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Alfa Ica (India) Ltd.

BSE: 530973 Sector: Others
NSE: N.A. ISIN Code: INE042C01010
BSE LIVE 15:12 | 24 Mar 42.00 -1.50
(-3.45%)
OPEN

44.45

HIGH

45.00

LOW

41.50

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 44.45
PREVIOUS CLOSE 43.50
VOLUME 705
52-Week high 57.60
52-Week low 18.75
P/E 20.19
Mkt Cap.(Rs cr) 16.97
Buy Price 42.00
Buy Qty 155.00
Sell Price 43.45
Sell Qty 20.00
OPEN 44.45
CLOSE 43.50
VOLUME 705
52-Week high 57.60
52-Week low 18.75
P/E 20.19
Mkt Cap.(Rs cr) 16.97
Buy Price 42.00
Buy Qty 155.00
Sell Price 43.45
Sell Qty 20.00

Alfa Ica (India) Ltd. (ALFAICAI) - Auditors Report

Company auditors report

To

The Members of

Alfa Ica (India) Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Alfa Ica (India) Limited (the"Company") which comprise the Balance Sheet as at March 312016 the Statementof Profit and Loss and the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for matters stated 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 Indiaincluding the Accounting Standards specified under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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.

Auditors' 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 anddisclosures in the financial statements. The procedures selected depend on the auditors'judgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorsconsider internal financial control relevant to the Company's preparation of thefinancialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the financialstatements.

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 31March 2016 its profit and its cash flows for the year ended on that date

Report on Other Legal and Regulatory Requirements

1. As required by ‘the Companies (Auditor's Report) Order 2016' ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the "Annexure-1" a statementon 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 bestof our knowledge and belief were necessary for the purpose 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 theStatement of Profit and Loss and theCash Flow Statementdealt with by this Report are in agreement with the books of accounts;

(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 written representations received from the directors as on March312016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 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 2" to this report.

(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 27 to the financial statements;

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 amounts required to be transferred tothe Investor Education and Protection Fund by the Company

For O.P.Bhandari & Co.
Chartered Accountants
Firm Regd. No. 112633W
O. P .Bhandari
Place : Ahmedabad (Partner)
Date :24th May 2016 Membership No. 34409

Annexure 1 to Independent Auditors' Report of even date on the Financial Statements ofAlfa Ica (India) Limited

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

(b) The fixed assets of the Company have been physically verified by the Managementduring the year and no material discrepancies between the book records and the physicalinventory have been noticed. In our opinion the frequency of verification is reasonable.

(c) In our opinion and according to information and explanations given to us and on thebasis of an examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.

ii. As explained to us physical verification of the inventories have been conducted atreasonable intervals by the management which in our opinion is reasonable having regardto the size of the Company and nature of its inventories. No material discrepancies werenoticed on such physical verification.

iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly the provisions of clause 3 (iii) (a) (b) and (c) of theOrder are not applicable to the Company and hence not commented upon.

iv. According to information and explanations given to us the company has compliedwith provisions of section 185 and 186 of the companies Act 2013 in respect of loansinvestments guarantees and security.

v. According to the information and explanations given to us the Company has notaccepted any deposit nor has any unclaimed deposit within the meaning of the provisions ofSections 73 to76 or any other relevant provision of the Act and rules framed there under.

vi. The Central Government has not prescribed maintenance of cost records under Section148(1) of the Companies Act2013 for the Company.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion undisputed statutory dues including providentfund employees' state insurance income-tax sales tax service tax excise custom dutycess and other material statutory dues have generally been regularly deposited with theappropriate authorities.

(b) According to the information and explanation given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax sales taxservice tax excise custom duty cess and other material statutory dues were outstandingat the year end for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us dues that have not beendeposited by the Company on account of disputes are as follow:

Name of the statute Nature of dues Amount

(Rs.)

Period to which the amount relates (Financial Year) Forum where the dispute is pending
Income Tax Act1961 Income Tax 2254640 2011 - 2012 Gujarat High Court
Income Tax 12164310 2010-2011 Gujarat High Court
Income Tax 606233 2012-2013 Commissioner of Income Tax (Appeals)

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted during the year in repayment of dues to its financialinstitutions bankers and government. The Company did not have any outstanding debenturesduring the year.

ix. According to the information and explanations given by the management the Companyhas not raised any money by way of initial public offer / further public offer / debtinstruments) / term loan during the period.

x. According to the information and explanation given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to information and explanation given to us managerial remuneration hasbeen paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the companies Act.

xii. According to information and explanation given to us the company is not a NidhiCompany as prescribed under Section 406 of the Act. Accordingly the provisions of Clause3(xii) of the Order are not applicable to the Company.

xiii. According to the information and explanations given to us all transaction withthe related parties are in compliance with section 177 and 188 of Act where applicableand the details have been disclosed in the Financial Statements as required by theapplicable accounting standards.

xiv. According to the information and explanations given to us and based on ourexaminations 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 under review.

xv. According to the information and explanations given to us and the records of theCompany examined by us the company has not entered into any non-cash transactions withdirectors or persons connected to him.

xvi. According to information and explanations given to us the company is not requiredto be registered under sections 45- IA of the Reserve Bank of India Act 1934.

For O.P.Bhandari & Co.
Chartered Accountants
Firm Regd. No. 112633W
O. P .Bhandari
Place : Ahmedabad (Partner)
Date :24th May 2016 Membership No. 34409

Annexure 2 to the Independent Auditor's' Report of even date on the FinancialStatements of Alfa Ica (India) Limited Report on the Internal Financial Controls underClause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of Alfa Ica(India) Limited ("the Company") as of March 312016 in conjunction with ouraudit 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 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 Companies Act 2013.

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 on Audit of Internal Financial Controls Over Financial Reporting(the"Guidance Note") and the Standards on Auditing as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we 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.

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 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 judgement including the assessment of the risks ofmaterial misstatement 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312016 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 O.P. Bhandari & Co.
Chartered Accountants
Firm Regd. No. 112633W
O.P . Bhandari
Place : Ahmedabad (Partner)
Date :24th May 2016 Membership No. 34409