We have audited the standalone Ind AS financial statements of
Bharat Parenterals Limited ("the Company"), which comprise
the balance sheet as at 31st March 2025, and the statement of
Profit and Loss (including Other Comprehensive Income),
statement of changes in equity and statement of cash flows for
the year then ended, and notes to the standalone Ind AS
financial statements, including a summary of significant
accounting policies and other explanatory information.
(hereinafter referred to as "financial statements").
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 ("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
March 31, 2025, the profit and total comprehensive income,
changes in equity and its cash flows for the year ended on that
date.
Basis of Opinion
We conducted our audit in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditor's Responsibilities
for the Audit of the 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 financial statements under the provisions of
the Companies Act, 2013 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
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
as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. We have
determined that there are no key audit matters to be
communicated in our report.
Other Matter
Attention is drawn to the fact that the audited standalone Ind AS
financial statements of the Company for the year ended 31st
March 2024 were audited by predecessor auditors whose
report dated 22 May 2024, expressed an unmodified opinion
on those audited standalone financial statements.
Our opinion is not modified in respect of this matter.
Other Information
The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Annual Report but does not include the financial
statements and our auditor's 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.
When we read the information, if we conclude that there is a
material misstatement therein, we are required to
communicate the matter to those charged with governance and
take appropriate actions necessitated by the circumstances and
the applicable laws and regulations.
Management's and Board of Director's Responsibilities for the
Standalone Financial Statements
The Company's management and 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 of these 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
read with the Companies (Indian Accounting Standards) Rules,
2015, as amended. 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 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 statement that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone annual financial statements, the
Management and 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 is 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.
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 standalone financial
Statements.
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, 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 standalone financial
statements 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 in the standalone financial results
made by the Board of Directors.
• Conclude on the appropriateness of management's 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 standalone
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.
• Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Standalone Financial
Statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work; and (ii)
to evaluate the effect of any identified misstatements in the
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, 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
As required by the Companies (Auditor's Report) Order, 2020
("the Order"), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the "Annexure A" a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
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 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), and the Cash
Flow Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid standalone Ind AS financial
statements comply with the Accounting Standards
specified under Section 133 of the Act.
e) On the basis of the written representations received
from the directors as on 31st March 2025 taken on record
by the Board of Directors, none of the directors is
disqualified as on 31st March 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 B".
g) In our opinion and to the best of our information and
according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions of
section 197(16) 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, in our
opinion and to the best of our information and according
to the explanations given to us:
i. The Company has no pending litigations to be
disclosed except as shown in note no 41.
ii. The Company did not have any long-term
contracts, including derivative contracts for
which there were any material foreseeable
losses.
iii. There have been no amounts, required to be
transferred to the Investor Education and
Protection Fund by the Company.
iv. a) The Management has represented, to the
best of it's knowledge and belief that, 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(s) or entity(ies), 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;
b) The management has represented that, to
the best of its knowledge and belief, funds
were received by the company from
various parties through preferential
allotment with the understanding that the
company shall invest these funds directly
into its subsidiary, Name of Subsidiary,
Innoxel Lifesciences Private Limited as
appropriately disclosed in the notes to the
financial statements (refer Note 40). Other
than this specific arrangement as
disclosed, no other funds have been
received by the company from any
person(s) or entity(ies), 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) Based on such audit
procedures performed that have been
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
(i) and (ii) of rule 11(e), as provided under
(i) and (ii) above, contain any material
misstatement.
v. There final dividend paid by the company during
the year in respect of the same declared for the
previous year is in accordance with section 123 of
Companies Act 2013 to the extent it applies to
payment of dividend.
As stated in note 54 to the financial statements
the Board of Directors of the company have
proposed final dividend for the year which is
subject to the approval of the members at the
annual general meeting. The dividend declared is
in accordance with section 123 of Companies Act
2013 to the extent it applies to payment of
dividend.
vi. Based on our examination which included test
checks, the company has used an accounting
software for maintaining its books of accounts
which has 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. Also, during the course
of our audit, we did not come across any instance
of audit trail features being tampered in respect
of such accounting software.
Further, the audit trail has been preserved by the
Company as per the statutory requirements for
record retention to the extent it was enabled and
recorded in the previous year.
For Shah Mehta & Bakshi
Chartered Accountants
Firm Registration No: 103824W
Himesh Gajjar
Partner
Membership No.: 177342
UDIN: 25177342BMIVMG8784
Place: Vadodara
Date: May 12, 2025
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