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Alfa Ica (India) Ltd.

BSE: 530973 Sector: Others
NSE: N.A. ISIN Code: INE042C01010
BSE LIVE 15:29 | 06 Dec 35.70 1.70
(5.00%)
OPEN

35.70

HIGH

35.70

LOW

35.70

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 35.70
PREVIOUS CLOSE 34.00
VOLUME 2
52-Week high 57.60
52-Week low 17.35
P/E 12.48
Mkt Cap.(Rs cr) 14.42
Buy Price 35.70
Buy Qty 3998.00
Sell Price 0.00
Sell Qty 0.00
OPEN 35.70
CLOSE 34.00
VOLUME 2
52-Week high 57.60
52-Week low 17.35
P/E 12.48
Mkt Cap.(Rs cr) 14.42
Buy Price 35.70
Buy Qty 3998.00
Sell Price 0.00
Sell Qty 0.00

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

Company auditors report

To

The Members

ALFA ICA (INDIA) LTD.

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 31 2015 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof 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 stated in Section134(5) of the Companies Act 2013("the Act") with respect to preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the AccountingPrinciples generally accepted in India including the Accounting Standards notified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. 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 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 there under.

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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of 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 standalone 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 and itsprofit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination 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 relevant 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 of theCompany as on 31st March 2015 taken on record by the Board of Directors of the Companynone of the directors is disqualified as on 31st March 2015 from being appointed as adirector in terms of Section 164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and 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 statement –Refer Note 27 to the financial statements.

ii. The Company did not have any material foreseeable losses on long-term contractsincluding derivative contracts.

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

For O.P.Bhandari & Co.
Chartered Accountants
Firm Regd. No. 112633W
O. P .Bhandari
Place : Ahmedabad (Partner)
Date : 26th May 2015 Membership No. 34409

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our report to the members of Alfa Ica (India) Ltd.("the Company") for the year ended on 31st March 2015. We reportthat: i. in respect of its fixed assets:

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

b) As explained to us these fixed assets have been physically verified by themanagement in accordance with a phased program of verification which in our opinion isreasonable considering the size of the Company and nature of its assets. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

ii. in respect of inventories:

a) The Physical verification of inventory has been conducted at reasonable intervals bythe management. b) In our opinion the procedures for physical verification of inventoryfollowed by the management are reasonable and adequate in relation to the size of thecompany and the nature of its business.

c) The Company is maintaining proper records of inventory and no discrepancies werenoticed on physical verification iii. The Company has not granted any loans secured orunsecured to Companies firms or other parties covered in the register maintained undersection 189 of the Act. Consequently requirement of clauses (iii) of paragraph 3 of theorder is not applicable.

iv. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory fixed assets and also for the saleof goods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.

v. The Company has not accepted fixed deposits from the public during the year undersection 73 and 76 of the Companies Act. Consequently clause v of paragraph 3 of the orderis not applicable.

vi. According to the information and explanations given to us in our opinion theCompany has prima facie made and maintained the prescribed cost records as specified bythe Central Government under sub-section (1) of section 148 of the Companies Act 2013wherever applicable. However we have not made detailed examination of the cost recordswith a view to determine whether they are accurate or complete.

vii. According to the information & explanations given to us in respect ofstatutory and other dues:

a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Income Tax Wealth Tax Service Tax cess andother material statutory dues applicable to it. According to the information andexplanations given to us no undisputed amounts payable in respect of outstandingstatutory dues were in arrears as at March 31 2015 for a period of more than six monthsfrom the date they became payable.

b) According to the information and explanations given to us the dues outstanding ofProvident Fund Income Tax Wealth Tax Service Tax Sales Tax or Cess on account of anydispute as at the end of the financial year are as follow:

Financial year to which amount relates Nature of dues Amount Forum where dispute is pending
2005-2006 Income Tax 904509 Gujarat High Court

c) According to the information and explanations given to us no amount to betransferred to the investor education and protection fund in accordance with the relevantprovisions of the Companies Act1956 (1 of 1956) and rules made there under.

viii. The Company neither has any accumulated losses nor has incurred any cash lossesduring the financial year covered by our audit and the immediately preceding financialyear.

ix. According to the information and explanation given to us the Company has notdefaulted in repayment of dues to a financial institution or a bank.

x. To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not given any guarantee for loans taken byothers from bank or financial institutions.

xi. According to the information and explanations given to us and records examined byus the term loans have been applied for the purpose for which they were obtained.

xii. Based on the audit procedure performed and information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the year.

For O.P.Bhandari & Co.
Chartered Accountants
Firm Regd. No. 112633W
O. P .Bhandari
Place : Ahmedabad (Partner)
Date : 26th May 2015 Membership No. 34409

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