Heritage Foods Limited

FINANCIAL STATEMENTS Consolidated 29 th Annual Report 2020-21 | 209 statements, which has been audited by the other auditor, such other auditor remains responsible for the direction, supervision and performance of the audit carried out by it. We remain solely responsible for our audit opinion. 12. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signi fi cant audit fi ndings, including any signi fi cant de fi ciencies in internal control that we identify during our audit. 13. 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. 14. From the matters communicated with those charged with governance, we determine those matters that were of most signi fi cance in the audit of the consolidated fi nancial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s 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 bene fi ts of such communication. Other Matters 15. We did not audit the fi nancial statements of a subsidiary, whose fi nancial statements re fl ect total assets of ₹ 1.35 millions and net assets of ₹ 0.48 millions as at 31 March 2021, total revenues of ₹ 0.22 millions and net cash out fl ows amounting to ₹ 6.81 millions for the year ended on that date, as considered in the consolidated fi nancial statements. These fi nancial statements has been audited by other auditor whose report has been furnished to us by the management and our opinion on the consolidated fi nancial statements, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditor. Our opinion above on the consolidated fi nancial statements is not modi fi ed in respect of the above matter with respect to our reliance on the work done by and the report of the other auditor. 16. We did not audit the fi nancial information of a subsidiary, whose fi nancial information re fl ect total assets of ₹ 6.18 millions and net assets of ₹ 4.39 millions as at 31 March 2021, total revenues of ₹ 2.52 millions and net cash out fl ows amounting to ₹ 9.42 millions for the year ended on that date, as considered in the consolidated fi nancial statements. This fi nancial information is unaudited and have been furnished to us by the management and our opinion on the consolidated fi nancial statements, in so far as it relates to the amounts and disclosures included in respect of the aforesaid subsidiary, is based solely on such unaudited fi nancial information. In our opinion and according to the information and explanations given to us by the management, this fi nancial information is not material to the Group. Our opinion above on the consolidated fi nancial statements is not modi fi ed in respect of the above matter with respect to our reliance on the fi nancial information certi fi ed by the management. Report on Other Legal and Regulatory Requirements 17. As required by section 197(16) of the Act, based on our audit, we report that the Holding Company covered under the Act paid remuneration to their respective directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act. Further, we report that the provisions of section 197 read with Schedule V to the Act are not applicable to the joint venture covered under the Act, since it is not a public company as de fi ned under section 2(71) of the Act. Further, we report that a subsidiary company and an associate company covered under the Act have not paid or provided for any managerial remuneration during the year. Accordingly, reporting under section 197(16) of the Act is not applicable in respect of such subsidiary company and associate company. 18. As required by Section 143 (3) of the Act, based on our audit and on the consideration of the reports of the other auditors on separate fi nancial statements of the subsidiary, associate and joint venture, 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 purpose of our audit of the aforesaid consolidated fi nancial statements; b) in our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated fi nancial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors;