To The Members
ALFA ICA (INDIA) LIMITED
Report on the Audit of the Financial Statements Opinion and we do not express anyform of assurance We have audited the accompanying financial statements of Alfa Ica(India) Limited ("the Company") which comprise the Balance Sheet as at March31 2020 the Statement of Profit and Loss including the Statement of Other ComprehensiveIncome the Statement of Changes in Equity and the Statement of Cash Flowsfor the yearthen ended andnotes to the financial statements including a summary of the policies andother explanatory information. we are required In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaidfinancialstatements give the information required by the Companies Act 2013 ("theAct") in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in 134(5) of the Act with respect to thepreparation India of the state of affairs of the Company as at March 31 2020 its profitincluding other comprehensive income the changes in equity and its cash flows for theyear ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards onAuditing(SAs)as specified 143(10) of the Act. Our responsibilities under those Standardsare further described in the Auditor's Responsibilities for the Audit of the FinancialStatements section independent of the Company in accordance with the Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our ectively for ensuring the accuracy audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled statements that ethical responsibilities in accordance with these and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to our opinion on the financial statements.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. Thesematterswereaddressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters.
We have determined that there are no key audit matters to communicated in our report.es are to obtain reasonableobjectiv
Information Other than the Financial Statements and Auditor's
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Company's Annual Report but doesnot include the financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information conclusionthereon.
In connection with our audit of the financial responsibility is to read the otherinformation and in doing so consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated.If based on the work we have performed weconclude that there is a accounting material misstatement of this other information toreport that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with
Governance for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section ofthese financial statements that give a true and fair the financial position financialperformance including comprehensive income changes in equity and cash flows of theCompany in accordance with the Ind AS and other accounting principles generally acceptedin India. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the under section assets ofthe Company and for preventing and detectingfrauds and other irregularities; selection andapplication of accounting policies; making judgments and estimates that are of our report.We are reasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were and completeness operating of the accountingrecords relevant to the preparation and give a true and fair presentation ofthe financialour other requirements view and are free from material misstatement whether due to fraudor error. a basis for In preparing the 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 operationsorhasnorealistic but to do so.
The Board of Directors are responsible for overseeing the Company's financial reportingprocess.
Auditor's Responsibility for the Audit of the Financial Statements
Our about whether the financial statements as a whole are free from materialmisstatement whether due to fraud or error and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance but is not aguarantee that an audit conducted in accordance with SAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesefinancial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resultingfrom error as fraud may involve collusion forgeryintentional omissions misrepresentations override of internal control. opinion
Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and (11) related disclosures made by management. in paragraphs 3 and4 of the Order to the
Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company ceasetocontinueasa
Evaluate the overall presentation structure and content of the financialstatementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of audit and significant audit findings deficiencies in internalcontrol that we identify during our audit We also provide those charged with governancewith a statement that we have complied with relevant ethical requirements regardingindependence and to communicate with them all relationships and to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
(i) Due to the COVID-19 related lockdown we were unable to observe the management'syear end physical verification inventory we have performed alternate procedures to auditthe existence of inventory as per the guidance provided in SA 501 "Audit EvidenceSpecificorthe selected items" and have obtained sufficient appropriate unmodifiedontheseauditevidencetoissueour financial statements.
Our report on the Statement is not modified in respect of the above matter.
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 of section 143 of the Act Indiaintermsof sub-sectionwe give in the "Annexure A" a statement on the matters extent specifiedapplicable.
2. As required by Section 143(3) of the Act we report that: a. We have sought andobtained all the informationand explanations which to the best of our knowledge and beliefwere necessary for the purposes of our audit; b. In our opinion proper books of accountas requiredby law have been kept by the Company so far as it appears from our examinationof those books; c. The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the books of account; d. In our opinion theaforesaid financial statements comply with the Ind AS specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014 as amended; the e. On thebasis ofthewrittenrepresentationsreceived from the directors as on March 31 2020 taken .on record by the Board of Directors none of the directors is disqualified as on March 312020 from being appointed as a director in terms of Section 164(2) of the Act; mattersthat may reasonably be thought f. With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B". Our report expresses anunmodified opinion on and operating effectiveness of the Company's internal financialcontrols over financial reporting; g. With respect to other matters to be included in theauditor's report in accordance with the requirements of Section 197(16) of the Act asamended. In our opinion remunerationfor the managerial year ended March 312020has been paid / provided by the Company to its directors in accordance with theprovisions of section 197 read with Schedule V to the Act; h. With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 as amended in our opinion and to the best of ourinformation and according to the to us: i. The Company has no pending litigations whichhas any impact on the financial position its financial statements Refer note 28 to thefinancial statements; ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses; iii. There hasbeen no delay in transferring amounts required to be transferred to the InvestorEducation and ProtectionFund by the Company;
For Doogar & Associates
Chartered Accountants FirmRegistration No.
Partner Membership No. 517347 UDIN: 20517347AAAAHP3381
Place: New Delhi in Date : June 29 2020
Annexure "A" to the Independent Auditor's Report
(Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Alfa Ica (India) Limitedof evendate)
Report on the matters specified in paragraph 3 of the Companies
(Auditor's Report) Order 2016 ("the Order') issued by the
Central Government of India in terms of section143(11) of the
Companies Act 2013 ("the Act") i. In respect of the Company's fixed assets:-
a. The Company has maintained proper records showing full particulars includingquantitative ed assets. fi x detailsandsituation of
b. The Company has a program of all the items of fixed assets in a phased manner whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. Pursuant to the program certain fixed assets were physically verified by themanagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.
c. According to the information and(1) of Sectionexplanations given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company.
ii. The company has conducted physical verification of its inventories (excludingmaterials in transit and stock lying with third parties) at reasonable intervals. Nomaterial discrepancies were noticed during physical verification.
iii. According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties maintained under section
Accordingly the provisions of clause 3(iii)(a) (b) and (c) of the Order are notapplicable to the Company and hence not commented upon.
iv. As informed to us the company has not given any loan made investments givenguarantees and securities to anyperson or party covered under Section 185 and 186 oftheCompanies Act 2013. v. The Company has not accepted any deposits within themeaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules2014 (as amended). Accordingly the provisions of clause 3(v) of the Order are notapplicable.
vi. We have broadly reviewed the cost records maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules 2014 as amended prescribed by the CentralGovernment under sub-section of the Companies Act 2013 and are of the opinion that primafacie the prescribed cost records have been made and maintained. We have not howevermade a detailed examination of the same.
vii. According to the information and explanations given to us in respect ofstatutory dues: a. The Company is generally regular in depositing undisputed statutorydues including provident fund employees' state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax cess and any other statutory duesapplicable to it with the appropriate authorities. covered in the register
b. There were no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income-Tax Service Tax Sales Tax Goods and Services Tax Duty ofCustom Duty of Excise Value Added Tax Cess and Other Statutory Dues were outstandingat the year end for a period of more than six months from the date they become payable.c. According to the information and explanations given to us there are no duesoutstanding of Income Tax duty of custom duty of excise goods & service tax andvalue added tax which have not been deposited by the Company as at March 31 2020 onaccount of any dispute.
viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitution banks and government and dues to debenture holders.
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 instruments/ term loan during the period.
x. According to the information and explanations given to and to the best of ourknowledge no fraud by the Company and no material fraud on the Company by its officers oremployees has been noticed or reported during the year. xi. In our opinion and accordingto the information and explanations given to us the Company has paid/ provided managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection197 read with Schedule V to the Companies Act 2013.
xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company and hence reporting under paragraph 3(xii) the Order is notapplicable. xiii. According to the information and explanation and records made availableby the company the Company has complied with the provision of Section 177 and 188 of theCompanies Act 2013 where applicable for all transactions with the related parties andthe details of related party transactions have been disclosed in the financial statementsas required by the applicable accounting standards. xiv. According to the information andexplanation give to us the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reportingunderparagraph 3(xiv) of the Order is not applicable to the Company. xv. In our opinion andaccording to the information and explanations given to us during the year the Company hasnot entered into any non-cash transactions with its directors or persons connected withhim. Accordingly paragraph 3(xv) of the Order is not applicable. / debt xvi. The Companyis not required to be registered under section 45-I of the Reserve Bank of India Act1934.
For Doogar & Associates
Chartered Accountants Firm Registration No. 000561N
Partner Membership No. 517347 UDIN: 20517347AAAAHP3381
Place: New Delhi Date : June 29 2020
Annexure "B" to the Independent Auditor's Report
(Referred to in paragraph 2(f) under Report on Other Legal and RegulatoryRequirements' section of our report to the members of Alfa Ica (India) Limitedof evendate)
Report on the Internal Financial Controls Over Financial
Reporting underClause(i) section3 of Section 143 of the Sub-
Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Alfa Ica(India) Limited("the Company") as of March 31 2020 in conjunctionwith our auditof 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 Reporting(the "GuidanceOver Financial Note") issued by the Institute of Chartered Accountants of India.These responsibilities include the design implementation andmaintenanceofadequateinternalfinancialcontrolsthat of the company's assets that could havea material ely for ensuring the orderly and efficient effectiv wereoperating conduct ofits business including adherence to company's policies the safeguarding of its assetsthe prevention and detectionof frauds and errors the accuracy and completeness of theaccounting records and the timelypreparation of reliable financialinformation asrequired under the Companies Act 2013 ("the Act") .
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 of Internal Financial ControlsOverFinancialReportingissued by theInstitute of Chartered Accountants of India (the Guidance Note') and the Standardson Auditing prescribed under Section 143(10) of the Companies Act 2013 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 about the adequacy ofthe internal financial system over financial reporting and their operating effectiveness.Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting weakness existsand testing and evaluating the design and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend on the auditor's judgementincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on theCompany's internal financial controls system over reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal financial control over financial reportingisa process designed toprovide reasonable assurance regarding the reliability of financial reporting statementsfor external purposes in accordance with generally accepted accounting principles. Acompany's internal financial control over financial reporting includes procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflectthe transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactionsare recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition effect on the financial statements.
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 financialcontrols over financial aresubject to the risk that the internal financial financial in conditions or that thedegree of compliance with the policies or procedures may deteriorate.
In our opinion to the best of our information the explanations given to us theCompany has in all material respects an adequate internal financial controls system overfinancial reporting and such internal financial financial reporting were operatingeffectively as at March 31 2020 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting controls issued by the Institute of Chartered Accountants of India.
For Doogar & Associates
Chartered Accountants FirmRegistration 000561N No.
Partner Membership No. 517347 UDIN: 20517347AAAAHP3381
Place: New Delhi Date : June 29 2020