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Tasty Bite Eatables Ltd.

BSE: 519091 Sector: Agri and agri inputs
NSE: TASTYBITE ISIN Code: INE488B01017
BSE 00:00 | 24 Apr Tasty Bite Eatables Ltd
NSE 05:30 | 01 Jan Tasty Bite Eatables Ltd
OPEN 10366.90
PREVIOUS CLOSE 10423.35
VOLUME 58
52-Week high 13297.00
52-Week low 7442.55
P/E 64.34
Mkt Cap.(Rs cr) 2,601
Buy Price 10120.00
Buy Qty 2.00
Sell Price 10999.00
Sell Qty 1.00
OPEN 10366.90
CLOSE 10423.35
VOLUME 58
52-Week high 13297.00
52-Week low 7442.55
P/E 64.34
Mkt Cap.(Rs cr) 2,601
Buy Price 10120.00
Buy Qty 2.00
Sell Price 10999.00
Sell Qty 1.00

Tasty Bite Eatables Ltd. (TASTYBITE) - Auditors Report


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Company auditors report

TO

THE MEMBERS OF TASTY BITE EATABLES LIMITED

Report on the Audit of the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Tasty Bite EatablesLimited ("the Company") which comprise the Balance Sheet as at 31 March 2018the Statement of Profit and Loss the Statement of Changes in Equity and the Statement ofCash Flows for the year then ended and a summary of the significant accounting policiesand other explanatory information.

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the state of affairsprofit and other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) prescribed under section133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Ind AS financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Ind AS financial statements.

We are also responsible to conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in the auditor's report tothe related disclosures in the financial statements or if such disclosures areinadequate to modify the opinion. Our conclusions are based on the audit evidenceobtained up to the date of the auditor's report. However future events or conditions maycause an entity to cease to continue as a going concern.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2018 its profit and other comprehensive income changes in equity and itscash flows for the year ended on that date.

Other Matters

1. The comparative financial information of the Company for the year ended 31 March2017 and the transition date opening balance sheet as at 1 April 2016 included in theseInd AS financial statements are based on the previously issued statutory financialstatements prepared in accordance with the Companies (Accounting Standards) Rules 2006audited by the predecessor auditor whose report for the years ended 31 March 2017 and 31March 2016 dated 16 May 2017 and 07 May 2016 respectively expressed unmodified opinions onthose financial statements prepared in accordance with the Companies (AccountingStandards) Rules 2006 as adjusted for the differences in the accounting principlesadopted by the Company on transition to Ind AS which have been audited by us.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 bestof 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account.

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act.

e) On the basis of the written representations received from the Directors as on 31March 2018 taken on record by the Board of Directors none of the Directors isdisqualified as on 31 March 2018 from being appointed as a Director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its Ind AS financial statements; Refer Note 35 to the Ind AS financialstatements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There has been no delay in transferring the amounts required to be transferredto the Investor Education and Protection Fund by the Company; and

iv. The disclosures in the financial statements regarding holdings as well as dealingsin specified bank notes during the period from 8 November 2016 to 30 December 2016 havenot been made since they do not pertain to the financial year ended 31 March 2018. Howeveramounts as appearing in the audited financial statements for the year ended 31 March 2017have been disclosed (refer note 39).

For B S R & Associates LLP

Chartered Accountants

Firm's Registration No: 116231W / W-100024

Raajnish Desai

Partner

Membership No. 101190

Place : Pune

Date : 16 May 2018

Annexure A to the Independent Auditor's Report on Ind AS Financial Statements of TastyBite Eatables Limited

With reference to the Annexure referred to in paragraph 1 in Report on Other Legal andRegulatory Requirements of the Independent Auditor's Report to the Members of the Companyon the Ind AS financial statements for the year ended 31 March 2018 we report that: (i)(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets bywhich its fixed assets are verified once a year. In our opinion this periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its fixed assets. The discrepancies noticed on such verification between thephysical count and the book records were not material and have been properly dealt with inthe books of account.

(c) According to the information and explanations given to us and on the basis ofexamination of the records of the Company the title deeds of the immovable properties areheld in the name of the Company except for the following:

Sr.no Type of Asset Gross block as on 31 March 2018 Net block as on 31 March 2018 Remarks
1 Freehold land – Gut No. 503 INR 0.28 lakh INR 0.28 lakh The Company has filed a legal suit alleging illegal occupation of the land of the Company.
2 Freehold land – Gut No. 505 506 and 507 INR 1.26 lakh INR 1.26 lakh Appeal for correction of land records has been rejected by the Additional Commissioner Pune. Further appeal has been filed with Commissioner Pune.

(ii) The inventory except goods in transit has been physically verified by managementduring the year. The discrepancies noticed on such verification between the physical stockand the book records were not material and have been properly dealt with in the books ofaccount. In our opinion the frequency of such verification is reasonable and adequate inrelation to the size of the Company and the nature of its business. In respect of stockslying with third parties at the year end written confirmations from major parties havebeen obtained.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicable.

(iv) According to the information and explanations provided to us the Company hasneither granted any loan and nor made any investments or guarantees or security duringthe year to which section 185 or 186 of the Companies Act 2013 is applicable.Accordingly paragraph 3(iv) of the Order is not applicable.

(v) The Company has not accepted any deposits in accordance with section 73 to 76 ofthe Act and the rules made there under. Accordingly paragraph 3(v) of the Order is notapplicable.

(vi) In our opinion and according to the information and explanations given to usmaintenance of cost records under section 148 of the Act is not applicable to the Companyunder the Companies (Cost Record and Audit) Rules 2014.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees' StateInsurance Income-tax Sales-tax Service Tax Goods and Services Tax Duty of CustomsDuty of Excise Value Added Tax and any other statutory dues have generally been regularlydeposited during the year by the Company with the appropriate authorities though therehave been some delays in payment of Provident Fund Income-tax and Value Added Tax.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income-tax Sales-taxService Tax Goods and Services Tax Duty of Customs Duty of Excise Value Added Taxcess and any other statutory dues were in arrears as at 31 March 2018 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome tax Sales-Tax Service tax Goods and Services Tax Duty of Customs Duty ofExcise and Value added tax which have not been deposited by the Company on account ofdisputes except as disclosed in Enclosure 1 to this Annexure.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to its bankers. The Company did nothave any dues to financial institutions or any outstanding debentures during the year.

(ix) According to the information and explanations given to us the term loans taken bythe Company have been applied for the purpose for which they were taken. The Company hasnot raised money by way of further public offer (including debt instruments) during theyear.

(x) According to the information and explanations given to us no fraud on or by theCompany by its officers or employees has been noticed or reported during the year.

(xi) According to the information and explanations given to us the managerialremuneration has been paid/ provided in accordance with the requisite approvals mandatedby 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 theCompany is not a Nidhi Company as per the Act. Accordingly paragraph 3(xii) of the Orderis not applicable.

(xiii) In our opinion and according to the information and explanations given to usall the transactions with related parties are in compliance with sections 177 and 188 ofthe Act and the details as required by the applicable accounting standards have beendisclosed in the Ind AS financial statements.

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partiallyconvertible debentures during the year.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with themduring the year.

(xvi) In our opinion and according to the information and explanations given to us theCompany is not required to be register under section 45-IA of the Reserve Bank of IndiaAct 1934.

For B S R & Associates LLP

Chartered Accountants

Firm's Registration No: 116231W / W-100024

Raajnish Desai

Partner

Membership No. 101190

Place : Pune

Date : 16 May 2018

Enclosure 1 to Annexure A

Details of statutory dues which have not been deposited on account of dispute:

Name of the statute Nature of the dues Period to which the amount relates (Financial year) Amount (Rs. In lakhs) Amount paid under protest (Rs. In Lakhs) Amount unpaid (Rs. In Lakhs) Forum where dis- pute is pending
The Income Tax Act 1961 Income Tax 2007-2008 245.05 50.80 194.25 The Income Tax Appellate Tribunal
The Income Tax Act 1961 Income Tax 2008-2009 224.12 30.00 194.12 The Income Tax Appellate Tribunal
The Income Tax Act 1961 Income Tax 2010-2011 238.82 - 238.82 The Income Tax Appellate Tribunal
Central Excise Act 1944 Duty Interest and Penalty September 2010- February 2011 98.83 - 98.83 The Customs Excise and Service Tax Appellate Tribunal.
The Central Sales Tax 1956 Sales Tax Interest and Penalty 1999-2000 7.88 4.50 3.38 Maharashtra Sales Tax Tribunal
The Central Sales Tax 1956 Sales Tax Interest and Penalty 2003-2004 0.49 - 0.49 Maharashtra Sales Tax Tribunal
Customs Act 1962 Duty and Inter- est 2013 - 2014 and 2014 - 2015 264.09 - 264.09 The Commissioner of Customs

Annexure B to the Independent Auditor's Report on the Ind AS Financial Statements ofTasty Bite Eatables Limited

Referred to in paragraph 2(f) in Report on Other Legal and Regulatory Requirements ofthe Independent Auditor's

Report to the Members of the Tasty Bite Eatables Limited on the Ind AS financialstatements for the year ended 31 March 2018.

Report on the Internal Financial Controls with Reference to Financial Statements underClause (i) of Sub-section 3 of Section 143 of the Act

We have audited the internal financial controls with reference to financial statementsof Tasty Bite Eatables Limited ("the Company") as of 31 March 2018 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal financial control with reference to financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to the Company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls with reference to financial statements wereestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of internal financial controls withreference to financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the Ind AS financial statementswhether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls withreference to financial statements.

Meaning of Internal Financial Controls with Reference to Financial Statements

A company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Ind AS financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol with reference to financial statements includes those policies and procedures that(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation ofInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial statements.

Inherent Limitations of Internal Financial Controls with Reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financial controls withreference to financial statements were operating effectively as of 31 March 2018 based onthe internal control with reference to financial statements criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For B S R & Associates LLP

Chartered Accountants

Firm's Registration No: 116231W / W-100024

Raajnish Desai

Partner

Membership No. 101190

Place : Pune

Date : 16 May 2018