Heritage Foods Limited

FINANCIAL STATEMENTS Standalone 29 th Annual Report 2020-21 | 151 Annexure A to the Independent Auditor’s Report of even date to the members of Heritage Foods Limited on the standalone fi nancial statements for the year ended 31 March 2021 Based on the audit procedures performed for the purpose of reporting a true and fair view on the standalone fi nancial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that: (i) (a) The Company has maintained proper records showing full particulars,including quantitative details and situation of Property, plant and equipment. (b) The Property, plant and equipment have been physically veri fi ed by the management during the year and no material discrepancies were noticed on such veri fi cation. In our opinion, the frequency of veri fi cation of the Property, plant and equipment is reasonable having regard to the size of the Company and the nature of its assets. (c) The title deeds of all the immovable properties (which are included under the head ‘Property, plant and equipment’) are held in the name of the Company. (ii) In our opinion,the management has conducted physical veri fi cation of inventory at reasonable intervals during the year, except for goods-in-transit and stocks lying with third parties. For stocks lying with third parties at the year-end, written con fi rmations have been obtained by the management. No material discrepancies were noticed on the aforesaid veri fi cation. (iii) The Company has not granted any loan, secured or unsecured to companies, fi rms, Limited Liability Partnerships (LLPs) or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions of clauses 3(iii)(a), 3(iii)(b) and 3(iii)(c) of the Order are not applicable. (iv) In our opinion, the Company has complied with the provisions of Section 186 in respect of investments and guarantees. Further, in our opinion, the Company has not entered into any transaction covered under Section 185 and Section 186 of the Act in respect of loans and security. (v) In our opinion, the Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable. (vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of Company’s products and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. (vii) (a) The Company is regular in depositing undisputed statutory dues including provident fund, employees’ state insurance, income-tax, sales-tax, service tax, duty of customs, goods and services tax, duty of excise, value added tax, cess and other material statutory dues, as applicable, to the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they become payable. (b) The dues outstanding in respect of income-tax, sales-tax, service-tax, goods and services tax, duty of customs, duty of excise andvalue added taxon account of any dispute, are as follows: ( ₹ in millions) Name of the statute Nature of dues Amount Amount -Paid under Protest Period to which the amount relates Forum where dispute is pending Andhra Pradesh General Sales Tax Act, 1957 Purchase Tax 9.51 1.14 2001-02 The High Court of Judicature at Hyderabad for the State of Telangana Sales Tax/ VAT 4.69 - 2008-09