Pfimex Pharmaceuticals Ltd Auditors Report.

1995 PFIMEX PHARMACEUTICALS LIMITED AUDITORS REPORT We have audited the attached Balance Sheet of PFIMEX PHARMACEUTICALS LIMITED as at 31st December, 1995 and the Profit and Loss Account for the period ended on that date annexed thereto and 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 such books. c) The Balance Sheet and Profit and Loss Account dealt with by this Report are in agreement with the books of accounts. d) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with notes give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: i) In so far as it relates to the Balance Sheet, of the state of affairs of the Company as at 31st December, 1995; and ii) In so far as it relates to the Profit and Loss Account, of the "Profit" of the Company for the year ended on that date. For V. AMARNATH & ASSOCIATES Chartered Accountants V. AMARNATH Managing Partner Place : Hyderabad Date : 30th April, 1996.