Heritage Foods Limited

STATUTORY REPORTS Board’s Report 29 th Annual Report 2020-21 | 75 India (“SEBI”). There was no revision of Financial Statements (Standalone & Consolidated) and Board Reports during the year under review. The fi nancial fi gure are presented in millions for the fi nancial year 2020-21 and the previous correspondence year fi gures are also presented in millions. Prevention of Insider Trading Code As per SEBI (Prohibition of Insider Trading) Regulation, 2015 as amended from time to time, the Company has adopted a Code of Conduct for Prevention of Insider Trading. The Company has appointed Mr. Umakant Barik, Company Secretary of the Company as Compliance O ffi cer, who is responsible for setting forth procedures and implementation of the code of conduct for trading in Company’s securities. During the year under review, there has been due compliance with the said code. Director’s Responsibility Statement as required under Section 134 (3)(c) & (5) of the Companies Act, 2013. The fi nancial statements are prepared in accordance with the provision of Section 129 of the Companies Act, 2013 read with Schedule III of the Companies Act, 2013 and the rules made thereof, Ind-AS and Generally Accepted Accounting Principles (GAAP) under the historical cost convention on accrual basis except the sale proceeds received under REC Mechanism of the Renewable Energy. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act and guidelines issued by the Securities and Exchange Board of India (SEBI). There are no material departures from prescribed accounting standards in the adoption of these standards. The Board of Directors to the best of their knowledge and understand con fi rm that: • In the preparation of the annual accounts (Standalone & Consolidated) for the fi nancial year 2020-21, theapplicable accounting standards have been followed along with proper explanation relating to material departures. • They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of a ff airs of the Company at the end of the fi nancial year 2020-21and of the pro fi t and loss of the Company for that period. • They have taken Proper and su ffi cient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities if any, • The annual accounts of the company have been prepared on a going concern basis. • They have laid down internal fi nancial controls to be followed by the company and that such internal fi nancial controls are adequate and were operating e ff ectively; and • They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating e ff ectively. Acknowledgement and Appreciation The Directors regrets the loss of life due to Covid-19 pandemic and are deeply grateful and have immense respect for every person who risked their life and safety to fi ght this pandemic. The Board takes this opportunity to thank all consumers, customers, farmers, vendors, investors, bankers and Statutory Authorities for their continued support during the year. The Board also wishes to place on record its sincere appreciation of the e ff ort/ contribution made by its employees at all levels for their hard work, dedication and commitment. The enthusiasm and unstinting e ff orts of the employees have enabled the Company to remain an industry leader. The Company’s consistent growth was made possible by their hard work, solidarity, cooperation and support and look forward to their continued support in the future. For and on behalf of HERITAGE FOODS LIMITED Registered O ffi ce: #6-3-541/C, Panjagutta, Hyderabad – 500 082 Telangana, India CIN: L15209TG1992PLC014332 Tel.: +91-40-23391221/2 Fax: +91-40-23318090 E-mail: h fl @heritagefoods.in Date: May 19, 2021 N Bhuvaneswari Vice-Chairperson & Managing Director (DIN: 00003741) N Brahmani Executive Director (DIN:02338940)