Mar 31, 2015
We have audited the accompanying financial statements of Vivimed Labs
Ltd ("the Company"), which comprise the Balance Sheet as at March 31,
2015, the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ('the act') with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with rule 7 of Companies
(Accounts) Rules, 2014. This responsibility includes maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; design, implementation and maintenance of
adequate internal financial controls, that are operating effectively
for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements, that give a true and fair
view, in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements:
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March 2015, its profit and its cash flows for the year ended on
that date
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we further report that:
a) we have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b) 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 those
books;
c) the Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules 2014.
e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to other matters to be included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014, in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as at
March 31, 2015 on its financial position in its financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification.
ii. (a) The Inventory has been physically verified during the year by
the Management and in our opinion, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, no material discrepancies were noticed on physical
verification of stocks as compared to book records.
iii. The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act 2013.
iv. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has been noticed or reported.
v. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013.
vi. We have broadly verified the books of accounts and records
maintained by the Company relating to the manufacture of
pharmaceuticals, pursuant to the order made by the Central Government
for maintenance of cost records under sub- section (1) of Section 148
of the Act, 2013.
vii. (a) According to the information and explanations given to us and
based on the records of the Company examined by us, the Company is not
regular in depositing the undisputed statutory dues, including
Provident Fund, , Employees' State Insurance, Income-tax, Service Tax,
as applicable, with the appropriate authorities in India ;
(b) According to the information and explanations given to us and based
on the records of the Company examined by us, the Company has disputed
Income Tax outstanding dues an amount of Rs.13,96,28,040/- which
belongs to various Assessment years and disputed Sales Tax amounting to
Rs.1,03,42,355/- for the Assessment year 2013-2014 which have not been
deposited on account of disputes.
(c) There are no amounts that are due to be transferred to the
Investors Education and protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 and rules made there under.
viii. The Company does not have accumulated losses at the end of the
financial year and the Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
ix. In our opinion, and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institution/banks. The Company has not issued any debentures.
x. In our opinion, and according to the information and explanations
given to us, the terms and conditions of guarantees given by the
Company for loan taken by others from bank or financial institutions
are not prejudicial to the interest of the Company.
xi. In our opinion, and according to the information and explanations
given to us, the term loans have been applied, on an overall basis for
the purposes for which they were obtained.
xii. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For P. Murali & CO.,
Chartered Accountants
Firm Registration No: 007257S
P. Murali Mohana Rao
Place: Hyderabad Partner
Date: 30/05/2015 M.No. 023412
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of VIVIMED LABS
LIMITED (the Company), which comprise the Balance Sheet as at March 31,
2013, and the Statement of Profit and Loss and Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub- section (3C) of section
211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We bel ieve that the aud it evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(ii) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) 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 those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956; and
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets during the year.
II (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, there were no material discrepancies noticed on such
verification of stocks as compared to book records.
III. (a) The Company has not granted any loans, secured or unsecured to
Companies, Firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) As the Company has not granted any loans, the Clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under Section 301
prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies, Firms and other parties
listed in the register U/S 301 of the Companies Act, 1956. Hence, over
due Amount of more than rupees one Lac does not arise and the clause is
not Applicable.
(e) The Company has not taken loans, unsecured from Companies, Firms or
other Parties covered in the register maintained U/s. 301 of the
Companies Act, 1956.
(f) As the Company has not taken loans, the clause of whether the rate
of interest and other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company is not applicable.
(g) As no loans are taken by the Company, the clause of repayment of
interest & principal amount to parties is not applicable to the
Company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. We have not observed any major weakness in
the internal control system during the course of the audit.
V. a) In our opinion and according to the information and explanations
given to us, during the year, no contracts or arrangements referred to
in Section 301 of the Companies Act, 1956 have been entered into by the
Company.
b) According to the information and explanations given to us, as no
such contracts or arrangements have been made by the company, the
applicability of the clause of charging the reasonable price having
regards to the prevailing market prices at the relevant time does not
arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the company is having internal audit system,
commensurate with its size and nature of its business.
VIII. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules prescribed by the Central Government for
maintenance of cost records under clause (d) of Sub-section (1) of
section 209 of the Companies Act, 1956 and are of the opinion that
prima facie, the prescribed accounts and records have been made and
maintained.
IX. (a) The Company is regular in depositing statutory dues including
Provident fund, Employees State Insurance, Income Tax, Sales tax/Value
Added Tax, Excise Duty & other statutory dues with the appropriate
authorities and at the end of last financial year there were no amounts
outstanding which were due for more than 6 months from the date they
became payable.
(b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, Cess
and any other statutory dues as at the end of the period, for a period
more than six months from the date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and in the immediately preceding financial year.
XI. According to information and explanations given to us, the Company
has not defaulted in repayment of dues to financial institutions or
banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor''s Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has given certain guarantees on behalf of its subsidiaries as
mentioned in note 39 of notes to financial statements.
XVI. According to the information and explanations given to us, the
Term Loans obtained by the company were appl ied for the purpose for
which such loans were obtained by the Company.
XVII. According to the information and explanations given to us no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being applied for long term investment does not
arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by public issue does not arise.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P. Murali & Co.,
Chartered Accountants
Firm Registration No. 007257S
P.Murali Mohana Rao
Place : Hyderabad Partner
Date : 30-05-2013 Membership No. 023412
Mar 31, 2012
1. We have audited the attached Balance Sheet of Vivimed Labs Limited
(the 'Company') as at 31st March, 2012 and also the Profit & Loss
Account and the Cash Flow Statement for the year ended on the said date
annexed thereto (collectively referred as the 'financial statements').
Thesefinancial statements are the responsibility of the Company's
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with 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 misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) order 2003 and as
amended by the Companies (Auditor's Report)(Amendment) order 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes 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
those books.
(iii) The financial statements dealt with by this report are in
agreement with the books of account.
(iv) In our opinion, the financial statements dealt with by this report
comply with the Accounting standards referred to in sub-section (3C) of
Section 211 of Companies Act, 1956.
(v) On the basis of written representations received from the
Directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2012 from being appointed Director in terms of clause(g) of
sub- section(1) of section 274 of the Companies Act,1956.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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, 2012.
(b) In the case of the Profit & Loss Account, of the Profit for the
period ended on that date.
And
(c) The Cash Flow Statement, of the cash flows for the year ended on
that date.
Annexure to the Auditors' Report of even date to the members of Vivimed
Labs Limited, on the financial statements for the year ended March 31,
2012 Based on the audit procedures performed for the purpose of
reporting a true and fair view on the financial statements of the
Company and taking into consideration the information and explanations
given to us and the books of account and other records examined by us
in the normal course of audit, we report that:
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets.
II. (a) The Inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable.
(b) In our opinion, the procedures of the physical verification of
inventory followed by the Management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, there were no material discrepancies noticed on such
verification of stocks as compared to book records.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans ,the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties is not applicable to the
company.
(d) No loans have been granted to Companies, Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956, hence
overdue amount of more than rupees one lakh does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s. 301 of the Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. There is no continuing failure by the
company to correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and
explanations given to us, no contracts or arrangements referred to in
Section 301 of the Companies Act, 1956 have been entered into by the
company in respect of the Financial year.
(b) According to the information and explanations given to us, as no
such contracts or arrangements have been made by the company, the
applicability of the clause of charging the reasonable price having
regards to the prevailing market prices at the relevant time does not
arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A, 58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has not been received
by the Company.
VII. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
VIII. We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. However, our opinion is
confined only with the maintenance of cost records and not on the
completeness or accuracy of the same.
IX. a) The Company is regular in depositing undisputed statutory dues
including PF, ESI, Income Tax, Sales tax, Custom Duty Excise Duty, Cess
and any other statutory dues with the appropriate authorities and at
the last of the financial year there were no amounts outstanding which
were due for more than 6 months from the date they became payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI, Income Tax, Sales
tax, Custom Duty Excise Duty, Cess and any other statutory dues as at
the end of the period, for a period more than six months from the date
they became payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and the immediately preceding financial year.
XI. In our opinion, the Company has not defaulted in repayment of dues
to any financial institutions or banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/Mutual Benefit Fund/Societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditor's Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial Institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
term loans obtained by the Company were applied for purpose for which
such loans were obtained by the Company.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. Hence the clause
of short term funds being used for long- term investment does not
arise.
XVIII. According to the information and explanations given to us, the
Company has not made any preferential allotment of Shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by Public Issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P. Murali & Co.,
Chartered Accountants
FRN: 007257S
P. Murali Mohana Rao
Place : Hyderabad Partner
Date : 30-05-2012 Membership No. 23412
Mar 31, 2011
1. we have audited the attached Balance sheet of Vivimed labs limited
(the company') as at 31st march, 2011 and also the profit & loss
Account and the cash flow statement for the year ended on the date
annexed thereto (collectively referred as the fnancial statements').
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.
2. we conducted our audit in accordance with 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 misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. we believe that our audit provides a reasonable basis of
our opinion.
3. As required by the companies (Auditor's Report) order 2003 and as
amended by the companies (Auditor's Report) (Amendment) order 2004,
issued by the central Government of india in terms of the
sub-section(4A) of section 227 of the companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
4. further to our comments in the Annexure referred to above, we
report that:
(i) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes 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
those books;
(iii) The fnancial statements dealt with by this report are in
agreement with the books of account;
(iv) in our opinion, the financial statements dealt with by this report
comply with the Accounting standards referred to in sub-section (3C) of
Section 211 of Companies Act, 1956;
(v) on the basis of written representations received from the
Directors, as on 31st march, 2011 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st march, 2011 from being appointed Director in terms of clause(g) of
sub-section(1) of section 274 of the Companies Act, 1956;
(vi) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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;
(b) In the case of the Profit & Loss Account, of the Profit for the
period ended on that date; and
(c) the cash flow statement, of the cash flows for the year ended on
that date.
ANNEXURE TO THE AUDITORS' REPORT OF EVEN DATE TO THE MEMBERS OF VIVIMED
LABS LIMITED, ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH
31ST, 2011
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, we report that:
i. (a) the company has maintained proper records showing full
particulars including quantitative details and situation of fixed
Assets.
(b) As explained to us, the fixed Assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) the company has not disposed off substantial part of the fixed
Assets.
ii. (a) the inventory has been physically verified during the year and
in our opinion, the frequency of verifications is reasonable
(b) in our opinion, the procedures of the physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) the company is maintaining proper records of inventory and as
explained to us, there were no material discrepancies noticed on such
verification of stocks as compared to book records.
iii. (a) the company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
u/s.30i of the companies Act, 1956.
(b) As the company has not granted any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 30i
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) no loans have been granted to companies, firms & other parties
listed in the register u/s.301 of the companies Act, 1956, hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) the company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
u/s.301 of the companies Act, 1956.
(f) As the company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 30i
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
iV. in our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets .and for
sale of goods and services.
there is no continuing failure by the company to correct any major
weaknesses in internal control.
V. (a) in our opinion and according to the information and explanation
given to us, no contracts or arrangements referred to in section 30i of
the companies Act, 1956 and enter into by the company in respect of the
financial year.
(b) According to the information and explanations given to us, as no
such contracts or arrangements are made by the company, the
applicability of the clause of charging the reasonable price having
regards to the prevailing market prices at the relevant time does not
arise.
Vi. the company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of india and provisions of section 58A,58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the company law Board or national company law tribunal or Reserve
Bank of india or any court or any other tribunal has not been received
by the company.
Vii. in our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
Viii. we have broadly reviewed the books of account relating to the
materials, labour and other items of cost maintained by the company
pursuant to the rules made by the central Government for the
maintenance of cost records under section 209 (1) (d) of the companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
iX. a) the company is regular in depositing undisputed statutory dues
including pf, esi, income tax, sales tax, custom Duty, excise Duty,
cess and any other statutory dues with the appropriate authorities and
at the last of the financial year there were no amounts outstanding
which were due for more than 6 months from the date they became
payable.
b) According to the information and explanations given to us, no
undisputed amounts are payable in respect of pf, esi, income tax, sales
tax, custom Duty, excise Duty, cess and any other statutory dues as at
the end of the period, for a period more than six months from the date
they became payable.
X. the company has been registered for a period of not less than 5
years and the company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and the immediately preceding financial year.
Xi. in our opinion, the company has not defaulted in repayment of dues
to financial institutions or banks.
Xli. According to the information and explanations given to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
Xiii. this clause is not applicable to this company as the company is
not covered by the provisions of special statute applicable to chit
fund in respect of nidhi / mutual Benefit fund / societies.
XiV According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, Debentures and
other investments and hence the provisions of clause 4 (xiv) of the
companies (Auditor's Report) order 2003, are not applicable to the
company.
XV According to the information and explanations given to us, the
company has given guarantee for loans taken by others from Banks or
financial institutions and terms and conditions whereof are not
prejudicial to the interest of the company.
XVi. According to the information and explanations given to us, the
term loans obtained by the company were applied for purpose for which
such loans were obtained by the company.
XVii. According to the information and explanations given to us, no
funds are raised by the company on short-term basis. hence the clause
of short term funds being used for long-term investment does not arise.
XViii. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the Register maintained under section 30i of
the companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the company does not arise.
XiX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us, the company
has not raised money by way of public issues during the year, hence the
clause regarding the disclosure by the management on the end use of
money raised by public issue is not applicable.
XXi. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the year
under audit.
for P. Murali & Co.,
chartered Accountants
FRN: 007257s
M.V Joshi
partner
membership no. 24784
place : hyderabad
Date : 27.05.2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Vivimed Labs Limited
(the Company) as at 31st March, 2010 and also the Profit & Loss
Account and the Cash Flow Statement for the year ended on the date
annexed thereto (collectively referred as the financial statements).
these financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with 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 misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall statement
presentation. We believe that our audit provides a reasonable basis of
our opinion.
3. As required by the Companies (Auditors Report) order 2003 and as
amended by the Companies (Auditors Report)(Amendment) rder 2004,
issued by the Central Government of India in terms of the
sub-section(4A) of section 227 of the Companies Act, 1956, we enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
4. Further to our comments in the Annexure referred to above, we
report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes 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
those books;
(iii) The financial statements dealt with by this report are in
agreement with the books of account;
(iv) In our opinion, the financial statements dealt with by this report
comply with the Accounting standards referred to in sub-section (3C) of
section 211 of Companies Act, 1956;
(v) On the basis of written representations received from the
Directors, as on 31st march, 2010 and taken on record by the Board of
Directors,we report that none of the Directors is disqualified as on
31st march, 2010 from being appointed Director in terms of clause(g) of
sub-section(1) of section 274 of the Companies Act,1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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, 2010;
(b) In the case of the Profit & Loss Account, of the Profit for the
period ended on that date; and
(c) The Cash Flow statement, of the cash flows for the year ended on
that date.
Annexure to the Auditors Report of even date to the members of Vivimed
Labs Limited, on the financial statements for the year ended 31st
March, 2010
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the normal
course of audit, We report that:
I. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b) As explained to us, the fixed assets have been physically verified
by the management at reasonable intervals and no material discrepancies
between the book records and the physical inventory have been noticed
on such verification.
(c) The Company has not disposed off substantial part of the Fixed
Assets.
II. (a) The inventory has been physically verified during the yaear
and in our opinion, the frequency of verifications is reasonable
(b) Inour opinion, the procedures of the physical verification of
inventory followed by the management are reasonable and adequate in
relation of the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and as
explained to us, there were no material discrepancies noticed on such
verification of stocks as compared to book records.
III. (a) The Company has not granted any loans, secured or unsecured
to Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(b) As the Company has not granted any loans,the clause of whether the
rate of interest & other terms and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(c) As no loans are granted by company, the clause of receipt of
interest & principal amount from parties, is not applicable to the
company.
(d) No loans have been granted to Companies,Firms & other parties
listed in the register U/s.301 of the Companies Act, 1956, hence
overdue amount of more than rupees one lac does not arise and the
clause is not applicable.
(e) The Company has not taken any loans, secured or unsecured from
Companies, Firms or other Parties covered in the register maintained
U/s.301 of the Companies Act, 1956.
(f) As the Company has not taken any loans, the clause of whether the
rate of interest & other terms and conditions on which loans have been
taken from parties listed in the register maintained under section 301
is prejudicial to the interest of company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest & principal amount to parties, is not applicable to the
company.
IV. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the company and the nature of its
business with regard to purchase of inventory and fixed assets and for
sale of goods and services. there is no continuing failure by the
company to correct any major weaknesses in internal control.
V. (a) In our opinion and according to the information and explanation
given to us, the contracts or arrangements referred to in section 301
of the Companies Act, 1956 have been made by the company in respect of
the financial year, are entered in register U/s 301 of the Companies
Act, 1956 does not arise. (b) According to the information and
explanations given to us, as no such contracts or arragements made by
the company, the applicability of the clause of charging the reasonable
price having regards to the prevailing market prices at the relevant
time does not arise.
VI. The Company has not accepted any deposits from the public and
hence the applicability of the clause of directives issued by the
Reserve Bank of India and provisions of section 58A,58AA or any other
relevant provisions of the Act and the rules framed there under does
not arise. As per information and explanations given to us the order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other tribunal has not been received
by the Company.
VII. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business.
VIII. We have broadly reviewed the books of account relating to the
materials, labour and other items of cost maintained by the Company
pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained.
IX. a) The Company is regular in depositing undisputed statutory dues
including PF, ESI, income tax, sales tax, Custom Duty Excise Duty, Cess
and any other statutory dues with the appropriate authorities and at
the last of the financial year there were no amounts outstanding which
were due for more than 6 months from the date they became payable. b)
According to the information and explanations given to us, no
undisputed amounts are payable in respect of PF, ESI , Income tax,
sales tax, Custom Duty Excise Duty, Cess and any other statuatory dues
as at the end of the period, for a period more than six months from the
date they became payable.
X. The Company has been registered for a period of not less than 5
years, and the Company has no accumulated losses at the end of the
financial year and the company has not incurred cash losses in this
financial year and the immediately preceding financial year.
XI. In our opinion, the Company has not defaulted in repayment of dues
to a financial institutions or banks.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities and hence
the applicability of the clause regarding maintenance of adequate
documents in respect of loans does not arise.
XIII. This clause is not applicable to this Company as the Company is
not covered by the provisions of special statute applicable to Chit
Fund in respect of Nidhi/mutual Benefit Fund/societies.
XIV. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities,Debentures and
other investments and hence the provisions of clause 4(xiv) of the
Companies (Auditors Report) Order 2003, are not applicable to the
Company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
Banks or Financial institutions, and hence the applicability of this
clause regarding terms and conditions which are prejudicial to the
interest of the company does not arise.
XVI. According to the information and explanations given to us, the
term loans obtained by the Company were applied for purpose for which
such loans were obtained by the Company.
XVII. According to the information and explanations given to us, no
funds are raised by the Company on short-term basis. hence the clause
of short term funds being used for long-term investment does not arise.
XVIII .According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and Companies covered in the Register maintained under section 301 of
the Companies Act, 1956 and hence the applicability of the clause
regarding the price at which shares have been issued and whether the
same is prejudicial to the interest of the Company does not arise.
XIX. According to the information and explanations given to us, the
company does not have any debentures and hence the applicability of the
clause regarding the creation of security or charge in respect of
debentures issued does not arise.
XX. According to information and explanations given to us,the company
has not raised money by way of public issues during the year,hence the
clause regarding the disclosure by the management on the end use of
money raised by Public issue is not applicable.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the year
under audit.
For P. Murali & Co.,
Chartered Accountants
FRN: 007257S
Sd/-
Place : Hyderabad P. Murali Mohana Rao
Date : 29.05.2010 Partner
Membership No. 23412