We have audited the accompanying Ind AS Financial statements of Beryl Drugs Limited (“the
Company”), which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss
(including statement of other comprehensive income), the statement of Changes in Equity and
Statement of Cash Flows for the year then ended, and notes to the financial statements, including a
summary of material accounting policies and other explanatory information (hereinafter referred to as
“the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Ind AS 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 principles generally accepted in India, of the state of affairs of
the Company as at 31st March 2025, and Profit (including other comprehensive income), changes in
equity and its cash flows for the year ending on that date.
II. 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 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
("ICAI") together with the ethical requirements that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the
financial statements.
III. 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 for the financial year ended 31st March, 2025. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming our opinion on
these matters, and we do not provide a separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in that context.
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
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 financial statements. The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our audit opinion on the accompanying
financial statements.
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Key audit matters
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How our audit addressed the key audit matter
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1. Revenue Recognition
Revenue is recognized when the control of the
products being sold has been transferred to the
customer. There is a risk of revenue being
overstated as management, to achieve its
performance targets, may recognize as revenue on
sale of products though control may not have
transferred to the customer. This was an area of
focus for us.
Refer Note 02.IX of the financial statements for
details on accounting policy on revenue recognition.
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Our audit procedures included the following:
• Obtained an understanding of the systems,
processes and controls implemented by the
company for recording revenue from sale of
goods.
• Evaluated Company’s revenue recognition
policies by assessing compliance with applicable
accounting standards.
• Assessed the IT environment in which the
business system operates and tested system
controls involved in revenue recognition.
• Tested design, implementation and operating
effectiveness of the company’s controls on
generating sales order, recording of revenue,
creation of new customers and performance of
revenue cut off.
• On selected statistical samples of transactions,
we tested the underlying documents, which
include testing contractual terms of sale
contracts/ invoices, shipping documents and lag
time/ proof of delivery to test evidence for transfer
of control.
• Performed procedures to identify and test
exceptional transactions such as unusual sales
trend, one off sales to customers, to identify any
unusual transactions.
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2. Related Party Transactions
We identified related party transactions as a key
audit matter due to the significance of related party
transactions, regulatory compliance and risk of such
transactions remaining undisclosed in the financial
statements.
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• Evaluated the Company’s policies, processes
and procedures in respect of identifying and
disclosing related party transactions.
• Read the minutes of meetings of the
shareholders, Board and Audit Committee
regarding the Company’s assessment of related
party transactions for arm’s length pricing.
• Assessed the compliance with Companies Act
2013, including authorization and approvals as
specified in sections 177 and 188 of the
Companies Act, 2013, and Rules thereon and the
Securities and Exchange Board of India
regulations with respect to related party
transactions.
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3. Provisions & Contingent Liabilities
In accordance with Accounting Criteria set under Ind
AS 37 - Provisions, Contingent Liabilities and
Contingent Assets significant degree of
Management Judgment is involved in determining
whether an obligation exists and whether a provision
should be recognized as at the reporting date or it
needs to be disclosed as Contingent liability.
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Our Audit Procedure tested the design and
operating effectiveness, key control over the
estimation, monitoring and disclosure of Provisions
and contingent liabilities. For said details. Refer
Note No. 36 to the Audited Financial Statements.
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Key audit matters
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How our audit addressed the key audit matter
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Further Significant Judgments are also involved in
measuring such obligations the most significant of
which are assessment of liability. Judgment is
involved in the determination of whether any outflow
in respect of identified material matters is probable
and can be estimated reliably.
Adequacy of Provision, appropriateness of
assumption and judgment used in the estimation of
significant provision, adequacy of disclosure of
provision for liabilities and Contingent Liabilities,
considering the significance of the above matter to
the Financial Statement and significant Auditor’s
attention required to test such estimate, we have
identified this as a key Audit matter for Current Year
Audit.
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4. Allowances for credit losses
The Company determines the allowance for credit
losses based on historical loss experience adjusted
to reflect current and estimated future economic
conditions.
The Company considered current and anticipated
future economic conditions. We identified allowance
for credit losses as a key audit matter because the
Company exercises significant judgment in
calculating the expected credit losses.
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Our audit procedures related to the allowance for
credit losses for trade receivables and advances
include the following, among others:
We tested the effectiveness of controls over the
• development of the methodology for the
allowance for credit losses, including
consideration of the current and estimated future
economic conditions
• completeness and accuracy of information used
in the estimation of probability of default and
• Computation of the allowance for credit losses.
We focused on appropriate application of
accounting principles, validating completeness and
accuracy of the data and reasonableness of
assumptions used in the model.
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IV. Emphasis of Matter
1. We draw attention to Note 17.03 of the financial statements, which describes that, The Company has
taken a loan from Kotak Mahindra Bank for Rs. 175 Lakhs on 01/11/2021, for which neither charge
has been created nor satisfaction of charges made as on 31.03.2025, However the balance of said
loan in current year Nil (P.Y. Rs. 143.51 Lakhs).
2. We draw attention to Note 37.02 of the financial statements, which describes that, The Company has
written back certain statutory liabilities on the grounds that it is not liable for their payment. The
details of the liabilities written back as prior period item to statement of profit and loss account are as
follows:
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S.
No.
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Nature of the Statute
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Nature of Dues
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Amount
(Rs. In Lacs)
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Period to which
the amount relates
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1
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MP Professional Tax
Act, 1995
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Professional Tax
Payable
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0.55
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FY 1999-2000 to
FY 2016-17
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2
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MP Professional Tax
Act, 1995
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Professional Tax
Payable
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0.29
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FY 2023-24
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3
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MP Professional Tax
Act, 1995
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Professional Tax
Payable
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0.45
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Old Year
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4
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Wealth Tax Act, 1957
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Wealth Tax
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3.91
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Upto FY 2014-15
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5
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Finance Act, 1994
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Service Tax
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0.08
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F.Y. 2016-17
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3. We draw attention to Note 42 of the financial statements, which describes that, The company has
temporally discontinue production in FFS Section for upgradation as per revised Schedule M, WHO-
GMP Norms w.e.f. January 2025 and accordingly turnover of the company is lower from earlier year.
Now, the company has got WHO-GMP certification on 27/03/2025.
4. We draw attention to Note 43 of the financial statements, which describes that, The company has
written off trade receivable Rs. 23.75 Lakhs (PY Rs. 8.62 Lakhs) due to non-recoverability after
continuous follow-up in during the year.
Our opinion is not modified in respect of this matter.
V. Information other than the Ind AS financial statements and Auditor’s Report thereon
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.
In connection with our audit of 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.
VI. Responsibilities of management and those charged with governance for the Ind AS
financial statements
The Company's management and Board of Directors are responsible for the matters stated in Section
134(5) of the Act with respect to the preparation of the 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 (Ind AS) 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 Statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management and 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 Board of Directors and 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.
VII. Auditor’s Responsibilities for the Audit of the Ind AS financial statements
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
In conducting 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 and the Order issued under section 143(11) of the Act.
Our objectives are to obtain reasonable assurance about whether the 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 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 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 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 made by management.
• 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 Financial Statements 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
auditors' 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 financial statements, including the
disclosures, and whether the Financial Statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• We believe that the Audit Evidence obtained by us is sufficient and appropriate to provide a basis for
our Audit opinion and 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.
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 standalone financial statements.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the Financial Statements of the current period and are therefore
the key audit matters. We describe these matters in our auditors' report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
VIII. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' 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 A” a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. With respect to the matter to be included in the Auditors' Report under section 197(16), we report
that, In our opinion and according to the information and explanation given to us, the remuneration
paid by the Company to its directors during the current year is in accordance with the provisions of
Section 197 of the Act.
3. As required by Section 143(3) of the Act, based on our Audit we report to the extent applicable 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 relating to the preparation of the aforesaid
Financial Statements have been kept by the Company so far as it appears from our examination of
those books.
c) The Balance Sheet and the 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 maintained for the purpose of preparation of the Financial
Statements.
d) With respect to the adequacy of the internal financial controls with reference to Financial Statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure B” to this report.
e) In our opinion, the aforesaid Financial Statements comply with the Ind AS specified under Section
133 of the Act.
f) 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.
g) With respect to the other matters to be included in the Auditors' 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 does not have any pending litigations as on March 31,2025 which would impact on its
financial position in its Financial Statements.
ii. The Company does not required to make provisions, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long term contracts.
iii. There were no amounts which were required to be transferred to the investor education & protection
fund by the company
iv.
a) The Management has represented that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) 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 entity (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
• 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, no funds have
been received by the Company from any persons or entities, including foreign entities (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the Company
shall:
• directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding Party or
• provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries;
and
c) Based on such audit procedures as 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 (iv) (a) and (iv) (b) contain any material Mis-statement.
v. Based on our examination which included test checks, the company has used an accounting
software for maintaining its books of account 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. Further, during the course of our audit we did not come across any instance of audit trail
feature being tampered with.
Additionally, the audit trail has been preserved by the Company as per the statutory requirements for
record retention.
vi. The company has not declared any dividend during the year.
FOR SUBHASH CHAND JAIN ANURAG & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN-004733C
Date: 30/05/2025
p|ace: Indore (AKSHAY JAIN)
PARTNER
M.NO. 447487
UDIN: 25447487BMICQT4570
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