Auditor Report of Rekvina Laboratories Ltd.

Mar 31, 2024

We have audited the financial statements of REKVtNA LABORATORIES LTD ("the Company"),

which comprise the balance sheet as at 31st March 2024, and the statement of Profit and Loss and
statement of cash flows for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid 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, 2024, its profit/loss and its cash flows for the year ended on that
date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013. 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 Companies Act, 2013 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.

Kev Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the standalone financial statements of the current period. These matters were addressed in the
context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

Information other than the financial statements and auditors'' report thereon

The Company’s board of directors is responsible for the preparation of the other information. The other
information comprises the information included in the Board’s Report including Annexures to Board''s
Report 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.

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

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the
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. 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 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.

Those Board of Directors are also 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 cur 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 also;

* 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 basts for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate In the circumstances. Under section 143{3)(t) 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.

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management,

* Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to conlinue 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,

f/y/

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies {Auditor''s Report) Order, 2020 {“the Order), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the 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.

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

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

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

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

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act and rules made thereunder.

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

f) With respect to the adequacy of the internal financial controls with reference to financial
statements 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
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:

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

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

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

//V No.:

• I 1475SR iPl

iv. (a) The management has represented that, to the best of it''s knowledge and belief, 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
personas) or entity(ies), including foreign entities (“intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the company (“Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The management has represented, that, to the best of it''s knowledge and belief, 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, 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; and

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

v. No dividend have been declared or paid during the year by the company.

vi. Based on our examination which included test checks, the company has used an
accounting software for maintaining its books of account 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.

If I, For JIGAR ADHYARU & CO.

Chartered Accountants
FRN: 142223W .

Place:-VADODARA JIGAR BHIKHABHAI ADHYARU

Date: 30/05/2024 (CHARTERED ACCOUNTANT )

UDiN:24147598BKEBCD9952 Membership No. 147598

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Mar 31, 2015

We have audited the accompanying financial statements of Rekvina Laboratories Ltd. which comprise the Balance Sheet as at 31st 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 with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were opeiating 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 tree from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

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 control relevant to the Company's preparation and fair presentation of the financial statments in order to design audit procedures that are appropriate in the circumstances 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, 2015;

(b) in the case of the Profit and Loss Account, 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, 2015issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

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

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

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

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

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

e. on the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of section 164(2) of the Companies Act, 2013.

ANNEXURE TO THE AUDITORS' REPORT

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

(1) FIXED ASSETS

(a) As informed to us the company is updating proper records showing full particulars including quantitative details and situation of fixed assets.

(b) We were informed that the management once during the year carried out physical verification of major Fixed Assets. In our opinion, frequency of verification is reasonable having regard to the size and nature of fixed assets. We were further informed that on such verification no material discrepancies were noticed between the book records and physical verification.

(2) INVENTORIES

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

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

(c) On the basis of our examination of the records of inventory, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to the book records were not material.

(3) LOANS

(a) The Company has granted unsecured loans to Companies, firms or other parties covered in the register maintained under section 189 of the Act. There is one party and the amount involved 12.26 lacks.

(b) As per the information & explanation given to us, the loan granted to companies, firms or other parties listed in the register maintained under section 189 of the Companies Act, 2013, has no pre-defined repayment schedule and is free of interest;

(c) As per the information & explanation given to us, there is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 189 of the Companies Act, 2013.

(4) INTERNAL CONTROL

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 with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(5) The company has not accepted any deposits from the public within the meaning of section 73 to 76 or any other relevant provision of the Act.

(6) The Central Government has not prescribed maintenance of cost records under section 148(1) of the companies act 2013 for any of the items with by the company.

(7) STATUTORY DUES

(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 statutory dues applicable to it with the appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2015 for a period of more that six months from the date they became payable.

(c) According to the information and explanation given to us, the following are the details of disputed income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess, to the concerned Authorities :

Sr. No. Statutory Dues With whom the dispute is Unpaid Amount pending Rs.

1. Income Tax-AY 1999-00 CIT (A) Rs. 10,16,536

2. Income Tax-AY 2000-01 CIT (A) Rs. 9,57,098

3. Income Tax-AY 2002-03 CIT (A) Rs. 91,316

4. Sales Tax Sales Tax Tribunal Rs. 39,33,322

(8) In our opinion, the accumulated losses of the company at the end of financial year are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(9) 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.

(10) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(11) As per the information and explanations given to us, the Company did not have any term loan during the year;

(12) 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 Y. K. SHAH & Co. PLACE: VADODARA CHARTERED ACCOUNTANTS DATE : 28.05.2015 Fim Regn No :116821W

(CA. YOGESH K. SHAH) PROPRIETOR M.No. : 101687

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Mar 31, 2014

We have audited the accompanying financial statements of Rekvina Laboratories Ltd. which compose the Balance Sheet as at 31st March 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting poiicies and other explanatory information.

Managements Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 231 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 misstatement.

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

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

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 Profit and Loss Account, 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 tire year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order. 2003issued by the Central Government of India in terms of sub-section (4A) of section 227 of tire 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 infonnation and explanations which to tire best of our knowledge and belief were necessary for the purpose of our audit;

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

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

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

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 THE AUDITOTS' REPORT

(Referred to in paragraph 3 of our Report of even date on the Accounts for the year ended on 31st March. 2014 of Rekvina Laboratories Ltd.)

(1) FIXED ASSETS

(a) As informed to us the company is updating proper records showing full particulars including quantitative details and situation of fixed assets.

(b) We were informed that the management once during the year carried out physical verification of major Fixed Assets. In our opinion, frequency of verification is reasonable having regard to the size and nature of fixed assets. We were further informed that on such verification no material discrepancies were noticed between the book records and physical verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed off substantial part of fixed assets during the year.

(2) INVENTORIES

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

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

(c) On the basis of our examination of the records of inventory, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to the book records were not material.

(3) LOANS

(a) The Company has granted unsecured loans to Companies, firms or Other parties covered in the register maintained under section 301 of the Act. There is one party and the amount invo1ved 13.40 lacks.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are, prima facie, prejudicial to the interest of the company.

(c) As per the information & explanation given to us, the loan granted to companies, firms Or other parties listed in the register maintained under section 301 of the Companies Act, 1956, has no pre-defined repayment schedule and is free of interest:

(d) As per the information & explanation given to us, there is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(e) The company has not taken any loan from Companies covered in the register maintained under section 301 of the Companies Act, 1956.

(4) INTERNAL CONTROL

In our opinion and according to the information and explanations given to us. there arc 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 with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(5) RELATED PARTY TRANSACTIONS - SECTION 301

(a) According to the information and explanations given to us, we are of the opinion that the contracts or arrangements referred to in section 301 of the Act have been so entered in the register referred to be maintained under that section.

(b) As per the information and explanations given to us, each of these contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time;

(6) The company has not accepted any deposits from the public with in the meaning of section 58A, 58AA or any other relevant provision of the Act.

(7) In our opinion, the company has an internal audit system commensurate with the size & nature of its business.

(8) The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the companies act 1956 for any of the items dealt with by the company.

(9) STATUTORY DUES

(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 statutory dues applicable to it with the appropriate authorities,

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income lax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2014 for a period of more that six months from the date they became payable,

(c) According to the information and explanation given to us, the following are the details of disputed income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess, to the concerned Authorities:

Sr. Statutory Dues With whom the dispute Unpaid Amount No. is pending

1. Income Tax CIT (A) 10,16,536

2. Income Tax C1T (A) 9,57,098

3. Income Tax CIT (A) 91,316

4. Sales Tax Sales Tax Tribunal 39,33,322

(10) In our opinion, the accumulated losses of the company at the end of financial year are more than fifty percent of its net worth, The company has not incurred cash Losses during the financial year covered by our audit and in the immediately preceding financial year.

(11) in our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

(12) As per the information and explanations given to us, the company has not granted loans advances on the basis of security by way of pledge of shares and other securities.

(13) In our opinion that 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 arc not applicable to the company.

(14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

(15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(16) As per the information: and explanations given to us, the Company did not have any term ban during the year;

(17) According to the information and explanations given to us no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short- term assets except permanent working capital.

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

(19) According to the information and explanations given to us, during the period coveted by our audit report, the company had not issued debentures.

(20) The Company has not raised any money by public issues during the year.

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

For Y. K. SHAH & Co, PLACE: VADODARA CHARTERED ACCOUNTANTS DATE : 22.05.2014 Firm Regn No : 116821W

(CA. YOGESH K SHAH) PROPRIETOR M.No.: 101687

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Mar 31, 2012

1. We have audited the attached Balance sheet of Rekvina Laboratories Ltd. as at 31st March 2012 and also the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

3. As required by the Companies (Auditor's Report) Order, 2003 (As Amended), issued by the Central Government of India in terms of Section 227(4A) of the Companies Act 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 and 5 of the said order.

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

(i) We have obtained all 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 & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts;

(iv) In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956;

(v) On the basis of written representation 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 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies, 1956;

(vi) Interest free advance given as per note No: 5.

(vii) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes on accounts, 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 Balance Sheet, of the State of affairs of the Company as at 31st March 2012 ; and

b) in the case of Profit & Loss Account, of the loss for the year ended on that date.

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

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 of our Report of even date on the Accounts for the year ended on 31st March, 2012 of Rekvina Laboratories Ltd.)

(1) FIXED ASSETS

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

(b) We were informed that the management once during the year carried out physical verification of major Fixed Assets. In our opinion, frequency of verification is reasonable having regard to the size and nature of fixed assets. We were further informed that on such verification no material discrepancies were noticed between the book records and physical verification.

(c) In our opinion and according to the information and explanations given to us, the Company has not disposed off substantial part of fixed assets during the year.

(2) INVENTORIES

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

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

(c) On the basis of our examination of the records of inventory, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of stocks as compared to the book records were not material.

(3) LOANS

(a) The Company has granted unsecured loans to Companies, firms or other parties covered in the register maintained under section 301 of the Act. There is one party and the amount involved Rs. 19.00 lacks.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are, prima facie, prejudicial to the interest of the company.

(c) As per the information & explanation given to us, the loan granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956, has no pre-defined repayment schedule and is free of interest;

(d) As per the information & explanation given to us, there is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(e) The company has not taken any loan from Companies covered in the register maintained under section 301 of the Companies Act, 1956.

(4) INTERNAL CONTROL

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 with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(5) RELATED PARTY TRANSACTIONS - SECTION 301

(a) According to the information and explanations given to us, we are of the opinion that the contracts or arrangements referred to in section 301 of the Act have been so entered in the register referred to be maintained under that section.

(b) As per the information and explanations given to us, each of these contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time;

(6) The company has not accepted any deposits from the public within the meaning of section 58A, 58AA or any other relevant provision of the Act.

(7) In our opinion, the company has an internal audit system commensurate with the size & nature of its business.

(8) The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the companies act 1956 for any of the items dealt with by the company.

(9) STATUTORY DUES

(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 statutory dues applicable to it with the appropriate authorities.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as at 31st March, 2012 for a period of more that six months from the date they became payable.

(c) According to the information and explanation given to us, the following are the details of disputed income tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess, to the concerned Authorities :

Sr. No. Statutory Dues With whom the dispute is Unpaid Amount pending Rs.

1. Income Tax CIT (A) Rs. 10,16,536

2. Income Tax CIT (A) Rs. 9,57,098

3. Sales Tax Sales Tax Tribunal Rs. 39,33,322

(10) In our opinion, the accumulated losses of the company at the end of financial year are more than fifty percent of its net worth. The company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

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

(12) As per the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares and other securities.

(13) In our opinion that 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.

(14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

(15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(16) As per the information and explanations given to us, the Company did not have any term loan during the year;

(17) According to the information and explanations given to us no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short- term assets except permanent working capital.

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

(19) According to the information and explanations given to us, during the period covered by our audit report, the company had not issued debentures.

(20) The Company has not raised any money by public issues during the year.

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

For Y. K. SHAH & Co. PLACE: VADODARA

CHARTERED ACCOUNTANTS DATE : 21.05.2012

Firm Regn. No :116821W

(CA. YOGESH K. SHAH)

PROPRIETOR

M.No. : 101687