To the Members of Bikaji Foods International Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the Standalone Ind AS Financial Statements of Bikaji Foods
International Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2021, and the Statement of Profit and Loss (including Other Comprehensive
Income), Statement of Changes in Equity and Statement of Cash Flows for the year then
ended, and Notes to the Standalone Ind AS financial statements, including a summary of
significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid Standalone Ind AS Financial Statements give the information
required by the Companies Act, 2013 ("the Act") in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards prescribed
under section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015
as amended and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2021, and profit (including other comprehensive
income), changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those Standards are further
described in the Auditors Responsibilities for the Audit of the Standalone Ind AS
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India (ICAI) together with the ethical requirements that are relevant to our audit of the
Standalone Ind AS financial statements under the provisions of the Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw attention to Note 46 to the Standalone Ind AS Financial Statements which states
that the Management has made an assessment of the impact of COVID-19 on the Companys
operations, financial performance and position as at and for the year ended March 31, 2021
and has concluded that there is no impact which is required to be recognised in the
Standalone Ind AS Financial Statements. Accordingly, no adjustments have been made to the
standlone Ind AS Financial Statements.
Our opinion is not modified in respect of this matter.
Information Other than the Standalone Ind AS Financial Statements and Auditors Report
Thereon
The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Directors report but does not
include the Standalone Ind AS financial statements and our auditors report thereon.
Our opinion on the Standalone Ind AS financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Ind AS financial statements, our
responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the Standalone Ind AS financial
statements, or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone Ind
AS Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Act with respect to the preparation of these Standalone Ind AS financial
statements that give a true and fair view of the financial position, financial
performance, changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting
Standards specified under section 133 of the Act. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of 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 Standalone Ind AS financial statements that give a
true and fair view and are free from material misstatement, whether due to fraud or error,
In preparing the Standalone Ind AS financial statements, the Board of Directors is
responsible for assessing the Companys ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Board of Directors either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Standalone Ind AS financial statements.
We give in "Annexure A" a detailed description of Auditors responsibility
for Audit of the Standalone Ind AS Financial Statements.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Act, we give in "Annexure B" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
2. 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, the Statement of Changes in
Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the
books of account
(d) In our opinion, the aforesaid Standalone Ind AS 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 March
31, 2021 taken on record by the Board of Directors, none of the directors are disqualified
as on March 31, 2021 from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the adequacy of the internal financial controls with reference to
Standalone Ind AS financial statements of the Company and the operating effectiveness of
such controls, refer to our separate Report in "Annexure C".
(g) With respect to the other matters to be included in the Auditors 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 has disclosed the impact of pending litigations on its financial
position in its Standalone Ind AS financial statements - Refer Note 37 to the Standalone
Ind AS financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to the Investor Education and Protection
Fund by the Company.
3. As required by The Companies (Amendment) Act, 2017, in our opinion, according to
information, explanations given to us, the remuneration paid by the Company to its
directors is within the limits laid prescribed under Section 197 of the Act and the rules
thereunder.
| For MSKA & Associates |
For M Surana & Company |
| Chartered Accountants |
Chartered Accountants |
| ICAI Firm Registration No.: 105047W |
ICAI Firm Reparation No.: 015312C |
| Amit Mitra |
Manish Surana |
| Partner |
Farmer |
| Membership No.: 094518 |
Membership No.: 077597 |
| UDIN: 21094518AAAADS4999 |
UDIN: 21077597AAAAKP2371 |
| Place: Gurugram |
Place: Bikaner |
| Date: November 15, 2021 |
Date: November 15, 2021 |
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT ON EVEN DATE ON THE STANDALONE IND AS
FINANCIAL STATEMENTS OF BIKAJI FOODS INTERNATIONAL LIMITED
Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements
As part of an audit in accordance with Standards on Auditing (SAs), we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the Standalone Ind AS
financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the Company has
internal financial controls with reference to Standalone Ind AS financial statements in
place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of Managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the Standalone Ind AS financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditors report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Standalone Ind
AS financial statements, including the disclosures, and whether the Standalone Ind AS
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
| For MSKA & Associates |
For M Surana & Company |
| Chartered Accountants |
Chartered Accountants |
| ICAI Firm Registration No.: 105047W |
ICAI Firm Reparation No.: 015312C |
| Amit Mitra |
Manish Surana |
| Partner |
Farmer |
| Membership No.: 094518 |
Membership No.: 077597 |
| UDIN: 21094518AAAADS4999 |
UDIN: 21077597AAAAKP2371 |
| Place: Gurugram |
Place: Bikaner |
| Date: November 15, 2021 |
Date: November 15, 2021 |
ANNEXURE B TO INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE IND AS
FINANCIAL STATEMENTS OF BIKAJI FOODS INTERNATIONAL LIMITED FOR THE YEAR ENDED MARCH 31,
2021
[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements in the Independent Auditors Report]
(a) The Company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets (Property, plant and equipment).
(b) Fixed assets (Property, plant and equipment) have been physically verified by the
Management during the year and no material discrepancies were identified on such
verification.
(c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable properties are
held in the name of the Company except eight title deeds which are in the name of Shivdeep
Industries Limited (former name of Bikaji Foods International Limited) having a net block
of INR 301.23 lakhs.
ii. The inventory has been physically verified during the year by the Management. In
our opinion, the frequency of verification is reasonable. No material discrepancies were
noticed on verification between the physical stock and the book records.
iii. The Company has not granted any loans, secured or unsecured to Companies, Firms,
Limited Liability Partnerships (LLP) or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 (‘the Act"). Accordingly, the
provisions stated in paragraph 3 (iii) (a) to (c) of the Order are not applicable to the
Company.
iv. In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of the Act, in respect of
loans, investments, guarantees and security made.
v. In our opinion and according to the information and explanations given to us, there
are no amounts outstanding which are in the nature of deposits within the meaning of
Sections 73, 74, 75 and 76 of the Act and the rules framed thereunder as on March 31, 2021
and the Company has not accepted any deposits during the year.
vi. The provisions of sub-section (1) of section 148 of the Act are not applicable to
the Company as the Central Government of India has not specified the maintenance of cost
records for any of the products of the Company. Accordingly, the provisions stated in
paragraph 3 (vi) of the Order are not applicable to the Company.
vii.(a) According to the information and explanations given to us and the records of
the Company examined by us, in our opinion, undisputed statutory dues including provident
fund, employees state insurance, income-tax, sales-tax, service tax, duty of custom, duty
of excise, value added tax, goods and service tax, cess and other statutory dues have
generally been regularly deposited with the appropriate authorities though there has been
a slight delay in a few cases.
(b) According to the information and explanations given to us, no undisputed
amounts payable in respect of provident fund, employees state insurance, income-tax,
service tax, sales-tax, duty of custom, duty of excise, value added tax, goods and service
tax, j^r^rnd ori.er statutory dues were outstanding, at the year end, for a period of more
than/^a^r?iob^??p^ the date they became payable.
(c) According to the information and explanation given to us and examination of records
of the Company, there are no dues of income-tax, goods and service tax, customs
duty, cess and any other statutory dues on account of any dispute, except as below:
| Name of the statute |
Nature of dues |
Amount (INR) |
Financial Year to which the amount relates |
Forum where dispute is pending |
| Central Sales Tax Act, 1956 and Rajasthan value Added tax Act, 2003 |
CST and VAT |
70.71 lakhs |
2007- 08 and 2008- 09 |
High Court, Jodhpur |
viii. In our opinion and according to the information and explanations given to us, the
Company has not defaulted in repayment of dues to the financial institution, bank. No
debentures are issued by the Company.
ix. The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments) and term loans during the year. Accordingly, the
provisions stated in paragraph 3 (ix) of the Order are not applicable to the Company.
However, the term loans were taken in previous year.
x. During the course of our audit, examination of the books and records of the Company,
carried out in accordance with the generally accepted auditing practices in India, and
according to the information and explanations given to us, we have neither come across any
instance of material fraud by the Company or on the Company by its officers or employees.
xi. According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has paid/ provided for managerial
remuneration in accordance with the requisite approvals mandated by the provisions of
section 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the
Company is not a Nidhi Company. Accordingly, the provisions stated in paragraph 3(xii) of
the Order are not applicable to the Company.
xiii. According to the information and explanations given to us and based on our
examination of the records of the Company, transactions with the related parties are in
compliance with sections 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the financial statements as required by the applicable
accounting standards.
xiv. According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures during
the year. Accordingly, the provisions stated in paragraph 3 (xiv) of the Order are not
applicable to the Company.
xv. According to the information and explanations given to us and based on our
examination of the records of the Company, the Company has not entered into non-cash
transactions with directors or persons connected with him. Accordingly, provisions stated
in paragraghj[(xv) of the Order are not applicable to the Company.
xvi. In our opinion, the Company is not required to be registered under section 45 IA
of the Reserve Bank of India Act, 1934 and accordingly, the provisions stated in paragraph
clause 3 (xvi) of the Order are not applicable to the Company.
| For MSKA & Associates |
For M Surana & Company |
| Chartered Accountants |
Chartered Accountants |
| ICAI Firm Registration No.: 105047W |
ICAI Firm Reparation No.: 015312C |
| Amit Mitra |
Manish Surana |
| Partner |
Farmer |
| Membership No.: 094518 |
Membership No.: 077597 |
| UDIN: 21094518AAAADS4999 |
UDIN: 21077597AAAAKP2371 |
| Place: Gurugram |
Place: Bikaner |
| Date: November 15, 2021 |
Date: November 15, 2021 |
ANNEXURE C TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE IND AS
FINANCIAL STATEMENTS OF BIKAJI FOODS INTERNATIONAL LIMITED
[Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory
Requirements in the Independent Auditors Report]
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls with reference to Standalone Ind AS
financial statements of Bikaji Foods International Limited ("the Company") as of
March 31, 2021 in conjunction with our audit of the Standalone Ind AS financial statements
of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys Management is responsible for establishing and maintaining internal
financial controls based on the internal control with reference to Standalone Ind AS
financial statements criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India (ICAI) (the "Guidance Note"). These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including
adherence to Companys policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls with reference to Standalone Ind AS financial statements based on our audit. We
conducted our audit in accordance with the Guidance Note and the Standards on Auditing,
issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent
applicable to an audit of internal financial controls. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether internal financial controls with reference to
Standalone Ind AS financial statements was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the internal
financial controls with reference to Standalone Ind AS financial statements and their
operating effectiveness. Our audit of internal financial controls with reference to
Standalone Ind AS financial statements included obtaining an understanding of internal
financial controls with reference to Standalone Ind AS financial statements, assessing the
risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditors judgement, including the assessment of the risks of material
misstatement of the Standalone Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls witlufefegeqce
to Standalone Ind AS financial statements.
Meaning of Internal Financial Controls with Reference to Standalone Ind AS Financial
Statements
A Companys internal financial control with reference to Standalone Ind AS financial
statements is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of Standalone Ind AS financial statements for
external purposes in accordance with generally accepted accounting principles. A Companys
internal financial control with reference to Standalone Ind AS financial statements
includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of Standalone Ind AS
financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorizations of Management and directors of the Company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the Companys assets that could have a material effect on the Standalone
Ind AS financial statements.
Inherent Limitations of Internal Financial Controls with Reference to Standalone Ind AS
Financial Statements
Because of the inherent limitations of internal financial controls with reference to
Standalone Ind AS financial statements, including the possibility of collusion or improper
Management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial
controls with reference to Standalone Ind AS financial statements to future periods are
subject to the risk that the internal financial control with reference to Standalone Ind
AS financial statements may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, internal financial controls
with reference to Standalone Ind AS financial statements and such internal financial
controls with reference to Standalone Ind AS financial statements were operating
effectively as at March 31, 2021, based on the internal control with reference to
Standalone Ind AS financial statements criteria established by the Company considering the
essential components of internal control stated in the Guidance Note.
| For MSKA & Associates |
For M Surana & Company |
| Chartered Accountants |
Chartered Accountants |
| ICAI Firm Registration No.: 105047W |
ICAI Firm Reparation No.: 015312C |
| Amit Mitra |
Manish Surana |
| Partner |
Farmer |
| Membership No.: 094518 |
Membership No.: 077597 |
| UDIN: 21094518AAAADS4999 |
UDIN: 21077597AAAAKP2371 |
| Place: Gurugram |
Place: Bikaner |
| Date: November 15, 2021 |
Date: November 15, 2021 |
+91-9892691696
