Notes to Accounts of Mavens Biotech Ltd.

Mar 31, 2015

1. During the financial year 2014-15, there are not any transactions with any suppliers /parties who are copied under The Micro Small and Medium Enterprises Development Act, 2006'.

2. Related Party Disclosures

There were no contracts or arrangements made with related parties during the year under review.

3. Key Managerial Personnel:

The Key Managerial Personnel are the Whole Time Director, CFO and Company Secretary cum Compliance Officer, whose names are mentioned in the Corporate Governance Report.

4. Pursuant to the enactment the Companies Act, 2013 being effective from 01st April, 2014, the Company has re-assessed the useful lives of its fixed assets and depreciation has been charged accordingly in accordance with the provisions of Schedule II of the Act. As a result, the depreciation charged for the year ended on 31/03/2015 is higher by Rs. 10.30 lacs. Further, an amount of Rs. 9.98 lacs has been adjusted against the opening balance of retained earning being the carrying value of fixed assets whose lives are over as at the said date, in accordance with the Schedule II of the Companies Act, 2013.

5. There are not any particulars which are required to be furnished under Schedule III of the Companies Act, 2013.

6. In compliance with the Accounting Standard AS-22 relating to "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India, the Company had provided for Deferred tax liability arising out of timing difference. During the year under report, there has been reversal of the said deferred tax liability to the extent of Rs.403004/-(P.Y. Rs. 122795/-), on account of difference between Book and Tax Depreciation. Accordingly, the said item has been credited to Statement of Profit & Loss of the year under report.

7. The Company has one reportable business segments i.e. Trading in Agricultural Commodities and its allied products. The Company operates mainly in Indian market and there are no reportable geographical segments.

8. Earnings Per Share:

Earnings per share are calculated by dividing the profit attributable to the equity shareholders by the number of equity shares outstanding during the year, as under:

9. In the Opinion of the Board, all the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount stated in the Balance Sheet and all the known liabilities have been provided for.

10. Certain Debit and Credit Balances are being subject to confirmation.

11. The figures appearing in the Financial Statements have been rounded off to nearest rupee.

12. Previous year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification /disclosure.

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Mar 31, 2014

1. Related Party Disclosures

There is no other company, which is under the same management in which the directors of the company are entrusted as directors and / or shareholders. There is no transaction with any firm and / or proprietor firm in which the directors of the company are interested as a partners or proprietor.

2. Key Management Personnel:

The Key Management Personnel are the Whole Time Director and Company Secretary Cum Compliance officer, whose names are mentioned in the Corporate Governance Report.

3. There are not any particulars which are required to be furnished pursuant to Clause VIII of part II of the Schedule VI of the Companies Act, 1956.

4. In compliance with the Accounting Standard AS-22 relating to "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the company had provided for Deferred tax liability arising out of timing difference. During the year under report, there has been reversal of the said deferred tax liability to the extent of Rs.122,795/- (P.Y Rs. 160, 018), on account of difference between Book and Tax Depreciation. Accordingly, the said item has been credited to Statement of Profit & Loss of the year under report.

5. The Company has two reportable business segments i.e. Trading of Agro Products & Commodities and IT Activities. The Company operates mainly in Indian market and there are no reportable geographical segments.

6. In the Opinion of the Board, all the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount stated in the Balance Sheet and all the known liabilities have been provided for.

7. Certain Debit and Credit Balances are being subject to confirmation.

8. The figures appearing in the Financial Statements have been rounded off to nearest rupee.

9. Previous year''s figures have been regrouped/ reclassified wherever necessary to correspond with the current year''s classification /disclosure.

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Mar 31, 2013

1. Related Party Disclosures

There is no other company, which is under the same management in which the directors of the company are entrusted as directors and / or shareholders. There is no transaction with any firm and / or proprietor firm in which the directors of the company are interested as a partners or proprietor.

2. Key Management Personnel:

The Key management personnel are the directors, whose names are mentioned in the corporate governance report.

3. There are not any particulars which are required to be furnished pursuant to Clause VIII of part II of the Schedule VI of the Companies Act, 1956.

4. In compliance with the Accounting Standard AS-22 relating to "Accounting for Taxes on Income” issued by the Institute of Chartered Accountants of India, the company had provided for Deferred tax liability arising out of timing difference. During the year under report, there has been addition of the said deferred tax liability to the extent of Rs.1,60,018/- (P.Y Rs. 1,46,449/-, there is reversal of the said liability), on account of difference between Book and Tax Depreciation. Accordingly, the said item has been credited to Statement of Profit & Loss of the year under report.

5. The Company has two reportable business segments (i) Trading of Agro products & Commodities (ii) IT Activities The Company operates mainly in Indian market and there are no reportable geographical segments.

6. Earning Per Share:

Earnings per share are calculated by dividing the profit attributable to the equity shareholders by the number of equity shares outstanding during the year, as under:

7. In the Opinion of the Board, all the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount stated in the Balance Sheet and all the known liabilities have been provided for.

8. Certain Debit and Credit Balances are being subject to confirmation.

9. The figures appearing in the Financial Statements have been rounded off to nearest rupee.

10. The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2012

(i) Terms / rights attached to Equity shares

The Company has only one class of equity shares having a par value of Re.1/- per share. Each equity shareholder is entitled to one vote per share. The Company have not declared any dividends for the year under review.

(ii) No Equity Shares of the Company are held by its Holding Co or its Ultimate Holding Co or by subsidiaries or associates of the holding co or the ultimate Holding Co, since the Company does not have any Holding Co or Subsidiary Co as at 31st March, 2012 and as at 31st March, 2011.

(iii) None of the Shareholders holding more than 5% shares in the issued, subscribed and paid up Equity share capital of the Company as at 31st March, 2012 and as at 31st March, 2011.

(iv) No Equity Shares are reserved for issue under the employee stock option (ESOP) plan of the Company and for contracts /commitments for the sale of shares /disinvestment as at 31st March,2012 and as at 31st March,2011.

(v) During the period of five years immediately preceding the reporting date :

a) No Shares were allotted pursuant to any contract(s)/ arrangements without payment being received in cash

(b) No Shares were allotted by way of bonus shares;

(c) No Shares were bought back'

(vi)The Company does not issued any securities which will be convertible into Equity Shares in future.

(vii) No Calls unpaid by any share holders at 31st March, 2012 and as at 31st March, 2011.

(viii) Since Inception, no Shares were Forfeited by the Company or there were any re-issue of any Forfeited shares

(ix) In Financial Year 2008-09, equity share capital of the company was sub-divided from every One equity shares of Rs.10/-each (10,992,000 Nos.) into Ten equity shares of Re.1/- each (109,920,000Nos).

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Mar 31, 2011

1. Related Party Disclosures

There is no other company, which is under the same management in which the directors of the com- pany are entrusted as directors and / or shareholders. There is no transaction with any firm and/ or proprietor firm in which the directors of the company are interested as a partners or proprietor.

2. Key Management Personnel

The Key management personnel are the directors, whose names are mentioned in the corporate gover- nance report.

3. The names of Micro Small and Medium Enterprisers suppliers defined under 'The Micro Small and Medium Enterprises Development Act, 2006' could not be identified, as the necessary evidence is not in the possession of the Company.

4. Liabilities in respect of gratuity & leave encashment and other retirement benefits are accounted for on cash basis which is not in conformity with Accounting Standard (AS) 15 (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountants of India which requires that Gratuity and Leave Encashment Liabilities be accounted for on accrual basis.

5. In the opinion of the management, there is no impairment of assets as on Balance Sheet date.

6. In the opinion of the management, there are no contingent liabilities as on Balance Sheet date.

7. Deferred Tax:

(a) The company has provided deferred tax in accordance with the Accounting Standard-22 Accounting for taxes on Income issued by the ICAI.

(b) The break-up of net deferred tax liability as on 31st March, 2011 is as under:

Particulars Deferred Tax Liability

Tax on Difference between book and Tax Depreciation Rs. (138,671/-)

8. Paise have been rounded off to the nearest rupee.

9. Schedule A to I from an integral part of Balance Sheet and Profit & Loss Account.

10. Previous year figures have re-grouped or rearranged wherever necessary.

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Mar 31, 2010

1. Related Party Disclosures

There is no other company, which is under the same management in which the directors of the company are entrusted as directors and / or shareholders. There is no transaction with any firm and / or proprietor firm. in which the directors of the company are interested as a partners or proprietor.

2. Key Management Personnel

The Key management personnel are the directors, whose names are mentioned in the corporate governance report.

3. The names of Micro Small and Medium Enterprisers suppliers defined under The Micro Small and Medium Enterprises Development Act, 2006 could not be identified, as the necessary evidence is not in the possession of the Company.

4. Liabilities in respect of gratuity & leave encashment and other retirement benefits are accounted for on cash basis which is not in conformity with Accounting Standard (AS) 15 (Revised 2005) on Employee Benefits as issued by the Institute of Chartered Accountants of India which requires that Gratuity and Leave Encashment Liabilities be accounted for on accrual basis.

5. In the opinion of the management, there is no impairment of assets as on Balance Sheet date.

6. In the opinion of the management, there are no contingent liabilities as on Balance Sheet date.

7. Deferred Tax:

(a) The company has provided deferred tax in accordance with the Accounting Standard-22 Accounting for taxes on Income issued by the ICAI.

8. Paise have been rounded off to the nearest rupee.

9. Schedule A to I from an integral part of Balance Sheet and Profit & Loss Account.

10. Previous year figures have re-grouped or rearranged wherever necessary.