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