1.  We have audited the attached Balance Sheet of AMAR REMEDIES LIMITED
 as at 30th June, 2011 and also the Profit & Loss Account and Cash Flow
 statement for the year ended on that date attached 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. These 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 test basis, evidence supporting the amounts and
 disclosures in the financial statement. An audit also includes
 assessing the accounting principles used and significant estimates made
 by the 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 (Auditors Report) Order, 2003, as
 amended, issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Companies Act, 1956, we enclose
 in the annexure hereto a statement of the matter specified in
 paragraphs 4 & 5 of the said order.
 
 4.  Further to our comments in the annexure referred to in paragraph 2
 above, we report that :
 
 a) We have obtained all the information and the 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
 books of accounts.
 
 c) The Balance Sheet and Profit & Loss Account dealt with by this
 report are in agreement with the books of accounts.
 
 d) In our opinion the Balance Sheet and Profit & Loss Account referred
 to in this report; comply with the accounting standards referred to in
 Sub-section (3C) of section 211 of the Companies Act, 1956.
 
 Based on the representations made by all the Directors of the Company
 and the information and explanations as made available to us by the
 company, we report that none of the Directors of the company has prima
 facie any disqualification as referred to in clause (g) of sub-section
 (1) of section 274 of the Act.
 
 e) In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts read with the and
 subject to the notes to the accounts relating to Balance Sheet and
 Profit & Loss account give the information required by the Companies
 Act, 1956, in the manner so required and give a true and fair view.
 
 i.  In the case of Balance Sheet of the state of Affairs of the Company
 as at 30th June, 2011.
 
 ii.  In the case of Profit & Loss account, of the Profit of the Company
 for the year ended on that date.
 
 iii.  In case of Cash Flow statement, of the Cash Flow for the year
 ended on that date.
 
 ANNEXURE TO THE AUDITORS REPORT
 
 Referred to paragraph 3 of the Auditors Report of even date to the
 members of Amar Remedies Limited on financial statements for the year
 ended June 30,2011.
 
 1 (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of its Fixed
 Assets. Fixed Assets were physically verified by the management during
 the period ended on 30th June, 2011.
 
 (b) We were informed that no material discrepancies were noticed by the
 management on such verification.  In our opinion, the frequency of
 verification is reasonable having regards to the size of the Company
 and the nature of the assets. None of the Fixed Assets have been
 revalued during the period ended on 30th June, 2011.
 
 (c ) According to the information and explanation given to us, the
 company has not disposed off substantial part of any fixed assets
 during the year.
 
 2 (a) The inventory have been physically verified during the year by
 the management. In our opinion the frequency of the verification is
 reasonable.
 
 (b) The procedure for physical verification of stock followed by the
 Company are reasonable & adequate in relation to the size of the
 Company & the nature of its business.
 
 (c) The Company has maintained proper records of Inventories. The
 Discrepancies, if any, noticed on physical verification of Stock as
 compared to book records have been properly dealt within the books of
 Accounts.
 
 3 (a) As per information furnished, the Company has granted interest
 free unsecured loans, to wholly owned subsidiary company and Associate
 Firm. The Maximum amount outstanding during the year was Rs.  1818.46
 Lacs and the year end balance of such loan was Rs. 1818.46 Lacs.
 
 (b) In our opinion, other terms and conditions on which loans have been
 granted to wholly owned subsidiary company and Associate Firm are not,
 prime facie, prejudicial to the interest of the company.
 
 (c) In the case of loans granted to wholly owned subsidiary company and
 Associate Firm, where stipulation have been made, the borrowers have
 been regular in repaying the principal amounts as stipulated.
 
 (d) There is no overdue amount of more than Rupees One Lakh in respect
 of loan granted to parties covered in the register maintained under
 section 301 of the companies Act, 1956
 
 (e) As per information furnished, the Company has not taken interest
 free unsecured loans, from parties covered in the register maintained
 under section 301 of the companies Act, 1956. Therefore, clause of (f)
 & (g) are not applicable.
 
 4 In our opinion and according to the information and explanation given
 to us , there are adequate internal control procedure commensurate with
 the size of the company and the nature of its business for the purchase
 of inventory fixed assets and also for the sale of goods. During the
 course of our audit, we have not observed any major weakness in
 internal controls.
 
 5 (a) In our opinion and according to the information and explanation
 given to us, the transaction made in pursuance of contracts or
 arrangements that needed to be entered in the register maintained under
 section 301 of the companies act 1956, have been so entered.
 
 (b) According to the information and explanation given to us, we are of
 the opinion that the transaction made in pursuance of such contracts or
 arrangements have been made at prices which are reasonable having
 regard to the prevailing market prices at the relevant time.
 
 6 In our opinion and according to the information and explanation given
 to us, the company has not accepted any deposit from public during the
 year, within the meaning of section 58A and 58AA and other relevant
 provisions of the companies Act, 1956 and rules frames there under.
 
 7 In our opinion, the internal audit system of the company is
 commensurate with the size and its nature of business.
 
 8 According to the information and explanations given to us, the
 maintenance of cost records are not applicable as prescribed by the
 Central Government under section 209(1) (d) of the Companies Act,1956.
 
 9 (a) According to the information, explanation given to us and records
 of the company examined by us, in our opinion the company is generally
 regular in depositing undisputed statutory dues including Provident
 Fund, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and other
 material dues as applicable with the appropriate authorities.
 
 (b) According to the information and explanations given to us and
 records of the company examined by us, no dues in respect of Sales Tax,
 Income Tax, Custom Duty, Excise Duty ,Cess and other material dues have
 been deposited on account of dispute.
 
 10 The company does not have accumulated losses and has not incurred
 any cash losses during the period ended on 30th June, 2011 covered by
 our audit or in the immediately preceding financial year.
 
 11 Based on our audit procedures and according to the information and
 explanations given to us, we are of the opinion that the company has
 not defaulted in repayment of dues to financial institution, banks or
 debentures holders.
 
 12 According to the information and explanations given to us, the
 company has not granted any loan or advances on the basis of security
 by way of pledge share, debenture or other security.
 
 13 In our opinion the company is not a chit fund or nidhi / mutual
 benefit fund / society. Therefore the provisions of clause 4(xiii) of
 the Companies (Auditors report) Order 2003 are not applicable to the
 company.
 
 14 In our opinion and according to the information and explanations
 given to us, the company is not dealing in shares securities and
 debentures and other investment. Therefore the provisions of clause 4
 (xiv) of the order are not applicable to the company.
 
 15 In our opinion and according to the information and explanations
 given to us, the company has not given any guarantee for loan taken by
 others from bank or financial institutions.
 
 16 According to the information and explanations given to us and the
 records examined by us, on an overall basis, the term loans have been
 applied for the purpose for which the loans were obtained.
 
 17 In our opinion and according to the information and explanations
 given to us and on an overall examination of the Balance sheet of the
 company, we report that no funds raised on short term basis have been
 utilized for long term investment.
 
 18 According to the information and explanations given to us, the
 company has not made any 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, the
 company has not issued any debenture during the period covered by our
 report. Accordingly, the provisions of clause (xix) of the order are
 not applicable to the company.
 
 20 During the year the company has not raised any amount by way of
 public issue.
 
 21 During the course of our examination of the books and records of the
 company, carried in accordance with the generally accepted auditing
 practices in India, and according to the information and explanations
 given to us, we have neither come across by instance of fraud on or by
 the company, noticed or reported during the year, nor have we been
 informed of such case by the management.
 
                                             FOR SHYAM C. AGRAWAL & CO.
 
                                                  CHARTERED ACCOUNTANTS
 
                                          FIRMS REGISTRATION NO.110243W
 
                                          Sd/-
 PLACE: MUMBAI                            SHYAM C. AGRAWAL
 
 DATE: 26TH AUGUST, 2011                  PROPRIETOR
 
                                          (MEMBERSHIP NO. 31774)