Consolidated STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 297 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 51. The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled. The Holding Company and its one subsidiary company is using accounting software for maintaining their books of account, which has a feature of recording audit trail (edit log) facility and the same have operated throughout the year for all relevant transactions recorded in the accounting software. The audit trail logs for direct changes at database level for accounting software is not enabled. The Holding Company and its one subsidiary company has not enabled the feature of recording audit trail (edit log) at the database level for the said accounting software to log any direct data changes as the same consume storage space on the disk and can impact database performance significantly. Further, the joint venture company, has used an accounting software which is operated by a third-party software service provider. The ‘Independent Service Auditor’s Assurance Report on the Description of Controls, their Design and Operating Effectiveness’ (‘Type 2 report’ issued in accordance with SAE 3402, Assurance Reports on Controls at a Service Organization) is not available for the year ending March 2024. 52. Additional disclosures (a) No proceeding have been initiated on or is pending against the Group for holding benami property under the Benami Transactions Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder. (b) The Group has not been declared wilful defaulter by any bank or financial Institution or other lender. (c) No transactions are carried out with companies struck off under section 248 of the Act or section 560 of Companies Act, 1956. (d) No charges or satisfaction yet to be registered with ROC beyond the statutory period. (e) The Group has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017. (f) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the Act. (g) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account. (h) There was no revaluation of Property, plant and equipment (including right -of-use assets) and Intangible assets carried out by the Group during the respective reporting periods. (i) The Company has not traded or invested in crypto currency or virtual currency during the current or previous year. This is the summary of the material accounting policies and other explanatory information referred to in our report of even date. Summary of the material accounting policies and other explanatory information (All amounts in ₹ millions, except share data and where otherwise stated) For Walker Chandiok & Co LLP For and on behalf of Board of Directors of Chartered Accountants Heritage Foods Limited Firm’s Registration No: 001076N/N500013 N Bhuvaneswari N Brahmani M Sambasiva Rao Vice Chairperson and Executive Director President Managing Director DIN: 02338940 DIN: 00003741 Sanjay Kumar Jain Srideep Madhavan Nair Kesavan A Prabhakara Naidu Umakanta Barik Partner Chief Executive Officer Chief Financial Officer Company Secretary & Membership No: 207660 M.No.FCA 200974 Compliance Officer M.No. FCS 6317 Place : Hyderabad Place : Hyderabad Date : 29 May 2024 Date : 29 May 2024
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