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DRIVIN G ROWTH - Dr. Reddy's

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242<br />

independent accountant’s audit report<br />

HERBERT MILLER<br />

Certified Public Accountant<br />

To<br />

The Shareholders<br />

REDDY US THERAPEUTICS, INC.<br />

Atlanta, Georgia<br />

REDDY US THERAPEUTICS, INC. | FINANCIALS | ANNUAL REPORT 2001-2002<br />

2996 Grandview Avenue<br />

Suite 300<br />

Atlanta, Georgia 30305<br />

I have audited the accompanying Balance Sheets of Reddy US Therapeutics, Inc. (A Development Stage Company) as of March 31,<br />

2002 and 2001 and the related statements of operations and retained deficit, and cash flows for the year and three months then<br />

ended. These financial statements are the responsibility of the Company’s management. My responsibility is to express an opinion on<br />

these financial statements based on our audit.<br />

I conducted our audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the<br />

audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes<br />

examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes<br />

assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial<br />

statement presentation. I believe that our audit provides a reasonable basis for our opinion.<br />

In my opinion the financial statements referred to above present fairly, in all material respects, the financial position of Reddy US<br />

Therapeutics, Inc. as of March 31, 2002 and 2001 and the results of its operations and its cash flows for the year and three months<br />

then ended in conformity with generally accepted accounting principles.<br />

HERBERT MILLER<br />

April 19, 2002 Certified Public Accountant

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