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Chordia Food Products Ltd.

BSE: 519475 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE975C01011
BSE 00:00 | 23 Jun 166.90 -0.10
(-0.06%)
OPEN

160.10

HIGH

170.00

LOW

160.10

NSE 05:30 | 01 Jan Chordia Food Products Ltd
OPEN 160.10
PREVIOUS CLOSE 167.00
VOLUME 367
52-Week high 198.00
52-Week low 83.70
P/E 67.85
Mkt Cap.(Rs cr) 67
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 160.10
CLOSE 167.00
VOLUME 367
52-Week high 198.00
52-Week low 83.70
P/E 67.85
Mkt Cap.(Rs cr) 67
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Chordia Food Products Ltd. (CHORDIAFOOD) - Auditors Report

Company auditors report

To

The Members of

M/s CHORDIA FOOD PRODUCTS LIMITED

Report on the Standalone Financial Statements

Opinion

I have audited the accompanying standalone financial statements of M/s. CHORDIA FOODPRODUCTS LIMITED ("the Company") which comprises the Balance Sheet as at March31st 2020 the Statement of Profit and Loss statement of Cash flow statement of Changesin Equity and notes to the standalone financial statements including a summary ofsignificant accounting policies and other explanatory information.

In my opinion and to the best of my information and according to the explanations givento me the aforesaid standalone financial statements give the information required by theCompanies Act 2013 ("The Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31st 2020 and profit its cash flow andstatement of change in equity for the year ended on that date.

Basis for Opinion

I have conducted the audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Companies Act 2013. My responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Financial Statements section of my report. I am independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to my audit of thestandalone financial statements under the provisions of the Act and the Rules thereunderand I have fulfilled my other ethical responsibilities in accordance with theserequirements and the ICAI's Code of Ethics. I believe that the audit evidence I haveobtained is sufficient and appropriate to provide a basis for my opinion.

Key Audit Matters

I have determined that there are no key audit matters to communicate in my report.

Other Information

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report but does not include the standalone financial statements and auditors'report thereon. My opinion on the standalone financial statements does not cover the otherinformation and I do not express any form of assurance conclusion thereon. In connectionwith my audit of the standalone financial statements my responsibility is to read theother information and in doing so consider whether the other information is materiallyinconsistent with the standalone financial statements or my knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work I haveperformed I conclude that if there is a material misstatement of this other informationI am required to report that fact. I have nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financialperformance the cash flow and change in equity of the Company in accordance with theaccounting principles generally accepted in India including the accounting Standardsspecified under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate implementation and maintenance ofaccounting 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 standalone financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

My objectives are to obtain reasonable assurance about whether the standalone financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes my opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section 143(3) of the Act I report that:

a. I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purpose of my audit;

b. In my opinion proper books of account as required by law have been kept by theCompany so far as appears from my examination of those books;

c. The Balance Sheet and Statement of Profit and Loss including statement of changesin Equity and statement of Cash flow dealt with by this Report are in agreement with thebooks of account;

d. In my opinion the aforesaid standalone financial Statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. On the basis of the written representations received from the Directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2020 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 myseparate Report in "Annexure B".

g. With respect to the matter to be included in the Auditors' Report under Section197(16) of the Act:

In my opinion and according to the information and explanations given to me theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act.

h. 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 my opinionand to the best of my information and according to the explanations given to me:

i. The Company has disclosed the impact of pending litigations if any on its financialposition in its standalone financial statements;

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

iii. There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company for the financial year 2019 -20.

M/s. Bharat H Shah & Associates
Chartered Accountants
CA Bharat Shah
Proprietor
Place : Pune M No. 110878 FRN:122100W
Date : 27th June 2020 UDIN: 20110878AAAABF4543

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Paragraph 1 under the heading ‘Report on Other Legal and RegulatoryRequirement' of my report of even date to the standalone financial statements of thecompany for the year ended 31st March 2020.

we report that

1. In respect of Fixed Assets:

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

b) The major portion of fixed assets have been physically verified by the management ina phased manner designed to cover all the items over a period of three years which in myopinion is reasonable having regard to the size of the company and nature of its business.Pursuant to the programme a portion of the fixed assets has been physically verified bythe management during the year and no material discrepancies between the books records andthe physical fixed assets have been noticed.

c) The title deeds of the immovable properties are held in the name of the Company.

2. In respect of Inventory

a) The management has conducted the physical verification of inventory at reasonableintervals.

b) The discrepancies noticed on physical verification of inventory as compared to booksrecords which has been properly dealt with in the books of account were not material.

3. 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 the provisions of clause 3(iii) (a) to (c) of theOrder are not applicable to the Company.

4. In my opinion and according to the information and explanation given to me theCompany has complied with the provisions of Section 185 and 186 of the Act in respect ofloans investments guarantees and security.

5. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Section 73 to 76 or any otherrelevant provisions of the Act and the Companies( Acceptance of Deposit) Rules 2014 withregard to the deposits accepted from public are not applicable.

6. As informed to me the maintenance of Cost Records has not been specified by theCentral Government under sub Section (1) of Section 148 of the Act in respect of theactivities carried on by the Company.

7. In respect of Statutory Dues:

a) According to information and explanation given to me and on the basis of myexamination of the books of account and records the Company has been generally regular indepositing undisputed statutory dues including Provident Fund Employees State InsuranceIncome-Tax Goods and Service Tax Act Duty of Customs Cess and any other statutory dueswith the appropriate authorities. According to the information and explanations given tome no undisputed amounts payable in respect of the above were in arrears as at March31st 2020 for a period of more than six months from the date on when they become payable.

b) According to the information and explanation given to me there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

8. In my opinion and according to the information and explanations given to me theCompany has not defaulted in the repayment of dues to banks.

9. Based upon the audit procedures performed and the information and explanations givenby the management the Company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management I report that no fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the year.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act;

12. In my opinion the Company is not a Nidhi company. Therefore the provisions ofClause 3 (xii) of the order are not applicable to the Company.

13. In my opinion all transactions with the related parties are in compliance withSection 177 and 188 of Act and the details have been disclosed in the Ind AS StandaloneFinancial Statements as required under "Indian Accounting Standard (Ind AS) 24Related Party Disclosures" specified under Section 133 of the Act.

14. Based upon the audit procedures performed and the information and explanationsgiven by the management the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company.

16. In my opinion the Company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company.

M/s. Bharat H Shah & Associates
Chartered Accountants
CA Bharat Shah
Proprietor
Place : Pune M No. 110878 FRN:122100W
Date : 27th June 2020 UDIN: 20110878AAAABF4543

ANNEXURE - B TO THE INDEPENDENT AUDITORS' REPORT

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

I have audited the internal financial controls over financial reporting of Chordia FoodProducts Limited ("the Company") as of 31st March 2020 in conjunction with myaudit of the Ind AS standalone financial statements of the Company for the year ended onthat 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 over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit.

I have conducted the audit in accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by Institute of Chartered Accountants of India (ICAI) anddeemed to be prescribed under Section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both issued by the ICAI. Those Standards and theGuidance Note require that I comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and Directors of the Company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the CompanyW's assets that could have amaterial 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 my opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2020 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 (ICAI)

M/s. Bharat H Shah & Associates
Chartered Accountants
CA Bharat Shah
Proprietor
Place : Pune M No. 110878 FRN:122100W
Date : 27th June 2020 UDIN: 20110878AAAABF4543