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Heritage Foods

BSE: 519552|NSE: HERITGFOOD|ISIN: INE978A01019|SECTOR: Food Processing
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Auditor's Report (Heritage Foods) Year End : Mar '15
We have audited the accompanying standalone financial statements
 of Heritage Foods Limited, which comprise the Balance Sheet as at 31st
 March, 2015, the Statement of Profit and Loss,the Cash Flow Statement
 for the year then ended, and a summary of the significant accounting
 policies and other explanatory information.
 
 Management''s Responsibility for the Standalone Financial Statements:
 
 The Company''s Board of Directors are responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these standalone financial statements that give
 a true and fair view of the financial position, financial performance
 and cash fl ows of the Company in accordance with the accounting
 principles generally accepted in India, including the Accounting
 Standards specified under Section 133 of the Act, read with Rule 7 of
 the Companies(Accounts) Rules, 2014. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial
 controls, that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and fair
 view and are free from material misstatement, whether due to fraud or
 error.
 
 Auditor''s Responsibility:
 
 Our responsibility is to express an opinion on these standalone fi
 nancial statements based on our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10)of the Act. Those Standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial
 
 statements. The procedures selected depend on the auditor''s
 judgment, including the assessment of the risks of material misstatement
 of the financial statements, whether due to fraud or error. In making
 those risk assessments, the auditor considers internal financial
 control relevant to the Company''s preparation of the financial
 statements that give a true and fair view in order to design audit
 procedures that are appropriate in the circumstances, but not for the
 purpose of expressing an opinion on whether the Company has in place an
 adequate internal financial controls system over financial reporting
 and the operating effectiveness of such controls. An audit also
 includes evaluating the appropriateness of the accounting policies used
 and the reasonableness of the accounting estimates made by the
 Company''s Directors, as well as evaluating the overall presentation of
 the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 Opinion:
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial
 statements give the information required by the Act in the manner so
 required and give a true and fair view in conformity with the
 accounting principles generally accepted in India,
 
 i) in the case of the standalone Balance Sheet, state of affairs of the
 company as at 31 March 2015;
 
 ii) in the case of the standalone Statement of Profit and Loss, profi
 t of the company for the year ended on that date; and
 
 iii) in the case of the standalone Cash Flow Statement, cash flows of
 the company for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements:
 
 As required by ''the Companies (Auditor''s Report) Order, 2015'', issued
 by the Central Government of India in terms of sub– section (II)of
 section 143 of the Act (hereinafter referred to as the Order), and on
 the basis of such checks of the books and records of the Company as we
 considered appropriate and according to the information and
 explanations given to us, we give in the Annexure a statement on the
 matters specified in paragraphs 3 and 4 of the Order.
 
 As required by Section 143 (3) of the Act, we report 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
 purposes of our audit.
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books.
 
 (c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 
 (d)     In our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of
 the Act, read with Rule 7 of the Companies (Accounts)Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March,
 2015 from being appointed as a director in terms of Section 164 (2) of
 the Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company does not have any pending litigations which would impact
 its financial position, except as listed in the notes to accounts
 (note: 29).
 
 ii. The Company did not have any material foreseeable losses on
 long-term contracts including derivative contracts.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure to the Auditor''s Report
 
 
 The Annexure referred to in our Report of even date to the members of
 Heritage Foods Limited on the accounts of the company for the year
 ended 31st March, 2015.
 
 i. (a) The Company is maintaining proper records showing full
 particulars, including quantitative details and situation, of fixed
 assets.
 
 (b) These fixed assets have been physically verified by the
 management during the year and discrepancies noticed on such verifi
 cation have been properly dealt with in the books of account. In our
 opinion, the frequency of verification is reasonable having regard to
 the size of the company and the nature of the assets.
 
 c) No substantial part of fixed assets has been disposed off during
 the year.
 
 ii. (a) The inventory has been physically verified during the year by
 the management. In our opinion, the frequency of verification is
 reasonable.
 
 (b) In our opinion, the procedures of physical verification of
 inventory followed by the Management are reasonable and adequate in
 relation to the size of the Company and the nature of its business.
 
 (c) The company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material.
 
 iii. The company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered in the register maintained
 under Section 189 of the Act.
 
 iv.  In our opinion and according to the information and explanations
 given to us, considering the size of the company and nature of business
 of various divisions of the company with regard to purchase of
 inventory and fixed assets and with regard to sale of goods and
 services, the internal control system commensurate with the size of the
 company and nature of its business. During the course of our audit, we
 have not observed any continuing failure to correct major weaknesses in
 internal control system.
 
 v.  The Company has not accepted any deposits from the public within
 the meaning of Sections 73 and 74 of the Act and the rules framed there
 under to the extent notified .
 
 vi.  We have broadly reviewed the books of account maintained by the
 Company in respect of products where, pursuant to the rules made by the
 Central Government of India, the maintenance of cost records has been
 specified under sub– section (1) of Section 148 of the Act, and are of
 the opinion that, prima facie, the prescribed accounts and records have
 been made and maintained. We have not, however, made a detailed
 examination of the records with a view to determine whether they are
 accurate or complete.
 
 vii.  (a) The company is regular in depositing undisputed statutory
 dues including Provident Fund, Employees'' State Insurance, Income Tax,
 Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise,
 Value Added Tax, Cess and any other statutory dues with the appropriate
 authorities. There are no undisputed statutory dues outstanding for
 more than six months as on 31.3.2015.
 
 b) According to the information and explanations given to us, following
 are the disputed dues relating to income tax, wealth tax, cess and
 sales tax, which have not been deposited as at 31st march, 2015
 
 Nature of                      Amount     Period to 
 State                                     which the    Forum where
                                                        the dispute
 
            Nature of Dispute  In Lakhs)   amounts
                                           relate 
                                          (A.Y)         pending
 
 A.P.G.S.T  Levy of purchase 
            tax on purchase 
            of milk              83.75    2001-02       High Court
 ACT 1957
 
 C.S.T      ACT Levy of 
            purchase tax on 
            purchase of milk     37.34    2002-03       A.P.S.TA.T
                                                       (Tribunal)
  
 C.S.T ACT  Levy of purchase 
            tax on purchase 
            of milk               1.42    1998-99       High court
 
 AP VAT     Input tax credit
            disallowance and 
            others               40.25    2009-10       Appellate
                                                        deputy commi-
                                                        ssioner
 
 AP VAT     Input tax credit
            disallowance and 
            others                1.79    2008-09       High Court
 
 TN VAT 
 Act        Input tax credit
            disallowed           24.38    2013-14       CTO
 
 (c) The amount required to be transferred to Investor Education and
 Protection Fund has been transferred within the stipulated time in
 accordance with the provisions of the Companies Act, 2013 (Companies
 Act, 1956) and the rules made there under.
 
 viii. The company does not have any accumulated losses as at the end of
 the financial year under reference and the company has not incurred
 cash loss in the financial year under reference and in the financial
 year immediately preceding such financial year.
 
 ix. The Company has not defaulted in repayment of dues to any fi
 nancial institution or bank or debenture holders as at the balance
 sheet date.
 
 x. The company has not given any guarantee for loans taken by others
 from banks or financial institutions.
 
 xi. In our opinion, the term loans taken by the Company were applied
 for the purpose for which they were obtained.
 
 xii Based on the audit procedures performed and the information and
 explanations given to us, we have neither come across any instance of
 material fraud on or by the Company, noticed or reported during the
 year, nor have we been informed of such case by the management.
 
                                                  For Raju and Prasad
 
                                                Chartered Accountants
 
                                                         FRN: 003475S
 
 
 
                                                Y Bala Krishna Reddy
 
 Hyderabad                                                   Partner
 
 26th May, 2015                                        M. No. 223701
Source : Dion Global Solutions Limited
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