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Auditor Report of Alpine Housing Development Corporation Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Alpine Housing Development Corporation Limited, which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors and the management is responsible for the matters stated in Section 134 (5) of the Companies Act, 2013, with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies, making judgments and estimates that are reasonable and prudent and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility:

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be included in the audit report under the provisions of the Act and the rules and regulations made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Companies Act, 2013. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we considered internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted inIndia,

(i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2015;

(ii) in the case of Statement of Profit and Loss, of the Profit for the year ended on that date; and

(iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Matters:

As required by Section 143 (3) of the Companies Act, 2013 and orders issued by the Central Government of India in terms of sub- section (11) of section 143 of the Act, we give our findings on the matters specified in the paragraph (3) and (4) of the Order, to the extent applicable in the annexure hereto. As required by Section 143(3) of the Act, we report that:

1. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

2. In our opinion proper books of accounts as required by law have been kept by the Company so far it appears from our examination of those books;

3. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account;

4. In our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014;

5. On the basis of the written information received from the Directors as on 31st March, 2015 and taken on record by the Board of Directors, none of the Directors is disqualified from being appointed as a Director in terms of Section 164(2) of the Act, as on 31st March, 2015; and

6. In our opinion and to the best of our information and according to the explanations given to us:

i. the Company does not have any pending litigations which would impact its Financial position;

ii. The Company did not have any long term contracts including Derivatives Contract for which there were any material foreseeable losses; and

iii. There were no amounts which were required to be transferred to Investor Education & Protection fund by the Company.

For RAO & VENKATESULU

Chartered Accountant

Sd/-

V.PADMANABHAN

Partner

Membership No.3181

FR No. 003108S

Place: BENGALURU

Date : 30th MAY,2015


Mar 31, 2014

We have audited the Balance Sheet of ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED as at 31st March, 2014 and the annexed Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. We have, on the basis of such checks as we considered necessary and the information and explanations given to us, given our findings in the annexure hereto on the matters required by the Companies (Auditor''s Report) Order, 2003 issued by the central government under section 227 (4A) of the Companies Act, 1956, as are applicable to the company.

2. Further to our findings in the Annexure referred to in paragraph (1) above we report that:

a. We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit.

b. in our opinion, proper books of account as required by the law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

c. the Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with those

Books of account;

d. in our opinion, the Profit and Loss Account and the Balance Sheet dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956;

e. on the basis of the information given to us, we report that none of the directors is disqualified as on 31st March, 2014 from being appointed as a director of the Company in terms of Section 274(1)(g) of the Companies Act, 1956; and

f. In our opinion and to the best of our information and according to the explanation given to us, the accounts read together with the notes attached thereto give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2014; and

(ii) in the case of the Profit and Loss Account, of the profit of the company for the year ended on that date.

ANNEXURE REFERRED TO IN PARA (1) OF OUR REPORT TO THE MEMBERS OF ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED

1.01 The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

1.02 The Fixed Assets have been physically verified at reasonable periodical interval by the management. As per the information given to us no discrepancy has been noticed.

1.03 The company has not sold substantial part of its fixed assets during the year.

2.01 The management has physically verified the inventory during the year.

2.02 The procedure adopted for physical verification of the inventory is, in our opinion, reasonable and adequate in relation to the size of the company and the nature of its business.

2.03 The company has maintained proper records of inventory. The discrepancies found thereon have been properly dealt within the accounts. The discrepancy noticed on physical verification is not significant and material.

3.01 The Company has, during the year, taken interest free loan from a company in which Directors of the company are interested. The Company has not granted any advance in the nature of loan to any of its Directors or their relatives or to a Firm or Company listed in the register maintained under Section 301 of the Companies Act, 1956 in which the Directors of the Company or their relatives are interested as partners and Directors.

4.01 In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of the company and the nature of its business with regard to the purchase of goods and fixed assets and sale of goods. We have not noticed any continued failure to correct major deficiencies in internal control.

5.01 On the basis of the checks made by us the transactions during the year, which need to be entered into a register maintained under section 301 of the Companies Act, 1956 are entered in the said register.

5.02 According to the information and explanations given to us, the prices received and paid by the company for the goods and Flats sold and purchased and the services rendered and availed, in respect of the transactions which are entered in the register, maintained u/s 301 of the Companies Act, 1956 are prima facie, reasonable and are not prejudicial to the company.

6.01 The Company has not accepted any deposits from the public during the year.

7.01 The company has an internal audit system which in our opinion is adequate having regard to the size of the company and the nature of its business.

8.01 The prima facie verification indicates that the Company has maintained adequate cost records as prescribed by the Central Government u/s section 209 (1)(d) of the Companies Act, 1956.

9.01 The company has, according to the information and explanations given to us, the statutory liability in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax and Value Added Tax. On the basis of such checks as we considered necessary we found that the Company has been regular in depositing such undisputed statutory dues with the appropriate authority, though delays have been caused in certain cases and there are no dues, which are due for more than a period of six months which remained outstanding as at 31s'' March 2014

9.02 There are no dues in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax and Sales Tax, which have remained unpaid owing to pending dispute.

10. The company has no accumulated losses as on the date of Balance Sheet dealt with by this report.

11. That as per the information given to us, the Company has not defaulted in repayment of dues to financial institutions and Banks.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a Chit Fund.

14. The company has not sold any shares, debentures and other securities during the year.

15. The company has not given any guarantees for loans taken by others as per the information given to us.

16. The company did not borrow by way of term loans during the year.

17. Having regard to the profits generated by the company and also the amount invested during the year on the long term assets, we are of the opinion, that the company has not used the short term funds for long term investments and vice versa.

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any secured debentures either during the year or in the past.

20. The company has not raised any funds from the public during the year.

21. According to our information and to the explanations given to us no fraud on or by the company was noticed during the year.

Place: BENGALURU Date : MAY 31,2014

For RAO & VENKATESULU Chartered Accountants

Sd/-

V.PADMANABHAN Partner Membership No.3181 FR No.003108S


Mar 31, 2013

We have audited the Balance Sheet of ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED as at 31st March, 2013 and the annexed Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. We have, on the basis of such checks as we considered necessary and the information and explanations given to us, given our findings in the annexure hereto on the matters required by the Companies (AuditorVReport) Order, 2003 issued by the central government under section 227 (4A) of the Companies Act, 1956, as are applicable to the company.

2. Further to our findings in the Annexure referred to in paragraph (1) above we report that:

a. We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit.

b. in our opinion, proper books of account as required by the law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

c. the Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with those Books of account;

d. in our opinion, the Profit and Loss Account and the Balance Sheet dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) ofthe Companies Act, 1956;

e. on the basis of the information given to us, we report that none of the directors is disqualified as on 31st March, 2013 from being appointed as a director of the Company in terms of Section 274(1 )(g) ofthe Companies Act, 1956; and

f. In our opinion and to the best of our information and according to the explanation given to us, the accounts read together with the notes attached thereto give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs ofthe company as at 31st March, 2013; and

(ii) in the case ofthe Profit and Loss Account, ofthe profit of the company for the year ended on that date.

1.01 The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

1.02 The Fixed Assets have been physically verified at reasonable periodical interval by the management. As per the information given to us no discrepancy has been noticed.

1.03 The company has not sold substantial part of its fixed assets during the year.

2.01 The management has physically verified the inventory during the year.

2.02 The procedure adopted for physical verification of the inventory is, in our opinion, reasonable and adequate in relation to the size of the company and the nature of its business.

2.03 The company has maintained proper records of inventory. The discrepancies found thereon have been properly dealt within the accounts. The discrepancy noticed on physical verification is not significant and material.

3.01 The Company has, during the year, taken interest free loan from a company in which Directors of the company are interested. The Company has not granted any advance in the nature of loan to any of its Directors or their relatives or to a Firm or Company listed in the register maintained under Section 301 of the Companies Act, 1956 in which the Directors of the Company or their relatives are interested as partners and Directors.

4.01 In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of the company and the nature of its business with regard to the purchase of goods and fixed assets and sale of goods. We have not noticed any continued failure to correct major deficiencies in internal control.

5.01 On the basis of the checks made by us the transactions during the year, which need to be entered into a register maintained under section 301 of the Companies Act, 1956 are entered in the said register.

5.02 According to the information and explanations given to us, the prices received and paid by the company for the goods and Flats sold and purchased and the services rendered and availed, in respect of the transactions which are entered in the register, maintained u/s 301 of the Companies Act, 1956 are prima facie, reasonable and are not prejudicial to the company.

6.01 The Company has not accepted any deposits from the public during the year.

7.01 The company has an internal audit system which in our opinion is adequate having regard to the size of the company and the nature of its business.

8.01 The prima facie verification indicates that the Company has maintained adequate cost records as prescribed by the Central Government u/s section 209 (1 )(d) of the Companies Act, 1956.

9.01 The company has, according to the information and explanations given to us, the statutory liability in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax and Value Added Tax. On the basis of such checks as we considered necessary we found that the Company has been regular in depositing such undisputed statutory dues with the appropriate authority, though delays have been caused in certain cases and there are no dues, which are due for more than a period of six months which remained outstanding as at 31st March 2013

9.02 There are no dues in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax, Fringe Benefit Tax and Sales Tax, which have remained unpaid owing to pending dispute.

10. The company has no accumulated losses as on the date of Balance Sheet dealt with by this report.

11. That as per the information given to us, the Company has not made timely repayment of the Secured Term Loan due to Bank and the unsecured loan due to the Government of Karnataka which are specified in Note No. 3 (a) and (f) of the Notes forming part of annual accounts.

12. The company has Jiot granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a Chit Fund.

14. The Company has not sold any shares, debentures and other securities during the year.

15. The Company has not given any guarantees for loans taken by others as per the information given to us.

16. The company did not borrow by way of term loans during the year.

17. Having regard to the profits generated by the company and also the amount invested during the year on the long term assets, we are of the opinion, that the company has not used the short term funds for long term investments and vice versa.

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any secured debentures either during the year or in the past.

20. The company has not raised any funds from the public during the year.

21. According to our information and to the explanations given to us no fraud on or by the company was noticed during the year.

Place: BENGALURU FOR raq & VENKATESULU

Date: MAY 29, 2013 Chartered Accountants

sd/-

V.PADMANABHAN

Partner

Membership No : 3181

FRNo.003108S


Mar 31, 2012

We have audited the Balance Sheet of ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED as at 31st March, 2012 and the annexed Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. We have, on the basis of such checks as we considered necessary and the information and explanations given to us, given our findings in the annexure hereto on the matters required by the Companies (Auditor's Report) Order, 2003 issued by the central government under section 227 (4A) of the Companies Act, 1956, as are applicable to the company.

2. Further to our findings in the Annexure referred to in paragraph (1) above we report that:

a. We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit.

b. In our opinion, proper books of account as required by the law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

c. The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with those Books of account;

d. In our opinion, the Profit and Loss Account and the Balance Sheet dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956;

e. On the basis of the information given to us, we report that none of the directors is disqualified as on 31st March, 2012 from being appointed as a director of the Company in terms of Section 274 (1) (g) of the Companies Act, 1956; and

f. In our opinion and to the best of our information and according to the explanation given to us, the accounts read together with the notes attached thereto give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012; and

(ii) In the case of the Profit and Loss Account, of the profit of the company for the year ended on that date.

TO THE MEMBERS OF

ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED

1.01 The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

1.02 The Fixed Assets have been physically verified at reasonable periodical interval by the management. As per the information given to us no discrepancy has been noticed.

1.03 The company has not sold substantial part of its fixed assets during the year.

2.01 The management has physically verified the inventory during the year.

2.02 The procedure adopted for physical verification of the inventory is, in our opinion, reasonable and adequate in relation to the size of the company and the nature of its business.

2.03 The company has maintained proper records of inventory. The discrepancies found thereon have been properly dealt within the accounts. The discrepancy noticed on physical verification is not significant and material.

3.01 The Company has not taken loans from its Directors during the year. The Company has not granted any advance in the nature of loan to any of its Directors or their relatives or to a Firm or Company listed in the register maintained under Section 301 of the Companies Act, 1956 in which the Directors of the Company or their relatives are interested as partners and Directors.

4.01 In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of the company and the nature of its business with regard to the purchase of goods and fixed assets and sale of goods. We have not noticed any continued failure to correct major deficiencies in internal control.

5.01 On the basis of the checks made by us there were no transactions during the year, which need to be entered into a register maintained under section 301 of the Companies Act, 1956 are entered in the said registered.

5.02 According to the information and explanations given to us, the prices received and paid by the company or the goods sold and purchased and the services rendered and availed, in respect of the transactions which are entered in the register, maintained u/s 301 of the Companies Act, 1956 are prima facie, reasonable & arn't prejudicial to company.

6.01 The Company has not accepted any deposits from the public during the year.

7.01 The company has an internal audit system which in our opinion is adequate having regard to the size of the company and the nature of its business.

8.01 The prima facie verification indicates that the Company has maintained adequate cost records as prescribed by the Central Government u/s section 209 (1)(d) of the Companies Act, 1956.

9.01 The company has, according to the information and explanations given to us, the statutory liability in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax and Value Added Tax. On the basis of such checks as we considered necessary we found that Company been regular in depositing such undisputed statutory dues with the appropriate authority, though delays have been caused in certain cases and there are no dues, which are due for more than a period of six months which remained outstanding as at 31st March 2012 except those specified in Note No. 12 of Schedule '27'.

9.02 There are no dues in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax, Fringe Benefit Tax and Sales Tax, which have remained unpaid owing to pending dispute.

10.The company has no accumulated losses as on the date of Balance Sheet dealt with by this report.

11. That as per the information given to us, the Company has not made timely repayment of dues to financial institutions and Banks in respect of the Term Loans. Which are specified in Note No.3 (b), (c) and (g) of Schedule 27, Which has subsequently paid.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a Chit Fund.

14. The company has not sold any shares, debentures and other securities during the year.

15. The company has not given any guarantees for loans taken by others as per the information given to us.

16. The company did not borrow by way of term loans during the year.

17. Having regard to the profits generated by the company and also the amount invested during the year on the long term assets, we are of the opinion, that the company has not used the short term funds for long term investments & vice versa.

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any secured debentures either during the year or in the past.

20. The company has not raised any funds from the public during the year.

21. According to our information and to the explanations given to us no fraud on or by the company was noticed during the year.

Place : Bengaluru FOR RAO & VENKATESULU

Date : 30th May 2012 Chartered Accountants

V.PADMANABHAN

Partner

Membership No : 3181

FR No.003108S


Mar 31, 2010

We have audited the Balance Sheet of ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED as at 31st March, 2010 and the annexed Profit and Loss Account for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materia misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. We have, on the basis of such checks as we considered necessary and the information and explanations given to us, given our findings on the matters required by the Companies (Auditors Report) Order, 2003 issued by the centra government under section 227 (4A) of the Companies Act, 1956, as applicable to the company in the annexure here to.

2. Further to our comments in the Annexure referred to in paragraph (1) above:

a. We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit.

b. In our opinion, proper books of account as required by the law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches notvisited by us;

c. The Bala nee Sheet and the Profit and Loss Account dealt with by this report are in agreement with those Books of account;

d. In our opinion, the Profit and Loss Account and the Balance Sheet dealt with by this report comply with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956;

e. On the basis of the information given to us, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director of the Company in terms ofSection274(l)(g)ofthe Companies Act, 1956; and

f. In our opinion and to the best of our information and according to the explanation given to us, the accounts read together with the notes attached thereto give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(I) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2010 and

(II) In the case of the Profit and Loss Account, of the profit of the company for the year ended on that date.

ANNEXURE REFERRED TO IN PARA (1) OF OUR REPORT TO THE MEMBERS OF ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED

1.01 The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

1.02 The Fixed Assets have been physically verified at reasonable periodical interval by the management. As per the information given to us no discrepancy has been noticed.

1.03 The company has not sold substantial part of its fixed assets duringtheyear.

2.01 The management has physically verified the inventory during the year.

2.02 The procedure adopted for physical verification of the inventory is, in our opinion, reasonable and adequate in relation to the size of the company and the nature of its business.

2.03 The company has maintained proper records of inventory. The discrepancies found there on have been properly dealt within the accounts. Material discrepancy was not noticed on physica verification.

3.01 The Company has not taken loans from its Directors during the year. The Company has not granted any advance in the nature of loan to any of its Directors or their relatives or to a Firm or Company listed in the register maintained underSection 301 of the Companies Act, 1956 in which the Directors of the Company or their relatives are interested as partners and Directors.

4.01 In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of the company and the nature of its business with regard to the purchase of goods and fixed assets and sale of goods. We have not noticed any continued failure to correct major weaknesses in internal control.

5.01 On the basis of the checks made by us the transactions during the year, which need to be entered into a register maintained under section 301 of the Companies Act, 1956 are entered in the said registered.

5.02 According to the information and explanations given to us, the prices received and paid by the company for the goods sold and purchased and the services rendered and availed, in respect of the transactions which are entered in the register maintained u/s 301 of the Companies Act 1956 are prime facie, reasonable and are not prejudicial to the company.

6.01 The Company has not accepted any deposits from the public during the year.

7.01 The company has an internal audit system which in our opinion is adequate having regard to the size of the company and the nature of its business.

8.01 According to the information and explanations given to us the Company is not required to maintain any cost records In terms of the prescription made by the Central Government u/s section 209 (lj(d)ofthe Companies Act, 1956.

9.01 The company has, according to the information and explanations given to us, the statutory liability in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax, Fringe Benefit Tax and Sales Tax. On the basis of such checks as we considered necessary we found that the Company has been regular in depositing such undisputed statutory dues with the appropriate authority, though delays have been caused in certain cases and there are no dues, which are due for more than a period of six months which remained outstanding as at 31st March 2010 except those specified in Note No.- 9 of ScheduleQ.

9.02 There are no dues in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax, Fringe Benefit Tax and Sales Tax, which have remained unpaid owing to pending dispute.

10. The company has no accumulated losses as on the date of Balance Sheet deal twith bythis report.

11. That as per the information given to us, the Company has not defaulted in repayment of dues to financial institutions and Banks.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a Chit Fund.

14. The company has not sold any shares, debentures and other securities during the year.

15. The company has not given any guarantees for loans taken by others as per the information given to us.

16. The company has borrowed anyterm loans during the year and according the information given to us the same has been applied for the purposes for which it is borrowed.

17. Having regard to the profits generated by the company and also the amount invested during the year on the long term assets, we are of the opinion, that the company has not used the short term funds for long term investments and vice versa.

18. The company has not made any preferential allotment of shares during the year.

19. The company has not issued any secured debentures either during the year or in the past.

20. The company has not raised any funds from the public during the year.

21. According to our information and to the explanations given to us no fraud on or by the company was noticed during the year.



For RAO & VENKATESULU

Chartered Accountants FRN:003108S

Sd/- K.Y NINGOJI RAO

Partner Membership No.18278

Place: bengaluru Date: 29th May 2010


Mar 31, 2001

We have audited the Balance Sheet of ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED as at 31st MARCH, 2001 and the annexed Profit and Loss Account for the year ended on that date and report that:

1. We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit.

2. That, in our opinion, proper books of account as required by the law have been maintained by the company so far as appears from our examination of those books and the Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with those books.

3. That the said accounts, in our opinion, are in compliance with the Acounting Standards prescribed under section 211 (3C) of the Companies Act, 1956.

4. That as per the information given to us none of the Directors of the Company are disqualified in terms of the provisions of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

5. We have, on the basis of such checks as we considered necessary and the information and explanations given to us, given our findings on the matters required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the central government under section 227 (4A) of the Companies Act, 1956, as applicable to the company in the annexure hereto.

6. Subject to the relevant notes contained in Schedule "O" to the Balance Sheet regarding:

a) Significant Accounting Policies contained in Notes 6 and 9 (b) with regard to the accounting of income in respect of sale of Railway Sleepers; and

b) Accounting of companys liability in respect of gratuity to its employees, in our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 1956

in the manner so required and the Balance Sheet and the annexed Profit and Loss Account dealt with by this report, respectively, given a true and fair view of the state of affairs of the company as at 31st March, 2001 and of the net profit of the company for the year ended on that date.

ANNEXURE REFERRED TO IN PARA (5) OF OUR REPORT TO THE MEMBERS OF ALPINE HOUSING DEVELOLPMENT CORPORATION LIMITED

1. That the company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. That they have been physically verified by the management where ever it is practicable. No discrepancies have been noticed. None of them have been revalued during the year.

2. That the stocks of raw materials, works-in-progress and finished goods have been physically verified by the management and that:

a. the procedure for physical verification followed by the management and the frequency of such verification are, in our opinion, is reasonable and adequate in relation to the size of the company and nature of its business;

b. no discrepancies were found as compared to book stocks; and

c. the valuation of the same is, in our opinion, fair and proper and is in accordance with the normally accepted accounting principles and is on the same basis as was followed in the previous year sub to the significant Accounting Policy contained in Note 9 (D)

d. in Schedule :Q: to the Balance Sheet

3. That the terms and conditions with regard to the loans taken by the company from the parties listed in the register maintained under section 301 of the Companies Act, are not prejudicial to the company.

4. That the company has not granted any loans, secured or unsecured, to the companies, firms or other parties listed in the registers maintained under section 301 of the Companies Act, 956.

5. The parties to whom loans and advances in the nature of loans given by the company are repaying the principal amount as stipulated and are paying the interest thereon, wherever applicable.

6. In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of the company and the nature of its business with regard to the purchase of raw materials and stores and spares including plant and machinery, equipment and other assets and for sale of goods.

7. That the price paid and received for goods purchased and sold by the company, respectively, of a value exceeding Rs. 50,000/- from or to the company in which Directors of the company are interested as listed in the register maintined under section 301 of the Companies Act, 1956 in our opinion, reasonable compared to the prices for such similar items paid to or received from other parties.

8. The company has a system for evaluation and determination of damaged and unserviceable raw materials and finished goods and according to our information given to us no item was determined as damaged and unserviceable.

9. The company did not accept any deposits from the public during the year.

10. The company has internal audit system and the same which, in our opinion, is adequate having regard to the size of the company and the nature of its business.

11. That the companys operations do not generate any by-products. Adequate records have been maintained by the company in respect of scrap generated and sold.

12. That according to the explanations given to us no cost records have been prescribed under section 209 (1) (d) of the Companies Act, 1956 in respect of the companys products.

13. The company has regularly deposited the Provident Fund dues, during the year, with the appropriate authorities with insignificant delays except to the extent of Rs. 74,251.18 which has not yet been paid.

14. There are no undisputed amounts payable in respect of sales tax, income tax, wealth tax,customs duty and excise duty which are due for

payment.

15. During the course of our audit we have not noticed any personal expenses being chrged to Profit and Loss Account.

16. The Company is not a sick industrial company with in the meaning of section 3 (1) (o) of the Sick Industrial Companies (Special Provisions) Act, 1985.

17. In respect of its service activities the company has;

(a) reasonable system of recording receipts, issues and consumption of materials;

(b) does not have system of allocation of man hours to the relative jobs; and

c) has a reasonable system of authorization at proper levels and adequate system of internal control commensurate with the size of the company and the nature of its business in respect of issues of materials and allocation of materials.

for RAO & VENKATESULU Chartered Accountant

V. PADMANABHAN Partner

Place : BANGALORE Date : 25th MAY, 2001


Mar 31, 2000

We have audited the Balance Sheet of Alpine Housing Development Corporation Limited as at 31st March, 2000 and the annexed Profit and Loss Account for the year ended on that date and report that :

1. We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit.

2. That, in our opinion, proper books of account as required by the law have been maintained by the company so far as appears from our examination of those books and the balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with those books.

3. That the said accounts, in our opinion, are in compliance with the Accounting Standards prescribed under Section 211 (3C) of the Companies Act, 1956.

4. We have, on the basis of such checks as we considered necessary and the information and explanations given to us, given our findings on the matters required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Central Government under section 227 (4A) of the Companies Act, 1956, as applicable to the company in the annexure hereto.

5. Subject to the significant accounting policies contained in Note No.6 and No.9 (B) (d) of Schedule "Q" to the Balance Sheet with regard to the accounting of income in respect of sale of Railway Sleepers and accounting of Companys liability in respect of gratuity to its employees, in our opinion and to the best of our information and according to the explanations given to us, the accounts give the information required by the Companies Act, 1956 in the manner so required and the Balance sheet and the annexed Profit and Loss Account dealt with by this report respectively, give a true and fair view of the state of affairs of the company as at 31 st March, 2000 and of the net profit of the company for the year ended on that date.

ANNEXURE REFERRED TO IN PARA (4) OF OUR REPORT TO THE MEMBERS OF ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED

1. That the Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. That they have been physically verified by the management, where ever it is practicable and none of them have been revalued during the period.

2. That the stocks-in-trade have been physically veri fied by the management and that :

a) the procedure for physical verification followed by the management, in our opinion, is reason- able and adequate in relation to the size of the company and nature of its business.

b) No discrepancy was found as compared to the book stocks; and

c) the valuation of the same is, in our opinion, fair and proper and is in accordance with the normally accepted accounting principles and is on the same basis as was followed in the previous year.

3. That the terms and conditions with regard to the loans due by the company to the parties listed in the register maintained under section 301 and 370 (1-C) of the Companies Act, are not prejudicial to the com- pany.

4. The parties to whom loans and advances in the nature of loans given by the company are repaying the principal amount as stipulated and are paying the interest thereon regularly, where ever applicable.

5. In our opinion and according to the explanations given to us, there are adequate internal control procedures, commensurate with the size of the company and the nature of its business with regard to the purchase of goods, plant and machinery and other assets.

6. That the company has not sold or purchased any material to or from the companies firms and other parties in which Directors of the company are interested as listed in the register maintained under section 301 of the Companies Act, 1956.

7. The company has regular procedure for determination of damaged and unserviceable goods and according to our information no item was determined as damaged and unserviceable.

8. The company did not accept any deposits from the public during the year

9. That the company has a system of internal audit which, in our opinion, is adequate having regard to the size of the company and nature of its business.

10. The company has been regularly depositing the dues under the Employees Provident Fund Act.

11. That there are no undisputed amounts payable in respect of sales tax, income tax, wealth tax, customs duty and excise duty as at 31st March, 2000 which are due for more than six months from the day on which they became due for payment.

12. The company has maintained adequate records in-respect of the scraps generated and sold.

13. No cost records are prescribed for the company by the Central Government under section 209 (1) (d) of the Companies Act, 1956.

14. That the personal expenses have not been charged to revenue, in our opinion and according to the infor- mation and explanation given to us.

15. The company is not an sick industrial company with in the meaning of clause (o) of sub section (1) of section 3 of the sick Industrial Companies special Provisions) Act, 1985.

16. In respect of service activities, the company :

a. has a reasonable system of recording receipts, issues and consumption of materials:

b. does not have a system of allocation of man hours to the relative jobs: and

c. has a reasonable system of authorization at proper levels and adequate system of internal control commensurate with the size of the company and nature of its business on issues of stores and allocation of stores.

for RAO & VENKATESULU Chartered Accountants

V.PADMANABHAN Partner

Place : Bangalore Date : 31st May, 2000

 
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