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Notes to Accounts of Vivo Bio Tech Ltd.

Mar 31, 2013

NOTE 1 :

Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975 : NIL

NOTE 2

There are no dues to SSI Units outstanding for more than 30 days.

NOTE 3

Confirmations were not obtained from debtors/creditors as to the balances receivable from/payable to them as at year end.

NOTE 4

The Company has been awarded soft loan given by SBIRI (Small Business Innovation Research Initiative), Department of Bio Technology, towards the project - "Production of recombinant eventide ( Insert in mimetic like GLP-1) (Phase II ) a new generation cure for Diabetes" given specifically for the R&D work being carried out by company''s biologic division operating from the facility located at Pothaipally Village, Hakimpet recognized by DSIR (Department of Scientific and Industrial Research) as in-house R&D unit vide approval F.No. TU/IV-RD/2740/2010. Separate No Lien Account is opened for the project funds and will be spent towards projects objectives directly from that account.

A separate mortgage is created for the whole of movable and immovable properties acquired from the loan sanctioned by the DBT under the SBIRI scheme including its movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (except book debts)

NOTE 5

The company has taken lease of 12,500 set area, at prevailing market rates, from M/s Virinchi Technologies Limited for R&D division in which one of the promoters is a Director.

NOTE 6

Previous year''s figures have been regrouped wherever necessary.

NOTE 7

The figures have been rounded off to the nearest rupee.


Mar 31, 2012

NOTE 1

There is no marketable value of livestock used for R&D purpose, hence not considered in financials.

NOTE 2

There are no dues to SSI Units outstanding for more than 30 days.

NOTE 3

Confirmations were not obtained from debtors/creditors as to the balances receivable from/ payable to them as at year end.

NOTE 4

The Company has been awarded soft loan given by SBIRI (Small Business Innovation Research Initiative), Department of Bio Technology, towards the project - "Production of recombinant exenatide (Incretin mimetic like GLP-1) (Phase II) a new generation cure for Diabetes" given specifically for the R&D work being carried out by company's biologic division operating from the facility located at Pothaipally Village, Hakimpet recognized by DSIR (Department of Scientific and Industrial Research) as in-house R&D unit vide approval F.No. TU/IV-RD/2740/2010. Separate No Lien Account is opened for the project funds and will be spent towards projects objectives directly from that account.

A separate mortgage is created for the whole of movable and immovable properties acquired from the loan sanctioned by the DBT under the SBIRI scheme including its movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (except book debts)

NOTE 5

The company has taken lease of 12,500 sft area, at prevailing market rates, from M/s Virinchi Technologies Limited for R&D division in which one of the promoters is a Director.

NOTE 6

Previous years figures have been regrouped wherever necessary.

NOTE 7

The figures have been rounded off to the nearest rupee.

NOTE 8 : Loans and Advances:

We have taken a loan given by SBIRI (Small Business Innovation Research Initiative), Department of Bio Technology, towards the project - "Production of recombinant exenatide (Incretin mimetic like GLP-1) (phase II) a new generation cure for Diabetes "given specifically for the R&D work being carried out by company's biologic division operating from the facility located Pothaiapally village, Hakimpet recognized by DSIR (Department of Scientific and Industrial Research) as in house R &D unit.

On February 17,2011, DBT has provided the first installment of 224.3 Lakhs, which is used exclusively towards purchase of equipments for the company's in-house R&D unit located at Pothaipally village, Hakim pet and for the R&D and operational expenses related to the project under consideration.


Mar 31, 2010

1. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975. Details given in Directors Report.

2. Company has entered into separate Bond cum Legal Undertaking for Rs. 50 lakhs each for SEZ Developer and SEZ Unit with the Development Commissioner, Visakhapatnam Special Economic Zone for duty free import and /or purchase of equipments.

3. There are no dues to SSI Units outstanding for more than 30 days.

4. Confirmations were not obtained from debtors/creditors as to the balances receivable from/ payable to them as at year end.

5. During the year the company has taken lease of 12,500 sft area , at Hakimpet at prevailing market rates, for preclinical experiments.

6. In accordance with Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounts to Rs.62,04,756/- towards deferred income tax Liability. (Previous year Rs. 9,44,851/- towards deferred income tax Liability).

7. Previous years figures have been regrouped wherever necessary.

8. The figures have been rounded off to the nearest rupee.

 
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