We have audited the accompanying standalone financial
statements of Sai Parenteral's Limited ("the Company”),
which comprise the Balance Sheet as at 31st March,
2026, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year then
ended, and notes to the standalone financial statements,
including a summary of material accounting policies and
other explanatory information (hereinafter referred to as
the "standalone financial statements”).
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 Companies Act, 2013 ("the Act”) in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015,
as amended ("Ind AS”), and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at 31st March, 2026, and its profit including
other comprehensive income, changes in equity and its
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 Act. Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the
Audit of the Standalone Financial Statements 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 standalone 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 we have obtained
is sufficient and appropriate to provide a basis
for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgement, were of most significance in our
audit of the standalone financial statements for the year
ended 31st March, 2026. These matters were addressed
in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion
on these matters.
We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
"Auditors' responsibilities for the audit of the standalone
financial statements” section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to
our assessment of the risks of material misstatement of
the standalone financial statements. The results of our
audit procedures, including the procedures performed to
address the matters described below, provide the basis
for our audit opinion on the accompanying standalone
financial statements:
1. Valuation and Recoverability of
Investment in Subsidiary
Refer Note No.9 to the Standalone Financial Statements.
During the year, the Company made significant
investments in its wholly owned subsidiary, Sai
Parenterals Pte Limited, Singapore, in connection
with the acquisition of Noumed Pharmaceutical Pty
Limited, Australia. Considering the materiality of the
investment and the judgments involved in assessing the
recoverability of the carrying value of the investment,
this matter was considered to be a key audit matter.
Our audit procedures included evaluating management's
assessment of recoverability, reviewing financial
information of the subsidiary, examining supporting
documentation relating to the acquisition and assessing
the adequacy of related disclosures in the standalone
financial statements.
Key audit matters are those matters that, in our
professional judgment, were of most significance in our
audit of the standalone financial statements of the current
period. These matters were addressed in the context of
our audit of the standalone financial statements as a
whole and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Information Other than the Standalone Financial
Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Company's Annual Report
but does not include the standalone financial statements
and our auditor's report thereon.
Our opinion on the standalone financial statements does
not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the standalone
financial statements or our knowledge obtained during
the course of our audit or otherwise appears to be
materially misstated.
Based on the work we have performed, we conclude
that if there is any material misstatement of this other
information, we are required to report that fact. We have
nothing to report in this regard.
Management's Responsibility for the
Standalone Financial Statements
The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position,
financial performance including other comprehensive
income, changes in equity and cash flows of the Company
in accordance with the accounting principles generally
accepted in India, including the Indian Accounting
Standards specified under section 133 of the Act.
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 accuracy and completeness of accounting
records relevant to the preparation and presentation
of the standalone financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the standalone financial statements,
management is 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 management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing
the Company's financial reporting process
Auditor's Responsibilities for the Audit of the
Standalone Financial Statements
Our objectives are to obtain reasonable assurance
about whether the standalone financial statements as a
whole are 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.
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 standalone financial statements, whether due to
fraud or error.
• Obtain an understanding of internal financial controls
relevant to the audit.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management's
use of the going concern basis of accounting.
• Evaluate the overall presentation, structure and
content of the standalone financial statements.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings.
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 of India in terms of Section 143(11) of
the Act, we give in "Annexure A” 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 explanations which to the best of our
knowledge and belief 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.
c) The Balance Sheet, Statement of Profit and
Loss including Other Comprehensive Income,
Statement of Changes in Equity and Statement
of Cash Flows dealt with by this Report are in
agreement with the books of account.
d) In our opinion, the aforesaid standalone
financial statements comply with the Indian
Accounting Standards specified under Section
133 of the Act.
e) On the basis of written representations
received from the directors as on 31st March,
2026, none of the directors is disqualified as
on 31st March, 2026 from being appointed as a
director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal
financial controls over financial reporting of
the Company and the operating effectiveness
of such controls, refer to our separate Report
in "Annexure B”.
g) In our opinion, the managerial remuneration
for the year ended 31st March, 2026 has been
paid/provided by the Company to its directors
in accordance with the provisions of section
197 of the Act.
h) 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:
i. The Company has disclosed the impact of
pending litigations on its financial position in
its standalone financial statements.
ii. The Company did not have any long-term
contracts including derivative contracts
for which there were any material
foreseeable losses.
iii. There were no amounts required to be
transferred to the Investor Education and
Protection Fund by the Company.
iv. The management has represented that no
funds have been advanced or received with
the understanding that the intermediary
shall directly or indirectly lend or invest in
ultimate beneficiaries.
v. The Company has not declared or paid any
dividend during the year.
vi. Based on our examination, the Company has
used accounting software having a feature
of recording audit trail (edit log) facility
and the same has operated throughout the
year for all relevant transactions recorded
in the software.
For R Kabra & Co LLP
Chartered Accountants
FRN: 104502W/W100721
Prakash Tekwani
Partner
Date: 23rd May, 2026 Membership No. 108681
Place: Hyderabad UDIN: 26108681QYHCWW4757
| 