డైరెక్టర్ల నివేదిక Alpine Capital Services Ltd.

Mar 31, 2011

The Directors are pleased to present the Annual Report and the audited accounts for the year ended 31st March 2011 Financial results:

The financial performance of the Company for the year ended 31st March 2011, is summarized below:

In Rs

PARTICULARS 31st March 2011 31st March 2010

Income 941751.00 886973.00

Expenditure 567588.00 532881.00

Profit before, depreciation and tax 374163.00 354092.00

Depreciation 13690.40 13690.39

NET PROFTT BEFORE TAX 360472.60 340401.61

Provisions for taxation 120650.00 120650.00

Deferred Tax 825.00 66.00

Surplus carried to Balance Sheet 238997.60 219685.61

Paid-up share capital 29518250.00 29518250.00

Results of operations:

During the financial year under review, the company's total turnover amounted to Rs. 941751/- which is higher than the previous year's figure of Rs. 886973/-. On the other hand the total expenditures has also been increased from Rs. 546571.39/- (inclusive of depreciation) to Rs. 581278.40/- during this period. Resultantly, the company's surplus (after tax and dep.) amounting Rs. 238997.60/-, being higher than the last year figure of Rs. 219685.61/- which has been carried to the Balance Sheet. The management has taken note of the same and then decided to initiate the process of introspection to improve further the profitability position of the company by developing/formulating new marketing strategies and policies.

Share capital

The authorised share capital of the Company is Rs. 35,000,000/- divided into 3,500,000 Equity Shares of Rs. 10/- each, the issued and subscribed share capital of the company is Rs. 30,045,000/- and paid up capital of the company is Rs. 29518250/- divided into 2951825 equity share of Rs. 10/- each. The calls in arrears remained Rs. 526750/-.

Dividend

The management decided to retain all the internal accruals and to utilize the same in the expansion of business, therefore, it has been decided by the Board to defer the declaration of dividend this year as well.

Corporate Governance

The company is committed to maintain the highest standards of Corporate governance. The Directors adhere to the requirements set out by the Securities and Exchange Board of India's Corporate Governance practice and have implemented all stipulated prescribed.

The requisite Certificate from the Auditors of the Company, M/s K. SINGH & ASSOCIATES, Chartered Accountants, confirming compliance with the conditions of Corporate Governance as stipulated under the Clause 49, is attached to this report. A report on the corporate Governance is also attached as an annexure to this report

Directors

The Board of Directors of the Company is duly constituted and comprises highly qualified and experienced members. However, pursuant to the provisions of Section 256 of the Companies Act, 1956, Mr. Rajpal Choudhary, is liable to retire by rotation and being eligible, offered himself for reappointment.

Directors responsibility statement

Pursuant to the provisions of Sub-Section (2AA) of Section 217 of the Companies Act, 1956, the Directors confirm that:

i. In the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure;

ii. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period;

iii. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. The Directors have prepared the annual accounts on going concern basis.

public deposits

The Company has neither accepted any deposit from the public nor renewed the deposits which fall within the ambit of Section 58A, 58AAA of the Company's Act, 1956, and the rules framed there under, during the year under review.

Particulars of the employees

Information as per Section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 and Companies (Disclosure of Particulars in the report of the Board of Directors) Rules, 1988, is not required as none of the Directors/employees was in receipt of remuneration of Rs. 5,00,000 or more per month or Rs. 6,000,000 per annum in the aggregate.

Auditors

M/S K SINGH & ASSOCIATES, Chartered Accountants, who were appointed as the Statutory Auditors of the company, there term of office comes to end at the conclusion of the ensuing Annual General Meeting. Based on the eligibility certificate given by the said auditors under section 224 (1) (B) of the Companies Act, 1956, the Board of Directors resolved to recommend the appointment of M/S K SINGH & ASSOCIATES, Chartered Accountants as the Statutory Auditor of the company for the financial year ending on 31 st March, 2012.

SECRETARIAL AUDITORS:

In order to make the compliance of the provisions of Section 383A of the Companies Act, 1956, your Board recommend the reappointment of M/s M.R Chechi & Associates, Company Secretaries, as the Compliance Auditors of the Company for the financial year ended 31st March, 2012.

Notes on Accounts

The observations of the Auditors on the notes on accounts are adequately explained to the Company through the section Notes on Accounts. Hence, no separate comments are required by the Directors on the Report of the Statutory Auditors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUT-GO:

Pursuant to the provisions of section 217 of the Companies Act, 1956 and rules there under, the required information is given in the annexure to this report.

Foreign Exchange Earnings: NIL

Foreign Exchange Outgo: NIL

Industrial relations

The overall industrial relations have remained cordial throughout the year under review.

Acknowledgement

Your Directors wish to place on record their deep gratitude to the Departments of State/Central Governments, banks and other concerned authorities, for their valuable co-operation and assistance. Your Directors also wish to place on record their appreciation of the wholehearted and continued support extended by the shareholders and the employees of the Company which had always been a source of strength for the Company.

FOR AND ON BEHALF OF THE BOARD

SD/- SD/-

PLACE: NEW DELHI RAJPAL DEEPAK VERMA

DATED: 24.08.2011 DIRECTOR DIRECTOR

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Mar 31, 2009

To The Members of M/S ALPINE CAPITALS EKVICES LIMITED 10/21,Old Rajinder Nagar, New Delhi.

The Director have immense pleasure in presenting the 10th Annual Reporting the company for the year ended 31st March, 2009

FINANCIAL RESULTS (Rs. in Lacs) 31.03.2009 31.03.2008

Income from Sale of Shares 0.00 0.00

Interest & other income 8.3 9.00

Increase / decrease in Stock 0.00 0.00

Purchase of Shares 0.00 0.00

Administrative expenses 5.17 3.16

Financial Charges 0.13 0.07

Depreciation 0.14 0.29

Net Profit before tax 2.98 6.07

Net Profit after-tax 1.91 3.98

Paid up Share Capital 295.18 295.13

Face value per share 10.00 10.00

REVIEW OF OPERATIONS AND FUTURE PROSPECTS:

During the Financial Year under review the Company did not buy or sell any shares because of volatile matinee. However the Company plans to venture into the mitt at the right time. The Net Profit of the Company decreased from Rs 3.96.690/- to Rs.1.91.954/-

Product/Geographical Segmentation

The Company is a Non-Banking Finance Company. There is neither geographical segmentation nor the Company ever distinguished the activities particularity in the share of Profit centers.

SHARE CAPITAL

The Authorised Share Capital of the Company consists of Rs.3.50.GO.G0O/-(Rupees three crores and fifty lacs only) dividend into 35.00.000 equity shares of Rs.10/- each During the Period under review the said capital has of been rased by the Company. The issued and Subscribed remains at Rs.3.00.45.000/- dividend into 30.04.500 Equity shares of Rs.10 each while the Paid up Share Capital remains at Rs.2.95.18.250. The Company has not received any money from the holed is of the partly paid Equity Shares during the period under review.

CORPORATE GOVERNANCE

The company any is committee to maintain highest standards of corporate Governance. The Director here to the requirements set out by the securities and Exchange Boards of India's corporate Governance Paradises and have implemented several best corporate Governance practices prevalent globally.

The Report on corporate Governance stipule under clause 49 of the listing Agreement forms part of the annual Report.

The Requisites certificate from the auditors of the company M/s Vivek singla and Associates, confirm compliance with the conditions of corporate Governance as stipulated under of the a fore said clause 49, is attached to this report.

DIRECTORS

The are has presently five members viz Shri jeevan Naryal, Shri Rajesh Kumar shri Rajpal Chaudh any, shri Deepak verma and shri A mrik Singh. The Director have varied experience in business and industry finance law and public law and public enterprises.

Further as provisions of section 258 of the companies Act, 1956 Shri Jeevan Nayak Director of the company is due to retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

There is no change in the terms and conditions of the Board of Directors of the company

DIRECTOR'S RESPONSIBILITY STATEMENT.

P Pursuant to the provisions of section 217 (2AA) of the companies Act, 1956. with respect to directors Responsibility statement it is hereby confirmed that,

1. In the preparation of annual accounts is the applicable accounting standards read wit the requirements set out under sche VI of the companies Act,1956 have been followed and there are material departures from the same:

2. The Director have selected such a accounting policies and applied them consistently and made judgments and estimates are reasonable and presents as to give a true and Fairview of the state of affairs of the company at the financial year and of the profit loss of the company for that period.

3.The Director has taken prepared sufficient are for the maintained of a adequate accounting records in accordance with the provisions of this act for safe guarding the assets of the company and for preventing and detecting fraud and other irregularities

4. The Directors have prepared the annual accounts of the company on going concern basis.

DIVIDEND

The Director have not proposed any dividend for the current year.

Public Deposits

The company any though has register NBFC has neither adopted any deposited from the public non reneged any deposits within the section 58A of the companies Act, 1956 and the rules framed the under during the year under review.

PARTICULARS OF THE EMPLOYESS

Information as per section 217(2A) of the companies Act, 1958 read with companies (Particulars of Employees) Rules 1975 and companies (Disclosure in the parties as in the report of board of Director) Rules, 1988 is not require as none of the Director Employee as in remuneration of Rs.2.00.000/- or more per month of Rs.24.00.000/- per annum in the aggregate.

NOTES ON ACCOUNTS

The observation of the Auditors is and notes on accounts are self explanatory the company has complied with the provisions of all accounting standards which are applicable as on date.

AUDITORS

Ms. Vivek Singla a and associates Chartered Accounts the statutory Auditors of our company hold office until the conclusion of the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.

The company has received letters from all of the them to the effete that their appointment .if made would be with in the prescribed limited under section 224(1b) of the companies Act, 1956 and that they are not disqualified for such reappointment with in the meaning of section 226 of the said act.

The Board commended the appointment of Mr. Vivek Singla & Associates Chartered accounts as the statutory of the company for the financial year ending 31st March, 2009

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHAGE AND OUT GO.

The Particulars is relating to energy conservation, Technology absorption foreign exchange earnings and outgo. as required to be disclosed under section 217(1)(e) of the companies Act 1956 read with the companies(Disclosure of particulars of particulars in there report of Directors) Rules 1988 are provided in the annexure to this Report.

CASH FLOW STATEMENT

As required under clause 32 of the listing agreement a cash Flow statement is appended

INDUSTRIAL RELATIONS

The over all industrial relations have maimed cordial through the year under review.

ACKNOWLEDGMENT

Your Director wish to place on records their deep gratitude departments state central governments, Banks and other concerned authorities for their voluble co-operation and assistance. Your Director also which to place on record their appreciation of the whole hearted has always been a source of strength for the company.

FOR AND ON BEHALF OF THE BOARD

Place: NEW DELHI Sd/-

Date;29.08.2009 CHAIRMAN

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Mar 31, 2008

The Directors have immense pleasure in presenting the Fifteenth Annual Report of the Company for the year ended 31st March, 2008.

FINANCIAL RESULTS:

The Financial performance of the Company for the year ended 31st March 2008 is summarized below:

(Rs. In Lacs)

PARTICULARS 31st 31st March,2008 March,2007

Income from Sale of Shares 0 3.67

Interest & other Income 9.60 9.63

Increase I Decrease in Stock 0.0 (3.38)

Purchase of Shares 0-00 0-00

Administrative Expense 3.16 7.84

Financial Charges 0-07 0-01

Depreciation 0-29 0.32

Net Profit before tax 6.07 1.75

Net Profit after tax 3.98 1.04

Paid up Share Capital 295.18 295.18

Face Value per Share 10-00 10.00

REVIEW OF OPERATIONS AND FUTURE PROSPECTS

During the Financial Year under review, the Company did not buy or sell any shares because of volatile markets. However the Company plans to venture into the market at the right time. The Net Profit of the Company increased from Rs, 1,04,188 /- to Rs.3,98,690 /-.

-Product/Geographical Segmentation

The Company is a Non-Banking Finance Company. There is neither geographical segmentation nor the Company ever distinguished the activities particularly in the share of Profit centres.

SHARE CAPITAL

The Authorised Share Capital of the Company consists of Rs. 3,50,00,000/- (Rupees three crores and fifty lacs only) divided into 35,00,000 Equity Shares of Rs. 10/- each. During the period under review, the said capital has not been raised by the Company. The issued and subscribed remains at Rs.3,00,45,000/- divided into 30,04,500 Equity Shares of Rs. 10/- each while the Paid up Share Capital remains at Rs.2,95,18,250/-.The Company has not received any money from the holders of the partly paid Equity Shares during the period under review.

CORPORATE GOVERNANCE

As per Schedule of implementation of Corporate Governance Code mentioned in Clause 49 of the Listing Agreement, the Company has implemented the mandatory requirements of the code

Corporate Governance and Management Discussions and Analysis Reports are set out as separate Annexures to this report,

DIRECTORS

The Board has presently five members viz., Shri Jeevan Naryal, Shri Rajesh Kumar, Shri Raj Pal, Shri Deepak Verma and Shri Amrik Singh. The Directors have varied experience in business and industry, finance, law and public enterprises.

Further as per provisions of Section 256 of the Companies Act, 1956, Sh. Rajesh Kumar, Director of the Company is due to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

There is no change in the terms and conditions of the Board of Directors of the Company.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of sub section (2AA) of Section 217 of the Companies Act, 1956, the Directors confirm that:

i. In the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures ;

ii. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that period.

iii. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities ;

iv. The Directors have prepared the annual accounts on going concern basis.

DIVIDEND

The Directors have not proposed any Dividend for the Current year.

PUBLIC DEPOSITS

The Company though a registered NBFC has neither accepted any deposit from the public nor renewed any deposits within the Section 58A of the Company's Act, 1956 and the rules framed thereunder, during the year under review.

PARTICULARS OF THE EMPLOYEES

Information as per Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 and Companies (Disclosure in the particulars in the report of Board of Directors) Rules, 1988 is not required as none of the Director/ Employee was in receipt of remuneration of Rs. 2,00,000/-or more per month or Rs. 24, 00,000/- per annum in the aggregate

NOTES ON ACCOUNTS

The observations of the Auditors and notes on accounts are self explanatory. The Company has complied with the provisions of all accounting standards which are applicable as on date.

AUDITORS

M/s, Vivek Singla and Associates, Chartered Accountants, the Statutory Auditors of your Company, retire at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment. The Company has received a certificate from them as required under Section 224(1 -B) of the Companies Act, 1956.

The Board recommends the appointment of M/s.Vivek Singla & Associates, Chartered Accountants, as the Statutory Auditors of the Company for the financial year ending 31st March, 2008,

PARTICULARS OF CONSEVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO

The nature of the business is such that there is no requirement for the furnishing of requisite information under Section 217(1 )(e) of the Companies Act, 1956

CASH FLOW STATEMENT

As required under clause 32 of the Listing Agreement, A Cash Flow Statement is appended. ,

INDUSTRIAL RELATIONS

The over all industrial relations have remained cordial throughout the year under review.

ACKNOWLEDGEMENT

Your Directors wish to place on record their deep gratitude to the Departments of State/Central Governments, Banks and other concerned authorities for their valuable co-operation and assistance. Your Directors also wish to place on record their appreciation of the wholehearted and continued support extended by the shareholders and the employees of the Company which had always been a source of strength for the Company,

FOR AND ON BEHALF OF THE BOARD OF ALPINE CAPITAL SERVICES LIMITED Place: New Delhi Sd/- Sd/-

Dated: 01/09/2008 Director Director