Heritage Foods Limited

FINANCIAL STATEMENTS Consolidated 29 th Annual Report 2020-21 | 213 company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material e ff ect on the consolidated fi nancial statements. Inherent Limitations of Internal Financial Controls with Reference to Consolidated Financial Statements 7. Because of the inherent limitations of internal fi nancial controls with reference to consolidated fi nancial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal fi nancial controls with reference to consolidated fi nancial statements to future periods are subject to the risk that the internal fi nancial controls with reference to consolidated fi nancial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Opinion 8. In our opinion, the Holding Company, its subsidiary company and its associate company, which are companies covered under the Act, have in all material respects, adequate internal fi nancial controls with reference to consolidated fi nancial statements and such controls were operating e ff ectively as at 31 March 2021, based on the internal control over fi nancial reporting criteria established by considering the essential components of internal control stated in the Guidance Note issued by ICAI. For Walker Chandiok & Co LLP Chartered Accountants Firm’s Registration No.: 001076N/N500013 Sanjay Kumar Jain Partner Membership No.: 207660 UDIN: 21207660AAAACX8708 Place: Hyderabad Date: 19 May 2021