176 32ND ANNUAL REPORT 2023-24 | HERITAGE FOODS LTD Standalone STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that: (i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment, capital work-in-progress, investment property and relevant details of right-of-use assets. (B) The Company has maintained proper records showing full particulars of intangible assets. (b) The property, plant and equipment, capital work-in-progress, investment property and relevant details of right-of-use assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification programme adopted by the Company, 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 including investment properties held by the Company (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in Note 6 and 8 to the standalone financial statements, are held in the name of the Company. (d) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets during the year. (e) No proceedings have been initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended) and rules made thereunder. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year, except for inventory lying with third parties. In our opinion, the coverage and procedure of such verification by the management is appropriate and no discrepancies of 10% or more in the aggregate for each class of inventory were noticed as compared to book records. In respect of inventory lying with third parties, these have been confirmed by the third parties. Annexure A referred to in paragraph 16 of the Independent Auditor’s Report of even date to the members of Heritage Foods Limited on the standalone financial statements for the year ended 31 March 2024 (b) As disclosed in Note 18(iii) to the standalone financial statements, the Company has been sanctioned a working capital limit in excess of ₹5 crores by banks based on the security of current assets. The quarterly statements, in respect of the working capital limits have been filed by the Company with such banks and such statements are in agreement with the books of account of the Company for the respective periods, which were not subject to audit. (iii) The Company has not made investments in, provided any guarantee or granted any loans or advances in the nature of loans to firms, limited liability partnerships during the year. The Company has also not provided any security to companies, firms, limited liability partnerships or any other parties during the year. Further, the Company has made investments in, provided guarantee and granted unsecured loans or advances in the nature of loans to companies or any other parties during the year, in respect of which: (a) The Company has not provided any security to any other entity. The Company has provided loans and guarantee to Subsidiaries, Joint Ventures and Others during the year as per details given below: (Amounts in ₹ million) Particulars Guarantees Loans Aggregate amount provided / granted during the year (₹). - Subsidiaries 80.00 - - Joint Ventures 50.00 - - Others - 3.47 Balance outstanding as at balance sheet date in respect of above cases (₹). - Subsidiaries - - - Joint Ventures 220.00 - - Others - 0.24 (b) In our opinion, and according to the information and explanations given to us, the investments made, guarantees provided and terms and
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