We have audited the attached Balance Sheet of M/s. Mavens Biotech
Limited, Kolkata as at 31st March 2011, 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.
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.
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, and on basis of such checks of the books and
records of the Company as we considered appropriate and according to
the information and explanation given to us, we give in the Annexure a
statement on the matters specified in Paragraphs 4 and 5 of the said
order.
2. Further to our comments in the Annexure referred to in paragraph 1
above:
i) We have obtained all the information and explanation, 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 the
books.
iii) The attached Balance Sheet, Profit and Loss Account and Cash flow
Statement dealt with this with by this report are in agreement with the
books of accounts.
iv) In our opinion, the Balance Sheet and Profit and Loss Account and
cash flow statement dealt with by this report comply with the
Accounting Standard referred to in sub-section (3C) of section 211 of
the Companies Act, 1956.
v) On the basis of written representations received by us from the
directors of the Company as on 31st March 2011 and taken on record by
the Board of Directors, in our opinion, none of the Directors are
disqualified from being appointed as director of the Company under
Section 274(1)(g) of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to
the explanation given to us, the said account read with the notes
thereon 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 the Balance Sheet, of the State of Affairs of the
Company as at 31st March 2011 and
(b) In the case of Profit & Loss Account, of the Profit of the Company
for the year ended on that date and
(c) In case of Cash flow statement of the cash flow for the year ended
on that date.
Annexure to Auditors'' Report Referred to in Paragraph 1 of our report
of even date:
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details of fixed assets on the basis of
available information.
b. As informed to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets.
c. As informed, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
a. As informed to us, inventories have been physically verified by the
management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
c. As explained to us, there was no material discrepancies noticed on
physically verification of inventory as compared to the book records.
3. In our opinion and according to the information and explanations
given to us, there is no loans, secured or unsecured, granted or taken
by the Company to / from companies, firms or other parties covered in
the register maintained under section 301 of the Companies Act, 1956.
Hence the require- ment of Clause (iii) of paragraph 4 of the order is
not applicable to the Company.
4. In our opinion and according to the information and explanation
given to us, there is internal control procedure commensurate with the
size of the company and nature of its business for purchase of
inventory, fixed assets and also for sale of goods. During the course
of our audit, we have not observed any major weaknesses in internal
controls.
5. In respect of transaction covered under section 301 of the
Companies Act, 1956:
a. In our opinion and according to the information and explanation
given to us, the transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956, have been so
entered.
b. In the absence of competitive quotations and comparable prices and
having regards to the spe- cialized nature of items purchased or sold,
we are unable to comment upon the reasonability of prices at which such
transactions have been entered, having value exceeding Rs.5,00,000/- or
more in the financial year under audit.
6. The Company has not accepted any deposit from the public to which
the provision of Sec 58A and 58AA of the Companies Act, 1956, and the
Companies (Acceptance of Deposit) Rules, 1975 apply.
7. In our opinion, the company has an adequate 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.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including provident fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of aforesaid dues were outstanding as on 31st March 2011 for
a period of more than six months from the date of becoming payable.
b. In our opinion and according to the information and explanation
given to us, there are no disputed statutory dues pending before
appropriate authorities.
10. The Company has not having any accumulated losses and has not
incurred any cash losses during the financial year and the immediate
preceding financial year covered by our audit.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, bank or
debenture holder.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
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. Therefore clause 4 (xiii) of the Companies
(Auditor''s Report) Order, 2003 is not applicable.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the Company in its
own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institu- tions.
16. The Company has not raised any term loans during the year.
17. According to the information and explanation given to us and on
overall examination of the Balance Sheet of the company, we are of the
opinion that the company has not utilized the funds raised on short
basis towards long-term borrowings and investment and vice versa.
18. During the year, 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. The Company has not issued any debentures. Hence the requirement
of clause (xix) of paragraph 4 of the Order is not applicable to the
Company.
20. The Company has not raised money by way of public issue during the
year.
21. In our opinion and according to the information and explanation
given to us, no fraud in or by the Company has been noticed or reported
during the causes the financial statements to be materially misstated.
For Mohindra Arora & Co.
(Chartered Accountants)
FRN. 006551 N
A.K. Katial
(Partner)
FCA No. 09096
Place: Mumbai
Date : 11/04/2011
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