Notes to Accounts of Alfa Ica (India) Ltd.

Mar 31, 2024

(b) Rights, preferences and restrictions attached to equity shares

The company has one class of equity shares having a par value of ? 10/- each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(i) Retained earnings

Retained earnings represents amount that can be distributed by the Company to its equity shareholders is determined based on the financial statements of the Company and also considering the requirements of the Companies Act 2013.

(ii) Capital Redemption Reserve

Capital Redemption reserve is a statutory, non-distributable reserve created on account of redemption of redeemable preference shares as per the provisions of Companies Act, 2013.

16.1. All secured loans are secured by hypothecation of all present and future goods, book debts and other movable assets and equitable mortgage of immovable properties & personal guarantee of promoter & Directors. Loans taken from bank carries interest rate of 10.15% p.a. in respect of Cash Credit and 9.7% p.a. in respect of EPC

(i) Contingent liabilities
a) Guarantees issued by bank on behalf of the Company	-	-
b) Disputed demands under income tax, sales tax and electricity duty etc *	-	-
c) Claims against the company not acknowledged as debt	-	-
(ii) Commitments
(i) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	-	-
(ii) Export commitments against import of capital goods and stores & spares under EPCG scheme (Duty saved amount)	-	-

33. Employee Benefits a) Gratuity

Below tables sets forth the changes in the projected benefit obligation and amounts recognised in the balance sheet as at March 31, 2024 and March 31, 2023, being the respective measurement dates. The gratuity plan in unfunded and the Company will pay gratuity as and when it becomes due.: -

37. Impairment of assets

In accordance with Ind AS-36 on "Impairment of Assets" the Company has assessed as on the balance sheet date, whether there are any indications with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account,

38. Financial instruments

a) Capital management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to stakeholders through efficient allocation of capital towards expansion of business, opitimisation of working capital requirements and deployment of surplus funds into various investment options.

The Company''s capital requirement is mainly to fund its capacity expansion, repayment of principal and interest on its borrowings and strategic acquisitions. The principal source of funding of the Company has been, and is expected to continue to be, cash generated from its operations supplemented by funding from borrowings from banks and financial institutions.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes, interest bearing loans and borrowings less cash and cash equivalents, bank balances other than cash and cash equivalents while equity includes all capital and reserves of the Company.

# includes current maturities of long term debt

The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties in an orderly market transaction, other than in a forced or liquidation sale.

Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs) c) Financial risk management

These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Company seeks to minimise the effects of these risks by using derivative financial instruments, credit limit to exposures, etc., to hedge risk exposures.

The Company''s risk management is carried out by senior management team. The risk management includes identification, evaluation and identifying the best possible option to reduce such risk.

(i) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: foreign currency risk, interest rate risk, investment risk.

Foreign currency risk management

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions primarily with respect to USD, GBP, SGD and EURO. Foreign currency risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the Company''s functional currency. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.

Foreign currency sensitivity

The impact on the Company''s profit before tax due to changes in the fair value of monetary assets and liabilities on account of reasonably possible change in USD, GBP and EURO exchange rates (with all other variables held constant) will be as under:

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. The Company has exposure to interest rate risk, arising principally on changes in base lending rate.

(iii) Liquidity risk management

Liquidity risk refers to the risk of financial distress or high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. The Company requires funds both for short term operational needs as well as for long term capital expenditure growth projects. The Company relies on a mix of borrowings, capital infusion and excess operating cash flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Maturity profile of financial liabilities:

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date.

(iv) Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Customer credit risk is managed centrally by the Company and subject to established policy, procedures and control relating to customer credit risk management. The company also assesses the creditworthiness of the customers internally to whom goods are sold on credit terms in the normal course of business. The credit limit of each customer is defined in accordance with this assessment. Outstanding customer receivables are regularly monitored and any shipments to overseas customers are generally covered by letters of credit.

The impairment analysis is performed on client to client basis for the debtors that are past due at the end of each reporting date. The company has not considered an allowance for doubtful debts in case of trade receivables that are past due but there has not been a significant change in the credit quality and the amounts are still considered recoverable.

40. Previous year figures have been regrouped/rearranged, wherever considered necessary to conform to current year''s classification.

See accompanying notes to the financial statements 1 to 40

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Mar 31, 2015

Note 1:

Related Party Transactions

a) Related Parties and their Relationship:

Name of Related Party Relationship

Tikmani Corporation Associate Concern

Rajendra Enterprise Associate Concern

Rishi Tikmani Key Management Personnel

Rajendra Tikmani Key Management Personnel

Pooja Tikmani Key Management Personnel

Vimlaji Tikmani Relative of Key Mgt.Personnel

Anuja Tikmani Relative of Key Mgt.Personnel

Note 2:

Contingent Liabilities

Particulars Year ended Year ended 31.03.2015 31.03.2014

Demand of Income Tax Raised by the authorities 904,509 904,509 disputed and not acknowledged as due

Total 904,509 904,509

Note 3:

Segment Reporting :

Since the company has only one segment, there is no separate reportable segment as required in AS-17 issued by the ICAI.

Note 4:

The company had not received any intimation from suppliers regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid of payable as required under said Act, have not been given.

Note 5:

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

Note 6:

Previous year figures have been regrouped/reclassified to confirm with current year disclosures.

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Mar 31, 2014

1. All secured loans are secured by hypothecation of all present and future goods, book debts and other movable assets and equitable mortgage of immovable properties & personal guarantee of promoter Directors.

2. Segment Reporting :

Since the company has only one segment, there is no separate reportable segment as required in AS-17 issued by the ICAI.

3. The company had not received any intimation from suppliers regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid of payable as required under said Act, have not been given.

4. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

5. Contingent Liabilities:

There is no contingent liability as informed by the Management.

6. Previous year figures have been regrouped/reclassified to confirm with current year disclosures.

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Mar 31, 2013

1. Segment Reporting :

Since the company has only one segment, there is no separate reportable segment as required in AS-17 issued by the ICAI.

2. The company had not received any intimation from suppliers regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as the year end together with interest paid of payable as required under said Act, have not been given.

3. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

4. Contingent Liabilities:

There is no contingent liability as informed by the Management.

5. The Company is yet to appoint a qualified Company Secretary as required by Section 383A of the Companies'' Act, 1956. Pending the appointment of a qualified Company Secretary the services of practicing Company Secretary are being availed for due compliance of the Law.

6. Previous year figures have been regrouped/reclassified to confirm with current year disclosures.

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Mar 31, 2012

1. Segment Reporting :

Since the company has only one segment, there is no separate reportable segment as required in AS-17 issued by the ICAI.

2. Since the business of the company is by way of Food and Beverages, the quantity wise details of purchase, consumption, turnover, stock etc. are not furnished as the items are so large in number that it is not practicable to present.

3. The company had not received any intimation from suppliers regarding their status under the Micro, Small & Medium Enterprise Act, 2006; and hence disclosures, if any, relating to amounts unpaid as the' year end together with interest paid of payable as required under said Act, have not been given.

4. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

5. Contingent Liabilities:

There is no contingent liability as informed by the Management.

6. The Company is yet to appoint a qualified Company Secretary as required by Section 383A of the Companies' Act, 1956. Pending the appointment of a qualified Company Secretary the services of practicing Company Secretary are being availed for due compliance of the Law.

7. As notified by Ministry of Corporate Affairs, Revised Schedule VI under the Companies Act, 1956 is applicable to the financial Statement for the financial year commencing on or after 1st April,2011. Accordingly, the financial statement for the year ended 31st March 2012 is prepared in accordance with the revised schedule VI. The amount and disclosures included in the financial statement of the previous year have been reclassified to conform to the requirement - of revised schedule VI.

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Mar 31, 2011

1. Share Capital:

40,000 Redeemable Preference Shares issued by the Company have been redeemed in accordance with Provisions of Section 80 / 80A of the Companies' Act, 1956 during the year. Balance redeemable preference shares can be redeemed at any time before 29.08.2013.

2. Unsecured Loans:

The Company has to maintain the unsecured loans in terms of stipulations of State Bank of India which granted loans to the company.

3. Segment Reporting:

The Company is operating in single segment of Manufacturing Laminated Sheets in single geographical segment of India.

4. Contingent Liabilities:

There is no contingent liability as informed by the Management.

5. The company had not received any intimation from "suppliers" regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid or payable as required under said act, have not been given.

6. The Company is yet to appoint a qualified Company Secretary as required by Section 383A of the Companies' Act, 1956. Pending the appointment of a qualified Company Secretary the services of practicing Company Secretary are being availed for due compliance of the law.

7. In the opinion of the Management, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

8. Previous year's figures have been regrouped and/or rearranged wherever necessary.

9. Additional information pursuant to the provision of Part II of schedule VI of the Company Act ,1956

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Mar 31, 2010

1. Share Capital:

65,000 Redeemable Preference Shares issued by the Company have been redeemed in accordance with Provisions of Section 80 / 80A of the Companies Act, 1956 during the year. Balance redeemable preference shares can be redeemed at any time before 29.08.2013.

2. Unsecured Loans:

The Company has to maintain the unsecured loans in terms of stipulations of State Bank of India which granted loans to the Company.

3. Segment Reporting:

The Company is operating in single segment of Manufacturing Laminated Sheets in single geographical segment of India.

4. Contingent Liabilities:

There is no contingent liability as informed by the Management.

5. The company had not received any intimation from "suppliers" regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid or payable as required under said act, have not been given.

6. Deferred Tax

As per Accounting Standard - 22 on Accounting for taxes on income issued by the Institute of Chartered Accountants of India, the company has accounted for deferred tax during the year.

7. Related Party Disclosures :

(A) Related Parties and Their Relationship (a) Associate Parties

i. Amrut Goyal Developers Pvt.Ltd.

ii. Chow Chpon Alfa Ltd.

iii. Tikmani Corporation

iv. Rajendra Enterprise

(b) Key Management Personnel

i. Rishi Tikmani ii. Rajendra Tikmani

(c) Relatives of Key Management Personnel

: i. Pooja Tikmani ii. Vimla Tikmani iii. Rajendra Tikmani (HUF)

8. The Company is yet to appoint a qualified Company Secretary as required by Section 383A of the Companies Act, 1956. Pending the appointment of a qualified Company Secretary the services of practicing Company Secretary are being availed for due compliance of the law.

In the opinion of the Management, the Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business.

9. Previous years figures have been regrouped and/or rearranged wherever necessary.