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Euro India Fresh Foods Ltd.

BSE: 538412 Sector: Agri and agri inputs
NSE: EIFFL ISIN Code: INE546V01010
BSE 05:30 | 01 Jan Euro India Fresh Foods Ltd
NSE 15:41 | 01 Dec 129.10 -0.05
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Euro India Fresh Foods Ltd. (EIFFL) - Auditors Report

Company auditors report

To

The Members of

Euro India Fresh Foods Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements ofEURO INDIA FRESH FOODS LIMITED (‘'the Company") which comprise the BalanceSheet as at March 31 2020 the Statement of Profit and Loss and the statement of cashflow then ended and a summary of the significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India.

(a) In the case of the Balance Sheet of the state of the affairs ofthe Company as at 31st March 2020;

(b) In the case of the Statement of Profit and Loss of the Profit forthe year ended on that date.

(c) In the case of the Cash Flow Statement of the cash flows of theCompany for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules there under and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation and presentation of these standalone financial statements that give a trueand fair view of the financial position financial performance and cash flows of thecompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 these financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

> Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

> Obtain an understanding of internal financial controls relevant tothe 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 onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

> Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

> 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 our auditor'sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

> Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 of the Act we give in the Annexure "A" statement on thematters specified in the paragraph 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen 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 Cash FlowStatement dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014;

(e) On the basis of the written representations received from thedirectors as on March 31 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2020 from being appointed as a director in termsof Section 164 (2) of the Act.;

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in Annexure "B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the company's internalfinancial controls over financial reporting.

(g) With respect to the other matters to be included in theAuditor's 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 theexplanations given to us:

i. the Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements.;

ii. the Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

For J N SHAH & CO

Chartered Accountants

Firm Registration No.: 118020W

Sd/-

CA Jignesh N Shah Proprietor

Membership No.: 102627 Surat 25th July 2020

ANNEXURE" A" TO THE INDEPENDENT AUDITOR'S REPORT

OF

EURO INDIA FRESH FOODS LIMITED

(Referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements'

section of our report of even date)

Report on Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government in terms of Section 143(11) of the companiesAct 2013 ("the Act")

1. In respect of Fixed Assets:

a) The company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets;

b) Fixed assets were physically verified by the management atreasonable intervals and according to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

c) According to the information and explanation given to us and therecords examined by us and based on the examination of the title deed provided to us wereport that the title deeds comprising all the immovable properties in respect of landand building are held in the name of the company as at balance sheet date.

2. In respect of Inventories:

The inventories of the Company have been physically verified by theManagement at reasonable intervals and the procedures of physical verification ofinventory followed by the Management are reasonable in relation to the size of the Companyand nature of its business. The discrepancies noticed on such physical verification ofinventories as compared to book records were not material.

3. In respect of Loans granted by the company:

According to the records and information and explanations madeavailable to us the Company has not granted any loans secured or unsecured tocompanies firms LLP or other parties covered in the register maintained under section189 of the Act accordingly paragraph 3(iii) of the Order is not applicable.

4. In respect of compliance u/s 185 & 186:

In our opinion and according to the information and explanations givento us the company has complied with the provisions of sections 185 and 186 of the Act inrespect of grant of loans making investments and providing guarantees and securities asapplicable.

5. In respect of public deposits:

According to the information and explanation provided to us theCompany has not accepted any deposits from the public during the year. Therefore theprovisions of Clause (v) of paragraph 3 of the CARO 2016 are not applicable to theCompany.

6. In respect of cost records:

Reporting under clause 3(vi) of the order is not applicable as thecompany's business activities are not covered under Companies (Cost Records andAudit) Rules 2014.

7. In respect of statutory dues:

(a) According to the information and explanations provided to us and onthe basis of our examination of the records of the Company amounts deducted / accrued inthe books of account in respect of undisputed statutory dues including provident fundemployees' State Insurance income tax Goods and Service tax sales tax servicetax duty of customs duty of excise value added tax octroi cess and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities. According to the information and explanations given to usundisputed amounts payable in respect of provident fund employees' State Insuranceincome tax sales tax service tax duty of customs duty of excise value added taxoctroi cess and other material statutory dues were in arrears as at 31 March 2020 for aperiod of more than six months from the date they became payable is as follow

Nature of dues Amount (Rs in Lacs) Period to which the amount related
Professional Tax 0.05 May-2019.

(b) According to the information and explanations given to us no dueswere outstanding with respect to income tax sales tax service tax Goods and Servicetax duty of customs duty of excise value added tax cess and other material statutorydues applicable to it on account of any dispute.

8. In respect of repayment of financial dues:

According to the information and explanations provided to us and on thebasis of our examination of the records of the company the Company has not defaulted inthe repayment of loans and borrowings to banks or financial institutions. The Company doesnot have any loans or borrowings from government and has not issued any debentures.

9. In respect of Public Issues:

The company has not raised moneys by way of initial public offer orfurther public offer (including debt instruments) or term loans and hence reporting underclause 3(ix) of the order is not applicable.

10. In respect of Frauds:

According to the information and explanations provided to us no fraudby the company and no fraud on the Company by its officers or employees has been noticedor reported during the year.

11. In respect of managerial remuneration:

In our opinion and according to the information and explanations givento us the company has paid or provided managerial remuneration in accordance with therequisite approval mandated by the provisions of section 197 read with schedule V of theCompanies Act 2013.

12. In respect of applicability of any special statutes:

According to the information and explanations provided to us theCompany is not a chit fund or a nidhi / mutual benefit fund / society and hence reportingunder clause 3(xii) of the order is not applicable.

13. In respect of compliance u/s section 177 & 188:

According to the information and explanations provided to us theCompany is in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the Financial Statements etc. as required by theapplicable accounting standards.

14. In respect of Preferential Allotment:

During the year the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures and hence reportingunder clause 3(xiv) of the order is not applicable.

15. In respect non cash transaction with directors:

According to the information and explanations provided to us duringthe year the company has not entered into any non-cash transactions with its directors orpersons connected with him so the provisions of section 192 of Companies Act 2013 are notapplicable hence reporting under clause 3(xv) of the order is not applicable.

16. In respect of Registration u/s 45-IA :

The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For J N SHAH & CO.

Chartered Accountants

Firm Registration No.: 118020W

Sd/-

CA Jignesh N Shah Proprietor

Membership No.: 102627 Surat 25th July 2020

ANNEXURE" B" TO THE INDEPENDENT AUDITOR'S REPORT

OF

EURO INDIA FRESH FOODS LIMITED

(Referred to in paragraph 2(f) under ‘Report on Other Legal andRegulatory Requirements' section of

our report of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of EURO INDIA FRESH FOODS LIMITED ('the Company') as of March 312020 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting 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 (the"Guidance Note"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Standards on Auditing prescribed under section 143(10) of theCompanies Act 2013 and the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by ICAI to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that -

(1) Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting 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 overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us 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 March 312020 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 J N SHAH & CO.

Chartered Accountants

Firm Registration No.: 118020W

Sd/-

CA Jignesh N Shah Proprietor

Membership No.: 102627 Surat 25th July 2020

.