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Vivanza Biosciences Ltd.

BSE Live

Jan 09, 16:00
13.10 0.04 (0.31%)
Volume
AVERAGE VOLUME
5-Day
44
10-Day
34
30-Day
37
100
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    13.06

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    13.10

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    0.00 (0)

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Vivanza Biosciences is not listed on NSE

Annual Report

For Year :
2016 2014 2013 2012 2011 2002

Auditor's Report

Report on the Financial Statements : We have audited the accompanying Financial Statements of M/s. IVEE INJECTAA LIMITED (the Company), which comprise the Balance Sheet as at 31st March 2013, the Statement of Profit & Loss and also the Cash Flow Statement for the year ended and a summary of significant accounting polices and other explanatory information. Management''s Responsibility for the Financial Statements : The Company''s 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 of India (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. Auditors'' 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 auditors'' 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 auditors consider 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. Emphasis of Matter : We draw attention to a) The company has in past granted/ renewed loans and advances to other Companies, which has been identified as non-performing asset. Accordingly company has not recognized any income from the same. In the opinion of the directors, the process of recovery is going on and the same is not fully doubtful of recovery. However in our opinion company needs to make provision for such long outstanding non- performing assets amounting to Rs. 59,33,061/-. 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 by the said sum. Opinion : In our opinion, and to the best of our information and according to the explanations given to us, the accompanying 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 Balance Sheet, of the state of affairs of the company as at 31st March 2013. ii) In the case of Statement of Profit & Loss, of the Loss 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. Report on other Legal and Regulatory Requirements : 1. As required by the Companies (Auditor''s Report) Order, 2003, as amended by the companies (Auditor''s Report) (amendment) order, 2004 issued by the Central Government of India, in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said 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 accounts 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 & 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 & Loss and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 to the extent applicable. e) On the basis of written representations received from the Directors and taken on record by the Board of Directors, none of the Directors of the company are prima facie disqualified as on 31st March 2013 from being appointed as Directors of the company in terms of clause (g) of Section 274(1) of the Companies Act, 1956. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT Referred to in Paragraph 1 under the heading of Report on other Legal and Regulatory Requirements of our report of even date. 1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets on the basis of available information. (b) We are informed that all the fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. (c) During the year, the company has disposed off all the fixed assets, however the management has no intention to liquidate the business and will continue its operation for the foreseeable future and accordingly going concern status is not affected. 2. (a) According to the information and explanations given to us, the Company has granted/taken unsecured loans to/from companies covered in the Register maintained under Section 301 of the Companies Act, 1956; (i) The Company has granted interest free loan to 2 parties covered in the aforesaid Register. The amount involved (i.e. the maximum amount outstanding during the year was Rs. 31.46 lacs). Rs. NIL were receivable from these parties as at the close of the accounting year. (ii) The Company has taken interest free loans from 4 parties covered in the aforesaid Register. The amount involved (i.e. the maximum amount outstanding during the year was Rs. 23.37 lacs). Rs. 14.37 lacs were payable to these parties as at the close of the accounting year. (b) According to the information and explanation given to us, terms and conditions in respect of unsecured loans given/taken by the Company are not prima-facie prejudicial to the interest of the Company. (c) In our opinion and according to the information and explanations given to us, the payment of principal amount is on demand. (d) In our opinion and according to the information and explanation given to us, there are no overdue amounts in respect of the transactions listed in clause (a) above. 3. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 4. According to the information and explanations given to us, there have been no contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956. 5. According to the information and explanation given to us, the Company has not accepted any fixed deposits from the public during the year and therefore, the question of compliance with the provisions of Section 58A and 58AA of the Companies Act, 1956 and the companies (Acceptance of Deposits) Rules,1975 is not necessary. 6. The company did not have any formal internal audit system during the year under review. In the opinion of the Management, the existing internal control procedures are adequate and hence separate internal audit is not called for. 7. Maintenance of cost records has not been prescribed by the central government under provision of Section 209(1)(d) of the Companies Act, 1956. 8. (a) The company is not regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income- tax, Service tax, sales-tax, wealth tax, custom duty, excise duty, cess and any other statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable except Rs. 1,377/- Purchase Tax, Rs. 51,254/- Gratuity. Rs. 36,880/- Leave Encasement, Rs. 29,942/- ESIC and Rs. 1,080/- Professional Tax in respect of income-tax, sales-tax, Service tax, wealth tax, custom duty, excise duty, cess were in arrears, as at 31st March, 2013 for a period of more than six months from the date they become payable. 9. The Company has accumulated losses of Rs. 356.87 lacs at the end of the year which is more than 50% of networth of the Company. Further, the company has incurred cash loss of Rs. 159.92 lacs during the financial year covered under audit and also incurred cash losses of Rs. 20.15 lacs during immediately preceding financial year. 10. In our opinion, and according to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution or bank or debenture holders at the end of the financial year. 11. In our opinion, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Hence, maintenance of record is not applicable. 12. In our opinion, the company is not chit fund or nidhi mutual fund/society. 13. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. 14. In our opinion, and according to information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. 15. Company has not availed any term loan during the year. 16. According to the information and explanation 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. No long-term funds have been used to finance short-term assets except permanent working capital. 17. According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Act. 18. According to the information and explanations given to us, the Company has not issued any debenture. 19. Company has not raised any money by public issue during the year. 20. 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 review. 21. Clause (ii) of the aforesaid order is not applicable to the company. FOR VEDANT M. RAVAL & ASSOCIATES Firm Registration No. 134832W CHARTERED ACCOUNTANTS (VEDANT M . RAVAL) Place:Ahmedabad PROPRIETOR Date :30.05.2013 M. No. 144955