We have audited the Balance Sheet of ALPINE CAPITAL SERVICES LIMITED.
as at 31ST March, 2011 and the related Profit and Loss Account for the
year ended on that date, annexed thereto. 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 conducted our audit in accordance with the Auditing Standards
generally accepted in India. These 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 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.
We Report that:
1. As required by the Companies (Auditor's Report) order, 2003 as
amended by the companies (Auditors Report) amendment order,
2004(together the 'order') issued by the Central Government of India in
terms of Sec. 227(4A) of the Companies Act, 1956 and on the basis of
such checks as we considered appropriate and according to information
and explanation given to us, we set out in annexure Statement on the
matters specified in paragraph 4 & 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph 1
above, we Report that:
i) 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.
ii) In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
those books of accounts and proper returns adequate for the purpose or
our audit have been received from branches not visited by us.
iii) The said Balance Sheet & Profit and Loss Account are in agreement
with the books of accounts.
iv) In our opinion the Balance Sheet & Profit and Loss Account and Cash
Flow comply with the Accounting Standards referred to in section 211
(3C) of the Companies Act, 1956 as may be applicable. except AS-15.
v) Based on representations received from the directors as on 31 ST
March, 2011 and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 31 ST March,2011 from
being appointed as a director in terms of clause [g] of sub section [1]
of Section 274 of the Companies Act 1956.
vi) The accounts of the company have been prepared on a going concern
basis.
vii) In our opinion, and to the best of our information and according
to the explanations given to us, the said accounts 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 Balance Sheet, of the state of Company's affairs as
at 31ST March,2011 and
(ii) In the case of Profit & Loss Account, of the Profit of the Company
for the year ended on that date.
(iii) In the case of cash flow statement, of the cash flows for the
year ended on date.
3. As required by Non-Banking Financial Companies Auditors Report
(Reserve Bank) Directions, 1998 issued by the Reserve Bank of India in
terms of section 45IA of the Reserve Bank of India Act, 1934, we report
as under in regard to the matters specified in para:
[i] (a) The Company has been granted certificate of registration from
Reserve Bank of India under Section 45IA of the Reserve Bank of India
Act, 1934.
(b) The company is entitled to continue and hold the certificate of
registration in terms of asset/income pattern as at 31 st March 2011.
(c) Considering the asset/income pattern of the company we are of the
opinion that the company is not an Asset Finance Company.
[ii] As per information and explanation given to us the Board of
Directors have passed a resolution for the non-acceptance of any
deposits from public.
[iii] As it appears from our examination of the books of account, the
company has not accepted any deposits from public during the year under
review.
[iv} The Company has given Loans & Advances and has complied with the
Prudential Norms relating to income recognition accounting standards,
asset classification and provisioning for bad and doubtful debts as
applicable as on 31-03-2011.
Annexure to the Auditors' Report ,
Referred to in paragraph 1 of our Report of even date on the accounts
for the year ended on 31st March, 2011 of ALPTNE CAPITAL SERVICES
LIMITED.
1 a) The Company has generally maintained proper records showing full
particulars including quantitative detail and situation of fixed assets
on the basis of available information.
b) The Company has verified all its fixed assets during the period. In
our opinion, this periodicity of physical verification is reasonable
having regard to the size of the company and the nature of its assets.
c) The company has not disposed off any fixed assets during the year.
1. Clause 2 para (a)(b)(c) are not applicable to the company.
3. i)The company has not taken as well as granted any loan secured or
unsecured from/to company/firm or other parties covered in the register
maintained under section 301 of the companies Act, 1956. Accordingly,
clause (iii) (b) to (iii) (d) of the paragraph 4 of the order is not
applicable to the company.
1. In our opinion and according to the information and explanations
given to us, there exists adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventories, fixed asset and sale of goods . During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
1. In our opinion and according to the information and explanations
given to us, the company has not entered into any transactions made in
pursuance of contracts or arrangements, that need to be entered into
the register maintained under section 301 of the Companies Act, 1956.
1. In our opinion and according to the information and explanations
given to us, the Company has not accepted any public deposit
accordingly provisions of Sections 58A and 58AA or any other relevant
provisions of the Act and the Rules framed there under, and the
directives issued by the Reserve Bank of India are complied with.
1. In our opinion and according to the information and explanations
given to us, the Company has in general an adequate internal audit
system commensurate with the size and the nature of the business of the
Company.
1. We have been informed that the Central Government has not prescribed
maintenance of cost records under clause (d) of sub-section (1) of
section 209 of the Companies Act, 1956.
1. a) According to the information and explanations given to us and on
the basis of records produced before us, the Company is generally
regular in depositing undisputed statutory dues including provident
fund, employees state insurance, income tax, sales tax, wealth tax,
Service tax, custom duty, excise duty, cess and any other statutory
dues with appropriate authorities applicable to it.
b)According to the information and explanations given to us, no
undisputed arrears of statutory dues were outstanding as at 31st March,
2011 for a period of more than six months from the date they became
payable.
1. In our opinion there are no accumulated loss of the company nor the
company has incurred any cash losses during the financial year covered
by the report.
1. In our opinion and according to the information and explanation
given to us the Company has not defaulted in repayment of dues to the
financial institution, bank.
1. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans or advances on the
basis of security by way of pledge of shares, debentures and other
securities.
1. The company is not a Chit Fund or a Nidhi/Mutual Benefit
Fund/Society
1. The Company is not dealing or trading in shares, securities,
debentures and other investments. Investment as stated in the balance
sheet which are held for long term and are valued at cost, all
investments are held in the name of the company.
1. The Company has not given guarantee for loans taken by others from
bank or financial institution .
16. The company has not raised any term loan.
1. None of the funds raised for the short term have been used for long
terms investment and vice versa, as the company has not maintained
under section 301 of the Act.
1. The company has not made any preferential allotment of share to
parties and companies covered in the register maintained under section
301 of the Act.
1. No debentures have been issued by the company.
1. As per the information and explanations given to us, the company has
not raised any money by public issue during the year.
1. On the basis of our examination and according to the information and
explanations given to us, no fraud, on or by the Company, has been
noticed or reported during the course of our audit.
FOR K.STNGH & ASSOCIATES CHARTERED ACCOUNTANTS
Firm No. 012458N
SD/-
KULTAR STNGH
PLACE: CHANDTGARH PARTNER
DATED:24/08/2011 M.No 91673
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