We have audited the accompanying financial statements of Vivanza Biosciences Limited ("the Company"),
which comprise the balance sheet as at March 31, 2024, and the Statement of Profit and Loss and
statement of cash flows for the year ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.
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 Companies Act, 2013 ('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 March 31, 2024, its Profit or loss and cash
flows for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10)
of the Companies Act, 2013, as amended ("the Act). Our responsibilities under those Standards are further
described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
> The company is still carrying Opening Balance of "P & P Expenses and issue related expenses" of
Rs. 3,68,412/- as "Other Current Assets", which in our opinion needs to be written off in Next
Financial Years. And Due to the same expense is under stated in profit & loss account.
Our opinion is not qualified in respect of this matter.
Management's Responsibilities for the Standalone Financial Results
The Statement has been prepared on the basis of the annual standalone financial statements for the year
ended March 31, 2024. The Board of Directors of the Company are responsible for the preparation and
presentation of the Statement that give a true and fair view of the Profit or loss and other comprehensive
income and other financial information in accordance with the applicable accounting standards prescribed
under Section 133 of the Act read with relevant rules issued there under and other accounting principles
generally accepted in India and in compliance with Regulation 33 of the Listing Regulations, This
responsibility also includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of 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; and the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the Statement that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
In preparing Statement, the Board of Directors are responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of this Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are
also responsible for expressing our opinion on whether the company has adequate internal
financial controls with reference to these financial results, in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the ability of the Company to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related disclosures in the Statement or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the Group and of its Joint Venture to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the financial results represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143 (11) 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 report that:
a) We have sought and obtained all the information and an explanation which is to the best of our
knowledge and beliefs were necessary for the purposes 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, the 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 aforesaid financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with the Companies (Indian Accounting Standard) Rules, 2015,
as amended
e) On the basis of written representations received from the directors as on 31 March, 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024, from
being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report and to our best of our
information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivatives contracts for 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.
3. In accordance with the Ministry of Corporate Affairs (MCA) mandate effective from 1 April 2023,
companies are required to maintain an audit trail for transactions affecting books of accounts. It is
noted that Vivanza Bioscience Limited has not implemented this audit trail reporting feature. This
information is disclosed for transparency in our audit report.
For, SHIVAM SONI & Co.
Chartered Accountants
FRN: 152477W
CA Shivam Soni
Place: Ahmedabad Proprietor
Date: 30th April, 2024 Membership No: 178351
UDIN: 24178351BKEPOB8943
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