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Beryl Drugs Ltd.

BSE: 524606 Sector: Health care
NSE: N.A. ISIN Code: INE415H01017
BSE 15:17 | 25 Mar 8.00 -0.16
(-1.96%)
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NSE 05:30 | 01 Jan Beryl Drugs Ltd
OPEN 8.00
PREVIOUS CLOSE 8.16
VOLUME 200
52-Week high 17.64
52-Week low 5.56
P/E 11.94
Mkt Cap.(Rs cr) 4
Buy Price 7.76
Buy Qty 500.00
Sell Price 8.00
Sell Qty 2393.00
OPEN 8.00
CLOSE 8.16
VOLUME 200
52-Week high 17.64
52-Week low 5.56
P/E 11.94
Mkt Cap.(Rs cr) 4
Buy Price 7.76
Buy Qty 500.00
Sell Price 8.00
Sell Qty 2393.00

Beryl Drugs Ltd. (BERYLDRUGS) - Auditors Report

Company auditors report

To

The Members of Beryl Drugs Ltd.

Report on the audit of the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS financial statements of BERYLDRUGS LIMITED (“the Company”) which comprise the Balance Sheet as at March31 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then ended anda summary of the significant accounting policies and other explanatory information(hereinafter referred to as “Standalone Ind AS financial statements”)

Management's Responsibility for the Standalone IND AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone Ind AS Financial statements that give a true and fair view of the stateof affairs profit (including other comprehensive income) changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) prescribed under section 133 ofthe Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone IndAS financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We are also responsible to conclude on the appropriateness of management's use of goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theentity's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in the auditor's report to therelated disclosures in the Standalone Ind AS Financial Statements or if such disclosuresare inadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of the auditor's report. However future events or conditions maycause an entity to cease to continue as a going concern.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the statement of affairs ofthe Company as at March 31 2018 and its profit (including other comprehensive income)changes in equity 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 2016 (“the Order”)issued by the Central Government 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 theOrder.

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 bestof 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 theCompany so far as it appears from our examination of those books

c) The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with therelevant books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164(2) of theAct

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in “Annexure B”

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements- Refer note 32 to the standaloneInd AS financial statements.

ii) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) There were no amount which were required to be transferred to the investoreducation & protection fund by the Company.

For PRATEEK JAIN & CO.
CHARTERED ACCOUNTANTS
FRN- 009494C
Date: 30.05.2018 (PRATEEK JAIN)
Place: Indore PROPRIETOR
M.No.079214

Annexure A to the Independent Auditor's Report on the

Standalone Ind AS financial statements of Beryl Drugs Limited- 31 March 2018

With reference to Annexure A referred to in paragraph 1 under 'Report on Other Legaland Regulatory Requirements' section of the Independent Auditor's Report to the Members ofthe Company on the Standalone Ind AS financial Statements for the year ended 31st March2018 we report that :

i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable having regardto the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

c) As per the information and explanations provided to us and on the basis of ourexamination of the records of the Company title deeds of the immovable properties areheld in the name of the Company.

ii) The inventory has been physically verified by the management during the year. Inour opinion the frequency of such verification is reasonable and there were no materialdiscrepancies noted during such physical verification.

iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly paragraph 3 (iii) of the Order is not applicable to theCompany.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities.

v) The Company has not accepted any deposit from the public within the meaning ofSections 73 to 76 of the Act and the Rules made thereunder.

vi) According to the information and explanations given to us the Central Governmenthas not specified the maintenance of the cost records under section 14According to theinformation and explanations given to us the Central Government has not specified themaintenance of the cost records under section 148(1) of the Companies Act 2013 for any ofthe product of the Company.

vii) In respect of statutory dues:

a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company undisputed statutory dues including ProvidentFund Employees' State Insurance Income Tax Sales Tax Service Tax Customs Duty ExciseDuty Value Added Tax Goods and Services Tax Cess and other material statutory dues havebeen generally regularly deposited with the appropriate authorities.

b) According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at March 31 2018 for aperiod of more than six months from the date of they became payable except the following:

Service Tax Rs.8250/-
Wealth Tax Rs. 390859/-
Professional Tax Rs. 52500/-
Vat Tax 12-13 Rs. 4809/-
Vat Tax 13-14 Rs. 6217/-
Vat Tax 15-16 Rs.130360/-
Vat Tax Rs. 305564/-

c) According to the information and explanations given to us there are no dues ofIncome Tax Service Tax Sales Tax Value Added Tax Duty of Customs Duty of excise andGoods and Service Tax which have not been deposited by the Company on account of disputesexcept the following :

TDS Defaults on traces
Financial Year Amount (in Rs.)
2017-18 5192/-
2016-17 5278/-
2015-16 8229/-
2014-15 26012/-
Prior years 208601/-
Total 253312/-

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowings to any financial institutionor bank.. The Company does not have any loans or borrowings from government during theyear nor the Company has issued any debentures. ix) In our opinion and according to theinformation and explanations given to us the Company has not raised any money by way ofinitial public offer or further public offer (including dent instruments) and term loansduring the year.

x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.

xi) In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company the Company has paid / providedmanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Companies Act 2013.

xii) According to the information and explanations given to us the Company is not aNidhi Company.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with Sections 177 and 188 of the Companies Act 2013 where applicable anddetails of such transactions have been disclosed in the standalone Ind AS financialstatements as required by the applicable accounting standards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly paragraph 3(xiv) of the Order is not applicable to the Company.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with its directors or persons connected with them during the year.Accordingly paragraph 3(xv) of the order is not applicable to the company

xvi) In our opinion and according to information and explanations give to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934.

For PRATEEK JAIN & CO.
CHARTERED ACCOUNTANTS
FRN- 009494C
Date: 30.05.2018 (PRATEEK JAIN)
Place: Indore PROPRIETOR
M.No.079214

Annexure B to the Independent Auditor's Report on the Standalone Ind AS financialstatements of Beryl Drugs Limited- 31 March 2018

(Referred to in paragraph 2 (f) under 'Report on Other Legal and RegulatoryRequirements' of our report of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (i)OF SUB SECTION 3 OF SECTION143 OF THE COMPANIES ACT 2013 (“THE ACT”)

We have audited the internal financial controls with reference to financial statementsof BERYL DRUGS LIMITED (“the Company”) as of 31st March 2018 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the “Guidance Note”) issued by the Institute of Chartered Accountantsof India. These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing issued by ICAI anddeemed to be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls withreference to financial statements were established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the standaloneInd AS financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemwith reference to financial statements.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

A company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Standalone Ind AS financial statements for externalpurposes in accordance with generally accepted accounting principles. A company's internalfinancial control with reference to financial statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of Standalone Ind AS financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the Standalone Ind AS financial statements

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIALSTATEMENTS

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls with reference tofinancial statements to future periods are subject to the risk that the internal financialcontrol with reference to financial statements may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as at31st March 2018 based on the internal control with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India.

For PRATEEK JAIN & CO.
CHARTERED ACCOUNTANTS
FRN- 009494C
Date: 30.05.2018 (PRATEEK JAIN)
Place: Indore PROPRIETOR
M.No.079214