Members of Beta Drugs Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone Ind-AS financial statements of Beta DrugsLimited ('the Company') which comprise the Balance Sheet as at March 31 2019 theStatement of Profit and Loss including the statement of Other Comprehensive Income theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the 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 of thesestandalone Ind-AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind-AS) specified underSection 133 of the Act. read with the Companies (Indian Accounting Standards) Rules2015 as amended. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind-AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
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 theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under. We conductedour audit of the stand alone Ind-AS financial statements in accordance with the Standardson Auditing issued by the Institute of Chartered Accountants of India as specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the standalone Ind-AS financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thestandalone Ind-AS financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the standalone Ind-AS financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone Ind AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the standalone Ind-AS financial statements give the information required bythe Act in the manner so required and give a true and fair view inconformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2019 its profit including other comprehensive income its cash flows andthe changes in equity 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 bythe Central Government of India in terms of subsection(11) of Section 143 of the Act wegive in the Annexure 1 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 best of our knowledge and belief were necessary for the purpose 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 Statement of Profit and Loss including the Statement of Other Comprehensive Income 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 stand alone Ind-AS financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 as amended; |
|e. On the basis of written representations received from the directors as on March 31 2019 and taken on record by the Board of Directors none of the Directors is disqualified as on March 31 2019 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 refers to our separate Report in "Annexure B" ; |
|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 in our opinion and 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 financial position in its financial statements. |
|ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; |
|iii. Since the company has gone public for the financial year 2017-18 there has been no amounts available which is required to be transferred to the Investor Education and Protection Fund by the Company; |
| ||For KALRA RAI & ASSOCIATES |
|Place:- Chandigarh ||Sd/- |
|Date: 13/05/2019 ||Chartered Accountants |
| ||(Lajpat Rai Kalra) |
| ||Partner |
| ||M. No- 087438 |
| ||FRN: 008859N |