CODE OF CONDUCT

As required by Clause 49 of Listing Agreement, the Managing Director and CEO'sDeclaration for Code of Conduct is given below:

To

The Members of

MAHAVIR ADVANCED REMEDIES LIMITED

(a) We have reviewed financial statements and the cash flow statement for the year andthat to the best of our knowledge and belief:

(i) these statements do not contain any materially untrue statement or omit anymaterial fact or contain statements that might be misleading;

(ii) these statements together present a true and fair view of the company's affairsand are in compliance with existing accounting standards, applicable laws and regulations.

(b) There are, to the best of our knowledge and belief, no transactions entered into bythe company during the year which are fraudulent, illegal or violative of the company'scode of conduct.

(c) We accept responsibility for establishing and maintaining internal controls forfinancial reporting and that we have evaluated the effectiveness of internal controlsystems of the company pertaining to financial reporting and we have disclosed to theauditors and the Audit Committee, deficiencies in the design or operation of such internalcontrols, if any, of which we are aware and the steps we have taken or propose to take torectify these deficiencies.

(d) We have indicated to the auditors and the Audit committee

(i) significant changes in internal control over financial reporting during the year;

(ii) significant changes in accounting policies during the year and that the same havebeen disclosed in the notes to the financial statements; and

(iii) instances of significant fraud of which we have become aware and the involvementtherein, if any, of the management or an employee having a significant role in thecompany's internal control system over financial reporting.