| We have audited the accompanying stand alone financial statements of
Beryl Drugs Limited ('the Company'), which comprise the balance sheet
as at 31 March 2015, the statement of profit and loss and the cash
flow statement for the year ended, and 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 Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone 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 principles generally accepted in India including the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) RULES, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding 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 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 financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters, which are required to be included in the audit report under
the provisions of the Act, and the Rules made there under.
We conducted our audit in accordance with Standards on Auditing
specified under Section 143(10) of the Act. 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amount and disclosures in the financial statements. The procedures
selected depend on the auditor's 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 auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has an adequate internal financial controls system
over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of the
accounting policies used and the reasonableness of the accounting
estimates made by the Company's Directors, 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 on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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, of the state of
affairs of the Company as at 31 March 2015 and 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that :
(a) We have sought and obtained all the information and explanation,
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
(b) In our opinion, the Company has kept Proper books of account as
required by the law so far as it appears form our examination of those
books.
(c) The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this Report are in agreement with the
books of accounts.
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014:
(e) On the basis of the written representations received from the
directors as on 31March 2015 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31 march 2015
from appointed as a Director in terms of Section 164(2) of the Act;
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules,2014 in our opinion and to the best of our information
and according to the explanation given to us:
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 34 to the
financial statements.
(ii) The Company did not have any long term contract, including
derivatives contract for which there were any material foreseeable
losses.
(iii) there were no amount which were required to be transferred to
the investor education & protection fund by the company.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT
The Annexure referred to in our Independent Auditor' Report to the
members of the Company on the standalone financial statements for the
year ended 31 March 2015, we report that:
(I) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner
over a period of three years. In accordance with this programme,
certain fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to
the size of the Company and the nature of its assets.
(II) a) The inventories have been physically verified during the year
by the management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company is maintaining proper records of inventories. The
discrepancies noticed on verification between the physical stock and
the books records have been properly dealt within the books of
accounts.
(III) The Company has not granted any loans secured or unsecured to
firm other person or bodies corporate covered in the register
maintained under section 189 of the Companies Act, 2013('the
Act').Therefore the provision of clause 3(iii) (ii) (a) and (iii) (b)
of the said order are not applicable to the company.
(IV) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with
regard to purchase of fixed assets and sale of Goods. We have neither
came across nor have been informed if any major weakness in the
internal control system during the course of our audit.
(V) . The Company has not accepted any deposits from the public. The
provision of clause V of the order are not applicable to company
(VI) . According to the Information and explanation given to us. the
central government has not specified the maintenance of the cost
records under Section 148(1) of the companies act 2013 for any of the
product of the company.
(VII) . a) According to the information and explanations given to us
and on the basis of our examination of the records of the Company,
amounts deducted/ accrued in the books of account in respect of
undisputed statutory dues including provident fund, income tax, sales
tax, wealth tax, service tax, duty of customs, value added tax, cess
and other material statutory dues have been regularly deposited during
the year by the Company with the appropriate authorities except wealth
tax amounting to Rs. 112368.90/- . As explained to us, the Company did
not have any dues on account of employees' state insurance and duty of
excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they become
payable except wealth tax Rs.114284.40/-
b) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which
have not deposited with the appropriate authorities on account of any
dispute. except following on account of disputes:
(c) No amount required to be transferred to investor education and
protection fund, due to no such obligation of the company.
(VIII) . The Company does not have any accumulated losses at the end
of the financial year and has not incurred cash losses in the
financial year and in the immediately preceding financial year.
(IX) . The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year. Based on our
audit procedure and As per the information & explanation given by the
management. We are of the opinion that the company has not defaulted
in repayment of dues to a Bank or Financial Institution.
(X) . In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(XI) . The company has availed the term loan & applied for the purpose
for which the loan was obtained.
(XII) . Based upon the audit procedure performed for the purpose of
reporting the True & Fair view of the Financial
Statement obtained as per the information and explanations given to
us, We report that no material fraud on or by the Company has been
noticed or reported during the course of our audit.
For SUBHASH CHAND JAIN ANURAG & ASSOCIATES
Chartered Accountants,
FRN No. : 004733C
Sd/-
(AKANKSHA SHRIVASTAVA)
Date : 24.07.2015 PARTNER
place : Indore (M.P.) M.NO.: 425205 |