ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
To
The Members of
ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED
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.
Place: Bengaluru FOR RAO & VENKATESULU
Date : 30th May 2012 Chartered Accountants
V. PADMANABHAN
Partner
Membership No: 3181
FR No. 003108S
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 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 & aren`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 |