Mar 31, 2018
Report on the Standalone Financial Statements
We have audited the accompanying standalone Ind AS financial statements of M/s. VIVO BIO TECH LIMITED (âthe Companyâ), which comprises the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (Including other Comprehensive Income) and Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information. (herein after referred to as âInd AS Financial Statement)
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe actâ) with respect to the preparation and presentation of these standalone Ind As financial statements that give a true and fair view of the financial position, financial performance(including the other comprehensive income), cash flows and Statement of Changes in Equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind AS 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 thereunder.
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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Ind AS financial statements that give a true and fair view, 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 the Companyâs Directors, as well as evaluating the overall presentation of the Ind AS 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 standalone Ind AS financial statements:
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 including Ind AS of the financial position of the Company as at 31st March 2018, and its financial performance including other comprehensive income, itâs cash flow and changes in the equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section143 of the Act, we give in the Annexure A, 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(including Other Comprehensive Income), the Cash Flow Statement and the Statement of changes in Equity dealt with by this Report are in agreement with the books of account;
d) in our opinion, the aforesaid standalone Ind AS financial statements comply with the applicable Indian Accounting Standards specified under Section 133 of the Act, read with relevant rules issued there under.
e) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in â Annexure Bâ; and
g) With respect to other matters to be included in the Auditorâs 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 litigation on its financial position in its Ind AS 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 has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the company during the year ended 31st March 2018.
Annexure A to the Auditors Report
Annexure referred to in Independent Auditors Report to the Members of Vivo Bio Tech Limited on the Ind AS financial statements for the year ended 31st March 2018, we report that:
i. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at regular intervals; as informed to us no material discrepancies were noticed on such verification. In our opinion, the frequency of verification is reasonable.
(c) According to the information and explanations given to us and on the basis of our examination of records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The physical verification of inventory has been conducted at reasonable intervals by the management during the year and no material discrepancies were noticed on such verification.
iii. The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Therefore, the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the said order are not applicable to the company.
iv. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of sections 185 and 186 of the companies Act 2013 in respect of loan and investment made and guarantees and securities provided by it.
v. The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013 and rules framed there under to the extent notified.
vi. In respect of the company, the central government has not prescribed maintenance of cost records under sub section (1) of section 148 of the companies 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 regular in depositing the undisputed statutory dues, including Provident Fund, Employeesâ State Insurance, Income-tax, Custom Duty, Goods and Services Tax and other material statutory dues, as applicable, with the appropriate authorities in India ;
(b) There were no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income-tax, Custom Duty, Goods and Services Tax and other material statutory dues in arrears as at 31st March 2018 for a period of more than 6 months for the date they became payable.
(c) According to the information and explanations given to us and based on the records of the company examined by us, there are no dues of Provident fund, Employees state insurance, income tax, service tax, custom duty, sales tax and other material statutory dues, which have not been deposited on account of any disputes
viii. 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 or banks or Government or dues to debenture holders as at the balance sheet date.
ix. The Company has not raised any moneys by way of initial public officer, further public offer (including debt instruments) and term loans. Accordingly, the provisions of this clause are not applicable to the Company.
x. According to the information and explanations given to us, no material fraud by the company or on the company by its officers or employees has been noticed or reported during the course of our Audit.
xi. The Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the Provisions of clause 3(xii) of the order are not applicable to the company.
xiii. The Company has entered into transactions with related parties in compliance with the provisions of section 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Indian Accounting standard (AS) 24, related party disclosures specified under section 133 of the Act, read with relevant rules issued there under.
xiv. According to the information and explanations given by the management, during the year warrants were converted into 500000 equity shares were issued on preferential basis @ Rs. 10/- with a premium of Rs. 20/-
xv. The Company has not entered into non-cash transactions with its directors or persons connected with him. Accordingly, the provisions of clause 3(xv) of the Order are not applicable to the Company.
xvi. The Company is not required to be registered under section 45-IA of The Reserve Bank of India Act 1934. Accordingly, the provisions of clause 3(xvi) of the order are not applicable to the Company.
Report on the Internal Financial Controls under clause (i) of the Sub-section 3 of the Section 143 of the Companies Act, 2013 (âThe Actâ)
We have audited the internal financial controls over financial reporting of VIVO BIO TECH LIMITED (âthe Companyâ) as of 31st march 2018 in conjunction with our audit of standalone Ind AS financial statements of the company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditorâs Responsibility
Our responsibility is to express an opinion on the companyâs internal financial controls over financial reporting based on our Audit. We conducted our audit in accordance with the Guidance note on Audit of Internal Financial Controls Over Financial Reporting ( the âGuidance Noteâ) and the standards on Auditing deed to be prescribed under section 143(10) of the Act to the extent applicable to an Audit of Internal Financial Controls, both applicable to an audit of Internal Financial Controls and both issued by the ICAI. These standards and guidance note require that we comply with ethical requirements and plan and performed the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our Audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the Auditorâs Judgement, including the assessment of the risk of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion and the companyâs internal financial control system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companyâs internal financial control over financial reporting includes these policies and procedures that (1) pertain to the maintenance of records that, in reasonable detailed, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of Ind AS financial statements in accordance with generally accepted principles, and that receipts and expenditures of the company are being made only in accordance with authorization of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs assets that could have a material effect on the Ind AS financial statements.
Inherent Limitation of Internal Financial Controls over Financial Reporting
Because of the inherent limitation of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be deducted. Also, Projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31st, 2018, based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For P C N & ASSOCIATES
(Formerly known as Chandra Babu Naidu & Co.),
Chartered Accountants,
Firm Reg.No: 016016S
Chandra Babu M
Partner
M.No:227849
Place: Hyderabad
Date: 28th May, 2018
Mar 31, 2016
To the Members of Vivo Bio Tech Limited Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Vivo Bio Tech Limited (âthe Companyâ), which comprises the Balance Sheet as at March 31, 2016, 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.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe actâ) with respect to the preparation and presentation of these standalone financial statement 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone 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 standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone financial statement. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone financial statements that give a true and fair view, 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 the Companyâs Directors, as well as evaluating the overall presentation of the standalone 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 standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 2016, 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 (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure âAâ, 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 standalone 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, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the company nd the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ and
g) With respect to other matters to be included in the Auditorâs 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 31st March 2016 on its financial position in its standalone 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 is no amount which is required to be transferred, to the Investor Education and Protection Fund by the company during the year ended 31st March 2016.
Annexure referred to in Independent Auditors Report to the Members of Vivo Bio Tech Limited on the standalone financial statements for the year ended 31st March 2016, 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. In our opinion, the frequency of verification is reasonable.
(c ) According to the information and explanations given to us and on the basis of our examination of records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The physical verification of inventory has been conducted at reasonable interval by the management during the year. There were no discrepancies noticed on physical verification of inventory as compared to book records and have been appropriately dealt with in the books of accounts.
iii. The company has granted loans to 2 bodies corporate covered in the register maintained under section 189 of the companies Act 2013 (âthe Actâ).
a) In our opinion, the rate of interest and other terms and conditions on which the loan has been granted to the bodies corporate listed in the register maintained under section 189 of the Act were not prejudicial to the interest of the company.
b) In the case of loans granted to the bodies corporate listed in the register maintained under section 189 of the Act, the borrower have been regular in the payment of principal and interest as stipulated.
c) There is no overdue amount in respect of the loan granted to a body corporate listed in the register maintained under section 189 of the Act.
iv. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of sections 185 and 186 of the companies Act 2013 in respect of loan and investment made and guarantees and securities provided by it.
v. The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013 and rules framed there under to the extent notified.
vi. In respect of the company, the central government has not prescribed maintenance of cost records under sub section (1) of section 148 of the companies 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 regular in depositing the undisputed statutory dues including Provident fund, Employees state insurance, income tax, service tax, custom duty, sales tax and other material statutory dues, as applicable, with the appropriate authorities in India ;
(b) There were no undisputed amounts payable in respect of Provident fund, Employees state insurance, income tax, service tax, custom duty, sales tax and other material statutory dues in arrears as at 31st March 2016 for a period of more than 6 months for the date they became payable.
(c) According to the information and explanations given to us and based on the records of the company examined by us, there are no dues of Provident fund, Employees state insurance, income tax, service tax, custom duty, sales tax and other material statutory dues, which have not been deposited on account of any disputes except as follows:
Name of the Statute |
Nature of Disputes |
Amount in Rs |
Period for which amount relates (F Y) |
Forum where disputes pending. |
Income Tax Act, 1961 |
U/S 143(3) of the I T Act |
Nil |
2008-09 |
CIT(A)- Hyderabad |
Income Tax Act, 1961 |
U/S 143(3) of the I T Act |
Nil |
2009-10 |
CIT(A)- Hyderabad |
viii. According to the records of the company examined by us and the information and explanation given to us, the company has not defaulted in repayment of loans or borrowings to any financial institutions or banks or governments or dues to debenture holder as at the balance sheet date.
ix. The Company has not raised any moneys by way of initial public officer, further public offer (including debt instruments) and term loans. Accordingly, the provisions of this clause are not applicable to the Company.
x. According to the information and explanations given to us, no material fraud by the company or on the company by its officers or employees has been noticed or reported during the course of our Audit.
xi. The Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandate by the provisions of section 197 read with schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the Provisions of clause 3(xii) of the order are not applicable to the company.
xiii. The company has entered into transactions with related parties in compliance with the provisions of sections 177 and 188 of the Act. The details of such related parties transactions have been disclosed in the financial statements as required under Accounting Standard - 18 and related parties disclosure specified under section 133 of the Act, read with Rule 7 of the companies (accounts) Rules, 2014.
xiv. The Company has not made any preferential allotment of private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3(xiv) of the Order are not applicable to the Company.
xv. The Company has not entered into any non cash transactions with its directors or persons connected with him. Accordingly, the provisions of clause 3(xv) of the Order are not applicable to the Company.
xvi. The Company is not required to be registered under section 45-IA of The Reserve Bank of India Act 1934. Accordingly, the provisions of clause 3(xvi) of the order are not applicable to the Company.
Report on the Internal Financial Controls under clause (i) of the Sub-section 3 of the Section 143 of the Companies Act, 2013 (âThe Actâ)
We have audited the internal financial controls over financial reporting of Vivo Bio Tech Limited (âthe companyâ) as on 31st march 2016 in conjunction with our audit of standalone financial statements of the company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Charted Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditorâs Responsibility
Our responsibility is to express an opinion on the companyâs internal financial controls over financial reporting based on our Audit. We conducted our audit in accordance with the Guidance note on Audit of Internal Financial Controls Over Financial Reporting ( the âGuidance Noteâ) and the standards on Auditing deed to be prescribed under section 143(10) of the Act to the extent applicable to an Audit of Internal Financial Controls, both applicable to an audit of Internal Financial Controls and both issued by the ICAI. These standards and guidance note require that we comply with ethical requirements and plan and performed the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our Audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the Auditorâs Judgment, including the assessment of the risk of martial misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion and the companyâs internal financial control system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companyâs internal financial control over financial reporting includes these policies and procedures that (1) pertain to the maintenance of records that, in reasonable detailed, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted principles, and that receipts and expenditures of the company are being made only in accordance with authorization of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs assets that could have a material effect on the financial statements.
Inherent Limitation of Internal Financial Controls over Financial Reporting
Because of the inherent limitation of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, Projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become in adequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31st, 2016, based on the internal control over financial reporting criteria established by the company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Charted Accountants of India.
For P. Murali& Co.,
Chartered Accountants
Firm Registration No : 007257S
P. Murali Mohana Rao
Place : Hyderabad Partner
Date : 27/05/2016 M.No. 023412
Mar 31, 2015
We have audited the accompanying financial statements of Vivo Bio Tech
Limited ("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
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
31st March, 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.
Annexure referred to in paragraph 1 of Our Report of even date to the
members of Vivo Bio Tech Limited on the accounts of the company for the
year ended 31st March, 2015 Under "Report on other Legal & Regulatory
Requirements"
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; and no material discrepancies were
noticed on such verification.
ii. (a) Physical verification of inventory has been conducted at
reasonable intervals by the management
(b) physical verification of inventory followed by management is
reasonable anad adequate in relation to size of the company and nature
of the business.
(c) Company is maintaining proper inventory records and no material
discrepancies were noticed in physical verification
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. To the best of our knowledge and as explained, the company is not
in the business of manufacturing and sale of any goods. Therefore, in
our opinion, the provision of the order made by the Central Government
for maintenance of cost records under sub-section (1) of Section 148 of
the Act, 2013 is not applicable.
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
regular in depositing the undisputed statutory dues, including
Provident Fund, , Employees' State Insurance, Income-tax, Service Tax,
Custom Duty, Excise Duty and other material statutory dues, as
applicable, with the appropriate authorities in India ;
(b) There were no undisputed amounts payable in respect of Provident
Fund, Employees' State Insurance, Income-tax, Service Tax, Custom Duty,
Excise Duty and other material statutory dues in arrears as at 31st
March 2015 for a period of more than 6 months for the date they became
payable.
(c) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes except as
below:
(d) 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, 2013 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 Company has not given any guarantee for loan taken by
others from bank or financial institutions.
xi. In our opinion, and according to the information and explanations
given to us, Term loans obtained by the company were applied for the
purpose for which such loans 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
Partner
M.No. 023412
Place: Hyderabad
Date : 28/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of Vivo Bio Tech
Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, 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 of the Company in accordance with the Accounting
Standards notified under the Companies Act, 1956 ("the Act") read
with the General Circular 15/2013 dated 13th September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of the
companies Act 2013. 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, but not for the purpose of
expressing an opinion on the effectiveness of the entity''s internal
control. 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 believe that the audit 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) In the case of the Statement of Profit and Loss Account, of the
profit for the year ended on that date; and
(c) 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 and Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards notified
under the Companies Act, 1956 ("the Act") read with the General
Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate
Affairs in respect of section 133 of the companies Act 2013.
e) On the basis of written representations received from the directors
as on March 31st 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31st 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITOR''S REPORT
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 presence 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 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. (a) The Company has not granted 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 loans, the clause of whether the
rate of interest & other term and conditions on which loans have been
granted to parties listed in the register maintained under section 301
is prejudicial to the interest of the 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.
(d) No loans have been granted to companies, firms & other parties
listed in the register U/s 301 of the Companies Act, 1956. Hence, 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 and other terms and conditions on which the loans have
been taken from parties listed in the register maintained U/s 301 is
prejudicial to the interest of the Company, is not applicable.
(g) As no loans are taken by the company, the clause of repayment of
interest and 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 fixed assets and inventories and
payments of expenses & for sale of goods. 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, necessary entries are made in the register
referred to in Sec. 301 of the companies Act, 1956 in respect of lease
agreement for an area of 12500 sft. at Hakimpet, Secunderabad with
Lessee (Virinchi Technologies Ltd).
(b) As per information & explanations given to us, apart from the above
there is no contracts or arrangements made by the company, the
applicability of the clause of charging the reasonable price having
regard 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 the information and explanations given to us no order
from the Company Law Board or National Company Law Tribunal or Reserve
Bank of India or any Court or any other Tribunal has 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. In respect of the Company, the Central Government has not
prescribed maintenance of cost records under clause (d) of sub-section
(1) of section 209 of the Companies Act, 1956.
IX. (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,
Service Tax, Custom Duty, Excise Duty, cess to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 2014 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, there is
no amount payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
X. The Company has been registered for a period of not less than 5
years, and its accumulated losses at the end of financial year is less
than fifty percent of its net worth and the company has not incurred
cash losses during the financial year and 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. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
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, Term
Loans obtained by the company were applied for the purpose for which
such loans were obtained by the company.
XVII. According to the information given to us and on an overall
examination of the Balance Sheet of the Company, we report that funds
raised on short-term basis have not been used for long term investment
during the audit period.
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 has not issued debentures and hence the applicability of 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 : 28/05/2014 Membership No. 023412
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Vivo Bio
Tech Limited (''the Company'') which comprise the Balance Sheet as at 31
March, 2013, the Statement of Profit and Loss and the 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 believe that the audit 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 31 March, 2013;
(ii) in the case of the Statement of Profit and Loss, 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''), as amended, 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 sub-section (3C) of Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31st March, 2013, and taken on record by the Board of Directors,
none of the Directors are disqualified as on 31st March 2013, from
being appointed as a Director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
For P. MURALI & CO.,
CHARTERED ACCOUNTANTS
Firm Regn. No. 007257S
P. MURALI MOHANA RAO
PLACE : HYDERABAD PARTNER.
DATE : 29-05-2013 Membership No. 23412
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) During the year company has disposed off substantial part of fixed
assets and taken back on lease basis for a period of 5 years. However
going concern assumption will not affect.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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 the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. (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, Service Tax, Custom Duty,
Excise Duty, cess to the extent applicable and any other statutory dues
have generally been regularly deposited with the appropriate
authorities. According to the information and explanations given to us
there were no outstanding statutory dues as on 31st of March, 2013 for
a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company has been registered for a period of not less than 5
years, and its accumulated losses at the end of financial year is less
than fifty percent of its net worth and the company has not incurred
cash losses during the financial year and the immediately preceding
financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution or bank.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not raised any money by shares issue.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For P. MURALI & CO.,
CHARTERED ACCOUNTANTS
Firm Regn. No. 007257S
P. MURALI MOHANA RAO
PLACE : HYDERABAD PARTNER.
DATE : 29-05-2013 Membership No. 23412
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s VIVO BIOTECH
LIMITED as at 31st March, 2012 and also the Profit and Loss Account for
the period ended on the date annexed thereto and the cash flow
statement for the period ended on that date. 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 statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial 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 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:
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 & Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d) In our opinion, the Balance Sheet & Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
Sub Section (3C) of Section 211 of the Companies Act, 1956;
e) 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 as a Director in terms of clause (g) of
sub-Section (I) of Section 274 of the Companies Act, 1956.
f) 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 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 31st March, 2012. 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 cash flow statement of the cash flows for the year ended on
that date.
ANNEXURE TO THE AUDITORS' REPORT
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 any 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 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. (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. According to the information and explanations given to us, since no
contracts or arrangements referred in sec 301 of the companies Act,
1956, have been made by the company in respect of any party in the
financial year, the entry in the register U/s 301 of the Companies Act,
1956, 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 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 statutory dues including
PF,ESI, 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, 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 its accumulated losses at the end of the financial year is
less than fifty percent of its net worth and the company has not
incurred cash losses during the financial year and the immediately
preceding financial year.
XL Based on our audit procedures and as per the information and
explanations given by the management, the Company did not have any
default in payment to a financial institution, bank or debenture
holders.
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. In our opinion and according to the information and explanations
given to us by the management, term loans are applied for the purpose
for which the loans were obtained
XVII. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment
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
PLACE : HYDERABAD P. MURALI MOHANA RAO
DATE : 30-08-2012 PARTNER
M.No.23412
Mar 31, 2010
We have audited the attached Balance Sheet of VIVO BIO TECH LIMITED as
at 31st March, 2010 and also the Profit & Loss Account for the period
ended on the date annexed thereto. 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.
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.
As required by the Companies (Auditors Report) order 2003 and as
amended by the Companies (Auditors 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.
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 Balance Sheet & Profit & Loss Account dealt with by this
report are in agreement with the books of account;
(iv) In our opinion, the Balance Sheet & Profit & Loss Account 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 Loss for the year
ended on that date;
And (c ) In the case of the Cash Flow Statement, of the year ended on
that date;
ANNEXURE TO THE AUDITORS REPORT
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 any 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 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. (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. According to the information and explanations given to us, since no
contracts or arrangements referred in sec 301 of the companies Act,
1956, have been made by the company in respect of any party in the
financial year, the entry in the register U/s 301 of the Companies Act,
1956, 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 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 statutory dues including
PF,ESI, 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, 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 its accumulated losses at the end of the financial year is
less than fifty percent of its net worth and the company has not
incurred cash losses during the financial year as against Rs. 181.69
lakhs for the immediately preceding financial year.
XI. Based on our audit procedures and as per the information and
explanations given by the management, the Company did not have any dues
to a financial institution, bank or debenture holders
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. In our opinion and according to the information and explanations
given to us by the management, term loans are applied for the purpose
for which the loans were obtained
XVII. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment
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
PARTNER
M.No. 23412
PLACE : HYDERABAD
DATE : 31-08-2010