Auditor Report of Hindustan Bio Sciences Ltd.

Mar 31, 2024

We have audited the accompanying financial statements of M/s. Hindustan Bio Sciences Limited
(“the Company”), which comprise the Balance Sheet as at March 31,2024, the Statement of Profit
and Loss (including Other Comprehensive Income) and the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended on that date, and a summary of the significant
accounting policies and other explanatory information (hereinafter referred to as “the 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 Indian Accounting
Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31, 2024, the profit and total
comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
specified under section 143(10) of the Act (SAs). 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 (ICAI) together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI''s Code of Ethics. 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.

Key Audit Matters

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.

S. No.	Key Audit Matter	Auditor’s Response
1.	Adoption of Ind AS 115 Revenue from Contracts with Customers The Company recognizes revenue based on the termsof sales agreed, which varies with the customers, i.e., upon transfer of control over goods sold.	Principal Audit Procedures We obtained an understanding of the revenue recognition process and tested the company''s controls around the timely and accurate recording of sales transactions. • Selected a sample of continuing and other contracts and performed the following procedures: o We also verified transaction price charged by the company based on the terms of the contracts. o We also verified recognition of revenue on timely basisand historic trend of collections from the customers.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information
comprises the Director''s report and Management discussion and analysis report including
Annexures, Corporate Governance and Shareholder''s information but does not include the financial
statements and our auditor''s report thereon.

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

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

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

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 Act
with respect to the preparation of these financial statements that give a true and fair view of the
financial position, financial performance, total comprehensive income, changes in equity and cash
flows of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

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. The Board of Directors
are responsible for overseeing the Company''s financial reporting process.

Auditor’s Responsibilities for the Audit of the financial Statements

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.

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

a. 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.

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

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

d. 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.

e. 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.

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.

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

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

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

Report on Other Legal and Regulatory Requirements

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 Companies Act, 2013, we give
in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

As required by Section 143 (3) of the Act, 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,
the Statement of Cash Flow and the Statement of Changes in Equity dealt with in this report are
in agreement with the books of account.

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

e. Based on the Written Representation received from the directors as on March 31, 2024, and
taken on record by the Board of Directors, we report that none of the directors are disqualified as
on March 31,2024 from being appointed as a director in terms of Sub-section 2 of Section 164 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”. Our report expresses an unmodified opinion on the adequacy and the operating
effectiveness of the Company''s internal financial controls over financial reporting.

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

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

h. With respect to the other matters to be included in the Auditor''s Report in accordance with 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 no pending litigations on its financial position in its financial statements.

ii. There is no requirement for any provision as required by any act or Indian Accounting Standards
for material foreseeable losses, if any, on long term contracts including derivative contracts.

iii. There are no amounts which are required to be transferred to Investor Education and protection
fund.

iv. (a) The Management has represented that, to the best of it''s knowledge and belief, other than as
disclosed in the notes to the financial statements, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of funds) by
the Company to or in any other person(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of it''s knowledge and belief, as disclosed in
the note to the standalone financial statements, no funds have been received by the Company
from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company shall, directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures considered has 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) contain any material misstatement.

(d) On the basis of our examination and test checks, the feature of recording Audit trail (EditLog)
facility in the Accounting Software used for maintaining accounts was not enabled during the
financial year ending on 31st march, 2024.

v. The Company has neither declared nor paid any dividend during the year.

For VASG & Associates
Chartered Accountants
Firm Registration No. 006070S

Sd/-

A Viswanatha Rao
Partner

Place: Hyderabad Membership No. 029597

Date: 25.05.2024 UDIN:24029597BKBKOQ2066

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Mar 31, 2015

1. We have audited the accompanying financial statements of Hindustan Bio Sciences Limited ("The Company") which comprise the Balance Sheet as at March 31, 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, which we have signed un- der reference to this report.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (The Act") with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial perfor- mance and the cash flows of the Company in accordance with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accor- dance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appro- priate accounting policies; making judgments and estimates that are reasonable and pru- dent; 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 to the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

3. 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 specified under Sec- tion 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.

4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risk of material misstatement of the financial state- ments, whether due to fraud and error. In making those risk assessments, the auditors con- siders 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 circum- stances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

6. In our opinion, and to the best of our information and according to the explanations given to us, the accompanying 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, 2015

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

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order, 2015 (the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraphs 3 and 4 of the Order, to the extent applicable.

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

(a) We have obtained all the information and explanations which, to the best of our knowl- edge and belief, were necessary for the purpose of our audit.

(b) In our opinion, proper books of accounts 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 dealt with by this report comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of written representations received from the directors as on 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;

Annexure to the Independent Auditors' Report:

The Annexure referred to in our Independent Auditors Report of even date to the members of Hindustan Bio-Sciences Limited on the accounts of the company for the year ended 31st March, 2015, we report that:

1. (a) The company has maintained proper records showing full particulars including quantita- tive details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

2. (a) As explained to us, inventories have been physically verified during the year by the man- agement at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the proce- dures 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) In our opinion and on the basis of our examination of the records, the Company is gener- ally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our exami- nation of the books of account, the Company has not granted unsecured interest free loans to a company and a proprietorship covered in the register maintained under Section 189 of the Act.

4. In our opinion and according to the information and explanations given to us, there is gener- ally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. The company has not accepted any deposits from the public.

6. The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act.

7. (a) According to the records of the company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Service Tax, Cus- tom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have gen- erally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no amounts payable in respect of income tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

8. The Company has been registered for a period of more than five years. Hence, the clause is not applicable.

9. Based on our audit procedures and on the information and explanations given by the man- agement, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

10. The company has not given any term loans during the year.

11. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For VASG AND ASSOCIATES Chartered Accountants FRN 006070S Place : Hyderabad Date : 29.05.2015 (A.Viswanatha Rao) Partner Member Ship No. 029597

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Mar 31, 2014

1. We have audited the accompanying financial statements of Hindustan Bio Sciences Limited which comprise the Balance Sheet as at March 31,2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

Management''s Responsibility for the Financial Statements

2. 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 the cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act,1956 of India ("the Act") read with the General Circular 15/2013 dated September 13,2013 and 08/2014 dated April4,2014 respectively issued by the Ministry of Corporate Affairs with regard to Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation to the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility

3. 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 and other applicable authoritative pronouncements issued by Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud and error. In making those risk assessments, the auditors 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

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

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

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

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

Report on Other Legal and Regulatory Requirements

7. As required by ''the Companies (Auditor''s Report) Order, 2003'',as amended by ''the Companies (Auditor''s Report) (Amendment) Order,2004'', issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books of accounts and records of the Company as we considered appropriate and according to the information and explanations gives to us, we give in the Annexure a statement on the matters specified in the paragraphs 4 and 5 of the Order.

8. 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 accounts 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 dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, read with the General Circular 15/2013 dated September 13, 2013 and 08/2014 dated April4, 2014 respectively issued by the Ministry of Corporate Affairs with regard to 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;

The Annexure referred to in paragraph 7 of the Our Report of even date to the members of Hindustan Bio-Sciences Limited. on the accounts of the company for the year ended 31st March, 2014.

Having regard to the nature of Company''s Business/activities/results during the year, Clause (v),(vi),(viii),(xii),(xiii),(xiv),(xv),(xvi),(xvii),(xviii),(xix) and (xx) of paragraph 4 of the Order are not applicable to the company.

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

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2 (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, 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) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3 (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has granted unsecured interest free loans to a company and a proprietorship covered in the register maintained under Section 301 of the Act. In our opinion the loans given by the company are prima facie not prejudicial to the interest of the company. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken a loan from one company covered in the register maintained under Section 301 of the Act. In our opinion the loan taken by the company is prima facie not prejudicial to the interest of the company. Thus sub clauses (f) & (g) are not applicable to the company.

4 In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5 As per information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business.

6 (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of 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, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

7 The Company have accumulated loss and has incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

8 Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

9 Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

For VASG & ASSOCIATES Chartered Accountants FRN: 006070S

(A.Viswanatha Rao) Place: Hyderabad Partner Date: 29.05.2014 M.No:029597

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Mar 31, 2012

We have audited the attached Balance Sheet of HINDUSTAN BIO SCIENCES LTD as on 31st March' 2012 and also the Profit & Loss Account for the year ended on that date annexed thereon. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these . financial statements based on our audit.

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

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' We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to 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 purpose of our audit.

(ii) In our opinion' proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books.

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

(iv)ln 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 31$t March' 2012 and taken on record by the Board of Directors' we report that none of the directors is disqualified as on 31st March' 2012 from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the Companies Act' 1956.

(vi)in our opinion and to the best of our information and according to the explanations given to us' the said account 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; and

(b) in the case of the Profit and Loss account' of the Loss for the year ended on that data :

ANNEXURE TO THE AUDITORS REPORT

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 Companies Act' 1956' we report that.

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

b) These fixed assets have been physically verified by the management during the year and discrepancies noticed on such verification have been proper dealt with in the books of account. In our opinion' the frequency of verification is reasonable having regard to the size of the company and the nature of the assets'

c) None of the fixed assets have been revalued during the year under review.

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

b) In our opinion the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The discrepancies noticed on verification between the physical stocks and the book records' which are not significant' have been properly dealt with the books of account.

iii) The Company has granted loans' secured or unsecured to Companies' firms or other parties listed in the registers maintained under section 301 or from companies under the same management within the meaning of section 370 (1 B) of the Companies Act' 1956.

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 the stores raw materials including components' plant and machinery' equipment and other assets and with regard to the sale of goods.

v) In our opinion and according to the information and explanations given to us' there were no transactions of purchase of goods and materials and sale of goods' materials and services' made inpursuance of contracts or arrangements entered in the registers maintained under section 301 of the Companies Act' 1956 and aggregating during the year to Rs.50'000/- or more in respect of each party.

vi) The Company has not accepted any deposits from the public governed by section 58A and 58AA of the Companies Act' 1956' and the Companies(Acceptance of Deposits) Rules' 1975 do not apply to this Company.

vii) The Company does not have a formal internal audit department but we are of the opinion that the Company's internal control procedures together with the internal checks conducted by the management during the year can be considered as an adequate internal audit system commensurate with the size and nature of its business.

viii) The Central Government has not prescribed the maintenance of Cost records under section 209(1) (d) of the Companies Act' 1956.

ix) a) The company is regular in depositing undisputed statutory dues with the appropriate authorities including Income Tax' Sales Tax' Wealth Tax and other Statutory dues applicable to it.

b) According to the information and explanations given to us no undisputed amounts payable by the Company in respect of income tax' Wealth tax' Sales tax' Customs duty and Excise duty' outstanding as at 31st March' 2012 for the period of more than six months from the date they became payable.

x) The Company had an accumilated losses of Rs. 1228697/- as at the end of the financial year under reference. The company has not incurred any cash losses in the financial year under reference.

xi) The company has not defaulted in repayment of its dues to financial institutions or banks.

xii) The company has not granted 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 nidhi/mutual benefit fund/ I society. Therefore' the provision of clause 4(xiii) of the Companies (Auditor's

Report) Order 2003 are not applicable to the company.

xiv) In our opinion' the company is not dealing in or trading in shares' securities' debentures and other investments.

xv) The company has not given any guarantee for loans taken by other from banks or financial institutions.

xvi) In our opinion' the company has not taken any term loans during the year under review.

xvii) In our opinion' and according to explanations and information give to us' funds raised on short-term basis have not been used for long term investment and vice versa.

xviii)The company has not made any preferential allotment of shares during the year under reference.

xix) The company has not issued any debentures.

xx) The company' during the year' has not raised money by public issues.

xxi) In our opinion and according to explanations and information given to us' no fraud on or by the company has been noticed or reported during the year.

For RAO & SRIDHAR

Chartered Accountants

(A.Viswanatha Rao)

FCA Place : Hyderabad Member Ship No. 029597

Date : 24-05-2012 Firm Reg. No. 0060705

---

Mar 31, 2010

We have audited the attached Balance Sheet of Hindustan Bio Sciences Limited as on 31st March, 2010 and also the Profit and Loss Account for the year ended on that date annexed thereon. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that :

1. 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.

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

3. The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account.

4. 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 (3 C) of section 211 of the Companies Act, 1956.

5. 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 are disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, the said account give the information required by the Companies Act, 1 956, 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 and

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

ANNEXURE TO THE AUDITORS REPORT

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 Companies Act, 1956, we report that.

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

b) These fixed assets have been physically verified by the management during the year and discrepancies noticed on such verification have been proper dealt with in the books of account. In our opinion, the frequency of verification is reasonable having regard to the size of the company and the nature of the assets.

c) None of the fixed assets have been revalued during the year under review.

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

b) In our opinion the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The discrepancies noticed on verification between the physical stocks and the book records, which are not significant, have been properly dealt with the books of account.

iii) The company has neither granted nor has it taken any loans, secured or unsecured from Companies, firms or other parties listed in the registers maintained under section 301 or from companies under the same management within the meaning or Section 370(1 B) of the Companies Act, 1956.

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 purchase of stores raw materials including components, plant and machinery, equipment and other assets and with regard to the sale of goods.

v) in our opinion and according to the information and explanations given to us, there were no transactions of purchase of goods and materials and sale of goods, materials and services, made in pursuance of contracts or arrangements entered in the registers maintained under section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- or more in respect of each party.

vi). The company has not accepted any deposits from the public governed by section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 do not apply to this company.

vii) The company does not have a formal internal audit department but we are of the opinion that the Companys internal control procedures together with the internal checks conducted by the management during the year can be considered as an adequate internal audit system commensurate with the size and nature of its business.

viii) The Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1 956.

ix) a) The company is regular in depositing undisputed statutory dues with the appropriate authorities including Income Tax, Sales Tax, Wealth Tax and other statutory dues applicable to it.

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

x) The company does not have any accumulated losses at the end of the financial year under reference. The company has not incurred any cash losses in the financial year under reference.

xi) The company has not defaulted in repayment of its dues to financial institutions or banks.

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

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

xiv) In our opinion, The company is not dealing in or trading in shares, securities, debentures and other investments.

xv) The company has not given any guarantee for loans taken by other from banks or financial institutions.

xvi) In our opinion, the company has not taken any term loans during the year under review.

vii) In our opinion, and according to explanations and information give to us, funds raised on short - term basis have not been used for long - term investment and vice versa.

xviii) The company has not made any preferential allotment of shares during the year under reference.

xix) The company had not issued any debentures.

xx) The company, during the year, has not raised money by public issues.

xxi) In our opinion and according to explanations and information given to us, no fraud on or by the company has been noticed or reported during the year.



For RAO & SRIDHAR

Chartered Accountants

FRN 006070S

Place : Hyderabad A.Viswanatha Rao

Date : 31-05-2010 Partner

Member Ship No. 29597