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Tasty Bite Eatables Ltd.

BSE: 519091 Sector: Agri and agri inputs
NSE: TASTYBITE ISIN Code: INE488B01017
BSE LIVE 15:40 | 12 Dec 6649.50 49.50
(0.75%)
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6649.00

HIGH

6649.50

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6600.00

NSE 15:19 | 12 Dec 6617.85 9.35
(0.14%)
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6621.00

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6650.00

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OPEN 6649.00
PREVIOUS CLOSE 6600.00
VOLUME 75
52-Week high 7110.00
52-Week low 3251.35
P/E 68.34
Mkt Cap.(Rs cr) 1,709
Buy Price 0.00
Buy Qty 0.00
Sell Price 6649.45
Sell Qty 19.00
OPEN 6649.00
CLOSE 6600.00
VOLUME 75
52-Week high 7110.00
52-Week low 3251.35
P/E 68.34
Mkt Cap.(Rs cr) 1,709
Buy Price 0.00
Buy Qty 0.00
Sell Price 6649.45
Sell Qty 19.00

Tasty Bite Eatables Ltd. (TASTYBITE) - Auditors Report

Company auditors report

TO

THE MEMBERS OF TASTY BITE EATABLES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of TASTY BITE EATABLES LIMITED("the Company") which comprises the Balance Sheet as at March 31 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in Section 134 (5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provision of the Act for safe guarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 in accordance with the Standards on Auditing specified underSection 143 (10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2016 and its profit and its cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to Note 35 to the financial statements wherein it has been statedthat with the issue of Guidance Note on Accounting for Derivative Contracts by TheInstitute of Chartered Accountants of India the Company has refined its accounting policywith regard to Accounting for Derivative Contracts from mark to market through theStatement of Profit and Loss to Cash Flow Hedge Accounting during the current year.

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 of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the mattersspecified in the paragraph 3 and 4 of the Order.

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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 March31 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312016 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

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 financial statements - refer note 32 to the financial statements.

ii. The Company does not have any material foreseeable losses on long term contractsincluding derivative contracts requiring provision under the applicable law or accountingstandards.

iii. There are no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

FOR KALYANIWALLA & MISTRY

CHARTERED ACCOUNTANTS

(Firm Registration No.: 104607W)

Ermin K. Irani

Partner

Membership No : 35646

Date : May 7 2016

Place : Pune

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Para 1 'Report on Other Legal and Regulatory Requirements' in ourIndependent Auditors' Report to the members of the Company on the financial statements forthe year ended March 31 2016

Statement on Matters specified in paragraphs 3 & 4 of the Companies (Auditor'sReport) Order 2016 :

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us the Company has a programme for physical verification of fixedassets at periodic intervals. In our opinion the period of verification is reasonablehaving regard to the size of the Company and nature of its assets. The discrepanciesnoticed on such verification were not material and have been properly dealt with in thebooks 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 immovable properties areheld in the name of the Company except :

Sr. No. Type of Asset Gross Block as on March 312016 Net Block as on March 312016 Remarks
1. Free Hold Land - Gut No. 503 27591 27591 The Company has filed a legal suit for illegal occupation of Company land.
2. Free Hold Land - Gut No. 505 506 507 125586 125586 The Company has filed an appeal with the Additional Commissioner Pune for rectification of the entry in 7*12.

ii. In our opinion and according to the information and explanations given to usphysical verification of inventory has been conducted at reasonable intervals by themanagement. The discrepancies noticed on physical verification have been properly dealtwith in the books of account.

iii. The Company has not granted any loans secured or unsecured to companies firmslimitedliability partnerships or other parties covered in the register maintained undersection 189 of the Act. Therefore the provisions of sub-clause (a) (b) and (c) ofparagraph 3 (iii) of the Order are not applicable.

iv. In our opinion and according to the information and explanationsgiven to us and therecords examined by usthe Company has not advanced any loans or made any investments orprovided any guarantees or security to the parties covered under section 185 and 186.Therefore the provisions of Clause 3 (iv) of the Order are not applicable to the Company.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any Deposits from the public and hence the directives issued bythe Reserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Act and the Rules framed thereunder are not applicable.

vi. In our opinion and according to the information and explanations given to us themaintenance of cost records under sub-section (1) of section 148 of the Act is notapplicable to the Company under 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 the Company is generally regular indepositing undisputed statutory dues including Provident Fund Employees' State InsuranceIncome Tax Sales Tax Service Tax Duty of Customs Duty of Excise Value Added TaxCessand other material statutory dues to the appropriate authorities. According to theinformation and explanations given to us there are no arrears of outstanding statutorydues in respect of above as on the last day of the financial year for a period of morethan six months from the date they became payable.

(b) According to the information and explanation given to us and the records examinedby us there are no dues of Income Tax Sales Tax Service Tax Duty of Customs Duty ofExcise and Value added tax outstanding on account of any dispute other than the following:

Name of Statute Nature of Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
The Central Sales Tax Act 1956 Sales Tax Interest and Penalty 788036 1999-2000 The Sales Tax Tribunal
The Bombay Sales Tax Act 1959 Interest and Penalty 41778 1999-2000 The Sales Tax Tribunal
The Delhi Sales Tax Act 1975 Sales Tax Interest and Penalty 48702 2003-2004 The Deputy Commissioner of Sales Tax (Appeal)
The Income Tax Act 1961 Tax & Interest 5183624 2006-2007 The Income Tax Appellate Tribunal
The Income Tax Act 1961 Tax & Interest 24504930 2007-2008 The Income Tax Appellate Tribunal
The Income Tax Act 1961 Tax & Interest 22412640 2008-2009 The Income Tax Appellate Tribunal
The Income Tax Act 1961 Tax & Interest 23881580 2010-2011 The Income Tax Appellate Tribunal

Of the above the Company has deposited Rs.491778 towards sales tax. Out of disputeddues of Income Tax the Company has deposited Rs.9080000 and has requested the IncomeTax Department to adjust Rs.4183624 out of income tax refunds of subsequent periods.

Further the Company has disputed certain additions and disallowances under the IncomeTax Act 1961 for the years 2003-2004 and 2005-2006 before the Commissioner of Income Tax(Appeals) for the year 2004-2005 before the Income Tax Appellate Tribunal and for theyear 2011-2012 before the Dispute Resolution Panel. There is no demand for these cases.

viii. The Company has not defaulted in repayment of any dues to financial institutionsbanks and government. There are no dues to debenture holders.

ix. The Company has not raised money through initial public offer orfurther publicoffer (including debt instruments). In our opinion and according to the information andexplanations given to us and based on the documents and records examined by us on anoverall basis the term loans obtained by the Company were applied for the purpose forwhich the loans were obtained.

x. During the course of our examination of the books of account and records of theCompany and according to the information and explanation given to us and representationsmade by the Management no material fraud by or on the Company by its officers oremployees has been noticed or reported during the year.

xi. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with requisite approvals mandated by the provisions of section197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanation given to us theCompany is not a Nidhi Company. Accordingly provisions of paragraph 3(xii) of the Orderare not applicable.

xiii. According to the information and explanation given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with the directors or persons connected with them. Hence the provisions ofsection 192 of the Act are not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 hence the provisions of paragraph 3 (xvi) of the Order are notapplicable.

For KALYANIWALLA & MISTRY

CHARTERED ACCOUNTANTS

(Firm Registration No.: 104607W)

Ermin K. Irani

Partner

Membership No.: 35646

Date : May 7 2016

Place : Pune

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Para 2 (f) 'Report on Other Legal and Regulatory Requirements' in ourIndependent Auditor's Report to the members of the Company on the financial statements forthe year ended March 31 2016.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of TASTYBITE EATABLES LIMITED ("the Company") as of March 312016 in conjunctionwith our audit of the financial statements of the Company for the year ended 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 control overfinancial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") 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 company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished 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 system over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether 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 systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancialcontrols system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For KALYANIWALLA & MISTRY

CHARTERED ACCOUNTANTS

(Firm Registration No.: 104607W)

Ermin K. Irani

Partner

Membership No.: 35646

Date : May 7 2016

Place : Pune