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Vivanza Biosciences Ltd.

BSE: 530057 Sector: Others
NSE: N.A. ISIN Code: INE984E01027
BSE LIVE 15:10 | 13 Dec 64.80 -0.25
(-0.38%)
OPEN

64.80

HIGH

64.80

LOW

64.80

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 64.80
PREVIOUS CLOSE 65.05
VOLUME 45
52-Week high 191.25
52-Week low 64.80
P/E 405.00
Mkt Cap.(Rs cr) 26
Buy Price 64.80
Buy Qty 15.00
Sell Price 0.00
Sell Qty 0.00
OPEN 64.80
CLOSE 65.05
VOLUME 45
52-Week high 191.25
52-Week low 64.80
P/E 405.00
Mkt Cap.(Rs cr) 26
Buy Price 64.80
Buy Qty 15.00
Sell Price 0.00
Sell Qty 0.00

Vivanza Biosciences Ltd. (VIVANZABIOSCI) - Auditors Report

Company auditors report

To the Members of Vivanza Biosciences Limited Report on the Financial Statements

We have audited the accompanying financial statements of VIVANZA BIOSCIENCES LIMITED("the company")which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand 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 in section 134(5) ofthe Companies Act2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Matter of Emphasis:

• The company has in past granted/ renewed loans and advances to other companieswhich has been identified as non - performing asset. Accordingly company has notrecognized any income from the same. In the opinion of the directors the process ofrecovery is going on and the same is not fully doubtful of recovery. However in ouropinion company needs to make provision for such long outstanding nonperforming assetsamounting to '5933061/-. Due to non-provision in this regard the debit balance of profit& loss account is under stated and the balance of loans and advances is over stated bythe said sum. This matter been already emphasized by previous auditor.

• The company is still carrying Opening Balance of "P & P Expenses andissue related expenses" of ' 102731/- as "Other Current Assets" which inour opinion needs to be written off. And Due to the same

profit & loss account is under stated. Also Expenses related to the Same head of '1739325/- incurred in the Year 2016-17 should be Written Off in Five Financial Yearsproportionately.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the matter of emphasisparagraph above the aforesaid financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India;

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate. Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143 (11) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 3and4of the Order.

2. As required by section 143(3) ofthe Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and beliefwere necessary for the purposes ofour audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination ofthose books.

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014) together with the early adoption by the Company of AccountingStandard (AS) 30 Financial Instruments Recognition and Measurement effective April 12007 and the consequential limited revisions as has been announced by the Institute ofChartered Accountants of India to certain Accounting Standards as stated in Note 2 (a)and 38.

e) On the basis of written representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There is no amount required to be transferred to the investor's education &Protection Fund by the Company.

For G M C A & Co.
Chartered Accountants
FRN: 109850W
CA. Mitt S. Patel
Place : Ahmedabad (Partner)
Date : 30/05/2017 Membership No. 163940

Reports under The Companies (Auditor's Report) Order 2016 (CARO 2016) for the yearended on 31st March 2017

To

The Members of Vivanza Biosciences Limited

(1) In Respect of Fixed Assets

(a) The Company is not having any Fixed Assets in the Books of Accounts. So the recordsmaintenance related question does not arise.

(b) The Company is not having any Fixed Assets in the Books of Accounts. So PhysicalVerification related question does not arise at all.

(c) As per the information & explanation provided to us & on the basis of ourverification We have observed that the company is not having any Immovable Property onits own name.

(2) In Respect of Inventories

As explained to us the inventories (excluding inventories with third parties) werephysically verified during the year by the Management at reasonable intervals.

(3) Compliance under section 189 of The Companies Act 2013

The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the Register maintained under Section 189 of the Companies Act2013.

(4) Compliance under section 185 and 186 of The Companies Act 2013

While doing transaction for loans investments guarantees and security provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

(5) Compliance under section 73 to 76 of The Companies Act 2013 and Rules framedthereunder while accepting Deposits

According to information and explanations given to us the Company has not accepted anydeposits from public during the year. In respect of unclaimed deposits the Company hascomplied with the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rules made thereunder.

(6) Maintenance of cost records

The Company is not required to maintain cost Records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (1) of section148 of the Companies Act 2013.

(7) Deposit of Statutory Dues

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Income-tax Sales Tax Wealth Tax Service Tax Duty of customsDuty of excise Value added tax Cess and any other material statutory dues with theappropriate authorities.

(b) According to the information and explanations given to us no undisputed amountpayable except ' 1377/- Purchase Tax ' 1080/- Professional Tax ' 36880/- LeaveEncashment ' 29942/- ESIC ' 51254/- Gratuity and no income tax sales tax service taxwealth tax custom duty excise duty cess were in arrears as at 31st march 2017 for aperiod of more than six months from the date they become payable.

(8) Repayment of Loans and Borrowings

The company has not defaulted in repayment of dues to financial institution bank ordebenture holders.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/S.Vivanza Biosciences Limited("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017.

For G M C A & Co.
Chartered Accountants
FRN: 109850W
CA. Mitt S. Patel
Place : Ahmedabad (Partner)
Date : 30/05/2017 Membership No. 163940