ఆడిటర్ నివేదిక Alpine Capital Services Ltd.

Mar 31, 2011

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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Mar 31, 2009

We have audited the attached Balance Sheet of ALPINE CAPITAL SERVICES LTD. as at 31st March, 2009 and also the Profit and Loss Account for the year don that date annexed thereto. These financial statements are the responsibility is to express an opinion on these financial statements based on our audited, we conducted our audit in accordance with auditing standards generally accepted in India. Those standard quire that we plan and perform the audit to obtain erasable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a lest 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 management, as well as evaluating the overall financial statements presentation we believe that our audit provides a reasonable basis for our opinion.

As required by companies (Audits Report) Order 2003 issued by central Govt. of India interims of sub section (4A) of the companies Act, 1956 we annex here to statement on the matters specified in paragraph 4 & 5 of the said order as per annexure and statement in the shape of auditors report in terms of section 45 MA (IA) of RBI Act, 1934,

Further our comment in the annexure referred to the above we report that:

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

ii) In our opinion proper books of accounts required by law have been kept by the company so far as appears from our examinations of those books.

iii)The Balance sheet and profit and loss Accounts delta with by this report are in agreement with the books of account.

iv) The Balance Sheet and Profit and loss Accounts dealt with by this report the comply with the accounting standards referred to in sub-section (3c) of section 211 of the companies Act, 1956;

v) On the basis of written representation received from the Director as on 31st March 2009 and taken on records by the Board of Director we report that none of the director is disqualified as on 31st March 2009 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the companies Act. 1956

vi) 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.

a) In the case of the Balance sheet, of the state of affairs of the company as at 31st March, 2009

b) In the case of the Profit and Loss Account of the profit the year ended on that date.

ANNEXURE TO THE AUDITORS'S REPORT

(Referred to in paragraph 3 of our report of even date)

1.(a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

(b) There fixed assets have bee physically verified by the management at regular intervals no material discrepancies were noticed on such verification;

c))No Substantial all part of the fixed assets have been disposed off during the year.

2. (a) The physical verification of inventory of securities has been conducted at reasonable intervals by the management.

(b) The procuress of physical verification of inventory of securities owned by management are reasonable and in adequate in relation to the size of the company and nature of its business.

c)The company is maintaining proper records of investor of securities and no materials discrepancies were noticed on physical verification:

3.a) The company has not granted any loans to companies firms and other parties over in register maintained under section 301 of the Act However other pares are not applicable.

b) The company has not taken any loan from any party overfed in the Register maintained under section 301 of companies Act, 1958

4. There is adequate internal control procedures commensurate with the size of the company and the nature of its business. There is no continuing failure to correct the major weakness in the internal control.

5.a) According to the information and explanation given us, we are of the opinion on that the company has not entered into any transaction that need to be entered into a register in pursuance to section 301 of the Act.

6. The company has not accepted deposition the public.

7. In our opinion the company has internal audit system commensurate with size of the company.

8. According to the information and explanation given to us, maintained of cost records has not been prescribed by the central Govt under clause (d) of sub section 200. of the Act.

9.According to the information and explanation given to us the company is generally regular in depositing undisputed statutory dues including In come Tax and any other statutory dues with the appropriate authorities.

10. The company has accumulated losses but are less that 50% of its net worth. The company has not incurred cash losses during the financial year covered by the report.

11. According to information and explanation given to us the company has notarized any sort funds from financial institution or banks so this paragraph is not applicable.

12. According to the information and explanation given to us no loans has been granted on the basis of security byway of pledge of shares, debentures and other securities.

13. Provisions of special statute applicable to chit funds are not applicable to the company.

14. Since the company has made investments with a view to earn interest and dividend as well as profit and further in our opinion in respect of investments made wit a view to earn profit the company has maintained records regarding transaction and contractors and the timely entries are made therein . All the investments have bee held in the name of the company.

15. The company has not given any guarantee for loans taken by other from financial institutions.

16. The company has not raised any terms loans.

17. None of the funds raised for short term basis have been used for long terns investments and vice visa as the company has not browed any amount.

18. The company has not made any preferential all allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. No debentures have been issued by the company.

20. No Money has been raised during the year by making any public issue.

21.According to the information and explanations given to us and based on representation given by the management, taken on record by the board of Directors no fraud has been noticed or reported during the course of our audit.



FOR VIVEKSINGLA & ASSOCIATES

CHARTERED ACCOUNTANTS Place:chandigath sd/-

Date:29.06.2009 (VIVEKSINGLA)

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Mar 31, 2008

We have audited the attached Balance Sheet of ALPINE CAPITAL SERVICES LTD as at 31st March.2008 and also the 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 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by companies {Audit's Report) order, 2003 issued by Central Govt, of India in terms of sub-section (4-A) of 227 of the Companies Act, 1956 we annex here to a statement on the matters specified in paragraph 4 & 5 of the said order as per annexure A and a statement in the shape of auditors report in terms of section 45 MA (IA) of RBI Act, 1934.

Further to our comment in the annexure referred to the 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 purposes of our audit;

(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

(iii) The Balance Sheet and Profit and Loss Accounts dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the Balance Sheet Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-sections(3C) of section 211 of the Companies Act. 1956:

(v) On the basis of written representations received from the directors, as on 31st March. 2008. and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2008 from being appointed as a director in terms of clause(g) of sub-section (1) of section 274 of the companies Act, 1956;

(vi) 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;

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March,2008.

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

ANNEXURE TO AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

(i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) These fixed assets have been physically verified by the management at regular intervals: no material discrepancies were noticed on such verification;

(c) No substantial part of the fixed assets have been disposed off during the year:

(ii) (a) The physical verification of inventory of securities has been conducted at reasonable intervals by the management.

(b) The procedures of physical verification of inventory of securities followed by management are reasonable and inadequate, in relation to the size of the company and nature of its business.

(c) The company is maintaining proper records of inventory of securities and no material discrepancies were noticed on physical verification.

(iii) (a) The company has not granted any loans to companies, firms and other parties covered in register maintained under section 301 of the Act. However other paras are not applicable.

(bj The Company has not taken any loan from any party covered in the Register maintained under sec. 301 of Companies Act, 1956.

(iv) There is adequate internal control procedure commensurate with the size of the company and the nature of its business. There is no continuing failure to correct the major weaknesses in the internal control.

(v) (a) According to the information and explanation given to us, we are of the opinion that the company has not entered into any transaction that need to be entered into a register in pursuance to section 301 of the Act.

(vi) The company has not accepted deposits from the public.

(vii} In our opinion, the company has internal audit system commensurate with the size of the company.

(viii) According to the information and explanation given to us., maintenance of cost records has not been prescribed by the Central Govt, under clause (d) of sub section of section 209. of the Act.

(ix) According to the information and explanation given to us the Company is generally regular in depositing undisputed statutory dues including Income Tax and any other statutory dues with the appropriate authorities.

(x) The company has accumulated losses but are less than 50% of its net worth. The company has not incurred cash losses during the financial year covered by the report.

(xi) According to information and explanation given to us, the company has not raised any sort of funds from financial institutions or bank, so this paragraph is not applicable.

(xii) According to information and explanation given to us no loans has been granted on the basis of security by way of pledge of shares, debentures and other securities.

xiii) Provisions of special statute applicable to chit funds are not applicable to the company.

(xiv) Since the company has made investments with a view to earn interest and dividend as well as profit and further in our opinion in respect of investments made with a view to earn profit, the company has maintained records regarding transactions and contractors and the timely entries are made therein. All the investments have been held in the name of the company.

(xv) The Company has not given any guarantee for loans taken by others from or financial institutions.

(xvi) The Company has not raised any term loans.

(xvii) None of the funds raised for short-term basis have been used for long terms investments and vice versa, as the company has not borrowed any amount.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) No debentures have been issued by the company.

(xx) No money has been raised during the year by making any public issue.

(xxi) According to the information and explanation given to us and based on representation given by the management, taken on record by the board of directors, no fraud has been noticed or reported during the course of our audit.

for VIVEK SINGLA & ASSOCIATEES, CHARTERED ACCOUNTANTS,

Sd /-

(VIVEK SINGLA)

PLACE : CHANDIGARH DATE : '30.08.2008