or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries; b. The respective managements of the Holding Company and its subsidiary company and joint venture incorporated in India whose financial statements have been audited under the Act have represented to us, to the best of their knowledge and belief, as disclosed in the note 35(ii) to the accompanying consolidated financial statements, no funds have been received by the Holding Company or its subsidiary companies, or its associate or its joint venture from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Holding Company, or any such subsidiary companies, its associate or its joint venture shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and c. Based on such audit procedures performed by us, as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under subclauses (a) and (b) above contain any material misstatement. v. The subsidiary company and joint venture have not declared or paid any dividend during the year ended 31 March 2023. As stated in note 34 to the accompanying consolidated financial statements, the final dividend paid by the Holding Company during the year ended 31 March 2023 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend. The Board of Directors of the Holding Company have proposed final dividend for the year ended 31 March 2023which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend. vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 requires all companies which use accounting software for maintaining their books of account, to use such an accounting software which has a feature of audit trail, with effect from the financial year beginning on 1 April 2023 and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 (as amended) is not applicable for the current financial year. ForWalker Chandiok& Co LLP Chartered Accountants Firm’s Registration No.: 001076N/N500013 Sanjay Kumar Jain Partner Place: Hyderabad Membership No.: 207660 Date: 25 May 2023 UDIN: 23207660BGYCIG4682 Annexure 1 List of entities included in the Statement Subsdiaries: 1. Heritage Nutrivet Limited 2. Heritage Employee Welfare Trust Associate: 1. SKIL Raigam Power (India) Limited Joint Venture: 1. Heritage Novandie Foods Private Limited 247 Consolidated | Financial Statements
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