ALFA ICA (INDIA) LIMITED Annual Report 2018-19 - BSE

CORPORATE INFORMATION

BOARD OF DIRECTORSShyamSunderTibrewal Chairman&IndependentDirectorInder Chand Nahta Independent DirectorRishiTikmani Whole-timeDirectorPoojaTikmani WomanDirector/ExecutiveDirectorSanjeevSharma IndependentDirector

CHIEF FINANCIAL OFFICERHansrajSekhani

COMPANY SECRETARY & COMPLIANCE OFFICERSejalKanabi(Resignedw.e.f.08thMay,2019)HimadriTrivedi(Appointedw.e.f.09thMay,2019)

STATUTORY AUDITORSDoogar & AssociatesCharteredAccountants13,CommunityCentre,NewDelhi-110065

SECRETARIAL AUDITORKamlesh M. Shah & Co.PractisingCompanySecretary801-A,MahalayComplex,Navrangpura,Ahmedabad-380009

BANKERS OF THE COMPANYStateBankofIndiaLaghuUdhyogBranch,Ahmedabad

REGISTERED OFFICE1-4,UmaIndustrialEstate,VillageVasana-Iyawa,Tal.Sanand,Dist.Ahmedabad-382110CIN:L20100GJ1991PLC016763

ADMINISTRATIVE OFFICEAlfa-Palazzo,NearShivranjaniCrossRoad,SatelliteRoad,Jodhpur,Ahmedabad–380015

PLANT204-205,UmaIndustrialEstate,VillageVasana-Iyawa,Tal.Sanand,Dist.Ahmedabad-382110

REGISTRAR & SHARE TRANSFER AGENTLinkIntimeIndiaPrivateLimited506-508,AmarnathBusinessCenter(ABC-I),BesideGalaBusinessCenter,NearSt.Xavier’sCollegeCorner,OffC.G.Road,Navrangpura,Ahmedabad–380009

AUDIT COMMITTEEShyamSunderTibrewal:ChairmanInder Chand NahtaRishiTikmani

SHAREHOLDERS RELATIONSHIP COMMITTEEShyamSunderTibrewal:ChairmanInder Chand NahtaRishiTikmani

NOMINATION AND REMUNERATION COMMITTEEInderChandNahta:ChairmanShyamSunderTibrewalSanjeevSharma

ALFA ICA (INDIA) LIMITED Annual Report 2018-19

CONTENTS ........................................PAGE NO.

Notice .......................................................01

Directors’Report ......................................08

ManagementDiscussion&Analysis .........23

Auditors’Report .......................................25

BalanceSheet ...........................................30

StatementofProfit&Loss........................31

CashFlowStatement ................................32

StatementofChangesinEquity ...............33

NotesonFinancialStatements .................34


1

NOTICE IS HEREBY GIVEN THAT THE 28TH ANNUAL GENERAL MEETING OF THE MEMBERS OF ALFA ICA (INDIA) LIMITED WILL BE HELD ON FRIDAY, SEPTEMBER 06, 2019 AT 04:00 P.M. AT THE REGISTERED OFFICE OF THE COMPANY AT 1-4, UMA INDUSTRIAL ESTATE, VASNA-IYAWA, TALUKA: SANAND, DISTRICT: AHMEDABAD-382 110 TO TRANSACT THE FOLLOWING BUSINESSES:

ORDINARY BUSINESS:

1. Toreceive,considerandadoptthefinancialstatementsofthe Company including the Audited Balance Sheet as onMarch31,2019,theStatementofProfitandLossandtheCashflowstatementfortheyearendonthatdateandtheReportsoftheBoardofDirectorsandtheAuditorsoftheCompany.

2. To declare final dividend on the Equity Shares for theFinancialYearendedonMarch31,2019.

3. Toreappointadirector,Mr.RishiTikmani(DIN:00638644),who retires by rotation being eligible, offers himself for re-appointment.

SPECIAL BUSINESS:

4. To approve the re-appointment of Mr. Shyam SunderTibrewal (DIN:00500621),asan IndependentDirectorofthecompanyandinthisregardtoconsiderandifthoughtfit, to passwith orwithoutmodification(s) the followingresolutionasaSpecialResolution:

“RESOLVED THAT pursuant to the provisions of Sections149,150, 152 and any other applicable provisions ofthe Companies Act, 2013 (“Act”) and the Companies(Appointment andQualificationofDirectors) Rules, 2014(including any statutory modification(s) or re-enactmentthere of for the time being in force) readwith ScheduleIV to theAct andRegulation16(1)(b)of the SEBI (ListingObligations and Disclosure Requirements) Regulations,2015, Mr. Shyam Sunder Tibrewal (DIN: 00500621)IndependentDirectoroftheCompany,whohassubmittedadeclarationthathemeetsthecriteriaofindependenceasprovidedinSection149(6)oftheActandRegulation16oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations, 2015, as amended from time to time andwho is eligible for re-appointment, be and is hereby re-appointedasanIndependentDirectoroftheCompanytoholdofficeforsecondtermoffiveconsecutiveyearswitheffect from September 06, 2019 to September 05, 2024andwhoseofficeshallnotbeliabletoretirebyrotation”

RESOLVED FURTHER THAT any Director and/or theCompany Secretary of the Company be and is herebyauthorizedtodoallacts,deedsandthingsincludingfilingsand take steps as may be deemed necessary, proper orexpedient to give effect to this Resolution and mattersincidentalthereto”

5. Toapprovethere-appointmentofMr.InderChandNahta(DIN: 03565091), as an Independent Director of thecompany and in this regard to consider and if thoughtfit, to passwith orwithoutmodification(s) the followingresolutionasaSpecialResolution:

“RESOLVED THAT pursuant to the provisions of Sections149,150, 152 and any other applicable provisions of

the Companies Act, 2013 (“Act”) and the Companies(Appointment andQualificationofDirectors) Rules, 2014(including any statutory modification(s) or re-enactmentthereof for the time being in force) read with ScheduleIV to theAct andRegulation16(1)(b)of the SEBI (ListingObligations and Disclosure Requirements) Regulations,2015,Mr.InderChandNahta(DIN:03565091)IndependentDirectoroftheCompany,whohassubmittedadeclarationthat he meets the criteria of independence as providedin Section 149(6) of the Act and Regulation 16 of theSEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended from time to time andwho is eligible for re-appointment, be and is hereby re-appointedasanIndependentDirectoroftheCompanytoholdofficeforsecondtermoffiveconsecutiveyearswitheffect from September 06, 2019 to September 05, 2024andwhoseofficeshallnotbeliabletoretirebyrotation”


6. To approve the re-appointment of Mr. Sanjeev KumarSharma (DIN: 00835187), as an Independent Director ofthecompanyandinthisregardtoconsiderandifthoughtfit, to passwith orwithoutmodification(s) the followingresolutionasaSpecialResolution:

“RESOLVED THAT pursuant to the provisions of Sections149,150, 152 and any other applicable provisions ofthe Companies Act, 2013 (“Act”) and the Companies(Appointment andQualificationofDirectors) Rules, 2014(including any statutory modification(s) or re-enactmentthereof for the time being in force) read with ScheduleIV to theAct andRegulation16(1)(b)of the SEBI (ListingObligations and Disclosure Requirements) Regulations,2015, Mr. Sanjeev Kumar Sharma (DIN: 00835187)IndependentDirectoroftheCompany,whohassubmittedadeclarationthathemeetsthecriteriaofindependenceasprovidedinSection149(6)oftheActandRegulation16oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations, 2015, as amended from time to time andwho is eligible for re-appointment, be and is hereby re-appointedasanIndependentDirectoroftheCompanytoholdofficeforsecondtermoffiveconsecutiveyearswitheffect from September 06, 2019 to September 05, 2024andwhoseofficeshallnotbeliabletoretirebyrotation”


ByOrderoftheBoardofDirectors

Shyam Sunder TibrewalPlace :Ahmedabad ChairmanDate : 6thAugust,2019 (DIN:00500621)

NOTICE

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NOTES:

1. The information required to be provided under theSEBI (Listing Obligations and Disclosure Requirements)Regulations,2015andtheSecretarialStandardsonGeneralMeetings, regarding the Directors who are proposed tobe appointed/ re-appointed and the relative ExplanatoryStatementpursuanttoSection102oftheCompaniesAct,2013, is annexed hereto.

2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL MEETING (AGM) IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.

PursuanttoSection105oftheCompaniesAct,2013readwithCompanies(ManagementandAdministration)Rules,2014,apersonshallnotactasproxyformorethanfifty(50)membersandholdingintheaggregatenotmorethan10%of the total sharecapitalof theCompanycarryingvotingrights. Amemberholdingmorethan10%ofthetotalsharecapitaloftheCompanycarryingvotingrightsmayappointasinglepersonasproxyandsuchpersonshallnotactasproxyforanyotherpersonorshareholder.

3. Ablankproxyformisbeingsentherewith.Theinstrumentofappointingproxy,dulystampedcompletedandsigned,shouldbedepositedattheregisteredofficeoftheCompany,not lessthan48hoursbeforethecommencementofthemeeting.

4. TheRegisterofMembersandShareTransferBooksoftheCompanywillremainclosedfromFriday,August30,2019toFriday,September06,2019(bothdaysinclusive)forthepurposeofAGM/Annualclosing.

5. Members who hold shares in dematerialized form arerequested to write their Client ID and DP ID and thosewho hold shares in physical form are requested towritetheirfolionumberintheattendanceslipforattendingtheMeeting.

6. Corporate Members intending to send their authorizedrepresentatives to attend the meeting are requested tosend to the Company duly certified copy of the relevantBoard Resolution authorizing such representatives toattend and vote on their behalf at the Annual GeneralMeeting.

7. Members holding shares in dematerialized form arerequestedtocontactyourdepositoryparticipantandgivesuitable instructions to update your bank details in yourdemataccountand tonotifyanychangeswith respect totheir addresses, email id, etc.Membersholding shares inphysical form are requested to intimate such changes toRegistrarandTransferAgentsoftheCompany.

8. SEBIvideitsCircularNo.SEBI/LAD-NRO/GN/2018/24dated8thJune,2018,amendedRegulation40ofListingRegulationspursuant towhich from1stApril,2019,onwards securitiescan be transferred only in dematerialized form. However,it is clarified that, members can continue holding sharesin physical form. Transfer of securities in demat formwill

facilitate convenience and ensure safety of transactionsforinvestors.Membersholdingsharesinphysicalformarerequested to convert their holding(s) to dematerializedform toeliminateall risksassociatedwithphysical shares.SEBIvidePressReleasedated27thMarch,2019hasclarifiedthat the share transfer deed(s) once lodged prior to thedeadlineof31stMarch,2019andreturnedduetodeficiencyindocumentssubmitted,maybere-lodgedfortransfer.

9. Details of Director seeking re-appointment in AnnualGeneral Meeting pursuant to Regulation 36(3) of theSecuritiesandExchangeBoardofIndia(ListingObligationsand Disclosure Requirements) Regulations, 2015 andSecretarialStandardonGeneralMeeting(SS-2)aregivenindetailintheAnnexuretothisNotice.

10. Members who have not registered their e-mail addressso far are requested to register their e-mail address forreceiving all communications including Annual Report,Circulars,etc.fromtheCompanyelectronically.

11. PursuanttoSection101andSection136oftheCompaniesAct, 2013 read with relevant Rules made there under,the Notice of 28th Annual General Meeting along withAttendance Slip and Proxy Form, part of the AnnualReport2018-19isbeingsenttoallmemberswhosee-mailaddresses are registered with the Company or with theDepositoryParticipantsforcommunicationpurposeunlessanymemberhasrequestedforaphysicalcopyofthesame.

12. Members desiring any information or clarification onAccounts are requested to send written queries to theCompany,atleastsevendaysinadvancesoastoenablethemanagementtokeepinformationreadyatAnnualGeneralMeeting.

13. The Notice of the Annual General Meeting and AnnualReport 2018-19 of the Company will be available onCompany’swebsitewww.alfaica.com.

14. MembersarerequestedtonotethatM/sLinkIntimeIndiaPrivateLimited,506-508,AmarnathBusinessCenter(ABC-I),Beside Gala Business Center, Near St. Xavier’s CollegeCorner,OffCGRoad,Navrangpura,Ahmedabad–380009,istheRegistrarandTransferAgent(RTA)tolookaftertheworkrelatedtosharesheldinphysicalanddematerializedform.

15. The Securities and Exchange Board of India (SEBI) hasmandatedthesubmissionofPermanentAccountNumber(PAN) and their bank details by every participant insecurities market. Member holding shares in electronicformat,therefore,requestedtosubmitthePANandbankdetails to their Depository Participants with whom theyaremaintaining their demat accounts.Members holdingshares in physical form can submit their PAN and bankdetailstotheCompanyoritsShareRegistrarsandTransferAgents.

16. AspertheCircularNo.LIST/COMP/15/2018datedJuly05,2018ofBSEallthemembersholdingsharesinPhysicalformareadvisedtoconverttheirshareholdingindematerializedformbeforeDecember05,2018.


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17. IncompliancewiththeprovisionsofSection108oftheCompaniesAct,2013andtheRulesframedthereunder,asamendedfromtimetotime,andRegulation44oftheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015,Membersareprovidedwiththefacilitytocasttheirvoteelectronically,throughthee-votingservicesprovidedbyCentralDepositoryServices(India)Limited(CDSL),onalltheresolutionssetforthinthisNotice.Theinstructionsfore-votingaregivenelsewhereintheNotice.

18. ThefacilityforvotingeitherthroughballotorpollingpapershallalsobemadeavailablebytheCompanyattheAGMandthemembersattendingthemeetingwhohavenotcastedtheirvotebyremotee-voting,willbeabletoexercisetheirrightatthemeetingthroughballotorpollingpaper,ascasemaybe.Thememberswhohavecastedtheirvotebyremotee-votingpriortothemeetingmayalsoattendthemeetingbutshallnotbeentitledtocasttheirvoteagain.

19. AroutemaptothevenueoftheAGMisenclosed.

Details of the Director seeking re-appointment at the 28th Annual General Meeting

{In pursuance of Regulation 36 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 & Secretarial Standard on General Meetings (SS-2)}

Name of the Director & Qualification

Experience Disclosure of relationship with other director, Key Managerial Personnel or promoter of the company

Directorships held in other Companies

No. of Equity Shares held in the Company

Mr. Rishi Tikmani(DIN: 00638644)(Age:38years)

He is Master of BusinessAdministration in InternationalBusiness & Policy fromUniversity of West Minister(U.K) and Bachelor of BusinessAdministration from GujaratUniversity.

HeisWholetimedirectorofthecompanysince2006.

Mr. Rishi Tikmani ispresently working asWhole-time Director ofthe Company. He hasmore than Thirteen yearsexperience in the field ofproduction & marketingand has been with thecompanysince2006.

He is related to(Brother of) PoojaTikmani WomenDirector of theCompany.

Nil He is holding5,61,200equityshares ofthecompany.

Mr. Shyam Sunder Tibrewal(DIN:00500621)(Age:67years)

HeisGraduatedinCommerce.

He has been on the board ofdirector of the company since2008.

HeisanIndependentdirectorofthecompanysince2014.

Mr. Shyam SunderTibrewal has anexperiencedofoverFortyyears in ManufacturingExperience of dyes /chemicalsplastics.Hewasalso a president of ThePlastics Export PromotionCouncil.

Notrelatedtoanyone. Director:

• AlfaIca(India)Limited

• SvarSyntheticsPvt.Ltd.

• MayurWovensPvt.Ltd.

• ThePlasticsExportPromotionCouncil

He is not holdinganyshares.

Mr. Inder Chand Nahta(DIN:03565091)(Age:66Years)

He is Graduated in commerceandaCharteredAccountant.

He has been on the board ofdirector of the company since2011.

Mr. Inder Chand Nahta has an experienced in over thirty five years inAccounts,Audit,Taxation,Finance.



He is not holdinganyshares.

Mr. Sanjeev Kumar Sharma(DIN:00835187)(Age:61years)B.Sc., L.L.B, C.A., IIB, P.G.D.B.M

HeisanIndependentDirectorofthecompanysince2014.

Mr.SanjeevKumarSharmahas an experienced ofover twenty five years inbankingandfinance.



• QuantumBankingResourceCentrePvt. Ltd.

He is holding400equityshares ofthecompany.

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INSTRUCTION FOR REMOTE E-VOTING

Pursuant toSection108of theCompaniesAct,2013readwiththeCompanies (ManagementandAdministration)Rules, 2014,asmaybeamendedfromtimetotimeandRegulation44oftheSecuritiesandExchangeBoardof India (ListingObligationsandDisclosure Requirements) Regulations, 2015 and SecretarialStandard–2issuedbyCompanySecretariesofIndia,theCompanyispleasedtoprovidee-votingfacilitytoallitsMembers,toenablethemtocasttheirvoteselectronically.TheCompanyhasengagedtheservicesofCentralDepositoryServices(India)Limited(CDSL)forthepurposeofprovidinge-votingfacilitytoallitsMembers.Pleasenotethate-votingisanalternatemodetocastvotesandisoptional.

The remote e-voting period shall commence at 09.00 a.m. onTuesday, September 03, 2019 and will end at 05.00 p.m. onThursday,September05,2019.

The cut-off date for determining the eligibility of shareholdersto exercise remote e-voting rights and attendance at AnnualGeneral Meeting (AGM) is Friday August 30, 2019. A person,whosename is recorded in theRegister ofMembers or in theRegisterofBeneficialOwnersmaintainedbytheDepositoriesasoncut-offdate,shallbeentitledtoavail the facilityofE-votingorvotingatthemeetingthroughballotpaper.Thevotingrightsofshareholdersshallbeinproportiontotheirsharesofthepaid

upequitysharecapitaloftheCompanyasonthecut-offdate.ApersonwhoisnotaMemberasonthecut-offdateshouldtreatthisNoticeforinformationpurposeonly.

In case of members receiving e-mail:

1. Log on to the e-voting website www.evotingindia.com duringthevotingperiod.

2. Clickon“Shareholders“tab.

3. Select the “COMPANY NAME” i.e. ALFA ICA (INDIA) LIMITED fromthedropdownmenuandclickon“SUBMIT”

4. NowEnteryourUserID:

a) ForCDSL:16digitsbeneficiaryID,

b) For NSDL: 8 Character DP ID followed by 8 DigitsClientID,

c) Members holding shares in Physical Form shouldenterFolioNumberregisteredwiththeCompany.

5. NextentertheImageVerificationasdisplayedandClickonLogin.

6. Ifyouareholdingsharesindematformandhadloggedontowww.evotingindia.comandvotedonanearliervotingofanycompany,thenyourexistingpasswordistobeused.

7. Ifyouareafirsttimeuserfollowthestepsgivenbelow:

For Members holding shares in Demat Form and Physical Form

PAN* Enteryour10digitalpha-numericPANissuedbyIncomeTaxDepartment(Applicableforbothdematshareholdersaswellasphysicalshareholders)

• MemberswhohavenotupdatedtheirPANwiththeCompany/DepositoryParticipantarerequestedtousethefirsttwolettersoftheirnameandthelast8digitsofthedemataccount/folionumberinthePANField.

• Incasethefolionumberislessthan8digitsentertheapplicablenumberof0’sbeforethenumberafterthefirsttwocharactersofthenameinCAPITALletters.

E.g.IfyournameisJagatKumarwithfolionumber100thenenterJA00000100inthePANField.

DOB EntertheDateofBirthasrecordedinyourdemataccountorinthecompanyrecordsforthesaiddemataccountorfolioindd/mm/yyyyformat.

Dividend Bank Details

• EntertheDividendBankDetailsasrecordedinyourdemataccountorintheCompanyrecordsforthe Saiddemataccountorfolio.

• PleaseentertheDOBorDividendBankDetailsinordertologin.Ifthedetailsarenotrecordedwiththedepositoryorcompanypleaseenterthenumberofsharesheldbyyouasonthecut-offdateintheDividendBankdetailsfield.

8. Afterenteringthesedetailsappropriately,clickon“SUBMIT”tab.

9. Membersholdingshares inphysical formwill thenreachdirectlytheCompanyselectionscreen.However,membersholdingshares indemat formwill now reach ‘PasswordCreation’menuwherein theyare required tomandatorily enter their loginpassword in thenewpasswordfield. Kindlynote that thispassword is tobealsousedby thedematholders for voting forresolutionsofanyothercompanyonwhichtheyareeligibletovote,providedthatcompanyoptsfore-votingthroughCDSLplatform. It isstronglyrecommendednottoshareyourpasswordwithanyotherpersonandtakeutmostcaretokeepyourpasswordconfidential.

10. ForMembersholdingshares inphysical form, thedetails canbeusedonly fore-votingon the resolutionscontained in thisNotice.

11. ClickontheEVSNagainstthecompany’snamei.e.TheALFAICA(INDIA)LIMITED,onwhichyouchoosetovote.


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12. Onthevotingpage,youwillsee“RESOLUTIONDESCRIPTION”andagainstthesametheoption“YES/NO”forvoting.SelecttheoptionYESorNOasdesired.TheoptionYESimpliesthatyouassenttotheResolutionandoptionNOimpliesthatyoudissenttotheResolution.

13. Clickonthe“RESOLUTIONSFILELINK”ifyouwishtoviewtheentireResolutiondetails.

14. Afterselectingtheresolutionyouhavedecidedtovoteon,clickon“SUBMIT”.Aconfirmationboxwillbedisplayed.Ifyouwishtoconfirmyourvote,clickon“OK”,elsetochangeyourvote,clickon“CANCEL”andaccordinglymodifyyourvote.

15. Onceyou“CONFIRM”yourvoteontheresolution,youwillnotbeallowedtomodifyyourvote.

16. Youcanalso takeoutprintof thevotingdonebyyoubyclickingon“Clickheretoprint”optionontheVotingpage.

17. If Demat account holder has forgotten the changedpasswordtheentertheUserIDandtheimageverificationcodeandclickonForgotPassword&enterthedetailsaspromptedbythesystem.

18. Shareholderscanalsocast theirvoteusingCDSL’smobileappm-Votingavailableforallmobileusers.Pleasefollowthe instructions as prompted by the mobile app whilevotingonyourmobile

19. NoteforNon-IndividualShareholdersandCustodians

• Non-individual shareholders (i.e. other thanIndividuals, HUF, NRI etc.) are required to log onto https://www.evotingindia.co.in and registerthemselvesasCorporate.

• They should submit a scanned copy of theRegistrationFormbearingthestampandsignoftheentitytohelpdesk.evoting@cdslindia.com.

• Afterreceivingthelogindetailstheyhavetocreateauserwhowouldbeabletolinktheaccount(s)whichtheywishtovoteon.

• The list of accounts should bemailed to [email protected] and on approval of theaccountstheywouldbeabletocasttheirvote.

• They should upload a scanned copy of the BoardResolutionandPowerofAttorney(POA)whichthey

haveissuedinfavoroftheCustodian,ifany,inPDFformatinthesystemforthescrutinizertoverifythesame.

20. Incaseofmembersreceivingthephysicalcopy:

Pleasefollowallstepsfromserialno.(1)Toserialno.(19)Abovetocastvote.

GENERAL INSTRUCTIONS FOR VOTING:

(I) The voting rights of Members shall be in proportion tothesharesheldbythepaidupequitysharecapitalofthecompanyasonThursdayAugust29,2019.

(II) Thefacilityforvotingthroughballotpapershallbemadeavailable at the AGM and the member attending themeetingwhohavenotcasttheirvotebyremotee-votingshallbeabletoexercisetheirrightatthemeetingthroughballotpaper.

(III) Thememberswhohavecasttheirvotebyremotee-votingpriortotheAGMmayalsoattendtheAGMbutshallnotbeentitledtocasttheirvoteagain.

(IV) Incaseyouhaveanyqueriesorissuesregardinge-voting,you may refer the Frequently Asked Questions (“FAQs”)[email protected]

(V) The Scrutinizer, after scrutinizing the votes cast at themeeting throughpolland throughe-votingwill,not laterthan three days of conclusion of the meeting, make aconsolidated scrutinizer’s report and submit the sameto the chairman. The results declared along with theconsolidated scrutinizer’s report shall be placed onthe website of the Company www.alfaica.com and onthe website of www.cdslindia.com. The results shallsimultaneouslybecommunicatedtotheStockExchanges.

(VI) TheresultsofthevotingontheResolutionsattheMeetingwill be announcedby theChairmanor anyother personauthorizedbyhimwithinthreedaysoftheAGM.

(VII) Mr.KamleshM.Shah,ProprietorofM/sKamleshM.Shah&Co.,(MembershipNo.:8356andCOPNo.:2072)hasbeenappointedasscrutinizertoscrutinizee-votingprocess.

Route Map of the AGM Venue

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ITEM NO 4:To approve the re-appointment ofMr. Shyam Sunder Tibrewal(DIN: 00500621), as an Independent Director of the companyand in this regard to consider and if thought fit, to pass withorwithoutmodification(s) the following resolutionasaSpecialResolution:

Mr. ShyamSunderTibrewal(DIN:00500621),wasappointedasan Independent Director of the Company by the members atthe 23rdAGMof theCompanyheldonSeptember23,2014foraperiodoffiveconsecutiveyears.AsperSection149(10)oftheAct,anIndependentDirectorshallholdofficeforatermofuptofiveconsecutiveyearsontheBoardofaCompany,butshallbeeligibleforre-appointmentonpassingaspecialresolutionbytheCompanyforanothertermofuptofiveconsecutiveyearsontheBoardofaCompany.

Based on recommendation of Nomination and RemunerationCommitteeandintermsoftheprovisionsofSections149,150,152readwithScheduleIVandanyotherapplicableprovisionsoftheActandSEBI(ListingObligationsandDisclosureRequirements)Regulations, 2015, Mr. Shyam Sunder Tibrewal, being eligiblefor re-appointment as an Independent Director and offeringhimselfforre-appointment,isproposedtobere-appointedasanIndependentDirectorforsecondtermoffiveconsecutiveyearsfromSeptember06,2019toSeptember05,2024.

The Company has received declaration from him stating thathe meets the criteria of Independence as prescribed undersub-section (6)ofSection149of theCompaniesAct,2013andRegulation16(1)(b)oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015.HehasalsogivenhisconsenttocontinuetoactasDirectoroftheCompany,ifsoappointedbythemembers.

In theopinionof theBoard,Mr. ShyamSunder Tibrewal fulfilsthe conditions specified under Section 149 (6) of the Act, theCompanies (Appointment andQualificationofDirectors) Rules,2014 and Regulation 16(1)(b) of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015 for his re-appointment as an Independent Director of the Company andis independent of themanagement. The Board considers thathis continued associationwould be of immense benefit to theCompanyand it isdesirabletocontinuetoavailservicesofMr.ShyamSunderTibrewalasanIndependentDirector

Accordingly, the Board recommends passing of the SpecialResolution in relation to re-appointment ofMr. Shyam SunderTibrewal as an Independent Director for another term of fiveconsecutive years with effect from September 06, 2019 toSeptember05,2024fortheapprovalbytheshareholdersoftheCompany.ExceptMr.ShyamSunderTibrewal,beinganappointeeand his relatives, none of the Directors and Key ManagerialPersonneloftheCompanyandtheirrelativesareconcernedorinterested,financiallyorotherwise, in theresolutionsetoutatItemNo.4oftheaccompanyingNoticeoftheAGM.Mr.ShyamSunderTibrewalisnotrelatedtoanyDirectoroftheCompany.

ITEM NO 5:Toapprovethere-appointmentofMr. InderChandNahta(DIN:03565091),asan IndependentDirectorof thecompanyand inthisregardtoconsiderandifthoughtfit,topasswithorwithoutmodification(s)thefollowingresolutionasaSpecialResolution:

Mr. Inder Chand Nahta (DIN: 03565091) was appointed as anIndependent Director of the Company by themembers at the23rd AGM of the Company held on September 23, 2014 for aperiodoffive consecutiveyears,Asper Section149(10)of theAct,anIndependentDirectorshallholdofficeforatermofuptofiveconsecutiveyearsontheBoardofaCompany,butshallbeeligibleforre-appointmentonpassingaspecialresolutionbytheCompanyforanothertermofuptofiveconsecutiveyearsontheBoardofaCompany.

Based on recommendation of Nomination and RemunerationCommitteeandintermsoftheprovisionsofSections149,150,152readwithScheduleIVandanyotherapplicableprovisionsoftheActandSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015,Mr.InderChandNahta,beingeligibleforre-appointment as an Independent Director and offering himselffor re-appointment, is proposed to be re-appointed as anIndependentDirectorforsecondtermoffiveconsecutiveyearsfromSeptember06,2019toSeptember05,2024.

The Company has received declaration from him stating thathe meets the criteria of Independence as prescribed undersub-section (6)ofSection149of theCompaniesAct,2013andRegulation16(1)(b)oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015.HehasalsogivenhisconsenttocontinuetoactasDirectoroftheCompany,ifsoappointedbythemembers.

In the opinion of the Board, Mr.Inder Chand Nahta fulfils theconditions specified under Section 149 (6) of the Act, theCompanies (Appointment andQualificationofDirectors) Rules,2014 and Regulation 16(1)(b) of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015 for his re-appointment as an Independent Director of the Company andis independent of themanagement. The Board considers thathis continued associationwould be of immense benefit to theCompanyand it isdesirabletocontinuetoavailservicesofMr.Inder Chand Nahta as an Independent Director.

Accordingly, the Board recommends passing of the SpecialResolution in relation to re-appointment of Mr. Inder ChandNahta as an Independent Director for another term of fiveconsecutive years with effect from September 06, 2019 toSeptember05,2024,fortheapprovalbytheshareholdersoftheCompany.ExceptMr.InderChandNahta,beinganappointeeandhisrelatives,noneoftheDirectorsandKeyManagerialPersonneloftheCompanyandtheirrelativesareconcernedorinterested,financiallyorotherwise,intheresolutionsetoutatItemNo.5oftheaccompanyingNoticeoftheAGM.Mr.InderChandNahtaisnotrelatedtoanyDirectoroftheCompany.

AN EXPLANATORY STATEMENT PURSUANT TO THE PROVISIONS OF SECTION 102(1) OF THE COMPANIES ACT, 2013


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ITEM NO 6:To approve the re-appointment ofMr. Sanjeev Kumar Sharma(DIN: 00835187), as an Independent Director of the companyand in this regard to consider and if thought fit, to pass withorwithoutmodification(s) the following resolutionasaSpecialResolution:

Mr. Sanjeev Kumar Sharma (DIN: 00835187),was appointed asan Independent Director of the Company by the members atthe 23rdAGMof theCompanyheldonSeptember23,2014foraperiodoffiveconsecutiveyears.AsperSection149(10)oftheAct,anIndependentDirectorshallholdofficeforatermofuptofiveconsecutiveyearsontheBoardofaCompany,butshallbeeligibleforre-appointmentonpassingaspecialresolutionbytheCompanyforanothertermofuptofiveconsecutiveyearsontheBoardofaCompany.

Based on recommendation of Nomination and RemunerationCommitteeandintermsoftheprovisionsofSections149,150,152readwithScheduleIVandanyotherapplicableprovisionsoftheActandSEBI(ListingObligationsandDisclosureRequirements)Regulations, 2015, Mr. Sanjeev Kumar Sharma, being eligiblefor re-appointment as an Independent Director and offeringhimselfforre-appointment,isproposedtobere-appointedasanIndependentDirectorforsecondtermoffiveconsecutiveyearsfromSeptember06,2019toSeptember05,2024.

The Company has received declaration from him stating thathe meets the criteria of Independence as prescribed undersub-section (6)ofSection149of theCompaniesAct,2013and

Regulation16(1)(b)oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015.HehasalsogivenhisconsenttocontinuetoactasDirectoroftheCompany,ifsoappointedbythemembers.

In the opinion of the Board,Mr. Sanjeev Kumar Sharma fulfilsthe conditions specified under Section 149 (6) of the Act, theCompanies (Appointment andQualificationofDirectors) Rules,2014 and Regulation 16(1)(b) of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015 for his re-appointment as an Independent Director of the Company andis independent of themanagement. The Board considers thathis continued associationwould be of immense benefit to theCompanyand it isdesirabletocontinuetoavailservicesofMr.SanjeevKumarSharmaasanIndependentDirector.

Accordingly, the Board recommends passing of the SpecialResolution in relation to re-appointmentofMr. SanjeevKumarSharma as an Independent Director for another term of fiveconsecutive years with effect from September 06, 2019 toSeptember05,2024,fortheapprovalbytheshareholdersoftheCompany.ExceptMr.SanjeevKumarSharma,beinganappointeeand his relatives, none of the Directors and Key ManagerialPersonneloftheCompanyandtheirrelativesareconcernedorinterested,financiallyorotherwise, in theresolutionsetoutatItemNo.6oftheaccompanyingNoticeoftheAGM.Mr.SanjeevKumarSharmaisnotrelatedtoanyDirectoroftheCompany.

The Directors recommend the aforesaid Resolution for theapprovalbytheMembersasSpecialResolution.


Shyam Sunder TibrewalPlace :Ahmedabad ChairmanDate : 6thAugust,2019 (DIN:00500621)

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DIRECTOR’S REPORTWehavepleasureinpresentingthe28thAnnualReportoftheCompanyalongwiththeauditedstatementofaccountsfortheyearendedMarch31,2019.Thefinancialresultsfortheyearareshownbelow.TheworkingandoperationalparametersofalltheplantsoftheCompanywerequitesatisfactoryduringtheyear.

FINANCIAL HIGHLIGHTS (Amountin`)

Particulars Current YearMarch 31, 2019

Previous YearMarch 31, 2018

TotalTurnoverandotherReceipts 565,090,029 583,217,609

GrossProfit/Loss(Beforedeductinganyofthefollowing)

40,904,573 35,154,886

A. InterestandFinancialcharges 16,151,645 12,354,275

B. Depreciation 6,900,925 6,843,287

C. TaxLiability

i. CurrentTax 4,380,401 5,048,675

ii. DeferredTax 780,900 (870,191)

iii. Taxadjustmentsearlieryears 235,763

Profitaftertax 12,454,939 11,778,840

OtherComprehensiveincome 111,534

TotalComprehensiveincome 12,566,473 11,778,840

A. Add:Broughtforwardfromlastyear’sbalance 73,508,410 61,729,570

B. Less:TransferredtoGeneralReserve Nil Nil

Transitionaladjustmentonaccountofdepreciation - -

Dividend 4,870,624 NIL

BalanceCarriedforward 81,204,259 73,508,410

SHARE CAPITAL

The paid up Equity Share Capital as on March 31, 2019 is ` 40,400,000.Duringtheyearunderreview,theCompanyhasnotissuedanyshares.

RESULT OF OPERATIONS AND THE STATE OF COMPANY’S AFFAIRS

During theyearunder review, total revenueof theCompany is` 565,090,029asagainst to`583,217,609 in thepreviousyear.Profitfortheyear2018-19is̀ 12,566,473asagainst̀ 11,778,840inthepreviousyear.

TRANSFER TO RESERVES

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

EXPORT

The total exports of theCompanyamounted to` 430,148,173(Previousyear`454,608,223)representingabout79.42percentofthesales.

The Company is trying to locate new export markets for itsproducts and see good potential for growth in the exportbusiness.

DIVIDEND

The Directors have recommended payment of dividend of` 1/-perequity shareof` 10each i.e. 10%ofpaidup capital

for theFinancialYear2018-19.Thedividend, ifdeclaredat theAnnualGeneralMeeting,will bepaidbeforeOctober06,2019to those Shareholderswhose name appears in the Register ofShareholders/BeneficialOwnerasonAugust29,2019.AspertheIncomeTaxAct,1961,thetaxondividendwillbebornebytheCompany.

PUBLIC DEPOSITS

During theyearunder review,yourCompanyhasnotacceptedany deposit within the meaning of Section 73 and 74 of theCompaniesAct, 2013 readwith theCompanies (AcceptanceofDeposits)Rules,2014(includinganystatutorymodification(s)orre-enactment(s)forthetimebeinginforce).

SUBSIDIARY COMPANIES

Your Company does not have any subsidiary company duringtheyear;henceconsolidationoffinancialdataofthesubsidiarycompanyisalsonotapplicabletotheCompanyforthefinancialyear2019-20.

EVALUATION OF THE PERFORMANCE OF THE BOARD, COMMITTEES AND INDIVIDUAL DIRECTORS

PursuanttotheprovisionsoftheCompaniesAct,2013readwithRulesframedthereunderandincompliancewiththerequirementsofSEBI(LODR)Regulations,2015,theBoardhascarriedouttheannualevaluationof itsownperformance,performanceof theDirectorsindividuallyaswellastheperformanceoftheworking


9

ofitsAudit,Nomination&RemunerationandotherCommitteesoftheBoard.AtthemeetingoftheBoard,alltherelevantfactorsthat arematerial for evaluating the performance of individualDirectors,theBoardanditsvariousCommittees,werediscussedindetail.Astructuredquestionnaireeach,forevaluationoftheBoard, its various Committees and individual Directors, waspreparedandrecommendedtotheBoardbytheNomination&RemunerationCommittee,fordoingtherequiredevaluation,aftertakingintoconsiderationtheinputreceivedfromtheDirectors,covering various aspects of the Board’s functioning, such asadequacyof the compositionof theBoardand its Committees,execution and performance of specific duties, obligations andgovernance,etc.

Aseparateexercisewascarriedouttoevaluatetheperformanceof individual Directors, including the Chairman of the Board,whowereevaluatedonparameterssuchaslevelofengagementand contribution, independenceof judgment, safeguarding theinterest of the Company and its minority Shareholders, etc.The performance evaluation of the Independent DirectorswascarriedoutbytheentireBoard.Theperformanceevaluationofthe Chairman and non IndependentDirectorswas also carriedoutbytheIndependentDirectorsattheirseparatemeeting.TheDirectorsexpressedtheirsatisfactionwiththeevaluationprocess.

BOARD MEETINGS

During the year, four Board Meetings were held. Four Auditcommittee’smeetingswereconvenedandheld.Theinterveninggap between the Meetings was within the period prescribedundertheActandtheListingRegulations.

AUDIT COMMITTEE COMPOSITION

TheAuditCommitteecomprisesofMr.ShyamSunderTibrewal,Independent Director as Chairman, Mr. Inder Chand Nahta,IndependentDirectorandMr.RishiTikmani,Whole-timeDirectorasMembers.

Further, as per section 177(8) of the Companies Act, 2013therewasnotanycaseduringtheperiodunderreviewthatanyrecommendationismadebytheAuditCommitteeandtheBoardhas not accepted it.

BUSINESS ACTIVITY

The Company is presently engaged in the process ofmanufacturingHighPressureLaminate(H.P.L)Sheets&CompactswhichareavailableinseveralColours,DesignsandTextures.Alfarange consists ofmore than400designdecors andmore than50textures.Companyhasalsospreading its footprintsglobally,producingmore than 6Million sq.mts. Laminates.Withmoredecors andmore finishes, our innovation brings you beautiful,highquality environmental friendlydecorative solutions. TheseHigh Pressure Laminates are recognized and appreciated byarchitects,interiorsandfitters.TheLaminatesheetsareusedforvariousapplicationsinmanyareassuchas:

• FurnitureCovering• WallPaneling• Partitions• DoorCovering• ShowerPanels

• InteriorWallPaneling• ExteriorWallCladding• GreenChalkBoard• WhiteMarkerBoard• KitchenTopandBacksplash• Cubiclepartitionpanel• Greenchalkboard/whitemarket• Anti-Fingerprintlaminate• TableTopandmanyotherareas.

MANAGEMENT DISCUSSION AND ANALYSIS (MDA)

TheannexedManagementDiscussionandAnalysisformsapartofthisreportandcovers,amongstothermatters,theperformanceoftheCompanyduringtheFinancialYear2018-19aswellasthefutureoutlook.

DECLARATION OF INDEPENDENCE

All Independent Directors have given declarations as requiredunderSection149(7)oftheCompaniesAct,2013thattheymeetthecriteriaofindependenceasprovidedinSection149(6)oftheCompaniesAct,2013andqualifytoactasIndependentDirectoroftheCompany.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mr. Rishi Tikmani (DIN:00638644), Director will retire byrotationattheensuingAnnualGeneralMeetingpursuanttotheprovisionsofSection152oftheCompaniesAct,2013readwiththe Companies (Appointment and Qualification of Directors)Rules,2014andbeingeligibleoffershimselfforre-appointment.The Board recommends his re-appointment. An appropriateresolution for him re-appointment is being placed for yourapprovalattheensuingAGM.ThebriefresumeoftheDirectorsand other related information has been detailed in theNoticeconveningthe28thAGMofyourCompany.

The Independent Directors of your Company hold office up toMarch31,2019andarenotliabletoretirebyrotation.Therearere-appointmentofallIndependentdirectorsforsecondtermoffive consecutive years with effect from September 06,2019 toSeptember05,2024andwhoseofficeshallnotbeliabletoretirebyrotation”

During the year under review, the Board has appointed Ms.Himadri R. Trivedi as a Company Secretary and ComplianceOfficeroftheCompanyw.e.f.May09,2019.Ms.SejalKanabiwhowasactingasaCompanySecretaryandComplianceOfficeroftheCompanyhasresignedfromCompanyw.e.f.May08,2019.

InaccordancewithSection203oftheCompaniesAct,2013,theCompanyhasfollowingKeyManagerialPersonnelattheendofthefinancialyearandasondateoftheBoardReport.

1. Mr.RishiTikmani,Whole-timeDirector2. ShriHansrajSekhani,CFO3. Ms.HimadriTrivedi,CompanySecretary

Your Company in accordance with the provisions of Section2(51), 203 of the Companies Act, 2013 read with Companies(Appointment and Remuneration of Managerial Personnel)Rules, 2014 (including any statutory modification(s) or re-enactment(s)forthetimebeinginforce).

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DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES

InaccordancewithSection178andotherapplicableprovisionsifany,of theCompaniesAct,2013 readwith theRules framedthereunderandRegulation19of theSEBI (LODR)Regulations,2015,theBoardofDirectorsformulatedtheRemunerationPolicyof your Company on the recommendations of theNominationand Remuneration Committee. The salient aspects covered inthe Remuneration Policy, covering the policy on appointmentand remuneration of Directors, key managerial personnel andemployees.

DIRECTOR’S RESPONSIBILITY STATEMENT

PursuanttotheprovisionsofSection134(3)(c)oftheCompaniesAct,2013yourDirectorsconfirmthat:

a) in the preparation of the financial statements for thefinancialyearendedMarch31,2019,asfaraspossibleandto theextent, if any, accounting standardsmentionedbythe auditors in their report are complied with, all otherapplicableaccountingstandardshavebeenfollowedalongwithproperexplanationrelatingtomaterialdeparture;

b) such accounting policies have been selected and appliedthemconsistentlyandjudgmentsandestimatesmadethatare reasonable andprudent so as to givea trueand fairviewofthestateofaffairsoftheCompanyattheendofthefinancialyearandprofitoftheCompanyfortheyearendedonthatdate;

c) the Directors have taken proper and sufficient care hasbeen taken for maintenance of adequate accountingrecords in accordancewith the provisions of this Act forsafeguardingtheassetsoftheCompanyandforpreventionanddetectionoffraudandotherirregularities;

d) the Directors have prepared the annual accounts on agoingconcernbasis;and

e) properinternalfinancialcontrolsareinplaceandthatsuchinternalfinancialcontrolsareadequateandwereoperatingeffectively.

f) The Directors have devised proper systems to ensurecomplianceswiththeprovisionsofallapplicablelawsandthatsuchsystemsareadequateandoperatingeffectively.

CORPORATE GOVERNANCE REPORT

TheCompany is exempted fromproviding reportonCorporateGovernance in accordance with regulation 34(3) and scheduleV(C)totheSEBI(ListingObligationsandDisclosureRequirements),Regulations,2015.

CORPORATE SOCIAL RESPONSIBILITY

TheprovisionsofSection135oftheCompaniesAct,2013readwith the Companies (Corporate Social Responsibility Policy)Rules,2014arenotapplicabletoyourCompany.

STATUTORY AUDITORS

At the 26thAnnualGeneralMeetingoftheCompanyheldintheyear2017, the shareholdershadapproved theappointmentofM/sDoogar&Associates(FirmRegistrationNumber:000561N),

CharteredAccountants,astheStatutoryAuditorsoftheCompanytoholdofficefor5(five)consecutiveyears,subjecttoratificationbyShareholdersineveryAnnualGeneralMeeting.

Proviso (1) of sub-section (1) of Section 139 of the Act whichmandates that the Company shall place matter relating tosuch appointment for ratification by Shareholders at everyAnnual General Meeting has been omitted by the Companies(Amendment)Act, 2017effectiveMay07, 2018. Therefore, fortheFinancialYear2019-20andthereafter,ratificationofAuditorsappointment every year at the Annual General Meeting is nolongerrequired.

SECRETARIAL AUDITOR

IntermsofSection204oftheCompaniesAct,2013,theBoardofDirectorsofyourCompanyatitsmeetingheldonMay27,2019hasappointedM/s.KamleshMShah&Co.,PracticingCompanySecretary (Certificate of Practice No. 2072), as the SecretarialAuditor to conduct an audit of the secretarial records, for thefinancialyear2019-20.

YourcompanyhasreceivedconsentfromM/s.KamleshMShah&Co.toactastheSecretarialauditorforconductingauditoftheSecretarial records for the financial year ending onMarch 31,2019.

TheSecretarialAuditReportforthefinancialyearendedMarch31,2019 isannexedherewithas“ANNEXURE A” to this report. TheSecretarialAuditReportdoesnotcontainanyqualification,reservationoradverseremark.

RISK MANAGEMENT

Your Company has robust Risk Management policy .TheCompany through Board and Audit Committee oversees theRisk Management process including risk identification, impactassessment, effective implementation of the mitigation plansand risk reporting. RiskManagement forms an integral part oftheCompany’splanningprocess.Therearenorisks,whichintheopinionoftheBoardthreatentheexistenceofyourCompany.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has in place robust internal control procedurescommensurate with its size and operations. Company has theinternal controls Department headed by Internal Auditor ofthe company. The Board of Directors is also responsible forthe internal control system, sets the guidelines, verifying itsadequacy,effectivenessandapplication.TheCompany’sinternalcontrol system is designed to ensure management efficiency,measurability and verifiability, reliability of accounting andmanagement information, compliance with all applicable lawsandregulations,andtheprotectionoftheCompany’sassetssothatthecompany’smainrisks(operational,compliance-related,economic and financial) are properly identified and managedovertime.

CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING

IntermsofRegulation8ofSEBI (Prohibitionof InsiderTrading)Regulations,2015, theCompanyhasadoptedCodeofConductprohibiting, regulating and monitoring the dealings in thesecurities of the Company byDirectors, Designated EmployeesandConnectedPersonswhileinpossessionofunpublishedpricesensitiveinformationinrelationtothesecuritiesoftheCompany.


11

The code of conduct is available at the Company’s website atwww.alfaica.comunderinvestorsegment.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

InaccordancewiththeSection177(9)&(10)oftheCompaniesAct, 2013 and rules framed there under read with Regulation22oftheListingRegulations,theCompanyhasaWhistleblowerPolicyinplaceforitsDirectorsandEmployeestoreportconcernsabout the unethical behavior, actual or suspected fraud orviolationoftheCompany’sCodeofConduct.ThePolicyprovidesforprotecteddisclosures that canbeawhistleblower throughe-mail or letteror to theChairpersonof theAudit Committee.WhistleBlowerPolicyisdisclosedonthewebsiteoftheCompany.DuringtheyearendedonMarch31,2019,theCompanydidnotreceiveanyinformationunderthescheme

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place an anti sexual harassment policy inlinewiththerequirementoftheSexualHarassmentofWomenattheWorkplace(Prevention,ProhibitionandRedressal)Act,2013.Thereisnosuchinstancereportedduringtheyearunderreview.

EXTRACT OF ANNUAL REPORT

ThedetailsformingpartoftheextractoftheAnnualReturnasonMarch31,2019informMGT-9inaccordancewithSection92(3)oftheCompaniesAct,2013readwithCompanies(ManagementandAdministration)Rules,2014isannexedherewithas“ANNEXURE B”tothisreport.

PARTICULARS OF THE EMPLOYEES

TheinformationrequiredunderSection197(12)oftheCompaniesAct,2013 readwithRule5(1)ofCompanies (AppointmentandRemunerationofManagerialPersonnel)Rules,2014inrespectofDirectors/employeesofyourCompanyissetoutin“Annexure–C” ofthisreport.Thestatementcontainingthe informationofthetoptenemployeesintermsofremunerationdrawnasrequiredunder Section 197of theCompaniesAct, 2013 readwith Rule5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules, 2014 will be provided to anyMemberonawrittenrequesttotheCompanySecretary.Intermsof Section136 of the Act, the Reports and Accounts are beingsenttotheMembersandothersentitledthereto,excludingtheaforesaid information of top ten employees which is availablefor inspection by themembers at the Registered office of theCompanyduringbusinesshoursonworkingdaysoftheCompanyuptothedateoftheensuingAnnualGeneralMeeting.Therewasno employeewhowas in receipt of remuneration in excess of `8.5Lacspermonthduringtheyearor` 1.2Croreperannumintheaggregateifemployedpartoftheyear.

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

Theinformationpertainingtoconservationofenergy,technologyabsorption, Foreign exchange Earnings and outgo as requiredunderSection134(3)(m)oftheCompaniesAct,2013readwithRule8(3)oftheCompanies(Accounts)Rules,2014 is furnishedinAnnexure toDirectorsReport and is attached to this report.[Annexure–D]

LOAN, GUARANTEES OR INVESTMENTS

Duringtheyear,theCompanyhasnotmadeanyinvestmentnorgiven any loan or guarantees under Section 186of CompaniesAct, 2013.

RELATED PARTIES TRANSACTIONS

During the financial year 2018-19, there was no materiallysignificantrelatedpartytransactionundertakenbytheCompanyunderSection188of theCompaniesAct,2013 readwith rulesframedthereunderandRegulation23ofSEBI(LODR)Regulations,2015 thatmay have potential conflict with the interest of theCompany.Disclosureon relatedparty transactions is setout infinancialstatements.

MATERIAL CHANGES / INFORMATION

The company has adopted Ind-As for the first time during theyear.Otherthanthatnomaterialchangeshavetakenplaceafterthe closure of the financial year up to the date of this reportwhichmayhavesubstantialeffectonthebusinessandfinancialoftheCompany.

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

Nosignificantandmaterialordershavebeenpassedbyanyoftheregulatorsorcourtsortribunalsimpactingthegoingconcernstatusandcompaniesoperationsinfuture.

GENERAL DISCLOSURE

YourDirectors state that theCompanyhasmadedisclosures inthisreportfortheitemsprescribedinsection134(3)oftheActandRule8oftheCompanies(Accounts)Rules,2014totheextentthetransactionstookplaceonthoseitemsduringtheyear.

APPRECIATION

Your Director stake this opportunity to express their sincereappreciationtotheshareholders,customers,bankers,suppliers,employees and other business associates for the excellentsupportandco-operationextendedbythem.


Shyam Sunder TibrewalPlace :Ahmedabad ChairmanDate :27thMay,2019 (DIN:00500621)

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I have conducted the secretarial auditof the complianceof applicable statutoryprovisionsand theadherence togoodcorporatepracticesbyALFA ICA (INDIA) LIMITED. SecretarialAuditwasconductedinamannerthatprovidedme/usaareasonablebasisforevaluatingthecorporateconducts/statutorycompliancesandexpressingmyopinionthereon.

Based on our verificationof the records ofALFA ICA (INDIA) LIMITED books, papers,minute books, forms and returns filed andother recordsmaintainedby the companyandalso the informationprovidedby the company, itsofficers, agentsandauthorizedrepresentativesduringtheconductofsecretarialaudit,Iherebyreportthatinouropinion,theCompanyhas,duringtheauditperiodcovering thefinancial yearendedon31stMarch2019 compliedwith the statutoryprovisions listedhereunder andalso that thecompanyhasproperBoard-processesandcompliancesmechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:

I have examined the books, papers,minute books, forms and returns filed and recordmaintained byALFA ICA (INDIA) LIMITED (CIN: L20100GJ1991PLC016763)forthefinancialyearendedon31.03.2019accordingtotheprovisionsof:

(i) TheCompaniesAct,2013(theAct)andtherulesmadethereunder;

(ii) TheSecuritiesContracts(Regulations)Act,1956(‘SCRA’)andtherulesmadethereunder;

(iii) TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;

(iv) Foreign Exchange Management Act,1999 and the rules and regulation made there under to the extent of Foreign DirectInvestment,OverseasDirectInvestmentandExternalCommercialBorrowings(NOTAPPLICABLEFORTHEYEARUNDERREVIEW)

(v) ThefollowingRegulationsandguidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992(‘SEBIAct’):-(a) TheSecuritiesandExchangeBoardofIndia(SubstantialAcquisitionofSharesandTakeover)Regulations,2011;(b) TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTraining)Regulations,1992;(c) TheSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosureRequirements)Regulations,2009(d) The Securities and Exchange Board of India (Employee StockOption Scheme and Employee Stock Purchase Scheme)

Guidelines,1999;(e) TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008;(f) TheSecuritiesandExchangeBoardofIndia(RegistrartoanIssueandShareTransferAgents)Regulations,1993regarding

theCompaniesActanddealingwithclient;(g) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009and(h) TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,1998;

(vi) As stated in the Annexure–A–allthelaws,rules,regulationsareapplicablespecificallytothecompany.

(vii) NootherobservationregardingothermajorcorporateeventsoccurredduringtheyearandvariouscompliancesmadebythecompanywithapplicableLaws,Rules,Regulations,ListingAgreementetc.

Ihavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:

(a) SecretarialStandardsissuedbyTheInstituteofCompanySecretariesofIndiathoughitisapplicablew.e.f.1st dayofJuly,2015areadoptedbytheCompanybypassingrequisiteboardresolutionsandarecompliedwith.

(b) TheListingAgreementsenteredintobytheCompanywithBombayStockExchanges.

DuringtheperiodunderreviewtheCompanyhascompliedwiththeprovisionoftheAct,Rules,Regulations,Guidelines,Standards,etc.mentionedabove.

I/Wefurtherreportthat

TheBoardofDirectorsoftheCompanyisdulyconstitutedwithproperbalanceofExecutiveDirectors,Non-ExecutivesDirectors,

IndependentDirectorsandWomanDirector.

ANNEXURE TO THE DIRECTOR’S REPORTAnnexure – A to the Director’s Report

SECRETARIAL AUDIT REPORT (Form MR-3)FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2019

[Pursuanttosection204(1)oftheCompaniesAct,2013andruleNo.9oftheCompanies (AppointmentandRemunerationofKeyManagerialPersonnel)Rules,2014]

To,TheMembers,ALFA ICA (INDIA) LIMITEDCIN:L20100GJ1991PLC016763


13

ThechangesinthecompositionoftheBoardofDirectorsthattookplaceduringtheperiodunderreviewwerecarriedoutincompliancewiththeprovisionoftheAct.

AdequatenoticeisgiventoalldirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentatleastsevendaysinadvanceandasystemexistsforseekingandobtainingfurtherinformationandclarificationontheagendaitemsbeforethemeetingandformeaningfulparticipationatthemeeting.Majoritydecisioniscarriedthroughwhilethedissentingmembers’viewsarecapturedandrecordedaspartoftheminutes.

Ifurtherreportthatthereareadequatesystemsandprocessesinthecompanycommensuratewiththesizeandoperationsofthecompanytomonitorandensurecomplianceswithapplicablelaws,rules,regulationsandguidelines.

We further report that duringtheauditperiodthecompanyhasnotmadeany

(I) Public/Right/Preferentialissueofshares/debentures/sweatequity,etc.(II) Redemption/buy-backofsecurities(III) Majordecisionstakenbythemembersinpursuancetosection180oftheCompaniesAct,2013(IV) Foreigntechnicalcollaborations

FOR KAMLESH M. SHAH &CO,PRACTICING COMPANYSECRETARIES

(Kamlesh M.Shah) ProprietorPlace:Ahmedabad M.No.:8356,Date :May27,2019 C.P.No.:2072

ANNEXURE-ASecurities Laws

1. AllPriceSensitiveInformationwasinformedtothestockexchangesformtimetotime.

2. AllinvestorscomplaindirectlyreceivedbytheRTA&Companyarerecordedonthesamedateofreceiptsandallareresolvedwithinreasonabletime.

Labour Laws

1. Allthepremisesandestablishmentshavebeenregisteredwiththeappropriateauthorities.

2. TheCompanyhasnotemployedanychildlabour/Bondedlabourinanyofitsestablishments.

3. ProvisionswithrelatetocompliancesofPF/ESI/GratuityActareapplicabletoCompanyandCompliedwith.

Environmental Laws

1. TheCompanyisnotdischargingthecontaminatedwateratthepublicdrains/rivers.Thecompanyhasefficientwatertreatmentplantsatitsfactorypremises.

2. Thecompanyhasbeendisposingthehazardouswasteasperapplicablerules.

Taxation Laws

1. ThecompanyfollowsalltheprovisionsofthetaxationandIncomeTaxAct,1961andfilingthereturnsatpropertimewithIncometaxdepartmentandallothernecessarydepartments.

FOR KAMLESH M. SHAH &CO,PRACTICING COMPANYSECRETARIES

(Kamlesh M.Shah) ProprietorPlace :Ahmedabad M.No.:8356,Date :27thMay,2019 C.P.No.:2072

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ANNEXURE – B TO THE DIRECTOR’S REPORTFORMNO.MGT-9EXTRACTOFANNUALRETURNASONTHEFINANCIALYEARENDINGONMarch31,2019

[Pursuanttosection92(3) of the Companies Act, 2013 and rule 12(1)oftheCompanies(ManagementandAdministration)Rules,2014]

1) REGISTRATION AND OTHER DETAILS:

CIN L20100GJ1991PLC016763

Registration Date 11/12/1991

Name of the Company AlfaIca(India)Ltd.

Category/sub-category of the Company PublicCompany/LimitedbyShares

Address of the registered office and contact details 1-4,UmaIndustrialEstate,Village:Iawa,Taluka:Sanand, Dist:Ahmedabad.Gujarat-382110.

Whether listed company Yes (BSE)

Name, address and contact details of registrar and transfer agent if any

LinkIntimeIndiaPrivateLimited506-508,AmarnathBusinessCenter(ABC-I),BesideGalaBusinessCenter,NearSt.Xavier’sCollegeCorner,OffC.G.Road,Navrangpura,Ahmedabad–380009Tel.no.:079-26465179Fax:079-26465179Email:[email protected]

2) PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Allthebusinessactivitiescontributing10%ormoreofthetotalturnoverofthecompanyshallbestated:-

SL.No.

Name and descriptions of main products/ services NIC Code of the product/ Service

% to Total turnover of the company

1 Decorativelaminates 170 99.18%

3) PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES: –N.A.

4) SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

(i) Category-wise Share Holding:

Sr. No

Category of Shareholders

Shareholding at the beginning of the year-2018 Shareholding at the end of the year-2019 % Change during

the year

Demat Physical Total % of Total

Shares


Shares

(A) Shareholding of Promoter and Promoter Group

[1] Indian

(a) Individuals/HinduUndividedFamily

2760398 0 2760398 68.33 2873298 0 2873298 71.12 2.79

(b) CentralGovernment/StateGovernment(s)

0 0 0 0.00 0 0 0 0.00 0.00

(c) FinancialInstitutions/Banks

0 0 0 0.00 0 0 0 0.00 0.00

(d) AnyOther(Specify)

Sub Total (A)(1) 2760398 0 2760398 68.33 2873298 0 2873298 71.12 2.79


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Sr. No



the year


Shares


Shares

[2] Foreign

(a) Individuals(Non-ResidentIndividuals/ForeignIndividuals)

0 0 0 0.00 0 0 0 0.00 0.00

(b) Government 0 0 0 0.00 0 0 0 0.00 0.00

(c) Institutions 0 0 0 0.00 0 0 0 0.00 0.00

(d) ForeignPortfolioInvestor

0 0 0 0.00 0 0 0 0.00 0.00

(e) AnyOther(Specify) 0.00 0.00 0.00

Sub Total (A)(2) 0 0 0 0.00 0 0 0 0.00 0.00

Total Shareholding of Promoter and Promoter Group(A)=(A)(1)+(A)(2)

2760398 0 2760398 68.33 2873298 0 2873298 71.12 2.79

(B) Public Shareholding

[1] Institutions

(a) MutualFunds/UTI 0 0 0 0.00 0 0 0 0.00 0.00

(b) VentureCapitalFunds 0 0 0 0.00 0 0 0 0.00 0.00

(c) AlternateInvestmentFunds

0 0 0 0.00 0 0 0 0.00 0.00

(d) ForeignVentureCapitalInvestors

0 0 0 0.00 0 0 0 0.00 0.00

(e) ForeignPortfolioInvestor

0 0 0 0.00 0 0 0 0.00 0.00

(f) FinancialInstitutions/Banks

2100 0 2100 0.05 2100 0 2100 0.05 0.00

(g) InsuranceCompanies 0 0 0 0.00 0 0 0 0.00 0.00

(h) ProvidentFunds/PensionFunds

0 0 0 0.00 0 0 0 0.00 0.00

(i) AnyOther(Specify)

Sub Total (B)(1) 2100 0 2100 0.05 2100 0 2100 0.05 0.00

[2] Central Government/ State Government(s)/ President of India

Sub Total (B)(2) 0 0 0 0.00 0 0 0 0.00 0.00

[3] Non-Institutions

(a) Individuals

(i) Individualshareholdersholdingnominalsharecapitalupto `1lakh.

261223 743020 1004243 24.86 293374 712420 1005794 24.90 ‘0.04

(ii) Individualshareholdersholdingnominalsharecapitalinexcessof `1lakh

230862 0 230862 5.71 117967 0 117967 2.92 -2.79

16


Sr. No



the year


Shares


Shares

(b) NBFCsregisteredwithRBI

0 0 0 0.00 0 0 0 0.00 0.00

(d) Overseas Depositories(holdingDRs)(balancingfigure)

0 0 0 0.00 0 0 0 0.00 0.00

(e) AnyOther(Specify)

Trusts 100 0 100 0.00 100 0 100 0.00 0.00

HinduUndividedFamily 12049 0 12049 0.30 10630 0 10630 0.26 -0.04

Non Resident Indians (Non Repat)

0 0 0 0.00 250 0 250 0.00 0.00

Non Resident Indians (Repat)

2451 0 2451 0.06 2451 0 2451 0.06 0.00

ClearingMember 315 0 315 0.01 230 0 230 0.01 0.00

Bodies Corporate 23182 4300 27482 0.68 22880 4300 27180 0.67 -0.01

Sub Total (B)(3) 530182 747320 1277502 31.62 447882 716720 1164602 28.83 -2.79

Total Public Shareholding(B)=(B)(1)+(B)(2)+(B)(3)

532282 747320 1279602 31.68 449982 716720 1166702 28.88 -2.79

Total (A)+(B) 3292680 747320 4040000 100.00 3323280 716720 4040000 100.00 0.00

(C) Non Promoter - Non Public

[1] Custodian/DRHolder 0 0 0 0.00 0 0 0 0.00 0.00

[2] EmployeeBenefitTrust(underSEBI(SharebasedEmployeeBenefit)Regulations,2014)

0 0 0 0.00 0 0 0 0.00 0.00

Total (A)+(B)+(C) 3292680 747320 4040000 100.00 3323280 716720 4040000 100.00

(ii) Shareholding of promoter:

Shareholders Name Shareholding at thebeginning of the year - 2018

Shareholding at theend of the year - 2019

% change in shares

holding during

the year

No.ofSharesHeld

% of totalShares of

thecompany

% of SharesPledged

/encumbered to total shares

No.ofSharesHeld

% of totalShares of

thecompany

% of SharesPledged/

encumbered to total shares

RishiRajendraTikmani

999576 24.74 0 999576 24.74 0 0

VimaladeviRTikmani 760022 18.81 0 872922 21.61 0 2.79

RishiTikmani 561200 13.89 0 561200 13.89 0 0.00

PoojaTikmani 439600 10.88 0 439600 10.88 0 0.00

Total 2760398 68.33 0 2873298 71.12 0 2.79


17

(iii) Change in Promoter’s Shareholding (Please specify, if there is no change)

Sr No.

Name & Type of Transaction Shareholding at the beginning of the year

Transactions during theyear

Cumulative Shareholding at the

end of the year

No.of Shares

Held

% of Total Shares of The

Company

Date of Transaction

No. of Shares

No. of Shares

Held

% of Total Shares Of The

Company

1 RajendraTikmani(Huf) 999576 24.74 999576 24.74

AtTheEndOfTheYear 999576 24.74

2 VimaladeviRTikmani 760022 18.81 760022 18.81

Transfer 15June2018 112900 872922 21.61


3 RishiTikmani 561200 13.89 561200 13.89


4 PoojaTikmani 439600 10.88 439600 10.88


(iv) SHAREHOLDING PATTERN OF TOP TEN SHAREHOLDER ( OTHER THAN DIRECTORS, PROMOTERS AND HOLDERS OF GDRS ANDADRS)

Sr No.

Name & Type of Transaction Shareholding at the beginning of the

year - 2018

Transactions during the year


end of the year - 2019

No.of Shares

Held

% Of Total Shares Of The

Company

Date Of Transaction

No. Of Shares

No Of Shares

Held


Company

1 SarojJugalMaheshwari 51500 1.2748 51500 1.2748

Transfer 06Jul2018 (51500) 0 0.0000

Transfer 03Aug2018 51500 51500 1.2748


2 SanjaykumarSarawagi 40419 1.0005 40419 1.0005


3 PrittyDeviSarawagi 14561 0.3604 14561 0.3604

Transfer 19 Oct 2018 5 14566 0.3605

4 AtTheEndOfTheYear 14566 0.3605

KarthikSubramaniam 11482 0.2842 11482 0.2842

5 SangitakumariSAgarwal 0 0.0000 0 0.0000


6 UsharaniRAgarwal 0 0.0000 0 0.0000


7 SundarlalAgarwal 0 0.0000 0 0.0000


18


Sr No.

Name & Type of Transaction Shareholding at the beginning of the

year - 2018

Transactions during the year


end of the year - 2019

No.of Shares

Held


Company

Date Of Transaction

No. Of Shares

No Of Shares

Held


Company

8 FourthAxisAdvisorsLlp 9962 0.2466 9962 0.2466


9 ShamrockSecuritiesPvt.Ltd. 9113 0.2256 9113 0.2256


10 UmaSubramaniam 6764 0.1674 6764 0.1674


11 SavitaGupta 112900 2.7946 112900 2.7946

Transfer 15Jun2018 (112900) 0 0.0000


(v) Shareholding of Directors and Key ManagerialPersonnel

Name of the Director / KMP Shareholding at the beginning of the year

Cumulative shareholding at theend of the year

No. of shares

% of total shares ofThe company

No. of shares

% of total shares ofThe company

1. RishiTikmani

Atthebeginningoftheyear 561200 13.89 561200 13.89

Attheendoftheyear 561200 13.89

2. PoojaTikmani


Attheendoftheyear - - 439600 10.88

3. ShyamSunderTibrewal

Atthebeginningoftheyear - - - -

Attheendoftheyear - -

4. Inder Chand Nahta



5. SanjeevSharma


Attheendoftheyear 400 0.00

6. HansrajSekhani



7. SejalM.Kanabi




19

5. INDEBTEDNESS

Indebtedness of the Company including interest Outstanding/Accrued but not due for payment

Secured Loans excluding deposits

Unsecured Loans

Deposits Total Indebtedness

Indebtedness at the beginning of the financial year

i) PrincipalAmount 657,11,728 66,909,807 - 131,621,535

ii) Interestduebutnotpaid - - - -

iii) Interestaccruedbutnotdue - - - -

Total (i+ii+iii) 657,11,728 66,909,807 - 131,621,535

Change in Indebtedness during the financial year

Addition 37,638,224 - 37,638,224

Reduction (3,154,587) - (3,154,587)

Net Change 37,638,224 (3,154,587) - 34,483,637

Indebtedness at the end of the financial year - - - -

i) PrincipalAmount 103,349,952 637,55,220 - 167,105,172

ii) Interestduebutnotpaid - - - -

iii) Interestaccruedbutnotdue - - - -

Total (i+ii+iii) 103,349,952 637,55,220 - 167,105,172

6. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

Sl. No.

Particulars of Remuneration Rishi Tikmani(WTD)

Pooja Tikmani(ED)

Total Amount

1. a. Salaryasperprovisionscontainedinsection17(1)oftheIncomeTaxAct,1961

3,600,000 3,600,000 7,200,000

b.. Valueofperquisitesu/s17(2)oftheIncomeTaxAct,1961

c. ProfitsinliesofSalaryunderSection17(3)oftheIncomeTax Act,1961

2. StockOption - - -

3. SweatEquity - - -

4. Commission-as%ofprofit-others(specify) - - -

5. Others,pleasespecify - - -

Total(A) 3,600,000 3,600,000 7,200,000

CeilingaspertheAct

20


B. Remuneration to other directors:

Sl. No.

Particulars of Remuneration Name of the Director Total Amount

Shyam Sundar Tibrewal

Inder Chand Nahta

Sanjeev Sharma

1. Independent Directors

a. Feeforattendingboard/committeemeetings

- - - -

b. Commission - - - -

c. Others,pleasespecify - - - -

Total(1) - - - -

2. OtherNon-ExecutiveDirectors

a. Feeforattendingboard/ committeemeetings

- - - -

b. Commission - - - -

c. Others,pleasespecify - - - -

Total(2) - - - -

Total(B)=(1+2) - - - -

TotalManagerialRemuneration 7,200,000

OverallCeilingaspertheAct AsperSection(ii)ofPart(ii)ofScheduleV.

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

Sl. No.

Particulars of Remuneration Key Managerial Personnel TOTAL

Sejal KanabiCompany Secretary

Hansraj ShekhaniChief Financial

Officer

1 a. Salaryasperprovisions contained in section17(1)of theIncomeTaxAct,1961

b. Valueofperquisitesu/s17(2)oftheIncomeTaxAct,1961c. Profits in liesofSalaryunderSection17(3)ofthe Income

Tax Act,1961

2,18,400 4,29,000 6,47,400

2. StockOption - - -

3. SweatEquity - - -

4. Commission-as%ofprofit–others(specify)

- -

5 OTHERS, PLEASE SPECIFY - - -

Total 2,18,400 4,29,000 6,47,400

7. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section ofthe Companies

Act

BriefDescription

Details of Penalty /Punishment/ Compounding

fees imposed

Authority[RD / NCLT/

COURT]

Appeal made,if any (give

Details)A. Company

NonePenaltypunishmentcompounding

B. Directors

NonePenaltypunishmentCompounding

C. Other Officers in Default

NonePenaltypunishmentCompounding


21

ANNEXURE - CDetails pertaining to Remuneration as required under section 197 (12) of the Companies Act, 2013 read with Rule 5 (1) of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

a) ThepercentageincreaseinremunerationofeachDirector,ChiefFinancialOfficerandCompanySecretaryduringthefinancialyear2018-19,ratiooftheremunerationofeachDirectortothemedianremunerationoftheemployeesoftheCompanyforthefinancialyear2018-19,andthecomparisonofremunerationofeachKeyManagerialPersonnel(KMP)againsttheperformanceoftheCompanyareasunder:

Sr. No:

Name of Director/KMP

Designation Remuneration of Director for the

financial year 2018-19 (in `)

Ratio of remuneration of each Director/ to

median remuneration of employees

Comparison of the Remuneration of the KMP against the performance

of the Company

1. Mr.RishiTikmani WholetimeDirector 3,600,000 32.15 Profitbeforetaxincreasedby11.87%,andProfitaftertaxincreasedby6.68%infinancialyear2018-19.

2. Ms.PoojaTikmani ExecutiveDirector 3,600,000 32.15

3. Ms.SejalM.Kanabi CompanySecretary 2,18,400 1.95

4. Mr.HansrajSekhani CFO 4,29,000 3.83

b) ThemedianremunerationofemployeesoftheCompanyduringthefinancialyearwas` 111,991/-

c) Therewasincreasebetween5%to10%inthesalariesoftheemployee.

d) Therewere52permanentemployeesontherollsofCompanyasonMarch31,2019.

22


ANNEXURE – D TO THE DIRECTOR’S REPORT

A. CONSERVATION OF ENERGY

(a) Energy conservation measures taken:-

YourcompanygivesprioritytoEnergyconservation.ItregularlyreviewsmeasurestobetakenforEnergyConservation/Consumptionanditseffectiveutilization.

(b) Total energy consumption and energy consumption per unit of production:

(I) POWER & FUEL CONSUMPTION 2018-19 2017-18

1 ELECTRICITY

(a) Purchased

Unit 1283515 1224827

TotalAmount(`) 9005577 8991229

Rate/Unit(`) 7.02 7.34

(b) OwnGeneration

ThroughDieselGeneration(Units) 21100 19983

No.ofUnitPerLtr.ofDieselOil 1.13 1.20

AverageRate/Unit(`) 64.16 57.27

2 OTHERS

a. Diesel/(Qty(KL) 18660 16711

b. TotalAmount(`) 1353713 1144344

c. AverageRate(`) 72.55 68.48

a. FireWood(Kg) 2052410 1285405

b. TotalAmount(`) 8156834 4902550

c. AverageRate(`) 3.97 3.81

a. Coal(Qty–MT) 10179.95 9828.09

b. TotalAmount(`) 27441235 24913933

c. AverageRate/Unit(`) 2695.62 2534.97

B. TECHNOLOGY ABSORPTION

(I) Research and Development (R & D):

Continuous efforts aremade for quality improvement. In house research anddevelopmentwork is carriedout by theCompany.Nosignificantexpenditureisincurred.

(II) Technology absorption, adaptation:

Thereisnochangeintechnology.

C. Foreign Exchange Earning and Outgo :

Particulars 2018-19 2017-18

a. TotalForeignExchangeearningsb. TotalForeignExchangeusedc. ExpenditureinForeignCurrency

419703123170542273

73180

392378817154164911

340870

On behalf of the Board of Directors

Shyam Sunder TibrewalPlace : Ahmedabad ChairmanDate : 27thMay,2019 (DIN:00500621)


23

1. GLOBAL ECONOMIC OVERVIEW

In the year 2018-19, the global economy saw significantvolatility. It saw a range-bound global economic growth,largely supportedby thecontinuedstrongmomentum intheUS economy. TheUS economyhas accelerated at itsfinestpaceinlastfouryearsduetomonetarystimulusandtaxcutsduringthecurrentyear.Thegrowthtrend,coupledwithtightlabourmarketparticipation,pushedtheUSFedtoincreaseitspolicyratesfourtimesduringtheyear,eachtimeby25bps.Atthesametime,growthintheEurozonesloweddownduetothehighdeficitconcernsinItalyandpoliticaluncertaintiesaroundBrexit.Thebiggestriskfacingeconomiesisthegrowingevidencethatglobalgrowthandtradeareweakening.

The cyclical global growth phase appears to be slowingdownandthiscouldpotentiallyimpacttheexportsectorsin the economy. Moreover, the consequences of theongoingUS-Chinatradetalksaswellasthefinaloutcomeofthenow-delayedBrexitwillhaveramificationsonsupplychainnetworksandfinancialmarketsacrosstheglobe.Asalways,alotwouldalsohingeonthecrudepricestabilityaswellasstableforeignexchangemarketstosupporttheglobalgrowth.

2. INDIAN ECONOMY

On the domestic front, the full-year GDP growth rate ispeggedat7%forFY2018-19.Thiswasduetothewaningeffects of the demonetization exercise, the disruption insupplychainsfollowingtheimplementationoftheGoodsand Services Tax (GST) and Insolvency and BankruptcyCode (IBC). However, the growth trends continued toremain choppy throughout the year. Industrial activityacross sectors showed only a marginal improvementas labour-intensive sectors such as textiles, gems andjewellery, leather etc. continued to struggle throughouttheyear.Crudepricessawasignificantuptrendinthefirsthalfoftheyear,risingbymorethan40%beforeretracingbackduring thesecondhalf.However,overall inflation intheeconomyremainedcontainedonthebackoflowfoodprices resulting from higher agriculture output and lowglobalfoodprices.

TheGovernment’s‘MakeinIndia’initiativefortheDefensesector continues to progress slowly due to bureaucraticinertia and complex procurement procedures. Consumersentimentsremainedsuppressedformostpartoftheyearwithurbanconsumersfeelingtheoverhangofinadequatejob/incomegrowthandhighoilprices.Atthesametime,persistent deflation in food prices and lack ofMinimumSupportPrice(MSP)realizationsadversely impactedruraldemand.Inaddition,creditgrowthwasseverelyaffectedinthesecondhalfofthefinancialyearwiththenon-bankingfinancial sectorunderstress fromdefaultsbya few largeplayers in the sector. Investment by private sector sawsignificant traction, with pick up in award of large valuecontracts in airport expansion and health sector. Also

MANAGEMENT DISCUSSION AND ANALYSISsome momentum was seen in private sector capacityexpansion. However, the overhang of bad debt, risingpolicy uncertainties and low capacity utilization continueto impact the Indian industry capex. The Indian currencysawa significantdepreciation, falling to lowsof74.3perUSDmarkmid-yearbefore recovering.The lastmonthofFY2018-19sawtheRupeerecoversharplyto68-69perUSDrangeonthebackofrenewedportfolioinflowsaswellasrevisedviewsonalikelylongpausefromtheUSFedonitsinterest rates.

3. BUSINESS OVERVIEW

YourcompanyisinthebusinessofHighPressureLaminate(H.P.L) Sheets & Compacts .Alfa ranges are available inseveral Colours, Designs and Textures consisting ofmorethan 400 design decors andmore than50 textures.Withmoredecorsandmorefinishes,ourinnovationbringsyoubeautiful, high quality environmental friendly decorativesolutions.

AlfaHighPressureLaminatesarerecognizedandappreciatedby architects, interiors and fitters. We confirm all ourproduce isasperstrictrequirementsofEN438(EuropeanStandard).ToensureEuropeanquality,alldecorativepapersaresourcedfromworld’sbestEuropeanprinters.

In changing world, we are changing faster. We arerelentless in our pursuit of discovery and innovation,bringing in technologies that empower us to enhanceyourenvironment,constantlyopeningthedoortoaworldof possibility. Alfa Laminate sheets are used for variousapplicationsinmanyareassuchasFurnitureCovering,WallPaneling,Partitions,DoorCovering,ShowerPanels,InteriorWallPaneling,ExteriorWallCladding,GreenChalkBoard,White Marker Board, Kitchen Top and Backsplash, TableTop, Anti-bacterial laminate, Anti-fingerprint laminate,Cubiclepartitionpanelandmoreotherthings.

Your companyassureshighest commitmentof consistentinnovation by introduction of new designs as well asfinishestofeedthecreativemindofinteriordecoratorsandfurnituredesigners.Thecompany’sphilosophyistoattaintransparency and accountability in its relationship withall its stakeholders, ensuring a high degree of regulatorycompliance.

4. DISCUSSION ON COMPANY’S PERFORMANCE

Your Company continues to sustain with its overallperformance in the financial year 2018-19 driven by theaverage performance in existing business. Currently theCompanyisrunningwellindecorativelaminatessegment.YourDirectorshavebeenmakingeffortsonall frontsviz.production,marketing, finance and cost control etc. andtheseeffortshavebeenyieldinggoodresults.Theoutlookfor the company’s products appears to be good and thecompany is confident of achieving improved operationalperformance.

24


TheProfitbeforeTaxamountedto`178,52,003asagainst ` 15,957,324inthepreviousyear.Thenetprofitaftertaxwas`124,54,939asagainst` 11,778,840inthepreviousyear.

Yourcompanyhascontinuedtoput inallpossibleeffortsto boost exports, during the year under reviewachievedExportsalesof`430,148,173.

5. INTERNAL CONTROL SYSTEM

The Company has in place robust internal controlprocedures commensurate with its size and operations.CompanyhastheinternalcontrolsDepartmentheadedbyInternal Auditor of the company. The Board of Directorsis also responsible for the internal control system, setsthe guidelines, verifying its adequacy, effectiveness andapplication. The Company’s internal control system isdesignedtoensuremanagementefficiency,measurabilityandverifiability,reliabilityofaccountingandmanagementinformation, compliance with all applicable laws andregulations, and the protection of the Company’s assetssothatthecompany’smainrisks(operational,compliance-related,economicandfinancial)areproperlyidentifiedandmanagedovertime.

6. HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Company maintained healthy, cordial and harmoniousindustrialrelationsatalllevels.TheBoardofDirectorsandmanagement wish to place on record their appreciationof the efforts put in by all employees to achieve goodperformance.

Some of the company’s core developments on the HRfrontandimitativeplannedduringtheyearunderreviewincludedthefollowing:

• Standardized recruitment through creating robustsystems and processes to ensure that only thosequalified whose skill sets matched with therequirements;

• Focused on training to establish a professionale-learningmodule

• Focusoncapabilitiesenhancementthroughstructureinterventions,bothonfunctionalandbehavioralside

• Withaviewtoprofessionalizepayroll,tooutsourcetheservicetoensurethatallstatutoryandregulatorycompliancesaremettothehighestlevel

TherewasnotanycasepursuanttotheSexualHarassmentof Women at Workplace (Prevention, Prohibition andRedressal)Act,2013wasreportedduringtheyear.

7. RISK MANAGEMENT

Your Company has adopted a mechanism to identify,assess,monitorandmitigatevariousriskstokeybusinessobjectives. Major risks elements associated with thebusinesses and functions of the Company have beenidentified and will be systematically addressed throughmitigatingactionsonacontinuingbasis.Thesearealreadydiscussed at the meetings of the Audit Committee andtheBoardofDirectorsoftheCompany.RiskManagementformsanintegralpartoftheCompany’splanningprocess.There are no risks, which in the opinion of the BoardthreatentheexistenceofyourCompany.

8. FUTURE OUTLOOK

Exportsshallremainthecoregrowthareaandalotdependsonoverseaseconomicrecovery.Inthedomesticsector,theoutlookseemstobestableinlongterm,withtheeconomyexpectedtoperformbetterintheyearstocome.Thoughinflationisaworrywhichmaydampenrealspendsintheeconomy,butanemphasison infrastructureandhousingshallpushthedemandforcompany’sproducts.

9. SEGMENT-WISE AND PRODUCT-WISE PERFORMANCE

The Company is engaged primarily in manufacturing ofLaminated Sheets and there are no separate reportablesegments.

10. CAUTIONARY STATEMENT:

CertainstatementsinthisAnnualReportmoreparticularlyin the Management Discussion and Analysis Reportdescribing theCompany’sstrength, strategies,objectives,predictions,expectationsandestimatesmaybe“forwardlookingstatements”withinthemeaningofapplicablelawsandregulations.Actualresultsmayvarysignificantlyfromtheforwardlookingstatementscontainedinthisdocumentdue to various risks and uncertainties. These risks anduncertainties include global and domestic financialmarket conditions affecting the interest rates, availabilityof resources for the financial sector, market for lending,changesinregulatorydirectionsissuedbytheGovernment,tax laws, economic situation affecting demand / supply,priceconditionsinthedomesticmarketsinwhichCompanyoperates, significant changes in political and economicenvironmentinIndia,applicablestatues,litigations,labourrelationsthatmayimpacttheCompany’sbusinessaswellas its ability to implement its strategies. Further,marketdataandproductinformationcontainedinthisReportarebasedoninformationgatheredfromvariouspublishedandunpublished reports, and their accuracy, reliability andcompletenesscannotbeassured.TheCompanydoesnotundertaketoupdatethesestatements.


25

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements ofAlfa Ica (India) Limited (“the Company”), which comprise theBalance Sheet as at March 31, 2019, the Statement of Profitand Loss, including the Statement of Other ComprehensiveIncome,theStatementofChangesinEquityandtheStatementofCashFlowsfortheyearthenended,andnotestothefinancialstatements, including a summary of the significant accountingpoliciesandotherexplanatoryinformation.

Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidfinancialstatementsgivetheinformationrequiredbytheCompaniesAct,2013(“theAct”)inthemannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia,ofthestateofaffairsoftheCompanyasatMarch31,2019,itsprofitincludingothercomprehensiveincome,thechangesinequityanditscashflowsfortheyearendedonthatdate.

Basis for Opinion

WeconductedourauditofthefinancialstatementsinaccordancewiththeStandardsonAuditing(SAs),asspecifiedundersection

143(10) of the Act. Our responsibilities under those Standardsare further described in the Auditor’s Responsibilities for the Audit of the Financial Statementssectionofourreport.Weareindependent of the Company in accordance with the‘Code ofEthics’issuedbythe InstituteofCharteredAccountantsof IndiatogetherwiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsundertheprovisionsoftheActandtheRulesmadethereunder,andwehavefulfilledourotherethical responsibilities in accordance with these requirementsandtheCodeofEthics.Webelievethat theauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropiniononthefinancialstatements.

Key Audit Matters

Key audit matters are those matters that, in our professionaljudgment,wereofmostsignificanceinourauditofthefinancialstatements forthefinancialyearendedMarch31,2019.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Foreachmatter below, our description of howour audit addressed thematterisprovidedinthatcontext.

INDEPENDENT AUDITOR’S REPORT

To,TheMembers,ALFA ICA (INDIA) LIMITEDCIN:L20100GJ1991PLC016763

Key audit matters How our audit addressed the key audit matter

Litigation and Disputed Demands (as described in note 26 of the financial statements)

TheCompanyisinvolvedindirecttaxlitigationrelatedtodisputeddemandpendingwithHon’bleGujaratHighCourtasindicated in Note 26.

Theamountofrecoverableclaimsanddisputeddemandsmaybesignificant.Assessmentofrecoverabilityofclaimsandestimatesoftheamountsofprovisionsorcontingentliabilitiesaresubjecttosignificantmanagementjudgement.

Accordingly,thismatterhasbeendeterminedtobeakeymatter,sincetheaforementionedmattersrequiressignificantjudgementsbymanagement,includingthatobtainedfromitslegaladvisors.

Ourauditproceduresincludedthefollowingprocedures:

• Obtained understanding of Key litigations, disputeddemandsandrecoverableclaims.

• Evaluatedmanagement’sassessmentofthelikelyoutcomeand potential exposures arising from ongoing court andarbitration proceedings and considered the requirementsforanyprovision.

• Inquiredwithbothlegalandfinancepersonnelinrespectofongoinglitigations,inspectedrelevantcorrespondenceandobtained legal confirmation letters on sample basis fromexternallegalcounsels.

We have determined that there are no key audit matters tocommunicateinourreport.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the otherinformation. The other information comprises the informationincluded in the Company’s annual report but does not includethefinancialstatementsandourauditor’sreportthereon.

Our opinion on the financial statements does not cover theotherinformationandwedonotexpressanyformofassuranceconclusionthereon.

In connection with our audit of the financial statements, ourresponsibility is toreadtheother informationand, indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedon the work we have performed, we conclude that there is amaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

TheCompany’sBoardofDirectorsisresponsibleforthemattersstatedinsection134(5)oftheActwithrespecttothepreparationof these financial statements that give a true and fair view of

26


the financial position, financial performance including othercomprehensiveincome,changesinequityandcashflowsoftheCompany in accordancewith the Ind AS and other accountingprinciples generally accepted in India. This responsibility alsoincludes maintenance of adequate accounting records inaccordancewiththeprovisionsoftheActforsafeguardingoftheassetsoftheCompanyandforpreventinganddetectingfraudsandotherirregularities;selectionandapplicationofappropriateaccounting policies; making judgments and estimates that arereasonable and prudent; and the design, implementation andmaintenanceof adequate internal financial controls, thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessof the accounting records, relevant to the preparation andpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.

Inpreparingthefinancialstatements,managementisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing, as applicable,matters related to going concern andusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.

The Board of Directors are responsible for overseeing theCompany’sfinancialreportingprocess.

Auditor’s Responsibility for the Audit of the Financial Statements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthe financial statements as a whole are free from materialmisstatement, whether due to fraud or error, and to issue anauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudor error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence theeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

As part of an audit in accordance with SAs, we exerciseprofessional judgment and maintain professional scepticismthroughouttheaudit.Wealso:

• Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designand perform audit procedures responsive to those risks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery, intentionalomissions,misrepresentations,or theoverrideofinternalcontrol.

• Obtain an understanding of internal financial controlsrelevant to theaudit inorder todesignauditproceduresthat areappropriate in the circumstances.Under section143(3)(i)oftheAct,wearealsoresponsibleforexpressingour opinion on whether the Company has adequateinternalfinancialcontrolssysteminplaceandtheoperatingeffectivenessofsuchcontrols.

• Evaluate the appropriateness of accountingpolicies usedand the reasonableness of accounting estimates andrelateddisclosuresmadebymanagement.

• Concludeontheappropriatenessofmanagement’suseofthegoingconcernbasisofaccountingand,basedon theaudit evidence obtained,whether amaterial uncertaintyexists related to events or conditions that may castsignificantdoubtontheCompany’sability tocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattention inourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor, if such disclosures are inadequate, to modify ouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,future events or conditions may cause the Company toceasetocontinueasagoingconcern.

• Evaluate the overall presentation, structure and contentofthefinancialstatements,includingthedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactions and events in a manner that achieves fairpresentation.

Wecommunicatewiththosechargedwithgovernanceregarding,among other matters, the planned scope and timing of theaudit and significant audit findings, including any significantdeficienciesininternalcontrolthatweidentifyduringouraudit.

Wealsoprovidethosechargedwithgovernancewithastatementthat we have complied with relevant ethical requirementsregarding independence, and to communicate with them allrelationshipsandothermattersthatmayreasonablybethoughtto bear on our independence, and where applicable, relatedsafeguards.

From the matters communicated with those charged withgovernance, we determine those matters that were of mostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublic disclosure about thematter orwhen, in extremely rarecircumstances, we determine that a matter should not becommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order,2016(“theOrder”), issuedbytheCentralGovernmentofIndiaintermsofsub-section(11)ofsection143oftheAct,wegive in the“Annexure A” astatementon themattersspecifiedinparagraphs3and4oftheOrder,totheextentapplicable.

2. AsrequiredbySection143(3)oftheAct,wereportthat:

a. Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesofouraudit;

b. Inouropinion,properbooksofaccountasrequiredby lawhavebeenkeptbytheCompanysofaras itappearsfromourexaminationofthosebooks;


27

c. TheBalanceSheet,theStatementofProfitandLossincludingOther Comprehensive Income, StatementofChangesinEquityandtheStatementofCashFlowdealtwithbythisReportareinagreementwiththebooksofaccount;

d. In our opinion, the aforesaid financial statementscomply with the Ind AS specified under Section133of theAct, readwithRule7of theCompanies(Accounts)Rules,2014asamended;

e. Onthebasisofthewrittenrepresentationsreceivedfrom the directors as on March 31, 2019 takenon record by the Board of Directors, none of thedirectors isdisqualifiedasonMarch31,2019frombeing appointed as a director in terms of Section164(2)oftheAct;

f. WithrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreportingoftheCompanyandthe operating effectiveness of such controls, refertoourseparateReport in“AnnexureB”.Ourreportexpresses an unmodified opinion on the adequacyand operating effectiveness of the Company’sinternalfinancialcontrolsoverfinancialreporting;

g. With respect to the other matters to be includedin the Auditor’s Report in accordance with therequirementsofsection197oftheact,asamendedinouropinion,themanagerialremunerationfortheyearendedMarch31,2019hasbeenpaid/providedbytheCompanyto itsdirectors inaccordancewith

theprovisionsofsection197readwithScheduleVtotheAct;

h. With respect to the other matters to be includedin theAuditor’sReport inaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,asamended, inouropinionand to thebestofourinformationandaccordingtotheexplanationsgiventous:

i. The Company has disclosed the impact ofpending litigationson its financial position initsfinancialstatements–Refernote26tothefinancialstatements.

ii. The Company did not have any long-termcontracts including derivative contracts forwhich there were any material foreseeablelosses;

iii. There has been no delay in transferringamounts, required to be transferred, to theInvestorEducationandProtectionFundbytheCompany;

For Doogar & AssociatesCharteredAccountants

FirmRegistrationNo.000561N

Vardhman DoogarPlace :NewDelhi PartnerDate :27thMay,2019 MembershipNo.517347

Annexure “A” to the Independent Auditor’s Report(Referredtoinparagraph1under‘ReportonOtherLegalandRegulatoryRequirements’sectionof

ourreporttotheMembersofAlfaIca(India)Limitedofevendate)

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 section 143(11) of the Companies Act, 2013 (“the Act”)

i. InrespectoftheCompany’sfixedassets:-

a. The Company has maintained proper recordsshowing full particulars, including quantitativedetailsandsituationoffixedassets.

b. TheCompanyhasaprogramofverificationtocoverall the items of fixed assets in a phased mannerwhich,inouropinion,isreasonablehavingregardtothesizeoftheCompanyandthenatureofitsassets.Pursuant to theprogram, certainfixedassetswerephysically verified by the management during theyear.Accordingtotheinformationandexplanationsgiventous,nomaterialdiscrepancieswerenoticedonsuchverification.

c. According to the information and explanationsgiven to us and on the basis of our examinationof the records of the Company, the title deeds ofimmovable properties are held in the nameof theCompany.

ii. The company has conducted physical verification of itsinventories (excludingmaterials in transit and stock lyingwith third parties) at reasonable intervals. No materialdiscrepancieswerenoticedduringphysicalverification.

iii. According to the information and explanations givento us, the Company has not granted any loans, securedor unsecured, to companies, firms, Limited LiabilityPartnerships or other parties covered in the registermaintainedunderSection189oftheCompaniesAct,2013.

iv. As informed to us, the company has not given any loan,madeinvestments,givenguaranteesandsecuritiestoanypersonorpartycoveredunderSection185and186oftheCompaniesAct,2013.

v. According to the information and explanations givento us, the Company has not accepted any deposit andhencereportingunderparagraph3(v)oftheOrder isnotapplicable.

vi. Wehavebroadlyreviewedthecostrecordsmaintainedbythe Company pursuant to the Companies (Cost Recordsand Audit) Rules, 2014, as amended prescribed by theCentralGovernmentundersub-section(1)ofSection148

28


of theCompaniesAct,2013andareof theopinion that,primafacie, theprescribedcost recordshavebeenmadeandmaintained.Wehave,however,notmadeadetailedexaminationofthesame.

vii. Accordingtotheinformationandexplanationsgiventous,inrespectofstatutorydues:

a. Undisputedstatutoryduesincludingprovidentfund,employees’ state insurance, income-tax, sales-tax,servicetax,dutyofcustom,valueaddedtax,goodsand service tax, cess and other statutory dueshave generally been regularly deposited with theappropriateauthorities.

b. There were no undisputed amounts payable inrespect of Provident Fund, Employees’ StateInsurance,Income-Tax,ServiceTax,SalesTax,Goodsand Services Tax, Duty of Custom, Duty of Excise,Value Added Tax, Cess and Other Statutory Dueswere outstanding, at the year end, for a period ofmore than sixmonths from the date they becomepayable.

c. Details of the dues of Income Tax which have notbeen deposited by the Company as at March 31,2019onaccountofanydisputearegivenbelow–

Name of the statute

Nature of dues

Amount (`) Period to which the amount relates (Financial Year)

Forum where the dispute is pending

IncomeTax Act, 1961

IncomeTax

12,164,310 2010-2011 GujaratHighCourt

viii. In our opinion and according to the information andexplanationsgiventous, theCompanyhasnotdefaultedin the repayment of loans or borrowings to financialinstitution,banksandgovernmentandduestodebentureholders.

ix. According to the information and explanations given bythemanagement,theCompanyhasnotraisedanymoneybywayof initialpublicoffer / furtherpublicoffer /debtinstruments)/termloanduringtheperiod.

x. Accordingtotheinformationandexplanationsgiventousandtothebestofourknowledge,nofraudbytheCompanyand nomaterial fraud on the Company by its officers oremployeeshasbeennoticedorreportedduringtheyear.

xi. In our opinion and according to the information andexplanationsgiventous,theCompanyhaspaid/providedmanagerialremunerationinaccordancewiththerequisiteapprovalsmandatedbytheprovisionsofsection197readwithScheduleVtotheCompaniesAct,2013.

xii. In our opinion and according to the information andexplanations given to us the Company is not a NidhiCompany and hence reporting under paragraph 3(xii) oftheOrderisnotapplicable.

xiii. Accordingtotheinformationandexplanationandrecordsmadeavailablebythecompany,theCompanyhascompliedwiththeprovisionofSection177and188oftheCompaniesAct, 2013where applicable, for all transactionswith therelatedpartiesandthedetailsofrelatedpartytransactionshavebeendisclosedinthefinancialstatementsasrequiredbytheapplicableaccountingstandards.

xiv. According to the informationandexplanationgive tous,thecompanyhasnotmadeanypreferentialallotmentorprivateplacementof sharesor fullyorpartly convertibledebenturesandhencereportingunderparagraph3(xiv)oftheOrderisnotapplicabletotheCompany.

xv. In our opinion and according to the information andexplanations given to us, during the year the Companyhas not entered into any non-cash transactions with itsdirectors or persons connected with him. Accordingly,paragraph3(xv)oftheOrderisnotapplicable.

xvi. TheCompanyisnotrequiredtoberegisteredundersection45-IoftheReserveBankofIndiaAct,1934.





29

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financialreportingofAlfaIca(India)Limited(“theCompany”)asofMarch31,2019inconjunctionwithourauditofthefinancialstatementsoftheCompanyfortheyearendedonthatdate.

Management’s Responsibility for Internal Financial Controls

TheCompany’smanagementisresponsibleforestablishingandmaintaining internal financial controls based on the internalcontrol over financial reporting criteria established by theCompany considering the essential components of internalcontrol stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the “GuidanceNote”) issued by the Institute of Chartered Accountants ofIndia.Theseresponsibilitiesincludethedesign,implementationand maintenance of adequate internal financial controls thatwereoperatingeffectivelyforensuringtheorderlyandefficientconduct of its business, including adherence to company’spolicies, the safeguarding of its assets, the prevention anddetectionof fraudsanderrors, theaccuracyand completenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013(“theAct”).

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’sinternalfinancialcontrolsoverfinancialreportingbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteofInternalFinancialControlsOverFinancialReportingissuedbytheInstituteofCharteredAccountantsofIndia(‘theGuidanceNote’)andtheStandardsonAuditing,prescribedunderSection143(10)oftheCompaniesAct,2013,totheextentapplicabletoanauditof internalfinancialcontrols.ThoseStandardsandtheGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwas established andmaintained and if such controlsoperatedeffectivelyinallmaterialrespects.

Our audit involves performing procedures to obtain auditevidence about the adequacy of the internal financial controlssystemoverfinancialreportingandtheiroperatingeffectiveness.Our audit of internal financial controls over financial reportingincludedobtaininganunderstandingofinternalfinancialcontrolsover financial reporting, assessing the risk that a materialweakness exists, and testing and evaluating the design andoperatingeffectivenessofinternalcontrolbasedontheassessedrisk.Theproceduresselecteddependontheauditor’sjudgement,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.

Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopiniononthe

Company’s internal financial controls system over financialreporting.

Meaning of Internal Financial Controls Over Financial Reporting

Acompany’sinternalfinancialcontroloverfinancialreportingisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatements for external purposes in accordancewith generallyaccepted accounting principles. A company’s internal financialcontrol over financial reporting includes those policies andproceduresthat(1)pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsand dispositions of the assets of the company; (2) providereasonableassurancethattransactionsarerecordedasnecessaryto permit preparation of financial statements in accordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsand expenditures of the company are being made only inaccordance with authorizations of management and directorsofthecompany;and(3)providereasonableassuranceregardingpreventionortimelydetectionofunauthorizedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Limitations of Internal Financial Controls Over Financial Reporting

Becauseoftheinherentlimitationsofinternalfinancialcontrolsover financial reporting, including the possibility of collusionor improper management override of controls, materialmisstatements due to error or fraud may occur and not bedetected. Also, projections of any evaluation of the internalfinancial controls over financial reporting to future periodsare subject to the risk that the internal financial control overfinancialreportingmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorproceduresmaydeteriorate.

Opinion

Inouropinion,tothebestofour informationandaccordingtothe explanations given to us, the Company has, in allmaterialrespects, an adequate internal financial controls system overfinancial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31,2019, based on the internal control over financial reportingcriteria established by the Company considering the essentialcomponentsof internalcontrolstatedintheGuidanceNoteonAudit of Internal Financial Controls Over Financial ReportingissuedbytheInstituteofCharteredAccountantsofIndia.




Annexure “B” to the Independent Auditor’s Report

(Referredtoinparagraph2(f)under‘ReportonOtherLegalandRegulatoryRequirements’sectionof ourreporttothemembersofAlfaIca(India)Limitedofevendate)

30


BALANCE SHEET AS AT MARCH 31, 2019[CIN:L20100GJ1991PLC016763]

(Amountin`)

Particulars Note As atMarch 31, 2019

As atMarch 31, 2018

A ASSETSI. Non current assets

(a) Property,plantandequipment 2 122,531,852 97,410,726(b) Capitalwork-in-progress - 2,198,684 (c) Financialassets (i) Otherfinancialassets 3 1,450,625 1,442,991 Sub-total of non current assets 123,982,477 101,052,401

II. Current assets(a) Inventories 4 138,307,516 128,429,115(b) Financialassets (i) Tradereceivables 5 86,733,450 86,293,069 (ii) Cashandcashequivalents 6 1,209,907 1,674,733(c) Othercurrentassets 7 18,056,966 20,574,250Sub-total of Current Assets 244,307,839 236,971,167 TOTAL ASSETS 368,290,316 338,023,568

B EQUITY AND LIABILITIESI Equity :

(a) Equitysharecapital 8 40,400,000 40,400,000 (b) Otherequity 9 107,704,259 100,008,410 Sub-total -equity 148,104,259 140,408,410

II Liabilities:1 Noncurrentliabilities

(a) Financialliabilities (i) Borrowings 10 63,755,220 66,909,807(b) Deferredtaxliabilities(net) 12 4,510,350 3,686,462 (c) Provisions 11 991,356 872,438Sub-total of non current liabilities 69,256,926 71,468,707

2 Current liabilities(a) Financialliabilities (i) Borrowings 13 103,349,952 65,711,728 (ii) Tradepayables 14 - duetomicroenterprisesandsmallenterprises 2,747,365 - - duetocreditorsotherthanmicroenterprisesandsmall

enterprises 41,221,343 56,750,026

(iii) Otherfinancialliabilities - - (b) Othercurrentliabilities 15 3,200,902 2,802,912 (c) Provisions 16 409,569 881,785Sub- total of current liabilities 150,929,131 126,146,451 TOTAL EQUITY AND LIABILITIES 368,290,316 338,023,568

See accompanying notes to the financial statements. 1-34

AsperourReportofEvenDate For and on behalf of the Board of Directors

For Doogar & Associates Shyam Sunder Tibrewal ChairmanCharteredAccountants (DIN:00500621)FirmRegn.No.000561N Pooja Tikmani (DIN : 06944249) DirectorVardhman DoogarPartner Rishi TikmaniM.No.517347 (DIN:00638644) Director

Himadri Trivedi CompanysecretaryPlace :AhmedabadDate :27thMay,2019 Hansraj Sekhani ChiefFinanceOfficer


31

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2019[CIN:L20100GJ1991PLC016763]

(Amountin`)

Particulars Note For the year ended March 31, 2019

For the year ended March 31, 2018

I. Revenuefromoperations 17 560,461,697 573,594,078

II. Otherincome 18 4,628,332 9,623,531

III. Total Revenue (I + II) 565,090,029 583,217,609

Expenses:

(a) Costofmaterialsconsumed 19 377,620,526 391,059,091

(b) Changesininventoriesoffinishedgoodswork-in-progressandstock-in-trade

20 (812,815) 6,021,775

(c) Excisedutyonsaleofgoods - 7,295,811

(d) Employeebenefitsexpenses 21 17,621,693 13,931,587

(e) Finance costs 22 16,151,645 12,354,275

(f) Depreciationandamortizationexpenses 2 6,900,925 6,843,287

(g) Otherexpenses 23 129,756,052 129,754,459

IV. Total expenses 547,238,026 567,260,285

V. Profit before tax (III-IV) 17,852,003 15,957,324

VI. Tax expense:

(1) Currenttax 4,380,401 5,048,675

(2) Taxadjustmentsearlieryears 235,763 -

(3) Deferredtax 780,900 (870,191)

VII. Profit for the year (V-VI) 12,454,939 11,778,840

VIII. Other Comprehensive Income

OCInottobereclassifiedtoprofitorloss - -

Re-measurementincome/(loss)ondefinedbenefitplan 154,522 -

Incometaxrelatingtoitemsthatwillnotbereclassifiedtoprofitorloss

(42,988) -

Total Other Comprehensive Income ( Net) 111,534 -

IX. Total Comprehensive Income for the Year(VII + VIII) 12,566,473 11,778,840

Earningsperequityshare:

(1) Basic (in `) 3.08 2.92

(2) Diluted(in`) 3.08 2.92

See accompanying notes to the financial statements. 1-34




32


CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2019[CIN:L20100GJ1991PLC016763]

(Amountin`)

Particulars For the year ended March 31, 2019


Cashflow from operating activitiesNetprofitbeforetaxfromcontinuingoperations 17,852,003 15,957,324Add/Less : AdjustmentsLoss/(Profit)onsaleoffixedasset (87,368) 554,331DepreciationandamortizationExpense 6,900,925 6,843,287Finance cost 16,151,645 12,354,275Interestincome (209,955) (102,202)Operating profit before working capital changes 40,607,250 35,607,015 Movementsinworkingcapital:Increase/(decrease)intradepayables (12,781,318) 6,577,656Increase/(decrease)inothercurrentliabilities 397,990 (1,720,033)Increase/(decrease)inprovisions 295,069 1,129,976Decrease/(increase)intradereceivables (440,382) (31,038,587)Decrease/(increase)ininventories (9,878,401) (198,074)Decrease/(increase)inotherfinancialassets (7,634) (8,094)Decrease/(increase)inothercurrentassets 2,517,284 (13,163,528)Cashgeneratedfrom/(usedin)operations 20,709,859 (2,813,668)Directtaxespaid(netofrefunds) (5,110,011) (4,444,722)Net cash flow from/ (used in) operating activities (A) 15,599,848 (7,258,390)Cash flows from investing activitiesPurchaseoffixedassets,includingCWIPandcapitaladvances (29,880,998) (12,964,468)Proceedsfromsaleoffixedassets 145,000 460,000 Interest received 209,955 102,202 Net cash flow from/ (used in) investing activities (B) (29,526,043) (12,402,266)Cash flows from financing activitiesRepaymentofshort-termborrowings 37,638,225 (763,859)Proceedsfromotherlongtermliabilities (3,154,587) 1,844,019 Financialexpenses (16,151,645) (12,354,275)Dividend paid (4,040,000) - DDT on dividend (830,624) - Net cash flow from/ (used in) in financing activities (C) 13,461,369 (11,274,115)Net increase/(decrease) in cash and cash equivalents (A + B + C) (464,826) (30,934,771)Cashandcashequivalentsatthebeginningoftheyear 1,674,733 32,609,504Cash and cash equivalents at the end of the year 1,209,907 1,674,733 See accompanying notes to the financial statements. 1-34





33

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2019[CIN:L20100GJ1991PLC016763]

A. Equity Share Capital Amount in `

Balance as at 01.04.2017 40,400,000

ChangesinEquityShareCapitalduringtheyear -

Balance as at 31.03.2018 40,400,000

ChangesinEquityShareCapitalduringtheyear -

Balance as at 31.03.2019 40,400,000

B. Other Equity

Reserves and Surplus

Capital Redemption Reserve

Subsidy from State Government

Retained Earning (Surplus)

Total Other Equity

Balance as at 01.04.2017 25,000,000 1,500,000 61,729,570 88,229,570

Profit/(Loss)duringtheyear 11,778,840 11,778,840

OtherComprehensiveIncome/(Loss)fortheyear,netofincometax

- - - -

Balance as at 31.03.2018 25,000,000 1,500,000 73,508,410 100,008,410


OtherComprehensiveIncome/(Loss)fortheyear,netofincometax

- - - -

Dividends(includingcorporatedividend tax)

- - (4,870,624) (4,870,624)

Balance as at 31.03.2019 25,000,000 1,500,000 81,204,259 107,704,259

Seeaccompanyingnotestothefinancialstatements 1-34




34


1. Company overview

AlfaIca(India)Limited(theCompany)isapubliccompanydomiciledinIndiaandisincorporatedundertheprovisionsof the Companies Act applicable in India. Its shares arelisted on Bombay Stock Exchange (BSE). The registeredoffice of the Company is located at1-4, Uma IndustrialEstate,VillageVasana-Iyawa,Tal.Sanand,Dist.Ahmedabad,Gujarat.

The Company’s principal activity is to manufacture andmarketdecorativelaminatesheets.

2. Basis of preparation

i. Compliance with Ind AS

ThefinancialstatementsoftheCompanyhavebeenprepared in accordance with Indian AccountingStandards (Ind AS) notified under the Companies(Indian Accounting Standards) Rules, 2015 asamendedandotherrelevantprovisionsoftheAct.

Accounting policies have been consistently appliedexcept where a newly issued accounting standardis initially adopted or a revision to an existingaccounting standard requires a change in theaccountingpolicyhithertoinuse.

The financial statements are presented in IndianRupee (‘INR’) which is also the functional andpresentationcurrencyofthecompany.

ii. Historical cost convention

The financial statements have been prepared on ahistoricalcostbasis.

iii. Use of estimates

Inpreparing thefinancial statements in conformitywithaccountingprinciples,managementisrequiredtomakeestimatesandassumptionsthatmayaffectthe reported amounts of assets and liabilities andthe disclosure of contingent liabilities as at thedate of financial statements and the amounts ofrevenue and expenses during the reported period.Actualresultscoulddifferfromthoseestimates.Anyrevisiontosuchestimatesisrecognisedintheperiodthesameisdetermined.

3. Revenue recognition

Revenueisrecognisedatthefairvalueoftheconsiderationreceivedorreceivable.Theamountdisclosedasrevenueisinclusiveofexcisedutyandnetofreturns,tradediscounts.

The company recognizes revenue when the amount ofrevenuecanbemeasuredreliablyand it isprobable thattheeconomicbenefitsassociatedwiththetransactionwillflowtotheentity.

Sale of products

Timing of recognition- Revenue from sale of products isrecognisedwhensignificantrisksandrewardsinrespectof

ownershipofproductsaretransferredtocustomersbasedonthetermsofsale.

Measurement of revenue- Revenue from sales is basedon the price specified in the sales contracts, net of alldiscountsandreturnsatthetimeofsale.

Revenuefrominterestisrecognizedonaccrualbasis.

4. Foreign currency translation

i. Presentation Currency

The functional currency of the company is Indianrupee. Thesefinancial statements arepresented inIndianrupee.

ii. Transactions and balances

Foreigncurrencytransactionsaretranslatedintothefunctionalcurrencyusingtheexchangeratesatthedates of the transactions. Foreign exchange gainsand losses resulting from the settlement of suchtransactions and from the translation ofmonetaryassets and liabilities denominated in foreigncurrenciesatyearendexchangeratesaregenerallyrecognisedinprofitorloss.

5. Property, plant and equipment

Tangiblefixedassetsarecarriedatcostofacquisitionlessaccumulateddepreciation.Thecostofanitemoftangiblefixedassetcomprises itspurchaseprice, including importduties and others non-refundable taxes or levies andany directly attributable cost of bringing the asset to itsworkingconditionforitsintendeduse;anytradediscountsandrebatesaredeductedinarrivingatthepurchaseprice.

Tangible fixed assets under construction are disclosed ascapitalworkinprogress.

Recognition:

Thecostofanitemofproperty,plantandequipmentshallberecognisedasanassetif,andonlyif:

(a) it is probable that future economic benefitsassociatedwiththeitemwillflowtotheentity;and

(b) thecostoftheitemcanbemeasuredreliably.

Gainsorlossesarisingfromde-recognitionoffixedassetsaremeasuredasthedifferencebetweenthenetdisposalproceeds and the carrying amount of the asset and arerecognized in the Statement of profit and losswhen theassetisderecognized.

The residual values, useful lives and methods ofdepreciationofproperty,plantandequipmentarereviewedat each financial year end and adjusted prospectively, ifappropriate.

6. Intangible assets

Intangible assets are stated at cost less accumulatedamortisationandnetofimpairments,ifany.Anintangibleassetisrecognizedifitisprobablethattheexpectedfuture

Notes on Financial Statement for the Year ended March 31, 2019


35

economic benefits that are attributable to the asset willflowtothecompanyanditscostcanbemeasuredreliably.Intangibleassetsareamortisedonstraightlinebasisovertheirestimatedusefullives.

7. Depreciationand amortization expenses

Depreciation on tangible fixed assets and amortisationof intangible fixed assets is provided on the straight linemethod,asperusefullifeprescribedinScheduleIItotheCompaniesAct,2013.

Depreciationonadditions isprovidedonapro-ratabasisfromthemonthofacquisition/installation.Depreciationonsale/deduction fromfixedassets isprovided forupto thedateofsale/adjustment,asthecasemaybe.

8. Income tax

Income tax expense represents the sum of current anddeferred tax (including MAT). Current income-tax ismeasured at the amount expected to be paid to the taxauthorities in accordancewith the Income-tax Act, 1961enacted in India.

Deferred tax is recognised on differences between thecarrying amounts of assets and liabilities in the Balancesheet and the corresponding tax bases used in thecomputation of taxable profit and are accounted forusing the liability method. Deferred tax liabilities aregenerallyrecognisedforalltaxabletemporarydifferences,and deferred tax assets are generally recognized for alldeductible temporary differences, carry forward taxlosses and allowances to the extent that it is probablethat future taxableprofitswillbeavailableagainstwhichthosedeductibletemporarydifferences,carryforwardtaxlossesandallowancescanbeutilised.Deferredtaxassetsand liabilities are measured at the applicable tax rates.Deferred taxassetsanddeferred tax liabilitiesareoffsetand presented as net.

Thecarryingamountofdeferredtaxassetsisreviewedateachbalancesheetdateandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitswillbeavailableagainstwhich the temporarydifferencescanbeutilised.

CreditofMATisrecognisedasanassetonlywhenandtotheextentthereisconvincingevidencethattheCompanywillpaynormalincometaxduringthespecifiedperiod,i.e.,theperiod forwhichMATcredit is allowed tobe carriedforward. In the year in which the MAT credit becomeseligible to be recognized as an asset, the said asset iscreatedbywayofacredittotheprofitandlossaccountandshown asMAT credit entitlement. The Company reviewsthesameateachbalancesheetdateandwritesdownthecarryingamountofMATcreditentitlement to theextentthereisnolongerconvincingevidencetotheeffectthattheCompanywillpaynormalincometaxduringthespecifiedperiod.

9. Borrowing costs

General and specific borrowing costs that are directlyattributabletotheacquisition,constructionorproduction

ofaqualifyingassetarecapitalisedaspartofthecostofrespectiveassetsduringtheperiodoftimethatisrequiredto complete and prepare the asset for its intendeduse. Qualifying assets are assets that necessarily take asubstantialperiodoftimetogetreadyfortheir intendeduse or sale. Other borrowing costs are expensed in theperiodinwhichtheyareincurred.

10. Inventories

Raw materials and stores, work-in-progress, traded andfinished goods are stated at the lower of cost and netrealizable value. Cost of rawmaterials and traded goodscomprise of cost of purchase. Cost of work-in-progressand finished goods comprises direct materials, directlabourandanappropriateproportionofvariableandfixedoverhead expenditure, the later being allocated on thebasisofnormaloperatingcapacity.Costofinventoriesalsoincludesallothercostincurredinbringingtheinventoriesto their present location and condition. Net realizablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.

11. Cash and cash equivalents

TheCashandcashequivalentinthebalancesheetcomprisecashatbanksandonhandandshort-termdepositswithamaturityperiodofthreemonthsorlessfromthebalancesheet date, which are subject to an insignificant risk ofchangesinvalue.

12. Trade receivables

Trade receivables are recognised initially at fair valueand subsequentlymeasured at amortised cost using theeffectiveinterestmethod,lessprovisionforimpairment.

13. Government grants

Grants from thegovernmentare recognisedat fair valuewherethere isareasonableassurancethatthegrantwillbereceivedandtheCompanywillcomplywithallattachedconditions.

Government grants relating to income are deferred andrecognisedintheprofitorlossovertheperiodnecessaryto match them with the costs they are intended tocompensateandpresentedwithinotherincome.

Government grants relating to the purchase of property,plantandequipmentareincludedinnon-currentliabilitiesasdeferredincomeandarecreditedtoprofitandlossonastraightlinebasisovertheexpectedlivesoftherelatedassetsandpresentedwithinotherincome.

Thebenefitofagovernmentloanatbelowcurrentmarketrateofinterestistreatedasagovernmentgrant.

14. Provisions, contingent liabilities and contingent assets

Aprovisionisrecognizedwhenthereisapresentobligationasaresultofpasteventandit isprobablethattherewillbeanoutflowof resources in respectofwhicha reliableestimatecanbemade.Contingentliabilitiesaredisclosedwhen there is a possible obligation arising from pastevents,theexistenceofwhichwillbeconfirmedonlybythe

36


occurrence or non-occurrence of one ormore uncertainfutureeventsnotwhollywithinthecontroloftheCompanyorapresentobligationthatarisesfrompasteventswhereit iseithernotprobablethatanoutflowofresourceswillberequiredtosettleorareliableestimateoftheamountcannot be made. Information on contingent liabilityis disclosed in the Notes to the Financial Statements.Contingentassetsarenotrecognised.

15. Employee benefits

Short-term obligations

Liabilities forwagesandsalaries, includingnon-monetarybenefitsthatareexpectedtobesettledwhollywithin12monthsaftertheendoftheperiodinwhichtheemployeesrender the related service are recognised in respect ofemployees’servicesuptotheendofthereportingperiodand are measured at the amounts expected to be paidwhentheliabilitiesaresettled.Theliabilitiesarepresentedas current employee benefit obligations in the balancesheet.

Post-employment obligations

(a) Defined benefit plans

Gratuity obligations

The liability in respect of Gratuity is determinedbased on the actuarial valuation done by Actuaryas atBalanceSheetdated in contextof the IndAS19 following Projected Unit Credit Method. ThegratuityplaninunfundedandtheCompanywillpaygratuityasandwhenitbecomesdue.Theobligationismeasured at the present value of the estimatedfuture cash flows. Actuarial gains and losses arerecognised immediately in the Statement of Profitand Loss.

Leave encashment on termination of service

Benefits under the Company’s leave encashmentconstitute other employee benefits. The liability inrespectofleaveencashmentisprovidedonthebasisof an actuarial valuation done by an independentactuary at the year end.Actuarial gains and lossesare recognised immediately in the Statement ofProfitandLoss.Itisunfundedplan.

(b) Defined contribution plans

Provident Fund

Retirementbenefit intheformofprovidentfundisa defined contribution scheme. The Company hasno obligation, other than the contribution payableto the provident fund. The Company recognizescontributionpayabletotheprovident fundschemeas an expense, when an employee renders therelatedservice.

16. Earnings per share

Basic earnings per equity share is computed by dividingthe net profit attributable to the equity holders of thecompanybytheweightedaveragenumberofequitysharesoutstandingduringtheperiod.

Dilutedearningsperequityshareiscomputedbydividingthe net profit attributable to the equity holders of thecompanybytheweightedaveragenumberofequitysharesconsidered for deriving basic earnings per equity shareand also the weighted average number of equity sharesthatcouldhavebeenissueduponconversionofalldilutivepotentialequityshares.Thedilutivepotentialequitysharesare adjusted for the proceeds receivable had the equitysharesbeenactuallyissuedatfairvalue.

17. Financial instruments

A financial instrument is any contract that gives rise toa financial asset of one entity and a financial liability orequityinstrumentofanotherentity.

(i) Initial recognition and measurement

On initial recognition, all the financial assets andliabilities are recognized at its fair value plus orminustransactioncoststhataredirectlyattributableto the acquisitionor issueof thefinancial asset orfinancial liability except financial asset or financialliabilitymeasuredatfairvaluethroughprofitorloss.Transaction costs of financial assets and liabilitiescarriedatfairvaluethroughtheProfitandLossareimmediately recognized in the Statement of Profitand Loss.

(ii) Subsequent measurement

Financial assets carried at amortised cost

A financial asset is subsequently measured atamortisedcost if it isheldwithinabusinessmodelwhoseobjectiveistoholdtheassetinordertocollectcontractualcashflowsandthecontractualtermsofthe financial asset give rise on specified dates tocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.

Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is subsequently measured at fairvalue through other comprehensive income if itis heldwithin abusinessmodelwhoseobjective isachieved by both collecting contractual cash flowsandsellingfinancialassetsandthecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.

Financial assets at fair value through profit or loss (FVTPL)

A financial asset ismeasured at fair value throughprofit and loss unless it is measured at amortizedcost or at fair value through other comprehensiveincome.

Financial liabilities

The financial liabilities are subsequently carried atamortizedcostusing theeffective interestmethod.For trade and other payablesmaturingwithin oneyear from the balance sheet date, the carrying


37

amounts approximate fair value due to the shortmaturityoftheseinstruments.

18. Impairment of assets

(i) Financial assets

The company recognizes loss allowances using theexpected credit loss (ECL) model for the financialassets which are not fair valued through profit orloss.

Loss allowance for trade receivables with nosignificant financing component ismeasured at anamountequaltolifetimeECL.Forallotherfinancialassets, expected credit losses are measured at anamountequaltothe12-monthECL,unlesstherehasbeenasignificant increase increditriskfrominitialrecognition in which case those are measured atlifetimeECL.Theamountofexpectedcreditlosses(orreversal)thatisrequiredtoadjustthelossallowanceatthereportingdatetotheamountthatisrequiredtoberecognisedisrecognizedasanimpairmentgainorlossinstatementofprofitorloss.

(ii) Non-financial assets

Thecarryingamountsofassetsarereviewedateachbalance sheet date in accordance with Ind AS 36‘ImpairmentofAssets’,todeterminewhetherthereisanyindicationofimpairment.Ifanysuchindicationexists,theasset’srecoverableamountisestimated.An impairment loss is recognised whenever thecarryingamountofanassetexceedsitsrecoverableamount. Impairment losses are recognised in theStatementofProfitandLoss.Animpairmentloss isreversediftherehasbeenachangeintheestimatesused to determine the recoverable amount. Animpairment loss is reversedonly to theextent thatthe asset’s carrying amount does not exceed thecarryingamountthatwouldhavebeendeterminednetofdepreciationoramortisation,ifnoimpairmentlosshadbeenrecognised.

19. Recent Accounting Pronouncements

i. Ind-AS 116 Leases :-

OnMarch30,2019,MinistryofCorporateAffairshasnotifiedIndAS116,Leases. IndAS116will replacethe existing leases Standard, Ind AS 17 Leases,and related Interpretations. The Standard sets outthe principles for the recognition, measurement,presentationanddisclosureofleasesforbothpartiesto a contract i.e., the lesseeand the lessor. IndAS116introducesasinglelesseeaccountingmodelandrequires a lessee to recognize assets and liabilitiesfor all leases with a term of more than twelvemonths,unlesstheunderlyingassetisoflowvalue.Currently, operating lease expenses are charged tothe statement of Profit & Loss. The Standard alsocontains enhanced disclosure requirements forlessees.IndAS116substantiallycarriesforwardthelessoraccountingrequirementsinIndAS17.

The effective date for adoption of Ind AS 116 isannualperiodsbeginningonorafterApril1,2019.The standard permits two possible methods oftransition:

• Full retrospective – Retrospectively to eachprior period presented applying Ind AS 8Accounting Policies, Changes in AccountingEstimatesandErrors

• Modified retrospective – Retrospectively,withthecumulativeeffectofinitiallyapplyingtheStandard recognizedat thedateof initialapplication.

Undermodified retrospective approach, the lesseerecords the lease liability as the present value ofthe remaining lease payments, discounted at theincrementalborrowingrateandtherightofuseasseteither as:

• Itscarryingamountasifthestandardhadbeenapplied since the commencement date, butdiscountedat lessee’s incremental borrowingrateatthedateofinitialapplicationor

• Anamountequaltotheleaseliability,adjustedbytheamountofanyprepaidoraccruedleasepayments related to that lease recognizedunderIndAS17immediatelybeforethedateofinitialapplication.

ii. Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments :-

On March 30, 2019, Ministry of Corporate Affairshas notified Ind AS 12 Appendix C, Uncertaintyover IncomeTaxTreatmentswhich is tobeappliedwhileperformingthedeterminationoftaxableprofit(or loss), tax bases, unused tax losses, unused taxcreditsandtaxrates,whenthereisuncertaintyoverincome tax treatments under IndAS 12. Accordingtotheappendix,companiesneedtodeterminetheprobability of the relevant tax authority acceptingeach tax treatment, or group of tax treatments,that the companies have used or plan to use intheir income tax filingwhich has to be consideredtocomputethemostlikelyamountortheexpectedvalueofthetaxtreatmentwhendeterminingtaxableprofit(taxloss),taxbases,unusedtaxlosses,unusedtax credits and tax rates.

The standard permits two possible methods oftransition–

• Full retrospective approach – Under thisapproach, Appendix C will be appliedretrospectively to each prior reportingperiod presented in accordance with IndAS 8 – Accounting Policies, Changes inAccounting Estimates and Errors, withoutusinghindsightand

38


• Retrospectively with cumulative effect ofinitially applying Appendix C recognized byadjustingequityoninitialapplication,withoutadjustingcomparatives.

TheeffectivedateforadoptionofIndAS12AppendixCisannualperiodsbeginningonorafterApril1,2019.

iii. Amendment to Ind AS 12 – Income taxes :-

On March 30, 2019, Ministry of Corporate Affairsissued amendments to the guidance in Ind AS 12,‘Income Taxes’, in connection with accounting fordividenddistributiontaxes.

The amendment clarifies that an entity shallrecognisetheincometaxconsequencesofdividendsin profit or loss, other comprehensive income orequity according to where the entity originallyrecognisedthosepasttransactionsorevents.

Effectivedate for applicationof this amendment isannual period beginning on or after April 1, 2019.TheCompanyiscurrentlyevaluatingtheeffectofthisamendmentonthefinancialstatements.

iv. Amendment to Ind AS 19 – plan amendment, curtailment or settlement :-

On March 30, 2019, Ministry of Corporate Affairsissued amendments to Ind AS 19, ‘EmployeeBenefits’, in connection with accounting for planamendments,curtailmentsandsettlements.

Theamendmentsrequireanentity:

• to use updated assumptions to determinecurrent service cost and net interest forthe remainder of the period after a planamendment,curtailmentorsettlement;and

• to recognise in profit or loss as part of pastservice cost, or a gain or loss on settlement,anyreductioninasurplus,evenifthatsurpluswasnotpreviouslyrecognisedbecauseoftheimpactoftheassetceiling.

Effectivedate for applicationof this amendment isannualperiodbeginningonorafterApril1,2019.


39

2. P

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(A

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Sr.

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Parti

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2,345

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587

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40


3. Other non-current financial assets

Particulars As atMarch 31, 2019

`

As atMarch 31, 2018

`

Other deposits 1,450,625 1,442,991

Total 1,450,625 1,442,991

4. Inventories(atcostorNRV,whicheverislower)


`

As atMarch 31, 2018

`

Rawmaterial 119,744,876 110,454,290

Finishedgoods 16,302,640 15,010,325

Work-in-process 560,000 1,039,500

Stores&spares 450,000 325,000

Coal&lignite 675,000 850,000

Packingmaterials 575,000 750,000

Total 138,307,516 128,429,115

5. Trade receivables


`

As atMarch 31, 2018

`

TradereceivablesConsideredgood-secured

TradereceivablesConsideredgood-unsecured 86733450 86,293,069

TradeReceivableswhichhavesignificantincreaseinCreditRisk

TradeReceivables-creditimpaired

less:Allowanceforimpairementloss - -

Total 86,733,450 86,293,069

6. Cash & cash equivalents


`

As atMarch 31, 2018

`

a. Cash on hand 347,257 115,235

b.BalanceswithBanks-Incurrentaccounts 862,650 1,559,498

Total 1,209,907 1,674,733

7. Other current assets


`

As atMarch 31, 2018

`

Unsecured and considered goods

- Trade advances 394,454 74,004

- Taxesanddutiesrecoverable 16,563,078 20,157,429

- Prepaid expenses 1,099,434 342,817

Total 18,056,966 20,574,250


41

8. Equity share capital

Particulars As at March 31, 2019 As at March 31, 2018

Number ` Number `

Authorised

Equitysharesof` 10 each 5,000,000 50,000,000 5,000,000 50,000,000

Total 5,000,000 50,000,000 5,000,000 50,000,000

Issued, subscribed & paid up

Equitysharesof`10 each 4,040,000 40,400,000 4,040,000 40,400,000

Total 4,040,000 40,400,000 4,040,000 40,400,000

8.1 Reconciliation of number of shares outstanding at the Beginning & at the End of Reporting Period


Equity Shares Equity Shares

Number ` Number `

Sharesatthebeginningoftheyear 4,040,000 40,400,000 4,040,000 40,400,000

Add:movementduringtheyear - - - -

Sharesoutstandingattheendoftheyear 4,040,000 40,400,000 4,040,000 40,400,000

8.2 List of share holders holding more than 5% shares in the Company


No. of Shares held

% of Holding No. of Shares held

% of Holding

Equity Shares :-

RishiTikmani 561,200 13.89 561,200 13.89

RajendraTikmani(HUF) 999,576 24.74 999,576 24.74

VimladeviTikmani 872,922 21.61 760,022 18.81

PoojaTikmani 439,600 10.88 439,600 10.88

8.3 Terms/rights attached to the equity shares

TheCompanyhasoneclassofsharesreferredtoasequityshareshavingaparvalueof`10each.Eachshareholder isentitledtoonevotepershareheld.Intheeventofliquidation,theequityshareholdersareeligibletoreceivetheremainingassetsoftheComanyafterdistributionofallpreferentialamounts,inproprtiontotheirshareholding.

9. Other equity

Particlars Reserves and surplus

Capital redemption

Reserve

Subsidy from state

government

Retained earning

(Surplus)

Total other equity

Balanceasat01.04.2017 25,000,000 1,500,000 61,729,570 88,229,570

Profit/(Loss)duringtheyear - -

OtherComprehensiveIncome/(Loss)fortheyear,netofincometax - - 11,778,840 11,778,840

Balance as at 31.03.2018 25,000,000 1,500,000 73,508,410 100,008,410

Balance as at 01.04.2018 25,000,000 1,500,000 73,508,410 100,008,410


OtherComprehensiveIncome/(Loss)fortheyear,netofincometax - - - -

Dividend Paid (4,040,000) (4,040,000)

DDT on Dividend (830,624) (830,624)

Balance as at 31.03.2019 25,000,000 1,500,000 81,204,259 107,704,259

42


10. Non-current borrowings


`

As atMarch 31, 2018

`

Unsecuredloansfromdirectorandpromoters 63,755,220 66,909,807

Total 63,755,220 66,909,807

11. Non-current provisions


`

As atMarch 31, 2018

`

Provisionforemployeebenefits

Gratuity 823,842 746,634

Leaveencashment 167,514 125,804

Total 991,356 872,438

12. Deferred tax liabilities (net)


`

As atMarch 31, 2018

`

Deferred tax liabilities on account of :Depreciation 4,863,809 3,997,770Deferred tax assets on account of :

Provisionforgratuity (293,110) (267,201)Provisionforleaveencashment (60,349) (44,108)Total 4,510,350 3,686,462

13. Current borrowings


`

As atMarch 31, 2018

`

Securedloanrepayableondemand- Cashcreditfrombanks 103,349,952 65,711,728Total 103,349,952 65,711,728

13.1.Allsecuredloansaresecuredbyhypothecationofallpresentandfuturegoods,bookdebtsandothermovableassetsandequitablemortgageofimmovableproperties&personalguaranteeofpromoter&Directors.Loanstakenfrombankcarriesinterestrateof9.55%p.a.

14. Trade payables


`

As atMarch 31, 2018

`

Tradepayables1. Duetomicroandsmallenterprises 2,747,365 - 2. Duetoothers 41,221,343 56,750,026Total 43,968,708 56,750,026

15. Other current liabilities


`

As atMarch 31, 2018

`

(a) Advancefromcustomers 116,823 200,000 (b) Otherpayables* 3,084,079 2,602,912 Total 3,200,902 2,802,912

*Otherpayablesincludeunpaidexpenses,statutoryliabilitiesetc.


43

16. Current provisions


`

As atMarch 31, 2018

Ìncometaxprovisions 130,401 624,247ProvisionforemployeebenefitsGratuity 229,755 223,242 Leaveencashment 49,413 34,296 Total 409,569 881,785

17. Revenue from operation


`


`Saleofproducts 541,633,417 550,268,216Otheroperatingrevenues 18,828,280 23,325,862Total 560,461,697 573,594,078

Particulars of revenue from operation


`


`Sale of products Domestic 111,485,244 95,659,993 Exports 430,148,173 454,608,223Total 541,633,417 550,268,216 Other operating revenues Scrapsales 617,936 376,263 Exportincentives 18,210,344 22,949,599Total 18,828,280 23,325,862

18. Other income


`


Ìnterestincome 209,955 102,202 Foreignexchangegain 4,331,009 9,521,329Profitonsaleoffixedassets 87,368 - Total 4,628,332 9,623,531

19. Raw material consumed


`


ÒpeningstockColourandchemicals 12,958,785 11,527,726Paper stock 97,495,505 93,456,715Total 110,454,290 104,984,441 Add:Purchase(netofgoodsreturned)Colourandchemicals 169,785,375 239,804,036 Paperpurchase 217,125,737 156,724,904Total 386,911,112 396,528,940 Less:ClosingstockColourandchemicals 14,569,929 12,958,785Paper stock 105,174,947 97,495,505Total 119,744,876 110,454,290 Cost of Material Consumed 377,620,526 391,059,091

44


20. Changes in inventories of finished goods & work-in-progress


`


`

Inventories (closing)

Finishedgoods 16,302,640 15,010,325

Work-in-process 560,000 1,039,500

16,862,640 16,049,825

Inventories (opening)

Finishedgoods 15,010,325 21,714,100

Work-in-progress 1,039,500 357,500

16,049,825 22,071,600

(Increase)/decrease in stock (812,815) 6,021,775

21. Employees benefits expenses


`


`

Salary,wages&allowances 7,710,698 5,548,566

Directorsremuneration 7,200,000 4,920,000

ContributiontoPF,ESIandotherfund 2,467,703 3,106,292

Staffwelfareexpenses 243,292 356,729

Total 17,621,693 13,931,587

22. Finance cost


`


`

Interest expenses 14,762,101 12,306,037

Otherborrowingcosts 1,389,544 48,238

Total 16,151,645 12,354,275

23. Other expenses


`


`

Coalconsumption 22,396,799 19,211,385

Export expenses 12,553,255 15,279,553

Importrelatedexpenses 5,186,274 5,490,331

Freightinward 14,238,291 15,784,194

Labourcharges 6,791,798 7,167,010

Mfg.expenses - -

Packingmaterial 12,560,766 13,365,449

Power&fuel 18,104,026 14,856,003

Salestax - 1,598,912

Stores&sparesconsumed 5,459,731 7,017,827

Auditfees 120,000 115,000

Advertisementexpenses 883,268 884,346

Bankcharges 2,215,431 2,078,791


45


`


`

Communicationexpenses 1,385,528 1,584,840

CommissionPaid 3,476,840

Insuranceexpenses 1,173,533 1,415,351

Legal&professionalfees 5,691,626 5,335,242

Other expenses 6,265,869 4,983,687

Printing&stationeryexpenses 1,979,000 1,842,614

Repairs&maintenance

- Machinery 757,469 1,546,729

- Others 898,817 4,016,611

Rates&taxes 210,405 183,262

Securityexpense 2,208,360 2,288,072

Vehicleexpense 278,149 196,325

Lossonsaleoffixedasset - 554,331

Donation 291,501 66,900

Salespromotion 2,501,284 1,724,453

Travellingexpense 2,128,032 1,167,242

Exchangedifference - -

Total 129,756,052 129,754,459

24. Auditiors remuneration


`


`

a. Statutoryauditfees 120,000 115,000

b. Taxationmatters - -

c. Certificationfeesandotherservices - -

Total 120,000 115,000

25. Earning per share


`


`

a. Netprofitaftertaxasperstatementofprofit&lossattributabletoequityshareholders

12,454,939 11,778,840

b. Weightedavergaeno.ofequityshares 4,040,000 4,040,000

c. Facevalueperequityshare(`) 10 10

d. Basic&dilutedearningpershare 3.08 2.92

26. Contingent liabilities


`


`

DemandofIncomeTaxRaisedbytheAuthorities

DisputedandnotAcknowledgedasdue 12,164,310 14,418,950

46


27. Dividend

TheBoardofDirectorshaverecommendedafinaldividendofINR1persharewhichissubjecttotheapprovaloftheshareholdersintheensuingannualgeneralmeeting.

28. Segment Reporting

Sincethecompanyhasonlyonesegment,thereisnoseparatereportablesegmentasrequiredunderIndAs108.TheentitywidedisclosuresrequiredbyInd-AS108aremadeasfollows:-

(A) Entity Wide Disclosures:

Geographical Information

(i) Revenue from external customers

Particulars Within India Outside India Total

FinancialYearendedMarch31,2019 111,485,244 430,148,173 541,633,417

FinancialYearendedMarch31,2018 95,659,993 454,608,223 550,268,216

(ii) Non Current assets

TheCompanyhascommonnon-currentoperatingassetslocatedinIndiafordomesticaswellasoverseasmarket.Hence,separatefiguresfortheseassetsarenotrequiredtobefurnished.

29. Empolyee benefit obligation

a) Gratuity

TheliabilityinrespectofGratuityisdeterminedbasedontheactuarialvaluationdonebyActuaryasatBalanceSheetdatedincontextoftheIndAS19followingProjectedUnitCreditMethod.ThegratuityplaninunfundedandtheCompanywillpaygratuityasandwhenitbecomesdue.

Particulars Gratuity (unfunded)

Present Value of Obligation

Fair Value of Plan Assets

Net Amount

Liability as on April 01,2017 - - -

Currentservicecost 969,876 - 969,876

Interestexpense/(income) - - -

Total amount recognised in profit and loss 969,876 - 969,876

(Gain)/lossfromchangeindemographicexperience - - -

(Gain)/lossfromchangeinfinancialassumption - - -

TotalamountrecognisedinOCI - - -

Employercontribution - - -

Benefitpayments - - -

Liability as on March 31,2018 969,876 - 969,876

LiabilityasonApril01,2018 969,876 - 969,876

Currentservicecost 163,466 - 163,466

Interestexpense/(income) 74,777 - 74,777

Total amount recognised in profit and loss 238,243 - 238,243

(Gain)/lossfromchangeindemographicexperience - - -

(Gain)/lossfromchangeinfinancialassumption (154,522) - (154,522)

Total amount recognised in OCI (154,522) - (154,522)

Employercontribution - - -

Benefitpayments - - -

Liability as on March 31,2019 1,053,597 - 1,053,597

Assumptions used to determine the benefit obligations:ExpectedreturnonplanassetsRateofdiscountingRateofsalaryincreaseMortality

N.A.7.71%6.00%

IndianAssuredLiveMortality(2006-08)


47

b) Leave obligation

As per the policy of the Company, leave obligations on account of accumulated leave on employee is settled only ontermination/retirementoftheemployee.SuchliabilityisrecognisedonthebasisofactuarialvaluationfollowingProjectedUnitCreditMethod.Itisunfundedplan.

30. Related party transactions

a) Related Parties and their relationship:

Name of Related Party Relationship

TikmaniCorporation Associate concern

RajendraEnterprise Associate concern

RishiTikmani-HUF Associate concern

RishiTikmani Keymanagementpersonnel

PoojaTikmani Keymanagementpersonnel

VimlajiTikmani Relativeofkeymgt.personnel

AnujaTikmani Relativeofkeymgt.personnel

HansrajShekhani(CFO) Keymanagementpersonnel

HimadriTrivedi(CS) Keymanagementpersonnel

SejalKanabi(CS)(upto08.05.2019) Keymanagementpersonnel

SanjeevKumarSharma Independent Director

ShyamSunderTibrewal Independent Director

Inderchand Nahta Independent Director

(b) Transaction with related parties


`


`

Advances received/(repaid) (Net)

Associate concern (9,319,424) (6,500,433)

Keymanagementpersonnel (440,200) (3,926,519)

Relativeofkeymgt.personnel (3,018,078) 3,281,281

Interest paid

Associate concern 6,575,991 6,790,118

Keymanagementpersonnel 1,434,144 1,502,503

Relativeofkeymgt.personnel 2,682,217 1,695,927

Directors' remuneration

Keymanagementpersonnel 7,200,000 4,920,000

Salary

Keymanagementpersonnel 647,400 595,000

Professional fees

Independent Director 141,600 141,600

48


(c) Statement of material transactions


`


`

Advance (repaid)/received

RishiTikmani 4,824,800 (3,230,097)

RishiTikmani-HUF (1,976,000) 2,005,000

RajendraEnterprise (12,738,000) (2,267,000)

AnujaTikmani (3,149,000) 2,635,800

PoojaTikmani (5,265,000) (696,422)

VimlajiTikmani 130,922 645,481

TikmaniCorporation 5,394,576 (6,238,433)

Interest paid

TikmaniCorporation 2,719,139 3,269,157

RajendraEnterprise 3,459,690 3,306,884

RishiTikmani 852,296 514,913

RishiTikmani-HUF 397,162 214,077

PoojaTikmani 581,848 987,590

VimlajiTikmani 1,219,570 551,482

AnujaTikmani 1,462,647 1,144,445

Remuneration

RishiTikmani 3,600,000 2,460,000

PoojaTikmani 3,600,000 2,460,000

SejalKanabi 218,400 192,000

HansrajShekhani 429,000 403,000

Professional Fees

SanjeevKumarSharma 141,600 141,600

(d) Closing Balance


`

As atMarch 31, 2018

`

TikmaniCorporation 25,060,169 17,218,368

RishiTikmani 6,620,982 1,029,116

RishiTikmani-HUF 1,025,930 2,644,485

RajendraEnterprise 15,200,105 24,824,384

AnujaTikmani 7,292,764 9,125,382

PoojaTikmani 2,415,760 7,157,097

VimlajiTikmani 6,139,510 4,910,975

31. a) Income tax expenses


`

As atMarch 31, 2018

`

Currenttax 4,380,401 5,048,675

Incometaxearlieryears 235,763 -

Deferredtax 780,900 (870,191)

MATcreditentitlement - -

Total 5,397,064 4,178,484


49

b) Reconciliation of estimated income tax to income tax expense

Areconciliationofincometaxexpenseapplicabletoaccountingprofit/(loss)beforetaxatthestatutoryincometaxratetorecognisedincometaxexpensefortheyearindicatedareasfollows:


`

As atMarch 31, 2018

`

Accountingprofitbeforetax 17,852,003 15,957,324

Enacted tax rate in India 27.82% 33.06%

Expectedincometaxexpenseatstatutorytaxrate 4,966,427 5,275,970

Tax effect of the amount not deductible for computing taxable income - -

Expensesnotdeductibleindeterminingtaxableprofits (586,026) (151,712)

EarlierYearAdjustments 235,763 (75,583)

MATCreditutilised - -

Changesinrecognisedtemporarydifferences 780,900 (870,191)

Effectofbroughtforwardbusinesslosses - -

Total 5,397,064 4,178,484

c) Deferred Tax

Thesignificantcomponentofdeferredtaxassets/(liabilities)andmovementduringtheyearareasunder:

Particulrs Deferred tax liability/(asset)

as at March 31, 2018

`

Recognised/ (reversed) in statement of profit & loss

`

Recognised/ (reversed) in

OCI

`

Deferred tax Liability/

(Asset) as at March 31,

2019`

Gross deferred tax liabilities

Property,plantandequipment 3,997,770 866,039 - 4,863,809

Gross deferred tax assets - - -

Provisionsforemployeebenefit (311,308) (85,139) 42,988 (353,459)

Total 3,686,462 780,900 42,988 4,510,350

Particulrs Deferred tax liability/(asset)

as at March 31, 2017

`

Recognised/ (reversed) in statement of profit & loss

`

Recognised/ (reversed) in

OCI

`

Deferred tax Liability/

(Asset) as at March 31,

2018`

Gross deferred tax liabilities

Property,plantandequipment 4,556,653 (558,883) - 3,997,770

Gross deferred tax assets - - -

Provisionsforemployeebenefit - (311,308) - (311,308)

Total 4,556,653 (870,191) - 3,686,462

50


32. Disclosures required under Micro, Small and Medium Enterprises Development Act, 2006

TheinformationasrequiredtobedisclosedundertheMicro,SmallandMediumEnterprisesDevelopmentAct,2006hasbeendeterminedtotheextentsuchpartieshavebeenidentifiedonthebasisofinformationavailablewiththeCompany.Theamountofprincipalandinterestoutstandingduringtheyearisgivenbelow:-


`

As atMarch 31, 2018

`

Principalamountdueoutstanding 2,747,365 -

Interestdueon(1)aboveandunpaid 149,278 -

Interestpaidtothesupplier - -

Paymentsmadetothesupplierbeyondtheappointeddayduringtheyear. - -

Interestdueandpayablefortheperiodofdelay - -

Interestaccruedandremainingunpaid - -

Amountoffurtherinterestremainingdueandpayableinsucceedingyear - -

Total 2,896,643 -

33 Financial instruments a) Capital management

TheCompanymanagesitscapitaltoensurethattheCompanywillbeabletocontinueasagoingconcernwhilemaximisingthereturntostakeholdersthroughefficientallocationofcapitaltowardsexpansionofbusiness,opitimisationofworkingcapitalrequirementsanddeploymentofsurplusfundsintovariousinvestmentoptions.

TheCompany’scapital requirement ismainly to fund itscapacityexpansion, repaymentofprincipaland intereston itsborrowingsandstrategicacquisitions.TheprincipalsourceoffundingoftheCompanyhasbeen,andisexpectedtocontinuetobe,cashgeneratedfromitsoperationssupplementedbyfundingfromborrowingsfrombanksandfinancialinstitutions.

TheCompanymonitorsitscapitalusinggearingratio,whichisnetdebtdividedtototalequity.Netdebtincludes,interestbearingloansandborrowingslesscashandcashequivalents,bankbalancesotherthancashandcashequivalentswhileequityincludesincludesallcapitalandreservesoftheCompany.


`

As atMarch 31, 2018

`

Longtermborrowings 63,755,220 66,909,807

Currentmaturitiesoflongtermdebt - -

Shorttermborrowings 103,349,952 65,711,728

Less:Cashandcashequivalent 1,209,907 1,674,733

Less:Bankbalancesotherthancashandcashequiva-lents - -

Net debt 165,895,266 130,946,802

Total equity 148,104,259 140,408,410

Gearing ratio 1.12 0.93


51

b) Fair value measurement

(a) Financial assets


`

As atMarch 31, 2018

`

Carrying value

Fair value Carrying value

Fair value

(i) Measured at amortised cost

Tradereceivables 86,733,450 86,733,450 86,293,069 86,293,069

Cashandcashequivalents 1,209,907 1,209,907 1,674,733 1,674,733

Bankbalancesotherthancashandcashequivalents

- - - -

Otherfinancialassets 1,450,625 1,450,625 1,442,991 1,442,991

Non-currentinvestments - -

Total financial assets at amortised costs (A) 89,393,982 89,393,982 89,410,793 89,410,793

(ii) Measured at fair value through other comprehensive income

Non-currentInvestments - - - -

Total financial assets at fair value through other comprehensive income (B)

- - - -

Total financial assets 89,393,982 89,393,982 89,410,793 89,410,793

(b) Financial assets


`

As atMarch 31, 2018

`

Carrying

value

Fair value Carrying

value

Fair value

(i) Measured at amortised cost

Longtermborrowings# 63,755,220 63,755,220 66,909,807 66,909,807

ShorttermBorrowings 103,349,952 103,349,952 65,711,728 65,711,728

Tradepayables 43,968,708 43,968,708 56,750,026 56,750,026

Otherfinancialliabilities - - - -

Total financial assets 211,073,880 211,073,880 189,371,561 189,371,561

#includescurrentmaturitiesoflongtermdebt

Thefairvalueoffinancialassetsandliabilitiesareincludedattheamountatwhichtheinstrumentcouldbeexchangedinacurrenttransactionbetweenwillingpartiesinanorderlymarkettransaction,otherthaninaforcedorliquidationsale.

Fair value hierarchy

Level 1 -Quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities.

Level 2 -InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectly(i.e.asprices)orindirectly(i.e.derivedfromprices).

Level 3 - Inputsfortheassetsorliabilitiesthatarenotbasedonobservablemarketdata(unobservableinputs)

52


c) Financial risk management

Theserisksincludemarketrisk(includingcurrencyrisk,interestrateriskandotherpricerisk),creditriskandliquidityrisk.TheCompanyseekstominimisetheeffectsoftheserisksbyusingderivativefinancialinstruments,creditlimittoexposures,etc.,tohedgeriskexposures.

The Company’s risk management is carried out by senior management team. The risk management includesidentification,evaluationandidentifyingthebestpossibleoptiontoreducesuchrisk.

(i) Market risk

Marketriskistheriskthatthefairvalueoffuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesinmarketprices.Marketpricescomprisethreetypesofrisk:foreigncurrencyrisk, interestraterisk,investmentrisk.

Foreign currency risk management

TheCompanyoperates internationallyand isexposed to foreignexchange riskarising fromforeigncurrencytransactions primarily with respect to USD, GBP, SGD and EURO. Foreign currency risk arises from futurecommercial transactions and recognised assets and liabilities denominated in a currency that is not theCompany’sfunctionalcurrency.TheCompanyevaluatesexchangerateexposurearisingfromforeigncurrencytransactionsandfollowsestablishedriskmanagementpolicies.

Foreign currency exposure

Currency Receivable

As atMarch 31, 2019

As atMarch 31, 2018

USD 289,294 353,885

EURO - 27,953

SGD 141,113 115,205

GBP 495,914 460,069

YEN - -

Total 926,321 957,112

Currency Payable

As atMarch 31, 2019

As atMarch 31, 2018

USD 115,628 72,378

EURO 35,185 164,801

SGD - -

GBP - -

YEN - 3,889

Total 150,813 241,068

Currency Net receivable/(payable)

As atMarch 31, 2019

As atMarch 31, 2018

USD 173,666 281,507

EURO (35,185) (136,848)

SGD 141,113 115,205

GBP 495,914 460,069

YEN - (3,889)

Total 775,508 716,044


53

Foreign currency sensitivity

TheimpactontheCompany’sprofitbeforetaxduetochangesinthefairvalueofmonetaryassetsandliabilitiesonaccountofreasonablypossiblechangeinUSD,GBPandEUROexchangerates(withallothervariablesheldconstant)willbeasunder:

(Amountin`)

Currency Impact on profit increase/decrease

As atMarch 31, 2019

As atMarch 31, 2018

INR/USDIncreaseby5% 603,524 915,518

INR/USDDecreaseby5% (603,524) (915,518)

INR/EUROIncreaseby5% (137,303) (552,591)

INR/EURODecreaseby5% 137,303 552,591

INR/SGDIncreaseby5% 361,375 286,083

INR/SGDDecreaseby5% (361,375) (286,083)

INR/GBPIncreaseby5% 2,261,417 2,122,296

INR/GBPDecreaseby5% (2,261,417) (2,122,296)

INR/YENIncreaseby5% - (11,931)

INR/YENDecreaseby5% - 11,931

(ii) Interest rate risk Interestrateriskistheriskthatthefairvalueorfuturecashflowsofafinancialinstrumentwillfluctuatebecause

ofchangesinmarketinterestrates.TheCompanyisexposedtointerestrateriskbecausefundsareborrowedatbothfixedandfloatinginterestrates.TheCompanyhasexposuretointerestraterisk,arisingprincipallyonchangesinbaselendingrate.

Thefollowingtableprovidesabreak-upoftheCompany’sfixedandfloatingrateborrowings:-

(Amountin`)


As atMarch 31, 2018

Fixedrateborrowings 63,755,220 66,909,807

Floatingrateborrowings 103,349,952 65,711,728

Total borrowings 167,105,172 132,621,535

(iii) Liquidity risk management

Liquidityriskreferstotheriskoffinancialdistressorhighfinancingcostsarisingduetoshortageofliquidfundsinasituationwherebusinessconditionsunexpectedlydeteriorateandrequiringfinancing.TheCompanyrequiresfundsbothforshorttermoperationalneedsaswellasforlongtermcapitalexpendituregrowthprojects.TheCompanyreliesonamixofborrowings,capitalinfusionandexcessoperatingcashflowstomeetitsneedsforfunds.Thecurrentcommittedlinesofcreditaresufficienttomeetitsshorttomediumtermexpansionneeds.TheCompanymanagesliquidityriskbymaintainingadequatereserves,bankingfacilitiesandreserveborrowingfacilities,bycontinuouslymonitoringforecastandactualcashflows,andbymatchingthematurityprofilesoffinancialassetsandliabilities.

Maturity profile of financial liabilities:

The tablebelowprovidesdetails regarding the remainingcontractualmaturitiesoffinancial liabilitiesat thereportingdate.

(Amountin`)

As at March 31, 2019 Upto 1 year 1-2 years > 2 years Total


Longtermborrowings - - 63,755,220 63,755,220

Shorttermborrowings 103,349,952 - - 103,349,952

Currentmaturitiesoflongtermdebt - - -

Tradepayables 43,968,708 - - 43,968,708

Otherfinancialliabilities - - -

Total financial liabilities 147,318,660 - 63,755,220 211,073,880

54


As at March 31, 2018 Upto 1 year 1-2 years > 2 years Total


Longtermborrowings - - 66,909,807 66,909,807

Shorttermborrowings 65,711,728 - - 65,711,728

Currentmaturitiesoflongtermdebt - - - -

Tradepayables 56,750,026 - - 56,750,026

Otherfinancialliabilities - - - -

Total financial liabilities 122,461,754 - 66,909,807 189,371,561

(iv) Credit risk management

Creditriskreferstotheriskthatacounterpartywilldefaultonitscontractualobligationsresultinginfinancialloss to theCompany.Customer credit risk ismanaged centrally by theCompanyand subject toestablishedpolicy,proceduresandcontrol relating tocustomercredit riskmanagement.Thecompanyalsoassesses thecreditworthinessofthecustomersinternallytowhomgoodsaresoldoncredittermsinthenormalcourseofbusiness.Thecreditlimitofeachcustomerisdefinedinaccordancewiththisassessment.Outstandingcustomerreceivablesareregularlymonitoredandanyshipmentstooverseascustomersaregenerallycoveredbylettersofcredit.

Theimpairmentanalysisisperformedonclienttoclientbasisforthedebtorsthatarepastdueattheendofeachreportingdate.Thecompanyhasnotconsideredanallowancefordoubtfuldebtsincaseoftradereceivablesthatarepastduebuttherehasnotbeenasignificantchange inthecreditqualityandtheamountsarestillconsideredrecoverable.

(Amountin`)

Particulars Neither impaired nor due

Upto 1 years Total

As at March 31, 2019

Tradereceivables 86,733,450 - 86,733,450

As at March 31, 2018

Tradereceivables 85,040,145 1,252,924 86,293,069

Note:Tradereceivablesarenetofprovisionfordoubtfuldebtandbillsdiscounted.

34 Previousyearfigureshavebeenregrouped/rearranged,whereverconsiderednecessarytoconformtocurrentyear’sclassification.seeaccompanyingnotestothefinancialstatement1to34.





55

ALFA ICA (INDIA) LIMITEDCIN:L20100GJ1991PLC016763

Regd.Office:1-4, Uma Industrial Estate, Village Vasana- Iyawa, Tal. Sanand, Dist. Ahmedabad, Gujarat-382 110 Email:[email protected] Website: www.alfaica.com

28th Annual General Meeting- Friday September 06, 2019

ATTENDANCE SLIP

FolioNo./DPIDandClientID: No.ofShares:

Name and address of First/Sole Member: I, hereby record my presence at the 28th Annual General Meeting of the Company to be held on Friday September 06, 2019at 4.00 p.m. at the Registered office of the Company 1-4, Uma Industrial Estate, Iyawa, Sanand, Ahmedabad – 382 110.

NameofMember/Proxy(BlockLetters) SignatureofMember/ProxyNotes:• A member/proxy wishing to attend the Meeting must complete this Attendance Slip before coming to the Meeting and handit over

at the entrance.• Please bring your copy of the Annual Report to theMeeting.

ALFA ICA (INDIA) LIMITEDCIN:L20100GJ1991PLC016763

Regd.Office:1-4, Uma Industrial Estate, Village Vasana- Iyawa, Tal. Sanand, Dist. Ahmedabad, Gujarat-382 110 Email:[email protected] Website: www.alfaica.com.

Form No. MGT-11 Proxy Form

[PursuanttoSection105(6)oftheCompaniesAct,2013andRule19(3)oftheCompanies(ManagementandAdministration)Rules,2014]

28th Annual General Meeting- Friday September 06, 2019

NameoftheMember(s):

E-mailid :

Registeredaddress :

FolioNo./ClientIDNo. :

DP ID :

I/We,beingthemember(s)holding sharesoftheALFAICA(INDIA)LIMITED,herebyappoint

1. Name :

Address :

E-mailid :

Signature: orfailinghim/her

2. Name :

Address :

E-mailid :


3. Name :

Address :

E-mailid :


56


asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfatthe28thAnnualgeneralmeetingofthecompany,tobeheldonFridaySeptember06,2019at4.00P.M.at1-4,UmaIndustrialEstate,VillageVasana-Iyawa,Tal.Sanand,Dist.Ahmedabad,Gujarat-382110andatanyadjournmentthereofinrespectofsuchresolutionsasareindicatedbelow:

Resolution No.

Subject matter of the resolution Optional*

Ordinary Business: For Against

1 Toreceive,considerandadoptthefinancialstatementsoftheCompanyincludingtheAuditedBalance Sheet as on March 31, 2019, the Statement of Profit and Loss and the Cash flowstatementfortheyearendedonthatdateandtheReportsoftheBoardofDirectorsandtheAuditorsoftheCompany.

2 TodeclarefinaldividendontheEquitySharesfortheFinancialYearendedonMarch31,2019.

3 To appoint a Director,Mr. Rishi Tikmani (DIN:00638644), who retires by rotation and beingeligible,offersherselfforre-appointment

Special Business

4 To approve the re-appointment of Mr. Shyam Sunder Tibrewal (DIN: 00500621), as anIndependentDirectorofthecompanyandinthisregardtoconsiderandifthoughtfit,topasswithorwithoutmodification(s)thefollowingresolutionasaSpecialResolution:

5 Toapprovethere-appointmentofMr.InderChandNahta(DIN:03565091),asanIndependentDirectorofthecompanyandinthisregardtoconsiderandifthoughtfit,topasswithorwithoutmodification(s)thefollowingresolutionasaSpecialResolution:

6 To approve the re-appointment of Mr. Sanjeev Kumar Sharma (DIN: 00835187), as anIndependentDirectorofthecompanyandinthisregardtoconsiderandifthoughtfit,topasswithorwithoutmodification(s)thefollowingresolutionasaSpecialResolution:

Signedthis…………………………dayof…………………..2019

(Signatureofthemember/Proxy)

Notes: 1. ThisformofproxyinordertobeeffectiveshouldbedulycompletedanddepositedattheRegisteredOfficeoftheCompany,not

lessthan48hoursbeforethecommencementoftheMeeting.

*2. Thisisonlyoptional.Pleaseputa‘’inappropriatecolumnagainsttheresolutionsindicatedinthebox.Ifyouleavethe‘For’or‘Against’columnblankagainstanyoralltheresolutions,yourproxywillbeentitledtovoteinthemannerashe/shethinksappropriate.

Affix`1/-

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ALFA ICA (INDIA) LIMITED Annual Report 2018-19 - BSE

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