a public issue during the year.

21 According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during year.

Place: Hubli Date: 1st September 2012

As Per Our Report of Even Date

Sheshgiri B. Kulkarni Chartered Accountants

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Mar 31, 2011

1. We have audited the attached Balance Sheet of JAYAVANT INDUSTRIES LIMITED as at 31 March 2011 and also Profit & Loss Account for the year ended on that date annexed thereto, lhese Financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India, 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, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis of 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 annex here to a statement on the matter matters specified in paragraph 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to above, We report that

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

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

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

d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report Comply with the accounting standards referred to the sub-section (3C) of Section 211 of the companies Act, 1956. Except

Accounting Standard 22, the company considering accumulated losses and management's perception of virtual uncertainty of making profit in the past results have not created or assumed any deferred tax asset or deferred tax liability for the current year as required to be done according to the Accounting Standard 22 issued by Institute of Chartered Accountants of India.

e) On the basis of the written representations from the Directors, taken on record by the Board of Directors, none of the director is disqualified as on 31st March 2011 from being appointed as a Director in terms section 274 (1) (g) of the Companies Act 1956.

f) In our opinion, and to the best of our information and according to the explanation given to us, the accounts read together with the accounting policies and notes given in schedule 7 give the information required by the Companies Act 1956 in the manner so required and give true and fair view.

I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011.

II. In the case of Profit and Loss Account of the Loss for the twelve months period ended on that date,

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

ANNEXURE TO THE AUDITORS' REPORT OF JAYAVANT INDUSTRIES LIMITED

Referred to in Paragraph 3 of our Report of even date

1. Maintenance of proper records showing full particulars regarding the quantitative details and situation of flxed assets of the Company, and physical verification of Assets by the management is not applicable for the year, as company does not hold any Fixed Assets.

2.

a. According to information and explanation given to us, physical verification of inventory has not been conducted by the management as there was no trading or manufacturing activity during the year and the Company did not deal with any kind of inventory

b. In our opinion and according to the information and explanation given to us procedures of physical verification of Inventory followed by the management reasonable and adequate in relation to the size of the company and nature, of its business but there was no trading of inventory in the financial year 2010-11.

c. The Company Is maintaining proper records of inventory and no material discrepancies were noticed on physical verification; however there was no trading during the year.

3. The Company has not taken/granted any loans, secured or unsecured from/to companies, firms or other parties listed in Register maintained under Section 301 of the Companies Act 1956

4. In our opinion and according to the information and explanation 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 and sale of goods. However company did not purchase or sell inventories during - the year. There are no continuing failures to correct major weaknesses in internal control.

5. To the best of our knowledge and belief and as explained to us, the Company has not entered into any transactions during the year under preview, which required to be entered in the Register maintained under section 301 of the Companies Act 1956

6. Company has not accepted any deposits from the public as explained under section 58A of the Companies Act 1956 and the companies (Acceptance of deposits) rules 1975.

7. In our opinion, the Company has no internal audit system commensurate with the size and nature of its business.

8. Provisions of Section 209 (1) (d) of the Companies Act 1956 relating to maintenance of cost records are not applicable to this Company.

9. According to the information and explanations, given to us, there are no undisputed amounts remaining to be deposited in respect of Provident fund, Investor Education and protection Fund, Employees State Insurance, Income Tax. Wealth Tax, Customs duty, Excise duty, cess Which has remained arrears, as at 31st March 2011 for a period of more than six months from the date they become payable .

10. In our opinion accumulated losses of the Company are more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and It has also incurred cash losses during the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us the Company has not defaulted hi repayment of dues to financial Institution, Bank or debenture holders during the year covered for audit.

12. According to the information and explanation given to us the Company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not chit fund or Nidhi, mutual benefit fund/sodety. Therefore, the provisions of clause 4 (xlii) of the Companies (Auditor Report) Order 2003 are not applicable to the Company.

14. In our opinion, the proper records have been maintained of transactions and contracts and timely entries have been made therein in respect of shares and securities held by the Company. Shares, Securities and other securities have been held by the Company, in its own name.

15. According to the information and explanations given to us,, the company has 6©|lngIiMt>en^i
16. As per the information and explanations given to us, the Company has not availed any term loans during the year.

17 According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow statement of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital or losses.

18 According to the information and explanations given to us no preferential allotment of shares has been made by the company to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act.

19 The Company has not issued any secured debentures.

20 The company has not raised any money through a public issue during the year.

21 According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during year.

Place: Hubli Sheshgiri B, Kttfitarnl. Date: 1/9/2011 Chartered Accountant. M, Moj 204618