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Nifty 25,966.40 +0.58%

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Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Sensex 84,929.36 +0.53%

Nifty 25,966.40 +0.58%

22k Gold ₹ 12,300 /gm

Auditor Report of Albert David Ltd.

Mar 31, 2025

To The Members Of ALBERT DAVID LIMITED

Report on the Audit of the Financial Statements

Opinion

1. We have audited the accompanying financial statements of ALBERT DAVID LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows, the Statement of Changes in Equity and notes to the financial statements for the year ended on that date including a summary of material accounting policies and other explanatory information (herein after referred to as "Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit (including Other Comprehensive Loss), Changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

3. Key Audit Matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the 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 the matters described below to be the key audit matters to be communicated in our report.

Sr.

Key Audit Matter

Auditor''s Response

Revenue Recognition

Revenue for the company consists primarily of sale of products. Revenue from the sale of products is recognized at the moment when performance obligation of the underlying products have been completed and is measured net of discounts, incentives and rebates given to the customers. The estimation of discounts, incentives and rebates recognized, related to sales made during the year, is material and considered to be complex and judgmental. Therefore, there is a risk of revenue being misstated as a result of inaccurate estimates of discounts, incentives and rebates.

Further, the company focuses on revenue as a key performance measure. Therefore, revenue was our area of focus included whether the accruals were misstated and appropriately valued, whether rebates and discounts was recorded in the correct period and whether the significant transactions had been accurately recorded in the Statement of Profit and Loss. Refer corresponding note for amounts recognized as revenue from sale of products

Principal Audit Procedures

a) Assessed the appropriateness of the company''s revenue recognition accounting policies, including those relating to discounts, incentives and rebates by comparing with the applicable accounting standards;

b) Tested the operating effectiveness of the general IT control environment and key IT application controls over recognition of revenue, calculation of discounts, incentives and rebates;

c) Performed test of details:

i) Agreed samples of sales, discounts, incentives and rebates to supporting documentation and approvals; and

ii) Obtained supporting documents for sales transactions recorded either side of year end as well as credit notes issued after the year ended to determine whether revenue was recognized in the correct period.

	d) Performed focused analytical procedures:
	i) Compared the revenue for the current year with the prior year for variance/ trend analysis and where relevant, completed further inquiries and testing to corroborate the variances by considering both internal and external benchmarks, overlaying our understanding of industry; and
	ii) Compared the discounts, incentives and rebates of the current year with the prior year for variance/ trend analysis and where relevant, completed further inquiries and testing to corroborate the variances by considering both internal and external benchmarks, overlaying our understanding of industry
	e) Considered the appropriateness of the company''s description of the accounting policy, disclosures related to revenue, discounts, incentive and rebates and whether these are adequately presented in the financial statement.
2. Litigations and claims-provisions and contingent liabilities As disclosed in Notes detailing contingent liability and provision for contingencies, the company is involved in direct, indirect tax and other litigations (''litigations'') that are pending with different statutory authorities. Whether a liability is recognized or disclosed as a contingent liability in the financial statements is inherently judgmental and dependent on a number of significant assumptions and assessments. The amounts involved are potentially significant and determining the amount, if any, to be recognized or disclosed in the financial statements, is inherently subjective.	Our key procedures included the following: â¢ Assessed the appropriates of the company''s accounting policies, including those relating to provision and contingent liability by comparing with the applicable accounting standards; â¢ Assessed the company process for identification of the pending litigations and completeness for financial reporting and also for monitoring of significant developments in relation to such pending litigations; â¢ Engaged subject matter specialists to gain an understanding of the current status of litigations and monitored changes in the disputes, if any, through discussions with the management and by reading external advice received by the company, where relevant, to establish that the provisions had been appropriately recognized or disclosed as required; â¢ Assessed the company''s assumptions and estimates in respect of litigations, including the liabilities or provisions recognized or contingent liabilities disclosed in the financial statements. This involved assessing the probability of an unfavourable outcome of a given proceeding and the reliability of estimates of related amounts; Performed substantive procedures on the underlying calculations supporting the provisions recorded; â¢ Assessed the management''s conclusions through understanding precedents set in similar cases; and Considering the appropriateness of the company''s description of the disclosures related to litigations and whether these adequately presented in the financial statements.

Other Information

4. The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis; Board''s Report including Annexures to Board Report, Corporate Governance and Shareholders'' Information but does not include the financial statements and our auditor''s report thereon. The aforesaid documents are expected to be made available to us after the date of this auditor''s report.

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

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

7. When we read the aforesaid documents, if we conclude that there is a material misstatement therein, we are required to communicate the matters to those charged with governance.

Management''s Responsibility for the Financial Statements

8. The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

9. In preparing the financial statements, management 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

10. The Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Financial Statements

11. Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

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

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

â¢ Obtained an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

â¢ Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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

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

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

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

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

Report on Other Legal and Regulatory Requirements

17. 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 the Annexure-A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

18. 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 (including other comprehensive income) and the Cash Flow Statement, Statement of Changes in Equity dealt with by this report are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 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".

(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:

According to the information and explanations given to us and the records of the company examined by us, total managerial remuneration paid as reflected in the financial statements for the year ended 31st March 2025 are in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V of the Act.

(h) 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:

a. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer Note 45.1 of the financial statements.

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

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

d. (i) The Management has represented that, to the best of its knowledge and belief, no funds (which are

material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

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

(i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material misstatement.

e. (i) The final dividend proposed in the previous year, declared and paid by the Company during the year is in

accordance with Section 123 of the Act, as applicable.

(ii) The Company has neither declared nor paid any interim dividend during the year.

(iii) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.

f. Based on our examination which included test checks, the company has used accounting software for maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For L. B. Jha & Co.

Chartered Accountants

Firm Registration No: 301088E

(D.N. Roy)

Partner

Place: Kolkata (Membership number- 300389)

^{Date: 13}.⁰⁵.²⁰²⁵ UDIN: 25300389BMHWMU8064

Mar 31, 2024

ALBERT DAVID LIMITED

Report on the Audit of the Financial Statements

Opinion

1. We have audited the accompanying financial statements of ALBERT DAVID LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows, the Statement of Changes in Equity and notes to the financial statements for the year ended on that date including a summary of material accounting policies and other explanatory information (herein after referred to as "Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 principles generally accepted in India, of the state of affairs of the Company as at March 31,2024, its profit (including Other Comprehensive Loss), Changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

Key Audit Matters

Sr. No

Key Audit Matter

Auditor''s Response

Revenue Recognition

Principal Audit Procedures

b) Tested the operating effectiveness of the general IT control environment and key IT application controls over recognition of revenue, calculation of discounts, incentives and rebates;

c) Performed test of details:

i) Agreed samples of sales, discounts, incentives and rebates to supporting documentation and approvals; and

Sr. No

Key Audit Matter

Auditor''s Response

d) Performed focused analytical procedures:

i) Compared the revenue for the current year with the prior year for variance/ trend analysis and where relevant, completed further inquiries and testing to corroborate the variances by considering both internal and external benchmarks, overlaying our understanding of industry; and

ii) Compared the discounts, incentives and rebates of the current year with the prior year for variance/ trend analysis and where relevant, completed further inquiries and testing to corroborate the variances by considering both internal and external benchmarks, overlaying our understanding of industry

e) Considered the appropriateness of the company''s description of the accounting policy, disclosures related to revenue, discounts, incentive and rebates and whether these are adequately presented in the financial statement.

Litigations and claims-provisions and contingent liabilities

As disclosed in Notes detailing contingent liability and provision for contingencies, the company is involved in direct, indirect tax and other litigations (''litigations'') that are pending with different statutory authorities. Whether a liability is recognized or disclosed as a contingent liability in the financial statements is inherently judgmental and dependent on a number of significant assumptions and assessments. The amounts involved are potentially significant and determining the amount, if any, to be recognized or disclosed in the financial statements, is inherently subjective.

Our key procedures included the following:

â¢ Assessed the appropriates of the company''s accounting policies, including those relating to provision and contingent liability by comparing with the applicable accounting standards;

â¢ Assessed the company process for identification of the pending litigations and completeness for financial reporting and also for monitoring of significant developments in relation to such pending litigations;

â¢ Engaged subject matter specialists to gain an understanding of the current status of litigations and monitored changes in the disputes, if any, through discussions with the management and by reading external advice received by the company, where relevant, to establish that the provisions had been appropriately recognized or disclosed as required;

â¢ Assessed the company''s assumptions and estimates in respect of litigations, including the liabilities or provisions recognized or contingent liabilities disclosed in the financial statements. This involved assessing the probability of an unfavourable outcome of a given proceeding and the reliability of estimates of related amounts; Performed substantive procedures on the underlying calculations supporting the provisions recorded;

â¢ Assessed the management''s conclusions through understanding precedents set in similar cases; and Considering the appropriateness of the company''s description of the disclosures related to litigations and whether these adequately presented in the financial statements.

Other Information

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

7. When we read the aforesaid documents, if we conclude that there is a material misstatement therein, we are required to communicate the matters to those charged with governance.

Management''s Responsibility for the Financial Statements

10. The Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Financial Statements

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

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

Report on Other Legal and Regulatory Requirements

18. 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.

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

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

(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:

According to the information and explanations given to us and the records of the company examined by us, total managerial remuneration paid as reflected in the financial statements for the year ended 31st March 2024 are in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V of the Act.

a. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer Note 43.1 of the financial statements

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

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

d. (i) The Management has represented that, to the best of its knowledge and belief, no funds (which are

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

e. (i) The final dividend proposed in the previous year, declared and paid by the Company during the year is

in accordance with Section 123 of the Act, as applicable.

(ii) The Company has neither declared nor paid any interim dividend during the year.

f. Based on our examination which included test checks, the company has used accounting software for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.

For L. B. Jha & Co.

Chartered Accountants Firm Registration No: 301088E

(D.N. Roy)

Place: Kolkata Partner

Date: 13.05.2024 (Membership number- 300389)

UDIN:24300389BKDBKZ1557

Mar 31, 2023

1. We have audited the accompanying financial statements of ALBERT DAVID LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows, the Statement of Changes in Equity and notes to the financial statements for the year ended on that date including a summary of significant accounting policies and other explanatory information (herein after referred to as "Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, its profit (including Other Comprehensive Loss), Changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

Key Audit Matters

Sr. No

Key Audit Matter

Auditor''s Response

Revenue Recognition

Principal Audit Procedures

b) Tested the operating effectiveness of the general IT control environment and key IT application controls over recognition of revenue, calculation of discounts, incentives and rebates;

c) Performed test of details:

i) Agreed samples of sales, discounts, incentives and rebates to supporting documentation and approvals; and

Sr. No

Key Audit Matter

Auditor''s Response

d) Performed focused analytical procedures:

Litigations and claims-provisions and contingent liabilities

Our key procedures included the following:

â¢ Assessed the appropriates of the company''s accounting policies, including those relating to provision and contingent liability by comparing with the applicable accounting standards;

Other Information

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

7. When we read the aforesaid documents, if we conclude that there is a material misstatement therein, we are required to communicate the matters to those charged with governance.

Management''s Responsibility for the Financial Statements

10. The Board of Directors are also responsible for overseeing the company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Financial Statements

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

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

financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Other Matters

17. The Comparative financial information of the Company for the year ended 31st March, 2022 included in these financial Statements, is based on the financial statement for the year ended 31st March, 2022 which were audited by the Predecessor auditor who expressed an unmodified opinion on those statements.

Report on Other Legal and Regulatory Requirements

18. 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 the Annexure-A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

19. 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.

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

(e) On the basis of the written representations received from the directors as on 31^st March, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2023 from being appointed as a director in terms of Section 164 (2) of the Act;

(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:

According to the information and explanations given to us and the records of the company examined by us, total managerial remuneration paid as reflected in the financial statements for the year ended 31st March 2023 are in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V of the Act.

a. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer Note 43.1 of the financial statements

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

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

d. (i) The Management has represented that, to the best of its knowledge and belief, no funds (which are

e. (i) The final dividend proposed in the previous year, declared and paid by the Company during the year is

in accordance with Section 123 of the Act, as applicable.

(ii) The Company has neither declared nor paid any interim dividend during the year.

f. 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, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.

For .. B. Jha & Co.

Chartered Accountants Firm Registration No: 301088E

(D.N. Roy)

Place: Kolkata Partner

Date: 19.05.2023 (Membership number- 300389)

UDIN: 23300389BGWCHU1675

Mar 31, 2018

I. REPORT ON THE INDIAN ACCOUNTING STANDARDS (IND AS) FINANCIAL STATEMENTS

We have audited the accompanying IND AS financial statements of Albert David Limited ("the Company"), which comprise the Balance Sheet as at 31stMarch 2018, the statement of profit and loss (including other comprehensive income), the statement of changes in Equity and the cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information.

II. MANAGEMENT''S RESPONSIBILITY FOR THE INDIAN ACCOUNTING STANDARDS (IND AS) 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 IND AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, the statement of changes in Equity and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Indian Accounting Standards (IND AS) specified under section 133 of the Act, read with relevant rules issued there under. 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 judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of IND AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

III. AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these IND AS financial statements based on our audit. We have taken into account the provisions of the Act, and the Rules made there under including 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 and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India (ICAI). Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the IND AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the IND AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the 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 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 Company''s Directors, as well as evaluating the overall presentation of the 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 IND AS financial statements.

IV. OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 IND AS of the state of affairs of the Company as at 31st March''2018, and its profits (Financial Performance including other comprehensive income), its changes in equity and its cash flows for the year ended on that date.

V. 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 sub-section (11) of section 143 of the Act, we give in the Annexure-2 a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

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

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

c) The Balance Sheet, Statement of Profit and Loss, (including other comprehensive its changes), statement of changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid IND AS financial statements comply with the IND AS Standards specified under Section 133 of the Act, read with 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) Our separate report on adequacy of internal financial control system and operating effectiveness of such controls is enclosed in Annexure-1 .

3. 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 our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 37.1 to the financial statements.

b) The Company did not have any long-term contract including derivative contract which may lead to any material foreseeable loss.

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

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (i) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 ("THE ACT") REFERRED TO IN PARA V (2) (F) OF OUR REPORT OF EVEN DATE.

We have audited the internal financial controls over financial reporting of Albert David Limited ("the Company") as of 31st March 2018 in conjunction with our audit of 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.

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 judgement, including the assessment of the risks of material misstatement of IND AS 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 IND AS 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 authorisations of management and directors of the company; and

3) provide reasonable assurance regarding prevention or timely detection of unauthorised 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 31st March 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.

REPORT ON THE MATTERS SPECIFIED IN PARAGRAPHS 3 AND 4 OF THE COMPANIES (AUDITOR''S REPORT) ORDER, 2016, REFERRED TO IN PARA V (1) OF OUR REPORT OF EVEN DATE

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

b. The fixed assets have been physically verified by the management at reasonable intervals. As informed, no material discrepancies between book records and the physical inventories have been noticed on such verification.

c. The title deeds of immovable property are held in the name of the Company.

II. The inventories have been physically verified at reasonable intervals during the year by the management. The discrepancies noticed on physical verification between the physical stock and book records were not material and have been properly dealt with in the books of accounts.

III. The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnership or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Accordingly, the provisions of paragraphs 3(ii), 3(iii)(a) to 3(iii)(c) of the said order are not applicable.

IV. In our opinion and according to explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and securities as applicable.

V. The Company has not accepted deposits from the public within the meaning of Sections 73 to 76 of the Act and the Rules framed there under to the extent notified. Accordingly, paragraph 3(V) of the Order is not applicable.

VI. On the basis of records produced we are of the opinion that prima facie cost records and accounts prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 in respect of products of the company covered under the rules under said section have been made and maintained. However we are neither required to carry out nor have carried out any detailed examination of such accounts and records.

VII. a) According to information and explanations given to us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance , income tax, sales tax, service tax, custom duty, excise duty, value added tax, goods and services tax, cess and other statutory dues to the extent applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2018 for a period of more than six months from the date of becoming payable.

(b) The dues on account of Sales Tax, Income Tax, Excise Duty and Cess disputed by the company and not being paid, vis-a-vis forums where such disputes are pending are mentioned below:-

Name of the Statute	Nature of dues	Amount Rs. in lacs	Period to which the amount relates	Forum where dispute is pending
Sales Tax:
Central Sales Tax Act, 1956	Tax on Lease Rental	5.74	2002-2003	Calcutta High Court
Central Sales Tax Act, 1956	Tax on Lease Rental	1.52	2003-2004	- Do -
- Do -	- Do -	2.62	2005-2006	W.B. Com. Taxes Appeallate & Revisional Board

Name of the Statute

Nature of dues

Amount Rs. in lacs

Period to which the amount relates

Forum where dispute is pending

Sales Tax: (Contd.)

West Bengal VAT Act, 2003

Jharkhand VAT Act, 2005

Dispute of sale and input tax credit Dispute of sale

2.07

0.81

2011-2012

- Do -

Dy. Commissioner, Commercial Tax, Jharkhand

Income Tax:

Income Tax Act, 1961

- Do -

Tax on disallowance of expenditure - Do -

Tax on disallowance of depreciation.

Tax on disallowance of R & D Expenditure

0.20

6.95

20.41

100.20

1991-1992

1999-2000

2013-2014

2014-2015

Commissioner of Income Tax (Appeal)

Calcutta High Court Com. of Income Tax (Appeal)

- Do -

Excise Duty :

Central Excise Act, 1944

- Do -

Classification of Products

Additional Levy of Duty and Valuation of Sample

Valuation of Exports

188.04

0.99

2.84

01.06.2003 to 28.02.2008 13.06.1961 to 30.04.1962

08.01.2005 to 31.08.2007

CESTAT

Collector of Central Excise

CESTAT

Cess: Water (Prevention & Control of Pollution) Cess Act, 1977

Additional levy of Water Cess

38.97

05.01.1994 to 31.03.2018

Allahabad High Court

VIII. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to any bank or government. Company has no debenture holder or financial institutional borrowing during the year.

IX. Neither any term loan has been obtained during the year nor any money was raised by way of public offer (including debt instruments) during the year by the company.

X. No fraud has been noticed or reported on or by the company during the year.

XI. The managerial remuneration has been paid or provided in accordance with the provisions of section 197 read with Schedule V of the Act.

XII. The Company is not a Nidhi Company and accordingly paragraph 3 (XII) of the Order is not applicable.

XIII. All the transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details of related parties transactions have been disclosed in the IND AS Financial Statements as required by the Applicable Indian Accounting Standards.

XIV. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

XV. The Company has not entered into any non-cash transaction with directors.

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

For Basu Chanchani & Deb

Chartered Accountants

(Registration No. 304049E)

Biswanath Chattopadhyay

Place: Kolkata Partner

Date: 29th May, 2018 (Membership No. 051800)

Mar 31, 2016

The Members of ALBERT DAVID LTD.

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Albert David Limited ("the Company"), which comprise the balance sheet as at 31st March 2016, the statement of profit and loss, 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 FINANCIAL STATEMENTS

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting 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 of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of 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 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 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. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by 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 financial statements.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March''2016, and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

2. As required by Section 143(3) of the Act, we report that :

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

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

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

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

e. On the basis of the written representations received from the directors as on 31stMarch''2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March''2016 from being appointed as a director in terms of Section 164(2) of the Act.

f. Our separate report on adequacy of internal financial control system and operating effectiveness of such controls is enclosed in Annexure-1.

a. The Company has disclosed the impact of pending litigations on its financial position in its financial statements -Refer Note 28.1 to the financial statements.

b. The Company did not have any long-term contract including derivative contract which may lead to any foreseeable loss.

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

AUDITORSâ REPORT AS PER THE COMPANIES (AUDITORâS REPORT) ORDERâ2016 :

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

c. The title deeds of immovable property are held in the name of the Company.

2. The inventories have been physically verified at reasonable intervals during the year by the management. The discrepancies noticed on physical verification between the physical stock and book records were not material and have been properly dealt with in the books of accounts.

3. The company has granted two unsecured loans, to one company, and another Party covered in the register maintained under section 189 of the Companies Act, 2013. Repayment of loan and interest thereon form part of loan arrangement which have been regularly complied with. There is no overdue principal or interest outstanding.

4. The Company has complied to the provisions of section 185 and 186 of the Companies Act, 2013 in respect to loans, investments, guarantees and securities.

5. The Company has accepted deposits from the shareholders within the meaning of Sections 73 to 76 of the Act and the Rules framed there under to the extent notified in due compliance of directives issued by RBI Provisions of section 73 & 76 of Companies Act, 2013 and rules framed there under.

6. On the basis of records produced we are of the opinion that prima facie cost records and accounts prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 in respect of products of the company covered under the rules under said section have been made and maintained. However we are neither required to carry out nor have carried out any detailed examination of such accounts and records.

7 a. According to information and explanations given to us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance , income tax, sales tax, service tax, custom duty, excise duty, value added tax, cess and other statutory dues to the extent applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2016 for a period of more than six months from the date of becoming payable.

b. The dues on account of Sales Tax, Income Tax, Excise Duty and cess disputed by the company and not being paid, vis-a-vis forums where such disputes are pending are mentioned below:-

Name of the Statute	Nature of dues	Amount Rs. in lacs	Period to which the amount relates	Forum where dispute is pending
Sales Tax :
Central Sales Tax Act, 1956	Tax on Lease Rental	5.74	2002-2003	Calcutta High Court
Central Sales Tax Act, 1956	Tax on Lease Rental	1.52	2003-2004	- Do -
- Do -	- Do -	2.62	2005-2006	W.B. Com. Taxes Appealate & Revisional Board
West Bengal Vat Act, 2003	Vat on sample, dispute on sale & Purchase Tax	51.86	2009-2010	- Do -
- Do -	Dispute of sale and input tax credit	2.07	2011-2012	- Do -

Name of the Statute	Nature of dues	Amount Rs. in lacs	Period to which the amount relates	Forum where dispute is pending
Income Tax : Income Tax Act, 1961 - Do - - Do -	Tax on disallowance of expenditure - Do - Tax on disallowance of Depreciation	0.20 6.95 61.71	1991-1992 1999-2000 2012-2013	Com. of Income Tax (Appeal) Calcutta High Court Com. of Income Tax (Appeal)
Excise Duty : Central Excise Act, 1944 - Do - - Do - - Do -	Classification of Products Additional Levy of Duty and Valuation of Sample Valuation of Exports Duty on scrap	188.04 0.99 2.84 0.18	01.06.2003 to 28.02.2008 13.06.1961 to 30.04.1962 08.01.2005 to 31.08.2007 01.04.2003 to 31.03.2010	CESTAT Collector of Central Excise CESTAT Com. of Central Excise (Appeal)
Cess : Water (Prevention & Control of Pollution) Cess Act, 1977	Additional levy of Water Cess	23.41	05.01.1994 to 31.03.2016	Allahabad High Court

8. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of dues to any bank or government. Company has no debenture holder or any financial institutional borrowing during the year.

9. Neither any term loan has been obtained during the year nor any money was raised by way of public offer (including debt instruments) during the year by the company.

10. No fraud has been noticed or reported on or by the company during the year.

11. The managerial remuneration has been paid or provided in accordance with the provisions of section 197 read with Schedule V of the Act.

12. The Company is not a Nidhi Company, accordingly paragraph 3 (xii) of the Order is not applicable.

13. All the transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details of related parties transactions have been disclosed in the Financial Statements as required by the applicable accounting standard.

14. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

15. The Company has not entered into any non-cash transactions with directors.

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

For G. Basu & Co.

Chartered Accountants

(Registration No.301174E)

Place : Kolkata S. Lahiri

Date : 30th May, 2016 Partner

(Membership No.51717)

Mar 31, 2015

We have audited the accompanying financial statements of Albert David Limited ("the Company"), which comprise the Balance Sheet as at 31 March 2015, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting 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 of the assets of the Company and for accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of 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 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 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. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by 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 financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its 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 Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that :

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received from the directors as on 31st March''2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March''2015 from being appointed as a director in terms of Section 164(2) of the Act.

f. In our opinion, the Company has reasonably adequate internal financial control system in place providing operating effectiveness of such controls.

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 has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note No.26.1(I)(A) of Notes to the financial statements.

II. The Company did not have any long-term contract including derivative contract which may lead to any foreseeable loss.

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 AUDITORS'' REPORT AS REFERRED TO IN PARA 1 OF THE SAID REPORT OF EVEN DATE.

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

b. The fixed assets have been physically verified by the Management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

2 a. The inventories have been physically verified at reasonable intervals by the management.

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

c. On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of accounts.

3. The Company has given unsecured loans of Rs.300 Lacs to a Company covered in the register maintained under section 189 of the Companies Act, 2013. The amount of principal and interest thereon has been fully recovered during the year.

4. In our opinion and according to the information and explanations given to us there is an adequate internal control system commensurate with the size of the company and the nature of its business for purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit no major weakness has been noticed in the internal controls. We have not observed any failure on the part of the company to correct major weakness in internal control system.

5. The company has not accepted any deposits under the provisions of section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under and as such the question of compliance under the Companies Act or any other directives or orders does not arise.

6. On the basis of records produced we are of the opinion that prima facie cost records and accounts prescribed by the Central Government under sub section (1) of section 148 of the Companies Act, 2013 in respect of products of ''the company'' covered under the rules under said section have been made and maintained. However we are neither required to carry out nor have carried out any detailed examination of such accounts and records.

7 a. According to information and explanations given to us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty,value added tax, cess and any other statutory dues to the extent applicable to it.

We have been informed that there are no undisputed statutory dues as at the year end outstanding for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us, the following dues of Sales Tax, Income Tax, Excise Duty and Cess have not been deposited on account of pending dispute

Name of the Statute Nature of dues Amount

Sales Tax :

Central Sales Tax Act, 1956 Tax on Lease Rental 5.74

Central Sales Tax Act, 1956 Tax on Lease Rental 1.52

- Do - - Do - 2.62

West Bengal Vat Act, 2003 Vat on sample, dispute 51.86 on sale & Purchase Tax

- Do - Dispute of sale and input 2.07 tax credit

Income Tax :

Income Tax Act, 1961 Tax on disallowance 0.20 of expenditure

- Do - - Do - 6.95

- Do - - Do - 38.02

Excise Duty :

Central Excise Act, 1944 Classification of 188.04 Products

- Do - Additional Levy of Duty 0.99 and Valuation of Sample

- Do - Valuation of Exports 2.84

- Do - Duty on scrap 0.18

Cess : Water (Prevention Additional levy of Water 31.40 & Control of Pollution) Cess Cess Act, 1977

Name of the Statute Period to which Forum where the amount relates dispute is pending

Sales Tax :

Central Sales Tax Act, 1956 2002- 2003 Calcutta High Court

Central Sales Tax Act, 1956 2003- 2004 - Do -

Central Sales Tax Act, 1956 2005- 2006 W.B. Com. Taxes Appealate & Revisional Board

West Bengal Vat Act 2003 2009-2010 - Do -

West Bengal Vat Act 2003 2011-2012 - Do -

Income Tax :

Income Tax Act 1961 1991-1992 Com. of Income Tax (Appeal)

Income Tax Act 1961 1999-2000 Calcutta High Court

Income Tax Act 1961 2011-2012 Com. of Income Tax (Appeal)

Escise Duty :

Central Excise Act 1944 01.06.2003 to CESTAT 28.02.2008

Central Excise Act 1944 13.06.1961 to Collector of 30.04.1962 Central Excise

Central Excise Act 1944 08.01.2005 to CESTAT 31.08.2007

Central Excise Act 1944 01.04.2003 to Com. of Central 31.03.2010 Excise(Appeal)

Cess : Wate Prevation and 05.01.1994 to Allahabad High Court control of Pilution cess act 31.03.2015

There were no undeposited disputed dues in respect of Service Tax, Customs Duty and Wealth Tax as on 31st March, 2015.

c. The company does not have any due for transfer to investor education and protection fund in accordance with the provision of the Companies Act and the Rules made thereunder.

8. The company does not have Accumulated losses at the end of the financial year. The company has not incurred any cash loss in the current financial or in the immediately preceding financial year.

9. Based on our audit procedures and the information and explanations given by the management, the company has not defaulted on repayment of dues to a financial institution or any Bank.

10. According to information and explanation given to us, the company has given a guarantee to bank in respect of a loan taken by another Company. In our opinion, the terms and conditions of such guarantee are not prejudicial to the interest of the Company.

11. Term Loans have been applied for the purpose they were obtained.

12. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For G. Basu & Co. Chartered Accountants (Registration No.301174E)

Place : Kolkata T. K. Batabyal Date : 28th May, 2015 Partner (Membership No.008033)

Mar 31, 2014

We have audited the accompanying financial statements of Albert David Limited, which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit & Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Managements 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 and dated 13the 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.

auditorÂs 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the company as at March 31, 2014;

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

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

report on other Legal AND regulatory requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 (Âthe Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

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

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

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

(d) in our opinion, the Balance Sheet, the Statement of Profit & Loss and Cash Flow Statement comply with the Accounting Standards notifed 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 written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

annexure to Independent auditors Report

Annexure referred to in item 1 under Report on other Legal and Regulatory Requirements of our Report on even date.

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

b) The fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

c) During the year there has been no significant disposal of fxed assets.

ii) a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

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

iii) a) The Company has not given any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) In view of our comment in paragraph (iii)(a) above, clauses (iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order are not applicable.

c) The company has taken unsecured loan of Rs.780 Lacs from four companies covered in the register maintained under Section 301 of the Companies Act, 1956.

d) The rate of interest and other terms and conditions of the above loans are prima facie not prejudicial to the interest of the company.

e) The company has repaid the loan amount in full along with interest thereon during the year.

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

v) a) According to the information and explanations given to us, particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

b) Contracts of sales and purchases and services with parties covered under Section 301 of Companies Act, 1956 were made at prices which were reasonable having regard to prevailing market prices on relevant date.

vi) In our opinion and according to the information and explanations given to us, the Company has complied with directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or Tribunal.

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

viii) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for maintenance of Cost records under Section 209 (1)(d) of the Companies Act, 1956 in respect of Bulk Drugs Formulations and Disposable Syrenges & needles and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom

Duty, Excise Duty, Cess and other material statutory dues to the extent applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and Cess were in arrears as at 31st March 2014 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, the following dues of Sales Tax, Income Tax, Excise Duty and Cess have not been deposited on account of pending dispute :-

Name of the Statute Nature of dues amount Period to which the Forum where dispute is

Rs. in amount relates pending

lacs

Sales Tax:

Central Sales Tax Act, Tax on Lease Rental 5.74 2002-2003 Calcutta High Court

1956

Central Sales Tax Act, Tax on Lease Rental 1.52 2003-2004 - Do -

1956

- Do - - Do - 2.62 2005-2006 W.B. Com. Taxes

Appealate & Revisional Board

West Bengal Vat Act, Vat on sample, 51.86 2009-2010 - Do -

2003 dispute on sale &

Purchase Tax

Income Tax :

Income Tax Act, 1961 Tax on disallowance 0.20 1991-1992 Com. of Income

of expendi ture Tax(Appeal)

-Do- -Do- 6.95 1999-2000 Calcutta High Court

Excise duty:

Central Excise Act, 1944 Cenvat on scrap sale 67.75 01.11.2002 to 31.03.2005 CESTAT

-Do- Classifica tion of 188.04 01.06.2003 to 28.02.2008 CESTAT

Products

-Do- Additional Levy of 0.99 13.06.1961 to 30.04.1962 Collector of Central

Duty and Valuation of Excise

Sample

-Do- Valuation of Exports 2.84 08.01.2005 to 31.08.2007 CESTAT

-Do- Duty on scrap 0.18 01.04.2003 to 31.03.2010 Com. of Central Excise

(Appeal)

cess : Water (Prevention Additional levy of 29.29 05.01.1994 to 31.03.2014 Allahabad High Court

& Control of Pollution) Water Cess Cess Act, 1977

There were no un-deposited disputed dues in respect of Service Tax, Customs Duty and Wealth Tax as on 31st March, 2014.

x) The Company has no accumulated losses at the end of this financial year and it has not incurred cash losses during the current and the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a Financial Institution or Bank.

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) In our opinion, the Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, the provisions of Clause 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xiv) According to information and explanations given to us, the company has not made any dealing or trading in securities during the year. Accordingly the provisions of Clause 4(xiv) of the Order are not applicable to the company.

xv) According to information and explanations given to us, the Company has given a guarantee to bank in respect of a loan taken by another company. In our opinion, the terms and conditions of such guarantee are not prejudicial to the interest of the company.

xvi) The Company has taken new term loan during the year. In our opinion, the term loan has been applied for the purpose for which it was taken.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no short term fund was raised by the company which has been used for long term investment during the year under audit.

xviii) The Company has not made any preferential allotment of shares to parties or Companies covered in the register maintained u/s 301 of the Act.

xix) The Company did not issue any Debenture during the year under audit.

xx) The Company did not make any Public Issue during the year.

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

For G BAsU & co.

Chartered Accountants Firm Registration No. 301174E

Place: Kolkata (T. K. BaTaBYaL)

Dated: May 27, 2014 Membership No. 008033

Mar 31, 2013

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Albert David Limited, which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit & Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956. 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedure selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2013 ;

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

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

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the OrderÂ) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that :

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

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

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

(d) in our opinion, the Balance Sheet, Statement of Profit & Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 ;

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

(f) since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Annexure referred to in item 1 under Report on other Legal and Regulatory Requirements of our Report on even date.

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

b) The fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

c) During the year there has been no significant disposal of fixed assets.

ii) a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

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

iii) a) The Company has not given any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) In view of our comment in paragraph (iii)(a) above, clauses (iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order are not applicable.

c) The company has taken unsecured loan of Rs.330 Lacs from four companies covered in the register maintained under Section 301 of the Companies Act, 1956.

d) The rate of interest and other terms and conditions of the above loans are prima facie not prejudicial to the interest of the company.

e) The company has repaid the loan amount in full alongwith interest thereon during the year.

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

v) a) According to the information and explanations given to us, particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

b) Contracts of sales and purchases and services with parties covered under Section 301 of Companies Act, 1956 were made at prices which were reasonable having regard to prevailing market prices on relevant date.

vi) In our opinion and according to the information and explanations given to us, the Company has complied with directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or Tribunal.

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

viii) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for maintenance of Cost records under Section 209 (1)(d) of the Companies Act, 1956 in respect of Bulk Drugs and Formulations and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service

Tax, Custom Duty, Excise Duty, Cess and other material statutory dues to the extent applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and Cess were in arrears as at 31st March 2013 for a period of more than six months from the date they became payable.

x) The Company has no accumulated losses at the end of this financial year and it has not incurred cash losses during the current and the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a Financial Institution or Bank.

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) In our opinion, the Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, the provisions of Clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xiv) According to information and explanations given to us, the company has not made any dealing or trading in securities during the year. Accordingly the provisions of Clause 4(xiv) of the Order are not applicable to the company.

xv) According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xvi) The Company has taken new term loan during the year. In our opinion, the term loan has been applied for the purpose for which it was taken.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no short term fund was raised by the company which has been used for long term investment during the year under audit.

xviii)The Company has not made any preferential allotment of shares to parties or Companies covered in the register maintained u/s 301 of the Act.

xix) The Company did not issue any Debenture during the year under audit.

xx) The Company did not make any Public Issue during the year.

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

For G. Basu & Co.

Chartered Accountants

(Registration No.301174E)

Place : Kolkata ( S. Lahiri )

Date : 29th May, 2013 Partner

(Membership No.51717)

Mar 31, 2012

We have audited the attached Balance Sheet of ALBERT DAVID LIMITED as at 31st March, 2012 and also the Profit & Loss Statement and Cash Flow Statement of the Company for the year ended on that date annexed thereto.

The 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.

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

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub- section (4A) of Section 227 of the Companies Act, 1956, our comments on the matters specified in paragraphs 4 and 5 of the said Order are as under:

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

b) The fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

c) During the year there has been no significant disposal of fixed assets.

ii) a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

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

iii) a) The Company has not given any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) In view of our comment in paragraph (iii)(a) above, clauses (iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order are not applicable.

c) The company has not taken secured or unsecured loan from companies, firm or other party covered in the register maintained under Section 301 of the Companies Act, 1956.

d) In view of our comment in paragraph (iii)(c) above, clauses (iii)(f) and (iii)(g) of paragraph 4 of the aforesaid Order are not applicable.

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

v) According to the information given to us, there are no contracts or arrangements during the year that need to be entered into a register in pursuance of Section 301 of the Companies Act, 1956. Therefore, the provisons of clause 4(v) of the order are not applicable to the Company.

vi) In our opinion and according to the information and explanations given to us, the Company has complied with directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. No order has been passed by the Company Law Board, National Company Law Tribunal, Reserve Bank of India or any Court or Tribunal against the company.

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

viii) We have broadly reviewed the books of account maintained by the Company pursuant to the order of the Central Government for maintenance of Cost records under Section 209 (1)(d) of the Companies Act, 1956 in respect of Bulk Drugs and Formulations and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues to the extent applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and Cess were in arrears as at 31st March 2012 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, the following dues of Sales Tax, Service Tax, Income Tax, Excise Duty and Cess have not been deposited on account of pending dispute :

Name of the Statute Nature of dues Amount Rs. in Lacs

Sales Tax:

Central Sales Tax Act,1956 Tax on Lease Rental 5.74

West Bengal Sales Tax Act,1994 Tax on replacement 6.97 and Purchase Tax

Central Sales Tax Act,1956 Tax on Lease Rental 4.73

Service Tax:

Service Tax Act Payment mode Dispute 5.40 of GTA Service

Income Tax:

Income Tax Act, 1961 Tax on disallowance 0.20 of expenditure

-Do- -Do- 6.95

-Do- Tax on disallowed 5.46 expensed relating to exempted income

Excise Duty:

Central Excise Act, 1944 Cenvat on scrap sales 49.11

-Do- -Do- 230.59

-Do- Classification of Products 188.04

-Do- Additional Levy of Duty 0.99 and Valuation of Sample

-Do- Valuation of Exports 2.84

Cess : Water (Prevention & Additional Levy of 21.19 Control of Pollution) Cess Act, 1977 Water Cess

Name of the Statute Period to which Forum where the amount relates dispute is pending

Sales Tax:

Central Sales Tax Act, 1956 2002-2003 Calcutta High Court

West Bengal Sales Tax Act, 1994 2003-2004 W.B. Com. Taxes Appeallate & Revisional Board

Central Sales Tax Act, 1956 2003-2004 & 2005-2006 - Do -

Service Tax:

Service Tax Act 01.04.2007 to 30.09.2007 Allahabad High Court

Income Tax:

Income Tax Act, 1961 1991-1992 Com. Of Income Tax(Appeal)

-Do- 1999-2000 Calcutta High Court

-Do- 2005-2006 Com. Of income Tax (Appeal)

Excise Duty:

Central Excise Act, 1944 04.05.2000 to 31.10.2002 Allahabad High Court

-Do- 01.11.2002 to 31.03.2005

01.06.2005 to 31.10.2008

-Do- 01.06.2009 to 31.12.2009 CESTAT 01.04.2010 to 31.01.2011

-Do- 01.06.2003 to 28.02.2008 CESTAT

-Do- 13.06.1961 to 30.04.1962 Collector of Central Excise

-Do- 08.01.2005 to 31.08.2007 CESTAT

Cess: Water (Prevention 05.01.1994 to Control of Pollution) Cess Act, 1977 31.03.2012 Allahabad High Court

There were no undeposited disputed dues in respect of Customs Duty and Wealth Tax as on 31st March, 2012.

x) The Company has no accumulated loss as on 31st March, 2012 and has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a Financial Institution or Bank.

xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, the provisions of Clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

xiv) According to information and explanations given to us the Company did not make any trading or dealing in securities during the year. Accordingly the provisions of clause 4(xiv) of the order are not applicable to the Company.

xv) According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xvi) In our opinion, the term loan has been applied for the purpose for which it was raised.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no short term fund was raised by the company which has been used for long term investment during the year under audit.

xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained u/s 301 of the Act.

xix) The Company did not issue any Debenture during the year under audit.

xx) The Company did not make any Public Issue during the year.

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

Further to our comments as above, we report that:

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

ii) The Balance Sheet and Profit & Loss Statement dealt with by this report are in agreement with the books of account;

iii) 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;

iv) In our opinion the Balance Sheet and Profit & Loss Statement dealt with by this Report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956,

v) On the basis of written representations received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 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 our opinion and to the best of our information and according to the explanations given to us, the said accounts read with other notes give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

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

b) In the case of the Profit & Loss Statement of the profit of the Company for the year ended on that date; and

c) In the case of Cash Flow Statement of the cash flows for the year ended on that date. For G BASU & CO.

Chartered Accountants

(Registration No. 301174E)

(T. K. BATABYAL)

Kolkata Partner

Dated : 29th May, 2012 Membership No. 008033

Mar 31, 2011

We have audited the attached Balance Sheet of ALBERT DAVID LIMITED as at 31st March, 2011 and also the Profit & Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto.

The financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

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, our comments on the matters specified in paragraphs 4 and 5 of the said Order are as under :-

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

b) The fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

c) During the year there has been no significant disposal of fixed assets.

ii) a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

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

iii) a) The Company has not given any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) In view of our comment in paragraph (iii)(a) above, clauses (iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order are not applicable.

c) The company has not taken secured or unsecured loan from companies, firm or other party covered in the register maintained under Section 301 of the Companies Act, 1956.

d) In view of our comment in paragraph (iii)(c) above, clauses (iii)(f) and (iii)(g) of paragraph 4 of the aforesaid Order are not applicable.

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

v) a) According to the information and explanations given to us, particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

b) Contracts of sales and purchases and services with parties covered under Section 301 of Companies Act, 1956 were made at prices which were reasonable having regard to prevailing market prices on relevant date.

vi) In our opinion and according to the information and explanations given to us, the Company has complied with directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. No order has been passed by the Company Law Board, National Company Law Tribunal, Reserve Bank of India or any Court or Tribunal against the company.

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

viii) We have broadly reviewed the books of account maintained by the Company pursuant to the order of the Central Government for maintenance of Cost records under Section 209 (1)(d) of the Companies Act, 1956 in respect of Bulk Drugs and Formulations and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues to the extent applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and Cess were in arrears as at 31st March 2011 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, the following dues of Sales Tax, Service Tax, Income Tax, Excise Duty and Cess have not been deposited on account of pending dispute :-

Name of the Nature of dues Amount Statute Rs. in lacs

Sales Tax: Tax on lease rental 5.74 Central Sales Tax Act, 1956

West Bengal Sales Tax on replacement 6.97 Tax Act, 1994 and Purchase Tax

Central Sales Tax Act, 1956 Tax on lease rental 2.11

Central Sales Tax Act, 1956 Tax on lease rental 2.62

Service Tax : Payment mode 5.40 Service Tax Act Dispute of GTA Service

- do - - do - 7.01

- do - Service Tax on 63.81 GTA Service

- do - Input Service Credit 4.10

Income Tax:: Tax on disallowance 0.20 Income Tax Act, 1961 of expenditure

- do - - do - 6.95

- do - Tax on disallowed 5.46 expense relating to exempted income

Excise Duty: Cenvat on Scrap Sale. 16.46 Central Excise Act, 1944

- do - - do - 16.50

- do - - do - 16.15

- do - - do - 34.47

- do - - do - 33.29

- do - - do - 45.15

- do - - do - 20.82

- do - - do - 47.15

- do - - do - 35.31

- do - - do - 7.91

- do - - do - 14.68

- do - - do - 37.14

- do - - do - 3.63

- do - - do - 4.56

- do - - do - 13.60

- do - - do - 16.86

- do - Classification of 142.84 Products

- do - - do - 45.20

- do - Additional Levy of 0.99 Duty and valuation of sample

- do - Valuation of Exports 2.84

Cess_:Water (Prevention & Additional Levy of 17.02 Control of Water Cess Pollution)Cess Act, 1977

Name of the Period to which Forum where Statue the amount relates dispute is pending

Sales Tax: 2002-2003 Calcutta High Court Central Sales Tax Act, 1956

West Bengal Sales 2003-2004 W.B.Com. Taxes Appellate Tax Act, 1994 & Revisional Board

Central Sales Tax Act, 1956 2003-2004 - Do -

Central Sales Tax Act, 1956 2005-2006 - Do -

Service Tax : 01.04.2007 to 30.09.2007 Allahabad High Court Service Tax Act

-do- 2006-2007 Addl.Commissioner, Excise

-do- 01.04.2005 to 31.03.2008 Commissioner of Excise, Ghaziabad

-do- 2005-2006 Asstt. Commissioner of Excise, Ghaziabad

Income Tax:: 1991-1992 Com. Income Tax (Appeal) Income Tax Act, 1961

-do- 1999-2000 Calcutta High Court

-do- 2005-2006 Com. Income Tax (Appeal)

Excise Duty: 04.05.2000 to 31.03.2001 Allahabad High Court Central Excise Act, 1944

-do- 01.04.2001 to31.12.2001 - do -

-do- 01.01.2002 to 31.10.2002 - do -

-do- 01.11.2002 to 30.06.2003 Central Excise & Service Tax Appellate Tribunal

-do- 01.07.2003 to 31.03.2004 - do -

-do- 01.04.2004 to 31.03.2005 Addl. Commissioner, Central Excise

-do- 01.04.2005 to 31.03.2006 Central Excice & Service Tax Appeallate Tribunal

-do- 01.04.2006 to 30.11.2006 - do -

-do- 01.12.2006 to 30.08.2007 - do -

-do- 01.09.2007 to 31.03.2008 Addl. Commissioner, Central Excise

-do- 01.04.2008 to 31.10.2008 Asst. Commissioner, Central Excise

-do- 01.11.2008 to 31.12.2008 Addl. Commissioner, Central Excise

-do- 01.01.2009 to 28.02.2009 Asst. Commissioner, Central Excise

-do- 01.04.2009 to 30.04.2009 Addl. Commissioner, Central Excise

-do- 01.06.2009 to 31.12.2009 Asstt. Commissioner, Central Excise

-do- 01.04.2010 to 31.10.2010 Addl. Commissioner, Central Excise

-do- 01.06.2003 to 30.06.2007 Central Excice & Service Tax Appeallate Tribunal

-d0- 01.07.2007 to 28.02.2008 - do -

-do- 13.06.1961 to 30.04.1962 Collector of Central Excise

-do- 08.01.2005 to 31.08.2007 Com. Central Excise (Appeal)

Cess :Water (Prevention & 05.01.1994 to 31.03.2011 Allahabad High Court Control of Pollution) Cess Act, 1977

There were no undeposited disputed dues in respect of Customs Duty and Wealth Tax as on 31st March, 2011.

x) The Company has no accumulated loss as on 31st March, 2011 and has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a Financial Institution or Bank.

xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, the provisions of Clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xiv) In our opinion proper records have been maintained of the transactions and contracts for dealing in securities and timely entries have been made therein ; also the securities have been held by the company in its own name.

xv) According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xvi) In our opinion, the term loan has been applied for the purpose for which it was raised.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no short term fund was raised by the company which has been used for long term investment during the year under audit.

xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained u/s 301 of the Act.

xix) The Company did not issue any Debenture during the year under audit.

xx) The Company did not make any Public Issue during the year.

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

Further to our comments as above, we report that :

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

ii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account;

iii) 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;

iv) In our opinion the Balance Sheet and Profit and 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,

v) On the basis of written representations received from the Directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2011 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with other notes give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2011;

b) In the case of the Profit & Loss Account of the profit of the Company for the year ended on that date; and

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

For G Basu & Co. Chartered Accountants (Registration No. 301174E)

S. LAHIRI Partner (Membership No. 51717)

Kolkata Dated : 30th May, 2011

Mar 31, 2010

We have audited the attached Balance Sheet of ALBERT DAVID LIMITED as at 31st March, 2010 and also the Profit & Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto.

The financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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

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, our comments on the matters specified in paragraphs 4 and 5 of the said Order are as under :-

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

b) The fixed assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed.

c) During the year there has been no significant disposal of fixed assets.

ii) a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

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

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

iii) a) The Company has not given any loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b) In view of our comment in paragraph (iii)(a) above, clauses (iii)(b), (iii)(c) and (iii)(d) of paragraph 4 of the aforesaid Order are not applicable.

c) The company has not taken secured or unsecured loan from companies, firm or other parties covered in the register, maintained under Section 301 of the Companies Act, 1956.

d) In view of our comment in paragraph (iii)(c) above, clauses (iii)(f) and (iii)(g) of paragraph 4 of the aforesaid Order are not applicable.

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

v) a) According to the information and explanations given to us, particulars of contracts and arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

b) Contracts of sales, purchases and services with parties covered under Section 301 of Companies Act, 1956 were made at prices which were reasonable having regard to prevailing market prices on relevant date.

vi) In our opinion and according to the information and explanations given to us, the Company has complied with directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. No order has been passed by the Company Law Board, National Company Law Tribunal, Reserve Bank of India or any Court or Tribunal against the company.

vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. viii) We have broadly reviewed the books of account maintained by the Company pursuant to the order of the Central Government for maintenance of Cost records under Section 209 (l)(d) of the Companies Act, 1956 in respect of Bulk Drugs and Formulations and are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues to the extent applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and Cess were in arrears as at 31st March 2010 for a period of more than six months from the date they became payable.

c) According to the information and explanations given to us, the following dues of Sales Tax, Service Tax, Income Tax, Excise Duty and Cess have not been deposited on account of pending dispute :-

There were no undeposited disputed dues in respect of Customs Duty and Wealth Tax as on 31st March, 2010.

x) The Company has no accumulated loss as on 31st March, 2010 and has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a Financial Institution or Bank.

xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii) In our opinion, the Company is not a Chit Fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, the provisions of Clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xiv) In our opinion proper records have been maintained of the transactions and contracts for dealing in securities and timely entries have been made therein ; also the securities have been held by the company in its own name.

xv) According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions.

xvi) In our opinion, the term loan has been applied for the purpose for which it was raised.

xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no short term fund was raised by the company which has been used for long term investment during the year under audit.

xviii) The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained u/s 301 of the Act.

xix) The Company did not issue any Debenture during the year under audit.

xx) The Company did not make any Public Issue during the year.

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

Further to our comments as above, we report that :

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

ii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account;

iii) 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;

iv) In our opinion the Balance Sheet and Profit and 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,

v) On the basis of written representations received from the Directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2010 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with other notes give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

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

b) In the case of the Profit & Loss Account of the profit of the Company for the year ended on that date; and

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

For G Basu & Co. Chartered Accountant Kolkata S. LAHIRI Dated : The 15th May, 2010 Partner (Membership No. 51717)

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