Auditor Report of Alpine Housing Development Corporation Ltd.

Mar 31, 2025

\\c have umlitcil the ucuimjwmyiny financial >utcmem» of ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED ("the
Company"), which comprise the Balance Sheet a-, ut March '' 1,202$, the Statement of Profit ami U>*> (including Other Comprehensive Income),
the Statement of Changes in Equity ami tlte Statement of Cash Fit nv> for the year ended on that Jute and u •aimmary or significant accounting
|v>|icie« and other cxplwtutory information (hereinafter referred to a.-, the ^financial »-t;itcnicm>" •

In our opinion anil to the best of out information amt according to the explanations given to us. the aforesaid financial statements, gne the
inliirmnUiin requited hy the Conipames Act. 2013 (“the Act”) hi the manner wo required uml give u true and fair view in conformity with the Indian
Accounting Standards prescribed undet Section ¦ 33 of the Act rend with ihe l .ompumes (Indian Accounting Standards) Rulesu 21115, x\ amended,
rind AS”) and other accounting principles generally accepted in trutiu, of the mate of uflairs of the Company us at March 31.2025 and iLs profit,
total comprehensive income, changes in equity and its cash Hows for the ycai ended on that date.

Oasis for Opinion

W e conducted our audit of the financial statement* In accordance with tlic Standard* on Auditing (^WSA”*| specified under Section 143110) of tfie
Act bur raspwttlbilitL* undet those St.mdards arc further described in the Auditor* Rcsponsibilitio* fin the Audit nl the Financial Stateinenls
section of our report We are independent of ihe Company in accordance with the Code of Ethic* issued hy the Institute of Chartered Accountant* of
India ("It ’Al”) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and
the Pules made thereunder, and we have fulfilled our other ethical responsibilities In accordance with I hew requirement* anti the l( AIM Vile of
f ihic* We believe that the audit evidence obtained hy us i* sufficient and apprupri.itc to provide a basis for our audit opinion on the financial
statement.*.

Key Audit Matter*

Key uudit mutters me those matters dial, lit our ptidctfimuil judgment, wcie of most significance m uui audit of the fin.meial ntalemcuts of the
current period. 1 Iteic matter* were addressed In the contest of our audit of the financial statements .i.s it whole, and in forming our opinion thereon,
and ue do not phividc a separate opinion on these mutters We hove determined the matters dcscrilwd below to he the key audit mallei * to lie
communicated in our report.

Key audit matter	Him uur audit addressed the key audit matter
1. Revenue recognition lor sale of residential units
l''ltc Company applies ImJ AS 1! 5. Revenue from Contracts with Customers ( lad AS 115) for recognition of rev enue from sale of residential units Refer note 2.2 (c) n to d nnd 25 to the financial statements for accounting policy:and related disclosure!). Revenue is recognised upon transfer of control of residential unit- to customers for an amount which reflects the consideration the Company expects to receive in exchange for those units. the point of revenue recognition t* normally based on the terms a* included in the intimation for the handover of unit to the custom*? on completion of the project, and substantial collection is received. I he Company recognises the revenue at a point in time upon hamlovei deemed handover of the residential units.	Our audit procedures on revenue recognised from sale of resident ial units included, but were not limited to the following: • Evaluated the appropriateness or accounting policy tor revenue recognition on sale of residential unit* in terms of principles clearly stated under lnd AS 115; • Assessed the management evaluation of determining revenue recognition from vale of residential units nt a point m time in accordance with the requirements under lnd AS 115; • Obtained and understood the revenue recognition process, evaluated the design ami performed teat of control* ovci revenue recognition including determination of point of transfer of control and completion of performance obligations on n sample basis; and

1 oi contracts involvutg sale of io.sulcnti.il units, the Company receives the consideration in accordance \viih the terms of the contract in proportion of the percentage of completion of such real estate project and represent?, payments made by customers to secure performance obligation of the Company under the contrac enforceable by customer. Ihe assessment of such consideration received from customers Involves significant judgment tn detenuming if the contracts with customer involves any financing element. Ind \S 115 requires significant judgment in determining when ‘control’ of the residential units |s transferred to the customer Considering the significance of management judgements and estimates involved and the materiality of amounts involved, aforementioned revenue recognition Is identified as a key audit mailer	• 1 or samples selected Juring the yeur. verifying the underlying documents - contracts with customers, invoices raised and collections from the customers;
2. Revenue recognition for contractual construction projects
I he Company recognises revenue over a period of lime in accordance with Ind AS 115. Revenue from Contracts with Customers (Ind AS 115) Refer note 2_2(ei- n to d and 25 to the financial statements for accounting policy and related disclosures The Company recognises revenue from construction contracts on the basis of stage ol completion (input method) based on the proportion of contract cost-, incurred at reporting dole, iclatmg to the total estimated costs of the contract at completion I hc recognition of revenue is therefore dependent ott estimates tn rdntion in total estimated costs of each such contract, which Is subject to inherent intcciiatnty a*, it requires ascertainment of progress of the project, cost incurred till date and balance cost to he incurred to complete the project Significant judgments are also involved in determining when the underlying performance obligations are satisfied and also determining expected losses, when such losses become probable based on the expected total contract cost. Cost contingencies arc included in these estimates to take into account specific risks of uncertainties or disputed claims against the Company, arising within each contract. These contingencies are reviewed by the Management on a tegular basis throughout the life of the contract and adjusted where appropriate Considering the significance of management judgements and estimates involved and the materiality of amounts involved, revenue recognition from construction contracts is identified us a key uudit matter	Our audit procedures on revenue recognition for contractual construction projects included, but were not limited to the following- • Evaluated the nppropnutoness of accounting policy on revenue recognition for contractual construction project*, in terms of principles enunciated under Ind AS 115: • Evaluated the design and tested operating effectiveness of key controls around budgeting ol''projcet cost, approval ol purchase orders, recording of actual cost, raising of invoices and estimating the cost to complete tlte project. • Assessed management evaluation of determining revenue recognition for contractual construction projects over a period of time in accordance with the requirements of ltul AS 115: • On a sample busts, tested costs incurred by examining underlying invoices and other applicable document- • For sample invoices raised during the year, verifying the underlying documents including invoices, work orders anti customer acceptance; • Compared actual cost with budgeted cost to determine percentage of completion of the project: and • Assessed the adequacy of disclosures included in the ftnancia .statements in compliance with the requirements of Ind AS 115.
3. Revenue recognition for Sale of products
Tlte Company applies Ind AS 115. Revenue from Contracts with Customers (Ind AS 115) for recognition of revenue from sale of products Refer note 2 2 (O -o and 25 to liic financial statements for accounting policy and related disclosures Revenue is recognised upon transfer of control of products manufactured by die company to customers lot an amount which ivlied.s the consideration the company expects to receive m exchange for those products 1 lie point of revenue recognition is normally upon transfer of control to the customer on delivery of product.	Our audit procedures on revenue recognition for sale of product* included, hut were nut limited to the following: • Evaluation of company''s accounting policies for rev ettui* recognition on sale of products manufactured, are in line with the applicable accounting standards: • Evaluation of the design and implementation and testing the operating effectiveness of key controls around approvals of sale order received, invoice raised, intimation of delivery of product and controls over collection from customers.

Considering the competitive business environment. there is a risk of revenue being overstated or understated in order to present consistent financial results. Since revenue recognition has direct impact on the company’s profitability, there is a possibility of the company being biased, hence this is considered as a key audit matter.	• For samples selected verifying the underlying documents - Sale order, invoice raised, good received note authorised by the customer and the collections, ami • Cut-off procedures for recording of revenue in the relevant reporting period
4. Assessing the recoverability of carrying value of Inventories.
Refer note 2.2(e). 10. 27. 20 to the financial statements for accounting policies on inventories and related financial disclosures Ilie inventories are curried m lower of cost and net realisable value (''NKV''). The determination of the NRV involves estimate.-'' based on prevailing market conditions and taking into account tin estimated future selling price, cost to complete projects and selling costs Inventories on construction of residential lints comprising ongoing and completed projects, initiated but unbundled protects and land stock, represents a significant portion of the company''s total .resets. A project comprises multiple units, the construction of which is carried out over a numbet of years. Ilic recognition of profit for sale of units, is therefore dependent on tli estimate of future selling prices ami construction costs Forecasts of Future sole* are dependent on market conditions, which can Ik difficult to predict and Ik influenced by political an economic factors. Considering the significance of the amount of carrying value ol inventories ond the involvement of significant estimation, this considered as a key audit matter.	Our procedures in assessing the carrying value of the inventories but were not limited to the following; • Evaluated the appropriateness of accounting policies with respect to inventories m terms of principles'' enunciated under applicable accounting standards. • Evaluated the design and tested operation of internal controls related to testing NRV net recoverable value with carrying amount of inventory • Inquired with management to understand key assumptions used in determination of the NRV/ nci recoverable value; and • t)btnined mid tested the computation/ assessment of the NRV net recoverable value on n sample basis • Compared the NRV lo recent Sales m the project or to the estimated selling price; • Assessing the company''s valuation methodology for the key estimates, data inputs and assumptions adopted m the valuation; • l orapared the estimated construction costs to complete each project with the Company''s updated budgets; and • For land stock, on u sample basis, obtained the fair valuation reports or the published guidance values and reviewed the valuation methodology, key estimates and assumptions adopted in tire valuation.

Information Other Hum the Financial Statements and Auditor’s Report Thereon

The Company ’$ Hoard of Directors re responsible lot the other information, The other infcirintuiou comprises the information included in
the Management Discussion and Analysis. Board''s Report including Anmwurev to Board''s Report. Business Responsibility Report.
Corporate Governance Report and Shareholder information, but does not include the financial statements and our auditor’s report
tliereon.

Our opinion on the financial statements does not cover the other information and wc do not express any form ofuwumnce conclusion
thereon.

In connection with our audit of the financial Malcmcms. our responsibility is to read the other information and. hi doing so. consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.

If based on the work wc have performed, wc conclude that there is a material misstatement of this other information we are required to
report that fact. Wc have nothing tu report m this regard.

Management* Responsibility for (lie Financial Statement*

The Company’s. Board of Directors «> responsible for the matters Mined in section I {5) of the Act with respect to the preparation of these
fmtmciul statement* that give a true and lair view of the financial position. financial performance, including other comprehensive income,
changes in equity and cash Hows of the Company in accordance with the Ind AS and other accounting principles generally accepted in
India. Tills responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and foe preventing and detecting frauds and other irregularities, selection and application of
appropriate accounting policies: making judgments and estimates that arc reasonable ami prudent: and design, implementation and
mmntenimce of adequate internal littuncinl controls, that were operating effectively lot ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial statements that give a true and lair view and are free from
mntennl misstatement, whether due to fraud or emir

In preparing die financial statements, management is responsible for assessing die Company \ ability to continue as a going concern,
disclosing, a* applicable, matters related to going concern mid using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so

The Board of Directors is also responsible for overseeing the Company’s financial repotting process.

Auditor** Responsibilities for the Audit of the Financial Statement*

Our objectives are to obtain reasonable assurance about whether the financial statements as u whole are free from material misstatement,
whether duo to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance,
bur is not a guarantee thut an audit conducted in accordance w idi SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and me considered material if. individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of user* taken on the basis of these financial statement*

As part of an audit in accordance with SA*>, we exercise professional judgment and maintain professional scepticism throughout the audit
We also:

• Identity and assess the risks of material misstatement of the financial statements, whether due to fraud «vr emir, design and iterfivmt
audit procedures responsive to those risks, and obtain audit evidettec that in sufficient and appropriate to prov ide a bust* for our opinion,
fhe risk of not detecting a material misstatement resulting from fraud is higher dtnn for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain att understanding of internal financial control relevant to the audit in order to design audit procedures that arc appropriate m the
circumstances < indor section 143(3 )(B of the Act. we are also responsible for expressing our opinion on whether the Company has
adequate Internal financial controls system in place anil the operating effectiveness of such controls

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made
by the management.

• Conclude on the appropriateness of management’’'' use of the going concern hnsis of accounting and. based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may east significant doubt on the Company''s ability
to continue as a going concern If we conclude that a material uncertainty exists, we arc required to draw attention m our auditor''s report
to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor* report. However, future events or conditions may cause the
Company to cease to continue as a going concern

• b.valuate the overall presentation, structure and content of the financial statements, including the disclosures, and w hether the financial
statements represent the underlying transactions and events in a manner that achieves fair presentation

Materiality i.< the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the
economic decisions ot n reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative factors in tit planning the-scope of out audit work and in evaluating the result- of ottr work; and (iitto evaluate
the effect of any identified misstatements in the financial .statements

We communicate with those Charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit finding*, including any significant deficiencies in internal control tlut vve identify dutmg our audit.

We .il.io pioviik ilmsccliaiggti with governance with a suicmein lliat we have complied with relevnni ethical requirements regarding
independence, and to communicate with them all relationship* and other matters that may reasonably he thought to heat on «ur
imJc|>endeiice. and where applicable, related .vafeguuriU.

I ram the matters communicated with those charged wait governance, we determine those matters that Were of most significance in the
audit of the financial statements of the current period and are therefore die key audit matters Wc describe these matters iu our auditor’s
report unlcs> law or regulation precludes public disclosure about the matter or when, in extremely rare cireumviances, wc determine that a
matter should not be communicated in our report because the adverse consequences of doing so would reasonably he expected tv) outweigh
the public interest benefits of such communication

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief wore
necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law hove been kept by the Company so far as it appears from our
examination of those books except for the matters stated In the paragraph h (vll) below on reporting under Rule 11(g).

c) The Balance Sheet, the Statement of Profit and Loss Including Other Comprehensive Income. Statement of Changes in Eqi
and the Statement ot Cash Flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board
Directors, none of the directors is disqualified as on March 31. 2025 from being appointed as a director in terms of Section 164
of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure A”. Our roport expresses an unmodified opinion on I
adequacy and operating effectiveness of the Company''s Internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 19:
of the Act. as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be Included in the Auditor''s Report In accordance with Rule 11 of the Companies (Aud
and Auditors) Rules. 2014, as amended, in our opinion and to the best of our information and according to the explanations gi-
to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

ii. Trie Company has made provision, as required under the applicable law or accounting standards, for material foreseeat
losses, if any. on long-term contracts including derivative contracts.

Hi. There has been no delay In transferring amounts, required to be transferred, to the Investor Education and Protection F
by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which arc material either
Individually or In the aggregate) have been advanced or loaned or Invested (either from borrowed funds or share premium -
any other sources or kind of funds) by the Company to or in any other person or entity, Including foreign entity
(•‘Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (‘‘Ultimate Beneficiaries ") or provide any gunrantee. security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) hove beon received by the Company from any person or entity, including foreign
entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company sha
whether, directly or Indirectly, lend or Invest In other persons or entities Identified In any manner whatsoever by or
behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothinj
has come to our notice that has caused us to believe that the representations under sub-clause (I) and (II) of Rule
11(e). as provided under (a) and (b) above, contain any material misstatement.

v. As stated in Note No. 14 (f) to the financial Statements, the final dividend proposed in the previous year. declared and paid
the company during the year Is in accordance with Section 123 of the Act, as applicable.

vi. The qualification relating to the maintenance of accounts and other matters connected therewith are as stated In the paragr
1 (b) above on reporting under Section 143(3)(b) and paragraph h (vii) below on reporting under Rule 11(g).

vil. Based on our examination which included test checks, the company has used an accounting software for maintaining Its b
of account which has a feature of recording audit trail facility. The audit trail (edit log) feature of Accounting software used I
the company to maintain books of account did not operate during the period from April 1. 2024 up to May 29. 2025. As the
Audit trail feature (edit log) was not enabled during this period, we are unable to comment on the possibility of any tamporir
with tho records prior to its activation.

However, that the audit trail feature was enabled starting from May 30. 2024 to March 31. 2025. Based on our examination whic
included test checks, which has a feature of recording audit trail (edit log) facility and the same has operated for the said peric
all relevant transactions recorded in the software. Further, during the course of audit we did not come across any instance of i
trail feature being tampered with for the period May 30, 2024 to March 31, 2025.

As the proviso to Rule 3(1) of the Companies (Accounts) Rules. 2014 Is applicable from April t. 2023. reporting under Rule 11(|
of the Companies (Audit and Auditor''s) Rules. 2014 regarding the preservation of audit trail is required. However, since the
company enabled the audit trail feature only from May 30.2024, we are unable to comment on tho record retention for the
financial year 2023-24 as on the financial year ended March 31. 2025.

2. As required by the Companies (Auditor’s Report) Order. 2020 (the "Order”) issued by tho Central Government In terms of
Section 143(11) of the Act, we give In "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For R V K S And Associates
Chartered Accountants
Firm Registration No. O08572S

Subbanarnsimha H L
Partner

Membership No.238159
UDIN: 25238159OMJKOM2066

Place: Bengaluru
Date: May 27. 2025

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Mar 31, 2024

We have audited the accompanying financial statements of ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED (“the Company”), which comprise the Balance Sheet as at March 31,2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the “financial statements”).

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 Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2024 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“lC''AI”) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the 1C AI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
1. Revenue recognition for sale of residential units
The Company applies Ind AS 115, Revenue from Contracts with Customers (Ind AS 115) for recognition of revenue from sale of residential units. Refer note 2.2 (c) -a to d and 25 to the financial statements for accounting policy and related disclosures. Revenue is recognised upon transfer of control of residential units to customers for an amount which reflects the consideration the Company expects to receive in exchange for those units. The point of revenue recognition is normally based on the terms as included in the intimation for the handover of unit to the customer on completion of the project, and substantial collection is received. The Company recognises the revenue at a point in time upon handover/deemed handover of the residential units.	Our audit procedures on revenue recognised from sale of residential units included, but were not limited to the following: • Evaluated the appropriateness of accounting policy for revenue recognition on sale of residential units in terms of principles clearly stated under Ind AS 115; • Assessed the management evaluation of determining revenue recognition from sale of residential units at a point in time in accordance with the requirements under Ind AS 115; • Obtained and understood the revenue recognition process, evaluated the design and performed test of controls over revenue recognition including determination of point of transfer of control and completion of performance obligations on a sample basis; and

For contracts involving sale of residential units, the Company receives the consideration in accordance with the terms of the contract in proportion of the percentage of completion of such real estate project and represents payments made by customers to secure performance obligation of the Company under the contract enforceable by customers. The assessment of such consideration received from customers involves significant judgment in determining if the contracts with customers involves any financing element. lnd AS 115 requires significant judgment in determining when ‘control’ of the residential units is transferred to the customer. Considering the significance of management judgements and estimates involved and the materiality of amounts involved, aforementioned revenue recognition is identified as a key audit matter.	• For samples selected during the year, verifying the underlying documents - contracts with customers, invoices raised and collections from the customers;
2. Revenue recognition for contractual construction projects
The Company recognises revenue over a period of time in accordance with lnd AS 115, Revenue from Contracts with Customers (lnd AS 115). Refer note 2.2(c)- a to d and 25 to the financial statements for accounting policy and related disclosures The Company recognises revenue from construction contracts on the basis of stage of completion (input method) based on the proportion of contract costs incurred at reporting date, relating to the total estimated costs of the contract at completion. The recognition of revenue is therefore dependent on estimates in relation to total estimated costs of each such contract, which is subject to inherent uncertainty as it requires ascertainment of progress of the project, cost incurred till date and balance cost to be incurred to complete the project. Significant judgments are also involved in determining when the underlying performance obligations are satisfied and also determining expected losses, when such losses become probable based on the expected total contract cost. Cost contingencies are included in these estimates to take into account specific risks of uncertainties or disputed claims against the Company, arising within each contract. These contingencies are reviewed by the Management on a regular basis throughout the life of the contract and adjusted w''here appropriate. Considering the significance of management judgements and estimates involved and the materiality of amounts involved, revenue recognition from construction contracts is identified as a key audit matter.	Our audit procedures on revenue recognition for contractual construction projects included, but were not limited to the following: • Evaluated the appropriateness of accounting policy on revenue recognition for contractual construction projects in terms of principles enunciated under IndAS 115; • Evaluated the design and tested operating effectiveness of key controls around budgeting of project cost, approval of purchase orders, recording of actual cost, raising of invoices and estimating the cost to complete the project; • Assessed management evaluation of determining revenue recognition for contractual construction projects over a period of time in accordance with the requirements of lnd AS 115; • On a sample basis, tested costs incurred by examining underlying invoices and other applicable documents; • For sample invoices raised during the year, verifying the underlying documents including invoices, work orders and customer acceptance; • Compared actual cost with budgeted cost to determine percentage of completion of the project; and • Assessed the adequacy of disclosures included in the standalone financial statements in compliance with the requirements of lnd AS 115.
3. Revenue recognition for Sale of products
The Company applies lnd AS 115, Revenue from Contracts w''ith Customers (lnd AS 115) for recognition of revenue from sale of products. Refer note 2.2 (c) -e and 25 to the financial statements for accounting policy and related disclosures. Revenue is recognised upon transfer of control of products manufactured by the company to customers for an amount which reflects the consideration the company expects to receive in exchange for those products. The point of revenue recognition is normally upon transfer of control to the customer on delivery of product.	Our audit procedures on revenue recognition for sale of products included, but were not limited to the following: • Evaluation of company’s accounting policies for revenue recognition on sale of products manufactured, are in line with the applicable accounting standards; • Evaluation of the design and implementation and testing the operating effectiveness of key controls around approvals of sale order received, invoice raised, intimation of delivery of product and controls over collection from customers;

Considering the competitive business environment, there is a risk of revenue being overstated or understated in order to present consistent financial results. Since revenue recognition has direct impact on the company’s profitability, there is a possibility of the company being biased, hence this is considered as a key audit matter.	• For samples selected verifying the underlying documents -Sale order, invoice raised, good received note authorised by the customer and the collections; and • Cut-off procedures for recording of revenue in the relevant reporting period
4. Assessing the recoverability of carrying value of Inventories.
Refer note 2.2(e), 10, 27, 29 to the financial statements for accounting policies on inventories and related financial disclosures. The inventories are carried at lower of cost and net realisable value (‘NRV’). The determination of the NRV involves estimates based on prevailing market conditions and taking into account the estimated future selling price, cost to complete projects and selling costs Inventories on construction of residential flats comprising ongoing and completed projects, initiated but unlaunched projects and land stock, represents a significant portion of the company’s total assets. A project comprises multiple units, the construction of which is carried out over a number of years. The recognition of profit for sale of units, is therefore dependent on the estimate of future selling prices and construction costs. Forecasts of future sales are dependent on market conditions, which can be difficult to predict and be influenced by political and economic factors. Considering the significance of the amount of carrying value of inventories and the involvement of significant estimation, this considered as a key audit matter. Considering the significance of the amount of carrying value of inventories and the involvement of significant estimation, this considered as a key audit matter.	Our procedures in assessing the carrying value of the inventories but were not limited to the following: • Evaluated the appropriateness of accounting policies with respect to inventories in terms of principles enunciated under applicable accounting standards. • Evaluated the design and tested operation of internal controls related to testing NRV/ net recoverable value with carrying amount of inventory. • Inquired with management to understand key assumptions used in determination of the N RV/ net recoverable value; and • Obtained and tested the computation/ assessment of the NRV/ net recoverable value on a sample basis. • Compared the NRV to recent sales in the project or to the estimated selling price; • Assessing the company’s valuation methodology for the key estimates, data inputs and assumptions adopted in the valuation; • Compared the estimated construction costs to complete each project with the Company’s updated budgets; and • For land stock, on a sample basis, obtained the fair valuation reports or the published guidance values and reviewed the valuation methodology, key estimates and assumptions adopted in the valuation.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible forthe other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance Report, and Shareholder information, but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance 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.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, orthe override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)( I) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on ourauditwereportthat:

a) 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

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in the paragraph h (vii) below on reporting under Rule 11 (g).

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act

e) On the basis of the written representations received from the directors as on March 31,2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its francial statements.

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either

individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (Intermediaries’), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf o f the Company (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (‘Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11 (e), as provided under (a) and (b) above, contain any material misstatement

v. The company has not declared or paid any divided during the year. Accordingly, reporting under Rule 11(f) of the Companies

(Audit and Auditors) R ules 2014 is not applicable.

vi. The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the

paragraph 1 (b) above on reporting under Section 143(3)(b) and paragraph h (vii) below on reporting under Rule 11 (g).

vii. Based on our examination which included test checks, the company has used an accounting software for maintaining its

books of account which has a feature of recording audit trail facility. The audit trail (edit log) feature of Tally Prime software used by the company to maintain books of account did not operate during the period from April 1,2023 upto March 31,2024. As the Audit trail feature (edit log) was not enabled during the course of our audit we cannot comment on any instance of audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1,2023, reporting under Rule 11 (g) of the Companies (Audit and Auditor) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable forthe financial year ended March 31,2024.

2. As required by the Companies (Auditor’s Report) Order, 2020 (the ‘Order’) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure B”a statement on the matters specified in paragraphs 3 and 4 of the Order.

For R V K S And Associates Chartered Accountants Firm Registration No. 008572S

Subbanarasimha H L Partner

Membership No.238159 UDIN:

Place: Bengaluru Date: May29,2024

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Mar 31, 2023

Alpine Housing Development Corporation Limited

Report on the Audit of the Financial Statements

We have audited the accompanying financial statements of ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED (‘the Company’), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the ‘financial statements’).

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 Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (‘Ind AS’) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2023 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (‘SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘1CAI’) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe thatthe audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
1. Revenue recognition for sale of residential units
The Company applies Ind AS 115, Revenue from Contracts with Customers (Ind AS 115) for recognition of revenue from sale of residential units. Refer note 2.2 (c) -a to d and 27 to the financial statements for accounting policy and related disclosures. Revenue is recognised upon transfer of control of residential units to customers for an amount which reflects the consideration the Company expects to receive in exchange for those units. The point of revenue recognition is normally based on the terms as included in the intimation for the handover of unit to the customer on completion of the project, and substantial collection is received. The Company recognises the revenue at a point in time upon handover/deemed handover of the residential units.	Our audit procedures on revenue recognised from sale of residential units included, but were not limited to the following: • Evaluated the appropriateness of accounting policy for revenue recognition on sale of residential units in terms of principles clearly stated under Ind AS 115; • Assessed the management evaluation of determining revenue recognition from sale of residential units at a point in time in accordance with the requirements under Ind AS 115; • Obtained and understood the revenue recognition process, evaluated the design and performed test of controls over revenue recognition including determination of point of transfer of control and completion of performance obligations on a sample basis; and

For contracts involving sale of residential units, the Company receives the consideration in accordance with the terms of the contract in proportion of the percentage of completion of such real estate project and represents payments made by customers to secure performance obligation of the Company under the contract enforceable by customers. The assessment of such consideration received from customers involves significant judgment in determining if the contracts with customers involves any financing element. Ind AS 115 requires significant judgment in determining when ‘control’ of the residential units is transferred to the customer. Considering the significance of management judgements and estimates involved and the materiality of amounts involved, aforementioned revenue recognition is identified as a key audit matter	• For samples selected during the year, verifying the underlying documents - contracts with customers, invoices raised and collections from the customers;
2. Revenue recognition for contractual construction projects
The Company recognises revenue over a period of time in accordance with Ind AS 115, Revenue from Contracts with Customers (Ind AS 115). Refer note 2.2(c)- a to d and 27 to the financial statements for accounting policy and related disclosures The Company recognises revenue from construction contracts on the basis of stage of completion (input method) based on the proportion of contract costs incurred at reporting date, relating to the total estimated costs of the contract at completion. The recognition of revenue is therefore dependent on estimates in relation to total estimated costs of each such contract, which is subject to inherent uncertainty as it requires ascertainment of progress of the project, cost incurred till date and balance cost to be incurred to complete the project. Significant judgments are also involved in determining when the underlying performance obligations are satisfied and also determining expected losses, when such losses become probable based on the expected total contract cost. Cost contingencies are included in these estimates to take into account specific risks of uncertainties or disputed claims against the Company, arising within each contract. These contingencies are reviewed by the Management on a regular basis throughout the life of the contract and adjusted where appropriate. Considering the significance of management judgements and estimates involved and the materiality of amounts involved, revenue recognition from construction contracts is identified as a key audit matter.	Our audit procedures on revenue recognition for contractual construction projects included, but were not limited to the following: • Evaluated the appropriateness of accounting policy on revenue recognition for contractual construction projects in terms of principles enunciated under Ind AS 115; • Evaluated the design and tested operating effectiveness of key controls around budgeting of project cost, approval of purchase orders, recording of actual cost, raising of invoices and estimating the cost to complete the project; • Assessed management evaluation of determining revenue recognition for contractual construction projects over a period of time in accordance with the requirements of Ind AS 115; • On a sample basis, tested costs incurred by examining underlying invoices and other applicable documents; • For sample invoices raised during the year, verifying the underlying documents including invoices, work orders and customer acceptance; • Compared actual cost with budgeted cost to determine percentage of completion of the project; and • Assessed the adequacy of disclosures included in the standalone financial statements in compliance with the requirements of Ind AS 115.
3. Revenue recognition for Sale of products
The Company applies Ind AS 115, Revenue from Contracts with Customers (Ind AS 115) for recognition of revenue from sale of products. Refer note 2.2 (c) -e and 25 to the financial statements for accounting policy and related disclosures. Revenue is recognised upon transfer of control of products manufactured by the company to customers for an amount which reflects the consideration the company expects to receive in exchange for those products. The point of revenue recognition is normally upon transfer of control to the customer on delivery of product.	Our audit procedures on revenue recognition for sale of products included, but were not limited to the following: • Evaluation of company’s accounting policies for revenue recognition on sale of products manufactured, are in line with the applicable accounting standards; • Evaluation of the design and implementation and testing the operating effectiveness of key controls around approvals of sale order received, invoice raised, intimation of delivery of product and controls over collection from customers;

Considering the competitive business environment, there is a risk of revenue being overstated or understated in order to present consistent financial results. Since revenue recognition has direct impact on the company’s profitability, there is a possibility of the company being biased, hence this is considered as a key audit matter.	• For samples selected verifying the underlying documents -Sale order, invoice raised, good received note authorised by the customer and the col lections; and • Cut-off procedures for recording of revenue in the relevant reporting period
4. Assessing the recoverability of carrying value of Inventories.
Refer note 2.2(e), 11, 29, 31 to the financial statements for accounting policies on inventories and related financial disclosures. The inventories are carried at lower of cost and net realisable value (‘NRV’). The determination of the NRV involves estimates based on prevailing market conditions and taking into account the estimated future selling price, cost to complete projects and selling costs Inventories on construction of residential flats comprising ongoing and completed projects, initiated but unlaunched projects and land stock, represents a significant portion of the company’s total assets. A project comprises multiple units, the construction of which is carried out over a number of years. The recognition of profit for sale of units, is therefore dependent on the estimate of future selling prices and construction costs. Forecasts of future sales are dependent on market conditions, which can be difficult to predict and be influenced by political and economic factors. Considering the significance of the amount of carrying value of inventories and the involvement of significant estimation, this considered as a key audit matter. Considering the significance of the amount of carrying value of inventories and the involvement of significant estimation, this considered as a key audit matter.	Our procedures in assessing the carrying value of the inventories but were not limited to the following: • Evaluated the appropriateness of accounting policies with respect to inventories in terms of principles enunciated under applicable accounting standards. • Evaluated the design and tested operation of internal controls related to testing NRV/ net recoverable value with carrying amount of inventory. • Inquired with management to understand key assumptions used in determination of the NRV/ net recoverable value; and • Obtained and tested the computation/ assessment of the NRV/ net recoverable value on a sample basis. • Compared the NRV to recent sales in the project or to the estimated selling price; • Assessing the company’s valuation methodology for the key estimates, data inputs and assumptions adopted in the valuation; • Compared the estimated construction costs to complete each project with the Company’s updated budgets; and • For land stock, on a sample basis, obtained the fair valuation reports or the published guidance values and reviewed the valuation methodology, key estimates and assumptions adopted in the valuation.

Information Other than the Financial Statements and Auditor''s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance Report, and Shareholder information, but does not include the financial statements and our auditor''s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance 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.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(l) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, basedonourauditwereportthat:

a) 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.

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

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31,2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2023 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls overt inancial reporting.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.h)

With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either

individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (‘Intermediaries’), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (‘Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries’) or provide any guarantee, security orthe like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The company has not declared or paid any divided during the year. Accordingly, reporting under Rule 11(f) of the Companies (Audit and Auditors) Rules 2014 is not applicable.

2. As requited by the Companies (Auditor’s Report) Order, 2020 (the ‘Order’) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure B”a statement on the matters specified in paragraphs 3 and 4 of the Order.

For R V K S And Associates

Chartered Accountants

Firm Registration No. 008572S

Pankaj Kumar R

Partner

Membership No.234987

UDIN:23234987BGWDJP7848

Place: Bengaluru

Date: May 29,2023

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Mar 31, 2018

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF

ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED Report on the Financial Statements:

We have audited the accompanying financial statements of Alpine Housing Development Corporation Limited (“the Company”), which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the statement of Changes in Equity and the Statement of Cash Flows for the year then ended and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) Prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards)Rules, 2015, as amended, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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 made thereunder and the Order issued under section 143(11) of the Act.

We conducted our audit of the financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act. 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 disclosures in the financial statements. The procedures selected depend on the auditor''s 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, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the 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 in India, of the state of affairs of the Company as at March 31, 2018, and its profit, total comprehensive income, the changes in equity and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

1. As required by section 143(3) of the Act, we report that:

a) 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;

b) 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;

c) the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account;

d) in our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.

e) on the basis of written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of Section 164(2) of the Act;

f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer our separate report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and Operating effectiveness of the Company''s internal financial controls over financial reporting.

g) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending Litigations on its financial position in its financial statements.

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditors Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure-B”, a statement on the matters specified in paragraphs 3 and 4 of the Order.

(Referred to in paragraph 1 (f) under ''Report on Other Legal and Regulatory requirements'' of our report to the members of Alpine Housing Development Corporation Limited of even date)

Report On the Internal Financial Controls over Financial Reporting under Clause (i) of Sub Section 3 of Section 143 of the Companies Act 2013.

We have audited the internal financial controls over financial reporting of Alpine Housing Development Corporation Limited (“the Company”) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

The Board of Directors of the company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable Financial information, as required under the Companies Act 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements ‘section of Our Report to the Members of Alpine Housing Development Corporation Limited of even date)

i) In respect of the Company''s Fixed Assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company, except in respect of Fifty Two Residential apartments which are developed by the Company of a value of Rs.639.32 Lakhs (PY Rs.639.32 Lakhs) where title deeds have not yet been executed and registered in favour of the Company.

(ii) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. Further, in our opinion and based on the information and explanation given to us, no material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

(iii) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013.

(iv) In our opinion and according to the information and explanations given to us, the Company has not given any loan, investment, guarantees or security as contemplated the provisions of Sec.185 and 186 of the Act

(v) The company has not accepted deposits during the year and does not have any unclaimed deposits as at March 31, 2018 and therefore, the provisions of the clause 3(v) of the Order are not applicable to the Company.

(vi) The maintenance of cost records has not been specified by the Central Government under Section 148(1) of the Companies Act, 2013 for the business activities carried out by the company. Thus reporting under clause 3(vi) of the order is not applicable to the company.

(vii) (a) According to the information and explanation given to us and on the basis of our examination of records of the company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including Provident Fund, Employees State Insurance, Goods and Service Tax, Income-tax, Sales-tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues to the extent applicable have generally been regularly deposited with the appropriate authorities, though delays have been caused in certain cases. According to the information and explanations given to us there were no outstanding statutory dues as on March 31, 2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no material dues payable in respect of Goods And Service Tax, income tax, service tax, sales tax, customs duty, excise duty and Value Added Tax which have not been deposited on account of any disputes.

(viii) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank. The company has not issued any debentures.

(ix) The company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause 3 (ix) of the Order is not applicable to the Company.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the company or no material fraud on the company by its officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act

(xii) The Company is not a Nidhi Company and hence reporting under clause 3 (Xii) of the Order is Not applicable to the Company.

(xiii) In our opinion and according to the information and explanation given to us, the company is in compliance with Section 177 and 188 of the Companies Act 2013 where applicable, for all transactions with the related parties and details of related party transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause 3(xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanation given to us, the Company has not entered into any noncash transactions with its directors or persons connected to its directors and hence provisions of Section 192 of the companies Act 2013 are not applicable to the Company.

(xvi) The Company is Not required to be registered under section 45-IA of the RBI Act 1934.

For R V K S And Associates

Chartered Accountants

FRN: 008572S

R. MOHANy

Place : Bengaluru Partner

Date : May 29, 2018 M. No.: 203911

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Mar 31, 2016

TO THE MEMBERS OF

ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED

Report on the Financial Statements:

We have audited the accompanying financial statements of ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED which comprise of the Balance Sheet as at 31st March, 2016 and 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, attached thereto.

Management''s Responsibility for the Financial Statements:

The Company''s Board of Directors and the management are responsible under Section 134 (5) of the Companies Act, 2013 for:

(a) Preparation and presentation of the aforesaid 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 and with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 and for explaining any material departures;

(b) for selecting the accounting policies and for application of the same consistently and to make the judgments and estimates reasonably and prudently 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 and loss of the company for the year;

(c) to take proper and adequate care for the maintenance of the required accounting records in the manner so required under the Act for safe guarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) for preparation of the annual accounts on a going concern basis;

(e) for laying down internal financial controls to be followed by the company and that such internal financial controls are adequate and are operating effectively : and

(f) for devising proper systems to ensure compliance with the provisions of all applicable laws and that the same are adequate and that such systems are adequate and are operating effectively, 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 there under, 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 upon 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 consider internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 of the 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 said 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 in India:

(i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2016;

(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 during the year ended on that date.

Report on Other Legal and Regulatory Matters:

As required by Section 143 (3) of the Companies Act, 2016 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 “A” hereto.

As required by Section 143(3) of the Act, we further 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 and the Statement of Profit and Loss 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, 2016 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, 2016;

6. With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, our findings are given in our separate report attached herewith as “Annexure B”; and

7. With respect to other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financial position in financial statements in Note No33 to the financial statements;

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

iii. There has been no delay in transferring amounts which were required to be transferred to Investor Education & Protection fund by the Company.

ANNEXURE “A”

REFERRED TO IN THE AUDIT REPORT TO THE MEMBERS OF ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED

We report our following findings on the matters stated in para (3) and (4) of the Companies (Auditor''s Report) Order, 2016:

1. In respect of the Fixed Assets:

(a) the company has maintained proper records showing their full particulars including their quantitative details and situation;

(b) the title deeds of immovable properties held as capital assets by the company are in the name of the company, except in respect of Fifty Two Residential Apartments falling to its share under the Joint Development Agreement of a value of Rs.639.32 Lakhs (P.Y. Rs.639.32 Lakhs) where title deeds have not yet been executed and registered in favour of the company

(c) they have been physically verified at reasonable periodical interval by the management and as per the information given to us no discrepancy has been noticed.

2. In respect of Inventory:

(a) The management has physically verified the inventory at reasonable periodical intervals during the year; and

(b) No material discrepancies are found during the year.

3. The company has not granted any loans to parties covered in the register maintained under section 189 of the Companies Act, 2013.

4. According to the information and explanation given to us, the company has not given any loans and advances investments and guarantees as contemplated u/s 185 and 186 of the Act.

5. In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits as completed under section 73 to 76 of the Companies Act,2013;

6. That as per the information given to us by the Company, the company has not defaulted in repayment of its due to the Financial institutions or Banks.

7. As per our information the cost records prescribed to the company by the Central Government u/s section 148

(1) of the Companies Act, 2013 have been maintained by the company.

8. In respect of statutory liabilities and obligations:

(a) The company has according to the information and explanations given to us and on the basis of such checks as we considered necessary, been regular in depositing such undisputed statutory dues with the appropriate authority, in respect of the statutory liability in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax and other statutory dues, 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 2016;

9. There are no dues in respect of Central Excise Duty, Provident Fund, Employees State Insurance, Income Tax, Entry Tax, Service Tax, and Sales Tax on account of disputes which have remained unpaid.

10. The company did not raise any money by way of initial public offer or further public offer. The company has applied the term loan availed during the year for the purposes for which the same is availed.

11. The company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

12. According to our information and to the explanations given to us no fraud by the company or on the company by its officers or employees has been noticed or reported during the year.

13. The company is not a Nidhi Company.

14. According to the information and explanations given to us and based on our examination of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

15. According to information and explanations given to us and based on our examination of the records of the company, transactions with the related parties are in compliance with sections 177 and 188 of the Act, where applicable and the details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards and the Companies Act, 2013.

16. According to information and explanations given to us and based on our examination of the records of the company, the company has not entered into non-cash transactions with the directors or persons connected with them as contemplated under section 192 of Companies Act, 2013.

ANNEXURE“B”

REFERREDTO IN THE AUDITOR''S REPORT

Independent Auditor''s Report on the Internal Financial Controls Over Financial Reporting

We have audited the internal financial controls over financial reporting of Alpine Housing Development Corporation Limited as of 31 March 2016 in conjunction with our audit of the financial statements of the company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls:

The Company''s Management is responsible for establishment and maintaining adequate and effective internal financial controls over financial reporting and for assessing the adequacy and effectiveness of internal financial controls over financial reporting as per the meaning of internal financial control provided in the Companies Act, 2013 and the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Reporting issued by the Institute of Chartered Accountants of India.

These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, adherence to company''s polices. safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor''s Responsibility:

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit.

We Conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting and the standards on Auditing, issued by Institute of Chartered Accountants of India and prescribed under section 143 (10) of the Companies Act, 2013 to the extent applicable to an audit of internal financial controls over financial reporting

These Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate and effective internal financial controls over financial reporting were maintained in all material respects.

Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the adequacy and operating effectiveness of internal control over financial reporting based on the assessed risk and performing such other procedure as we considered necessary in the circumstances.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our audit opinion on the Company''s internal financial controls over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting:

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial controls over financial reporting includes those policies and procedures that::

(1) pertains to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles;

(3) that receipts and expenditure of the company are being made only in accordance with authorizations of management and directors of the company; and

(4) providing reasonable assurance regarding prevention and timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting:

Because of the inherent limitations of internal financial controls over financial reporting may not prevent or detect misstatements and that projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree compliance with the policies or procedures may deteriorate.

Opinion:

In our opinion, the Company has:

(a) a system that provides adequate internal financial controls over financial reporting in all material respects,;

(b) such internal financial controls over financial reporting were operating effectively as at 31 March 2016; and

(c) such internal financial controls over financial reporting are based on the criteria established by the Company considering the essential components of internal controls stated in the Guidance Note issued by the Institute of Chartered Accountants of India.

Place : Bangalore For Rao & Venkatesulu

Date : 30th MAY, 2016 Chartered Accountants

K.Y. NINGOJI RAO

Partner

Membership No.: 018278

_ FR NQ.003108S_

---

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

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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