Hi Shanu,
My corrected and improved Electronic Stethoscope-2 project has been posted recently in our projects section. It is here:
http://www.electronics-lab.com/projects/science/019/index.html
I have used a cheap low-noise TL072 dual opamp for its mic preamp and low-level filter, instead of noisy 741 opamps. The descriptions of all opamp functions are explained. The precision filter is explained in detail.
The circuit description also describes why an LM386 1/4W power amp was used to drive the headphones instead of a 741 opamp.