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Alfa Ica (India) Ltd.

BSE: 530973 Sector: Others
NSE: N.A. ISIN Code: INE042C01010
BSE 00:00 | 03 Feb 45.10 -2.35
(-4.95%)
OPEN

46.00

HIGH

49.75

LOW

45.10

NSE 05:30 | 01 Jan Alfa Ica (India) Ltd
OPEN 46.00
PREVIOUS CLOSE 47.45
VOLUME 193
52-Week high 58.00
52-Week low 35.10
P/E 13.00
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 46.00
CLOSE 47.45
VOLUME 193
52-Week high 58.00
52-Week low 35.10
P/E 13.00
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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

Company director report

We have pleasure in presenting the 30thAnnual Report of theCompany along with the audited statement of accounts for the year ended March 31 2021.The financial results for the year are shown below. The working and operational parametersof all the plants of the Company were quite satisfactory during the year.

FINANCIAL HIGHLIGHTS
(Amount in INR)
Particulars As at 31.03.2021 As at 31.03.2020
Total Income 560338315 571170997
Earning before Interest and Depreciation 41232421 39964083
A. Finance Cost 13419753 14998755
B. Depreciation 8799209 8453858
Profit before Tax 19013459 16511470
Tax Liability
I. Current Tax 3981260 4202741
II. Deferred Tax 833477 (12284)
III. Tax Adjustments Earlier Years -
Profit after Tax 14198722 12321013
Earning Per Share
Basic 3.51 3.05
Diluted 3.51 3.05

SHARE CAPITAL

The paid up Equity Share Capital as on March 31 2021 is Rs 40400000.During the year under review the Company has not issued any shares.

RESULT OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS

During the year under review total revenue of the Company is Rs560338315 as against to Rs 571170997 in the previous year. Profit for the year 2020-21is Rs 14198722 as against Rs 12321013 in the previous year.

TRANSFER TO RESERVES

Company has not proposed any amount to be carried to any reserves.

EXPORT

The total exports of the Company amounted to Rs 459627065(Previousyear Rs 442341510) representing about 86.01 percent of the sales. The Company is tryingto locate new export markets for its products and see good potential for growth in theexport business.

DIVIDEND

The Directors have not recommended dividend for the Financial Year2020-21.

PUBLIC DEPOSITS

During the year under review your Company has not accepted any depositwithin the meaning of Section 73 and 74 of the Companies Act 2013 read with the Companies(Acceptance of Deposits) Rules 2014 (including any statutory modification(s) orre-enactment(s) for the time being in force).

SUBSIDIARY COMPANIES

Your Company does not have any subsidiary company during the year;hence consolidation of financial data of the subsidiary company is also not applicable tothe Company for the financial year 2020-21.

EVALUATION OF THE PERFORMANCE OF THE BOARD COMMITTEES AND INDIVIDUALDIRECTORS

Pursuant to the provisions of the Companies Act 2013 read with Rulesframed there under and incompliance with the requirements of SEBI (LODR) Regulations2015 the Board has carried out the annual evaluation of its own performance performanceof the Directors individually as well as the performance of the working of its AuditNomination & Remuneration and other Committees of the Board. At the meeting of theBoard all the relevant factors that are material for evaluating the performance ofindividual Directors the Board and its various Committees were discussed in detail. Astructured questionnaire each for evaluation of the Board its various Committees andindividual Directors was prepared and recommended to the Board by the Nomination &Remuneration Committee for doing the required evaluation after taking into considerationthe input received from the Directors covering various aspects of the Board'sfunctioning such as adequacy of the composition of the Board and its Committeesexecution and performance of specific duties obligations and governance etc.

A separate exercise was carried out to evaluate the performance ofindividual Directors including the Chairman of the Board who were evaluated onparameters such as level of engagement and contribution independence of judgmentsafeguarding the interest of the Company and its minority Shareholders etc. Theperformance evaluation of the independent Directors was carried out by the entire Board.The performance evaluation of the Chairman and non-independent Directors were also carriedout by the Independent Directors at their separate meeting. The Directors expressed theirsatisfaction with the evaluation process.

BOARD MEETINGS

During the year four Board Meetings were held. Four Auditcommittee's meetings were convened and held. The intervening gap between the Meetingswas within the period prescribed under the Act and the Listing Regulations.

AUDIT COMMITTEE COMPOSITION

The Audit Committee comprises of Mr Inder Chand Nahta IndependentDirector as Chairman Mr. Sanjeev kumar sharma Independent Director and Mr. RishiTikmani Whole-time Director as Members.

Further as per section 177(8) of the Companies Act 2013 there was notany case during the period under review that any recommendation is made by the AuditCommittee and the Board has not accepted it.

BUSINESS ACTIVITY

The Company is presently engaged in the process of manufacturing HighPressure Laminate (H.P.L) Sheets & Compacts which are available in several ColoursDesigns and Textures. Alfa range consists of more than 600design decors and more than 50textures. Company has also spreading its footprints globally producing more than 6Million sq. mts. Laminates. With more decors and more finishes our innovation brings youbeautiful high quality environmental friendly decorative solutions. These High PressureLaminates are recognized and appreciated by architects interiors and fitters. TheLaminate sheets are used for various applications in many areas such as:

• Furniture Covering

• Wall Paneling

• Partitions

• Door Covering

• Shower Panels

• Interior Wall Paneling

• Exterior Wall Cladding

• Green Chalk Board

• White Marker Board

• Dry Wipe Boards

• Kitchen Top and Backsplash

• Cubicle partition panel

• Green chalk board/white market

• Anti-Fingerprint laminate

• Table Top

• Fire Retardant and many other areas.

MANAGEMENT DISCUSSION AND ANALYSIS (MDA)

The annexed Management Discussion and Analysis forms a part of thisreport and covers amongst other matters the performance of the Company during theFinancial Year 2020-21 as well as the future outlook.

DECLARATION OF INDEPENDENCE

All Independent Directors have given declarations as required underSection 149(7) of the Companies Act 2013 that they meet the criteria of independence asprovided in Section 149(6) of the Companies Act 2013 and qualify to act as IndependentDirector of the Company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mr.Rishi Tikmani (DIN: 00638644)Director will retire by rotation at theensuing Annual General Meeting pursuant to the provisions of Section 152 of the CompaniesAct 2013 read with the Companies (Appointment and Qualification of Directors) Rules 2014and being eligible offers himself for reappointment. The Board recommends hisre-appointment. An appropriate resolution for his re-appointment is being placed for yourapproval at the ensuing AGM. The brief resume of the Directors and other relatedinformation has been detailed in the Notice convening the 30th AGM of yourCompany.

During the year under review there was no other appointment orcessation of key managerial personnel during the financial year.

In accordance with Section 203 of the Companies Act 2013 the Companyhas following Key Managerial Personnel at the end of the financial year and as on date ofthe Board Report.

1. Mr. Rishi Tikmani Whole-time Director

2. Shri Hansraj Sekhani CFO

3. Ms. Himadri Trivedi Company Secretary

Your Company in accordance with the provisions of Section 2(51) 203 ofthe Companies Act 2013 read with Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 (including any statutory modification(s) or re-enactment(s) for thetime being in force).

DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS KEY MANAGERIALPERSONNEL AND PARTICULARS OF EMPLOYEES

In accordance with Section 178 and other applicable provisions if anyof the Companies Act 2013 read with the Rules framed there under and Regulation 19 of theSEBI (LODR) Regulations 2015 the Board of Directors formulated the Remuneration Policyof your Company on the recommendations of the Nomination and Remuneration Committee. Thesalient aspects covered in the Remuneration Policy covering the policy on appointment andremuneration of Directors key managerial personnel and employees.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(3)(c) of the Companies Act2013 your Directors confirm that:

a) in the preparation of the financial statements for the financial year ended March31 2021as far as possible and to the extent if any accounting standards mentioned bythe auditors in their report are complied with all other applicable accounting standardshave been followed along with proper explanation relating to material departure;

b) such accounting policies have been selected and applied them consistently andjudgments and estimates made that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of the financial year and profit ofthe Company for the year ended on that date;

c) the Directors have taken proper and sufficient care has been taken for maintenanceof adequate accounting records in accordance with the provisions of this Act forsafeguarding the assets of the Company and for prevention and detection of fraud and otherirregularities;

d) the Directors have prepared the annual accounts on a going concern basis; and

e) Proper internal financial controls are in place and that such internal financialcontrols are adequate and were operating effectively.

f) The Directors have devised proper systems to ensure compliances with the provisionsof all applicable laws and that such systems are adequate and operating effectively.

CORPORATE GOVERNANCE REPORT

The Company is exempted from providing report on Corporate Governancein accordance with regulation 34(3) and schedule V(C) to the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015.

CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 of the Companies Act 2013 read with theCompanies (Corporate Social Responsibility Policy) Rules 2014 are not applicable to yourCompany.

STATUTORY AUDITORS

At the 26th Annual General Meeting of the Company held inthe year 2017 the shareholders had approved the appointment of M/s Doogar &Associates (Firm Registration Number: 000561N)Chartered Accountants as the StatutoryAuditors of the Company to hold office for 5 (five) consecutive years subject toratification by Shareholders in every Annual General Meeting.

Proviso (1) of sub-section (1) of Section 139 of the Act which mandatesthat the Company shall place matter relating to such appointment for ratification byShareholders at every Annual

General Meeting has been omitted by the Companies (Amendment) Act 2017effective May 07 2018. Therefore for the Financial Year 2021-22 and thereafterratification of Auditors appointment every year at the Annual General Meeting is no longerrequired.

SECRETARIAL AUDITOR

In terms of Section 204 of the Companies Act2013the Board ofDirectors of your Company at its meeting held on June 292021 has appointed M/s. Kamlesh MShah & Co. Practicing Company Secretary (Certificate of Practice No. 2072) as theSecretarial Auditor to conduct an audit of the secretarial records for the financialyear2021-22.

Your company has received consent from M/s. Kamlesh M Shah & Co. toact as the Secretarial auditor for conducting audit of the Secretarial records for thefinancial year ending on March 31 2022.

The Secretarial Audit Report for the financial year ended March 312021 is annexed herewith as "ANNEXURE A" to this report. The Secretarial AuditReport does not contain any qualification reservation or adverse remark.

RISK MANAGEMENT

Your Company has robust Risk Management policy .The Company throughBoard and Audit Committee oversees the Risk Management process including riskidentification impact assessment effective implementation of the mitigation plans andrisk reporting. Risk Management forms an integral part of the Company's planningprocess. There are no risks which in the opinion of the Board threaten the existence ofyour Company.

ADEQUCY OF INTERNAL FINANCIAL CONTROLS

The Company has in place robust internal control procedurescommensurate with its size and operations. Company has the internal controls Departmentheaded by Internal Auditor of the company. The Board of Directors is also responsible forthe internal control system sets the guidelines verifying its adequacy effectivenessand application. The Company's internal control system is designed to ensuremanagement efficiency measurability and verifiability reliability of accounting andmanagement information compliance with all applicable laws and regulations and theprotection of the Company's assets so that the company's main risks(operational compliance-related economic and financial) are properly identified andmanaged over time.

CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING

In terms of Regulation 8 of SEBI (Prohibition of Insider Trading)Regulations 2015 the Company has adopted Code of Conduct prohibiting regulating andmonitoring the dealings in the securities of the Company by Directors DesignatedEmployees and Connected Persons while in possession of unpublished price sensitiveinformation in relation to the securities of the Company. The code of conduct is availableat the Company's website at www.alfaica.com under investor segment.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

In accordance with the Section 177(9)& (10) of the CompaniesAct2013 and rules framed there under read with Regulation 22 ofthe Listing Regulationsthe Company has a Whistleblower Policy in place for its Directors and Employees to reportconcerns about the unethical behavior actual or suspected fraud or violation of theCompany's Code of Conduct. The Policy provides for protected disclosures that can bea whistle blower through e-mail or letter or to the Chairperson of the Audit Committee.Whistle Blower Policy is disclosed on the website of the Company. During the year ended onMarch 31 2021 the Company did not receive any information under the scheme.

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

The Company has in place an anti-sexual harassment policy in line withthe requirement of the Sexual Harassment of Women at the Workplace (PreventionProhibition and Redressal) Act 2013.There is no such instance reported during the yearunder review.

EXTRACT OF ANNUAL REPORT

The details forming part of the extract of the Annual Return as onMarch 312021 inform MGT-9 in accordance with Section92(3)of the Companies Act 2013 readwith Companies (Management and Administration ) Rules 2014 is annexed herewith as"ANNEXURE B" to this report.

PARTICULARS OF THE EMPLOYEES

The information required under Section 197(12) of the Companies Act2013 read with Rule 5(1) of Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 in respect of Directors/employees of your Company is set out in"Annexure–C" of this report. The statement containing the information ofthe top ten employees in terms of remuneration drawn as required under Section 197 of theCompanies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 will be provided to any Member on a written request tothe Company Secretary. In terms of Section136 of the Act the Reports and Accounts arebeing sent to the Members and others entitled thereto excluding the aforesaid informationof top ten employees which is available for inspection by the members at the Registeredoffice of the Company during business hours on working days of the Company up to the dateof the ensuing Annual General Meeting. There was no employee who was in receipt ofremuneration in excess of ` 8.5Lacs per month during the year or `1.2Crore per annum inthe aggregate if employed part of the year.

STATUTORY DISCLOSURES REQUIRED UNDER RULE 8 (3) OF THE COMPANIES(ACCOUNTS) RULES 2014:

The information pertaining to conservation of energy technologyabsorption Foreign exchange Earnings and outgo as requiredunder Section134(3)(m) of theCompanies Act 2013 read with Rule8(3) of the Companies (Accounts) Rules2014 is furnishedin Annexure to Directors Report and is attached to this report. [Annexure–D]

LOAN GUARANTEES OR INVESTMENTS

During the year the Company has not made any investment nor given anyloan or guarantees under Section 186 of Companies Act 2013.

RELATED PARTIES TRANSACTIONS

During the financial year 2020-21 there was no materially significantrelated party transaction undertaken by the Company under Section 188 of the CompaniesAct 2013 read with rules framed there under and Regulation 23 of SEBI (LODR) Regulations2015 that may have potential conflict with the interest of the Company. Disclosure onrelated party transactions is set out in financial statements.

MATERIAL CHANGES / INFORMATION

There is no material changes have taken place after the closure of thefinancial year up to the date of this report which may have substantial effect on thebusiness and financial of the Company.

DETAILS OF SIGNIFICANT AND MATERIAL OR DERSPASSED BY THE REGULATORS /COURTS / TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND THE COMPANY'S OPERATIONS INFUTURE

No significant and material orders have been passed by any of theregulators or courts or tribunals impacting the going concern status and companiesoperations in future.

GENERAL DISCLOSURE

Your Directors state that the Company has made disclosures in thisreport for the items prescribed in section 134(3) of the Act and Rule 8 of the Companies(Accounts) Rules2014 to the extent the transactions took place on those items during theyear.

APPRECIATION

Your Director stake this opportunity to express their sincereappreciation to the shareholders customers bankers suppliers employees and otherbusiness associates for the excellent support and co-operation extended by them.

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