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Vivo Bio Tech Ltd.

BSE: 511509 Sector: Health care
NSE: N.A. ISIN Code: INE380K01017
BSE LIVE 19:29 | 19 Oct 65.70 3.10
(4.95%)
OPEN

65.70

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65.70

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65.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 65.70
PREVIOUS CLOSE 62.60
VOLUME 2
52-Week high 100.00
52-Week low 53.30
P/E 22.27
Mkt Cap.(Rs cr) 61
Buy Price 61.00
Buy Qty 5.00
Sell Price 65.70
Sell Qty 198.00
OPEN 65.70
CLOSE 62.60
VOLUME 2
52-Week high 100.00
52-Week low 53.30
P/E 22.27
Mkt Cap.(Rs cr) 61
Buy Price 61.00
Buy Qty 5.00
Sell Price 65.70
Sell Qty 198.00

Vivo Bio Tech Ltd. (VIVOBIOTECH) - Auditors Report

Company auditors report

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 TechLimited ("the Company") which comprises the Balance Sheet as at March 312016 the Statement of Profit and Loss and 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 stated in Section134(5) of the Companies Act 2013 (‘the act’) with respect to the preparationand presentation of these standalone financial statement that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with rule 7 of Companies (Accounts)Rules 2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statement. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statement whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the standalone financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s Directors as well as evaluatingthe overall presentation of the standalone financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas 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 (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure ‘A’ a statement on the mattersSpecified 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 bestof 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 theCompany so far as appears from our examination of those books;

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

d) in our opinion the aforesaid standalone financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014 .

e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the company nd the operating effectiveness of such controls refer to ourseparate report in ‘Annexure B’ and

g) With respect to other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 31stMarch 2016 on its financial position in its standalone financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There is no amount which is required to be transferred to the Investor Educationand Protection Fund by the company during the year ended 31st March 2016.

For P. Murali & Co.
Chartered Accountants
Firm Registration No : 007257S
P. Murali Mohana Rao
Place : Hyderabad Partner
Date : 27/05/2016 M.No. 023412

Annexure A to the Auditors Report

Annexure referred to in Independent Auditors Report to the Members of Vivo Bio TechLimited on the standalone financial statements for the year ended 31st March2016 we report that:

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us fixed assets have been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification. In our opinion the frequency of verification is reasonable.

(c) According to the information and explanations given to us and on the basis of ourexamination of records of the Company the title deeds of immovable properties are held inthe name of the Company.

ii. The physical verification of inventory has been conducted at reasonable interval bythe management during the year. There were no discrepancies noticed on physicalverification of inventory as compared to book records and have been appropriately dealtwith in the books of accounts.

iii. The company has granted loans to 2 bodies corporate covered in the registermaintained under section 189 of the companies Act 2013 (‘the Act’).

a) In our opinion the rate of interest and other terms and conditions on which theloan has been granted to the bodies corporate listed in the register maintained undersection 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 registermaintained under section 189 of the Act the borrower have been regular in the payment ofprincipal and interest as stipulated.

c) There is no overdue amount in respect of the loan granted to a body corporate listedin the register maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of sections 185 and 186 of the companies Act 2013in 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 73to 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 ofcost 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 therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident fund Employees state insurance income tax servicetax custom duty sales tax and other material statutory dues as applicable with theappropriate authorities in India ;

(b) There were no undisputed amounts payable in respect of Provident fund Employeesstate insurance income tax service tax custom duty sales tax and other materialstatutory dues in arrears as at 31st March 2016 for a period of more than 6months for the date they became payable.

(c) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Provident fund Employees stateinsurance income tax service tax custom duty sales tax and other material statutorydues 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 andexplanation given to us the company has not defaulted in repayment of loans or borrowingsto any financial institutions or banks or governments or dues to debenture holder as atthe balance sheet date.

ix. The Company has not raised any moneys by way of initial public officer furtherpublic offer (including debt instruments) and term loans. Accordingly the provisions ofthis clause are not applicable to the Company.

x. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our Audit.

xi. The Company has paid/provided for managerial remuneration in accordance with therequisite approvals mandate by the provisions of section 197 read with schedule V to theAct.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto 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 withthe provisions of sections 177 and 188 of the Act. The details of such related partiestransactions have been disclosed in the financial statements as required under AccountingStandard – 18 and related parties disclosure specified under section 133 of the Actread with Rule 7 of the companies (accounts) Rules 2014.

xiv. The Company has not made any preferential allotment of private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions 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 orpersons connected with him. Accordingly the provisions of clause 3(xv) of the Order arenot applicable to the Company.

xvi. The Company is not required to be registered under section 45-IA of The ReserveBank of India Act 1934. Accordingly the provisions of clause 3(xvi) of the order are notapplicable to the Company.

For P. Murali& Co.
Chartered Accountants
Firm Registration No : 007257S
P. MuraliMohana Rao
Place : Hyderabad Partner
Date : 27/05/2016 M.No. 023412

Annexure B to the Independent Auditor’s Report

Report on the Internal Financial Controls under clause (i) of the Sub-section 3 of theSection 143 of the Companies Act 2013 (‘The Act’)

We have audited the internal financial controls over financial reporting of Vivo BioTech Limited (‘the company’) as on 31st march 2016 in conjunctionwith our audit of 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 based on the internal control over financial reporting criteriaestablished by the company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Charted Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor’s 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 deed to be prescribed undersection 143(10) of the Act to the extent applicable to an Audit of Internal FinancialControls both applicable to an audit of Internal Financial Controls and both issued bythe ICAI. These standards and guidance note require that we comply with ethicalrequirements and plan and performed 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 Judgment including the assessment of the risk ofmartial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion and the company’s internal financial control systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes these policies and procedures that (1) pertain to themaintenance of records that in reasonable detailed accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted principles and that receipts andexpenditures of the company are being made only in accordance with authorization ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany’s 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 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 in adequate 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 31st 2016based on the internal control over financial reporting criteria established by the companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofCharted 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