We have audited the annual financial results of BACIL PHARMA LIMITED (hereinafter referred
to as the 'Company") for the year ended March 31, 2025 and the Balance Sheet and the Statement
of Cash Flows as at and for the year ended on that date, attached herewith, being submitted by
the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing
Regulations').
In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid financial results:
i. are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the
Listing Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable accounting standards prescribed under Section 133 of the Companies
Act, 2013 (the "Act") and other accounting principles generally accepted in India, of net profit
and other comprehensive income and other financial information of the Company for the year
ended March 31, 2025 and the balance sheet and the statement of cash flows as at and for the
year ended on that date.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements of the current period. These matters were addressed in
the context of our audit of the financial statements, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. During the year under consideration, we do
not have any key audit matters to report.
Emphasis of Matter
The company has extended loans and advances to various parties, which are still outstanding as
of the report date. However, due to the lack of confirmation, we are unable to express an opinion
on the nature and recoverability of these loans and advances.
Other Information
The Company's management and Board of Directors are responsible for the other information.
The other information comprises the information included in the Company's annual report but
does not include the financial statements and our auditors' report thereon. Our opinion on the
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 financial statements, our
responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Management's Responsibilities for the Financial Results
These financial results have been prepared on the basis of the annual financial statements. The
Company's Board of Directors are responsible for the preparation and presentation of these
financial results that give a true and fair view of the net profit and other comprehensive income
and other financial information of the Company and the balance sheet and the statement of cash
flows in accordance with the recognition and measurement principles laid down in the Indian
Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued
thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 and Regulation 52 of the Listing Regulations. The Board of Directors of the
Company are responsible for 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 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, which have been used for the
purpose of preparation of the financial results by the Directors of the Company, as aforesaid.
In preparing the financial results, the Board of Directors of the Company are responsible for
assessing the ability of the Company 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 of the Company are responsible for
overseeing the financial reporting process of the Company.
Auditor's Responsibilities for the Audit of the Financial Results
Our objectives are to obtain reasonable assurance about whether the financial results 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. 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 these financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
a. Identify and assess the risks of material misstatement of the financial results, 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.
b. 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 financial statements in place and the operating
effectiveness of such controls.
c. Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors.
d. 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 Company's ability 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 financial
results 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 Company to cease to continue as a going concern.
e. Evaluate the overall presentation, structure and content of the financial results 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 of India in terms of Section 143(11) of the Act, we give in the "Annexure
1" 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) Apart from matters stated in emphasis of matter paragraph, we have sought and 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 it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive
income, the statement of change in equity and the Cash Flow Statement dealt with by this
Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid financial statements comply with Ind AS specified under
Section 133 of the Act.
e) On the basis of the written representations received from the directors and taken on record
by the Board of Directors, none of the directors is disqualified as on March 31, 2025, 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 2" to this report.
g) 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 (as amended), in our opinion
and to the best of our information and according to the explanations given to us:
a) The Company has no pending litigations as of March 31, 2025, on its financial position
in its standalone financial statements.
b) The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
c) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
d) The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other
person or entity, including foreign entities ("Intermediaries"), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; The
management has represented that, to the best of its knowledge and belief, no funds
have been received by the Company from any person or entity, including foreign
entities ("Funding Parties"), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and
Based on such audit procedures that were considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (a) and (b) contain any material misstatement.
3. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the
Holding Company or any of its subsidiary companies incorporated in India only with
effect from 1 April 2025, reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 is not applicable.
4. In our opinion and to the best of our information and according to the explanation given
to us, the company has not paid any remuneration to its directors during the year. Hence
the provisions of Section 197 of the Act are not applicable.
5. Based on our examination which included test checks, the company has not used an
accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility Accordingly, we are unable to comment on any instance of
audit trail feature being tampered.
For Laxmikant Kabra & Co LLP
Chartered Accountants
FRN.: 117183W/ W100736
Sd/-
CA Siddhant Kabra
Partner
Place: Thane
Membership No.: 193348
Date: 26th May 2025
UDIN: 25193348BMHXXY6805
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