Alfa Ica (India) Ltd Directors Report.

To, The Members,

ALFA ICA (INDIA) LIMITED

CIN: L20100GJ1991PLC016763

Report on the Audit of the Financial Statements Opinion and we do not express any form of assurance We have audited the accompanying financial statements of Alfa Ica (India) Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2020, the Statement of Profit and Loss, including the Statement of Other Comprehensive Income, the Statement of Changes in Equity and the Statement of Cash Flowsfor the year then ended, andnotes to the financial statements, including a summary of the policies and other explanatory information. we are required In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financialstatements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in 134(5) of the Act with respect to the preparation India, of the state of affairs of the Company as at March 31, 2020, its profit including other comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing(SAs),as specified 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section independent of the Company in accordance with the ‘Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our ectively for ensuring the accuracy audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled statements that ethical responsibilities in accordance with these and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to our opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matterswereaddressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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 Auditors

Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Companys Annual Report, but does not include the financial statements and our auditors report thereon.

Our opinion on the financial statements does not cover the other information conclusion thereon.

In connection with our audit of the financial responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.If, based on the work we have performed, we conclude that there is a accounting material misstatement of this other information, to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with

Governance for the Financial Statements

The Companys Board of Directors is responsible for the matters stated in section of these financial statements that give a true and fair the financial position, financial performance including comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the under section assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of accounting policies; making judgments and estimates that are of our report. We are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were and completeness operating of the accounting records, relevant to the preparation and give a true and fair presentation ofthe financial our other requirements view and are free from material misstatement, whether due to fraud or error. a basis for In preparing the financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, orhasnorealistic but to do so.

The Board of Directors are responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Financial Statements

Our about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resultingfrom error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, override of internal control. opinion

Obtain an understanding of internal financial controls relevant to the 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 on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and (11) related disclosures made by management. in paragraphs 3 and 4 of the Order, to the

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the 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 auditors report. However, future events or conditions may cause the Company ceasetocontinueasa

Evaluate the overall presentation, structure and content of the financialstatements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of audit and significant audit findings, deficiencies in internal control that we identify during our audit We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

(i) Due to the COVID-19 related lockdown, we were unable to observe the managements year end physical verification inventory, we have performed alternate procedures to audit the existence of inventory as per the guidance provided in SA 501 "Audit Evidence Specificorthe selected items" and have obtained sufficient appropriate unmodifiedon theseauditevidencetoissueour 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 (Auditors Report) Order, 2016 ("the Order"), issued by the Central Government of of section 143 of the Act, Indiaintermsof sub-section we give in the "Annexure A" a statement on the matters extent specified applicable.

2. As required by Section 143(3) of the Act, we report that: a. We have sought and obtained all the informationand explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; b. In our opinion, proper books of account as requiredby law have been 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 including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account; d. In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 as amended; the e. On the basis 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 31, 2020 from being appointed as a director in terms of Section 164(2) of the Act; matters that may reasonably be thought f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on and operating effectiveness of the Companys internal financial controls over financial reporting; g. With respect to other matters to be included in the auditors report in accordance with the requirements of Section 197(16) of the Act, as amended. In our opinion, remunerationfor the managerial year ended March 31, 2020has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act; h. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the to us: i. The Company has no pending litigations which has any impact on the financial position its financial statements Refer note 28 to the financial statements; ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and ProtectionFund by the Company;

 

For Doogar & Associates

Chartered Accountants FirmRegistration No.

Vardhman Doogar

Partner Membership No. 517347 UDIN: 20517347AAAAHP3381

Place: New Delhi in Date : June 29, 2020

Annexure "A" to the Independent Auditors Report

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our report to the Members of Alfa Ica (India) Limitedof even date)

Report on the matters specified in paragraph 3 of the Companies

(Auditors 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 Companys fixed assets: -

a. The Company has maintained proper records showing full particulars, including quantitative ed assets. fi x detailsandsituation of

b. The Company has a program of all the items of fixed assets in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain fixed assets were physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

c. According to the information and(1) of Sectionexplanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

ii. The company has conducted physical verification of its inventories (excluding materials in transit and stock lying with third parties) at reasonable intervals. No material discrepancies were noticed during physical verification.

iii. According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties maintained under section

Accordingly, the provisions of clause 3(iii)(a), (b) and (c) of the Order are not applicable to the Company and hence not commented upon.

iv. As informed to us, the company has not given any loan, made investments, given guarantees and securities to anyperson or party covered under Section 185 and 186 of theCompanies Act, 2013. v. The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.

vi. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central Government under sub-section of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have not, however, made a detailed examination of the same.

vii. According to the information and explanations given to us, in respect of statutory dues: a. The Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues applicable 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 of Custom, Duty of Excise, Value Added Tax, Cess and Other Statutory Dues were outstanding, at 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 dues outstanding of Income Tax, duty of custom, duty of excise, goods & service tax and value added tax which have not been deposited by the Company as at March 31, 2020 on account of any dispute.

viii. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to financial institution, banks and government and dues to debenture holders.

ix. According to the information and explanations given by the management, the Company has 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 our knowledge, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year. xi. In our opinion and according to the information and explanations given to us, the Company has paid/ provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act, 2013.

xii. In our opinion and according to the information and explanations given to us the Company is not a Nidhi Company and hence reporting under paragraph 3(xii) the Order is not applicable. xiii. According to the information and explanation and records made available by the company, the Company has complied with the provision of Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements as required by the applicable accounting standards. xiv. According to the information and explanation give to us, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reportingunder paragraph 3(xiv) of the Order is not applicable to the Company. xv. In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable. / debt xvi. The Company is not required to be registered under section 45-I of the Reserve Bank of India Act, 1934.

 

For Doogar & Associates

Chartered Accountants Firm Registration No. 000561N

Vardhman Doogar

Partner Membership No. 517347 UDIN: 20517347AAAAHP3381

Place: New Delhi Date : June 29, 2020

Annexure "B" to the Independent Auditors Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements section of our report to the members of Alfa Ica (India) Limitedof even date)

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 audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Reporting(the "Guidance Over Financial Note") issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenanceofadequateinternalfinancialcontrolsthat of the companys assets that could have a material ely for ensuring the orderly and efficient effectiv wereoperating conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detectionof frauds and errors, the accuracy and completeness of the accounting records, and the timelypreparation of reliable financialinformation, as required under the Companies Act, 2013 ("the Act") .

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note of Internal Financial ControlsOverFinancialReportingissued by the Institute of Chartered Accountants of India (‘the Guidance Note) and the Standards on Auditing, prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A companys internal financial control over financial reportingisa process designed to provide reasonable assurance regarding the reliability of financial reporting statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactionsare recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition effect on the financial statements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financialcontrols over financial are subject to the risk that the internal financial financial in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial financial reporting were operating effectively as at March 31, 2020, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting controls issued by the Institute of Chartered Accountants of India.

 

For Doogar & Associates

Chartered Accountants FirmRegistration 000561N No.

Vardhman Doogar

Partner Membership No. 517347 UDIN: 20517347AAAAHP3381

Place: New Delhi Date : June 29, 2020