1.  We have audited the attached Balance Sheet of M/s. Mavens Biotech
 Limited, Kolkata as at 31st March, 2012, the Statement of Profit & Loss
 Account and the Cash Flow Statement of the Company 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 the 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 misstatements. 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 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 (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 Section 227 (4A)
 of the Companies Act, 1956, and on the basis of such test checks of the
 books and records of the Company, as we considered appropriate and
 according to the information and explanations given to us, we give in
 the Annexure a statement on the matters specified in Paragraphs 4 and 5
 of the said order.
 
 
 4.  Further to our comments in the Annexure referred to in paragraph 3
 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 account as required by Law have
 been kept by the Company so far as appears from our examination of
 those books.
 
 iii) The Balance Sheet, Statement of Profit and Loss Account and Cash
 Flow Statement dealt with by this report are in agreement with the
 books of accounts.
 
 iv) In our opinion, Balance Sheet, Statement of Profit and Loss Account
 and Cash Flow Statement dealt with by this report generally comply with
 all the mandatory Accounting Standard referred to in section 211 (3C)
 of the Companies Act, 1956 to the extent applicable.
 
 v) On the basis of written representations received from the Directors
 of the Company as on 31st March, 2012 and taken on record by the Board
 of Directors, none of the director is disqualified as on 31st March,
 2012 from being appointed as Director of the Company under 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 financial statements, read
 together with Significant Accounting Policies and Notes to the Accounts
 there on, give in the prescribed manner the information required by the
 Companies Act, 1956 and also give respectively a true and fair view in
 conformity with the Accounting Principle 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;
 
 (b) In the case of the Statement of Profit & Loss Account, of the
 Profit of the Company for the year ended on that date;
 
 (c) In the case of the Cash Flow Statement, of the Cash flows of the
 Company for the year ended on that date;
 
 Annexure to Auditors'' Report (Referred to in Paragraph 3 of our report
 of even date)
 
 1.  In respect of its fixed assets:
 
 a) The Company has maintaining proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 b) We are informed that all the fixed assets have been physically
 verified by the management during the year, which, in our opinion, is
 reasonable having regard to the size of the company and the nature of
 
 its assets. No material discrepancies were noticed on such
 verification.
 
 c) The company has not disposed off any substantial part of its fixed
 assets during the year as would affect the going concern status of the
 Company.
 
 2.  In respect of its Inventories:
 
 a) We are informed that the Inventory have been physically verified by
 the management during the year.  In our opinion, the frequency of
 verification is reasonable.
 
 b) In our opinion and according to the information and explanations
 given to us, the procedure of physical verification of inventory
 followed by the management is reasonable and adequate in relation to
 the size of the company and nature of its business.
 
 c) The company is maintaining proper records of inventory and no
 material discrepancies were noticed on physical verification by the
 management.
 
 3.  The Company has neither granted nor taken any loans, secured or
 unsecured, to/from companies, firms or other parties covered in the
 register maintained under section 301 of the Companies Act, 1956.
 Accordingly, the provisions of sub -clauses (b), (c), (d), (e), (f) and
 (g) of the clause (iii) of paragraph 4 of the Companies (Auditor''s
 Report) Order, 2003 are not applicable to the company.
 
 4.  In our opinion and according to the information and explanations
 given to us, there exist an adequate internal control system
 commensurate with the size of the company and nature of its business
 with regard to purchases of inventory, fixed assets and with regard to
 the sale of goods and services. During the course of our audit, we have
 not observed any major weakness in internal control system of the
 company.
 
 5.  According to the information and explanations given to us, there
 are no contracts or arrangements that need to be entered into the
 register referred to in Section 301 of the Companies
 Act,1956.Accordingly, the provisions of sub clause (b) of the Clause
 (v) of paragraph 4 of the Companies (Auditors'' Report) Order,2003 is
 not applicable to the Company.
 
 6.  The Company has not accepted any deposits from the public during
 the year and hence, the directives issued by the Reserve Bank of India
 and the provisions of sections 58A, 58AA or any other relevant
 provisions of the Companies Act, 1956 and the rules framed thereunder
 are not applicable .We are informed by the management that, no order
 has been passed by the Company Law Board or National Company Law
 Tribunal or Reserve Bank of India or any Court or any other Tribunal.
 
 7.  In our opinion, the company has an Internal Audit System
 commensurate with the size of the Company and nature of its business.
 
 8.  We are informed that, the Central Government has not prescribed
 maintenance of cost records under section 209 (1) (d) of the Companies
 Act, 1956 for any of the products/services rendered by the Company.
 
 9.  According to the information and explanations given to us ,in
 respect of its statutory dues:
 
 a.  The company has been generally regular in depositing undisputed
 statutory dues including Provident fund, Investor Education and
 Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
 Wealth Tax, Service Tax Customs Duty, Excise Duty, Cess and other
 material statutory dues ,as applicable to it, with the appropriate
 authorities.
 
 b.  There were no undisputed amounts payable in respect of Income Tax,
 Sales Tax, Wealth Tax, Service Tax Customs Duty, Excise Duty, Cess and
 other material statutory dues were in arrears as at 31st March, 2012
 for a period of more than six months from the date of become payable.
 
 c.  There are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax
 Customs Duty, Excise Duty, Cess and other material statutory dues which
 have not been deposited on account of any dispute.
 
 10.  The company does not have any accumulated losses as at 31st March,
 2012and it has not incurred any cash losses in the financial year ended
 on that date or in the immediate preceding financial year.
 
 11.  In our opinion and according to the information and explanation
 given to us, the company has not defaulted in repayment of dues to a
 financial institutions, bank or debenture holders.
 
 12.  According to the information and explanations given to us, the
 company has not granted any loans or advances on the basis of security
 by way of pledge of shares, debentures and other securities.
 
 13.  In our opinion, the Company is not a chit fund or a nidhi / mutual
 benefit fund / society.
 
 14.  According to the information and explanation given to us, the
 company is not dealing or trading in shares, securities, debentures and
 other investments.
 
 15.  The company has not given any guarantees for loans taken by other
 from banks or financial institutions.
 
 16.  The Company has not availed any term loans during the year.
 
 17.  According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the Company, we report
 that the no funds raised on short term basis have been used for long
 -term investment.
 
 
 18.  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 during the year.
 
 19.  The company has not issued any debentures during the year under
 review.
 
 20.  The company has not raised any money by public issue 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 Mohindra Arora & Co
 
                                              (Chartered Accountants)
 
                                                       FRN :: 006551N
 
 
 
                                                         (A.K.Katial)
 
 Place : Mumbai                                               Partner
 
 Date : 30/05/2012                                       M. No. 09096