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Alpine Housing Development Corporation Ltd.

BSE: 526519 Sector: Infrastructure
NSE: ALPINEHOU ISIN Code: INE840D01015
BSE LIVE 15:50 | 22 Aug 25.95 -0.40
(-1.52%)
OPEN

25.25

HIGH

25.95

LOW

25.00

NSE 00:00 | 28 Jan Stock Is Not Traded.
OPEN 25.25
PREVIOUS CLOSE 26.35
VOLUME 1006
52-Week high 40.00
52-Week low 19.80
P/E 11.96
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 25.90
Sell Qty 99.00
OPEN 25.25
CLOSE 26.35
VOLUME 1006
52-Week high 40.00
52-Week low 19.80
P/E 11.96
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 25.90
Sell Qty 99.00

Alpine Housing Development Corporation Ltd. (ALPINEHOU) - Auditors Report

Company auditors 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 DEVELOPMENTCORPORATION LIMITED which comprise of the Balance Sheet as at 31st March 2016 and theStatement of Profit and Loss and the Cash Flow Statement for the year ended on that dateand a summary of significant accounting policies and other explanatory informationattached 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 trueand fair view of the financial position financial performance and cash flows of thecompany in accordance with the accounting principles generally accepted in India and withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and for explaining any material departures;

(b) for selecting the accounting policies and for application of the same consistentlyand to make the judgments and estimates reasonably and prudently so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the company for the year;

(c) to take proper and adequate care for the maintenance of the required accountingrecords in the manner so required under the Act for safe guarding the assets of thecompany 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 thatsuch internal financial controls are adequate and are operating effectively : and

(f) for devising proper systems to ensure compliance with the provisions of allapplicable laws and that the same are adequate and that such systems are adequate and areoperating effectively

Auditor'sResponsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provtsions of the Act the Accounting and AuditingStandards and matters which are required to be included in the audit report under theprovisions of the Act and the rules and regulations made thereunder We conducted ouraudit in accordance with the Standards on Auditing specified under Section 143 (10) of theCompanies Act 2013. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and the disclosures in the financial statementsThe procedures selected depend upon our judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Inmaking those risk assessments we consider internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

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

(ii) in the case of Statement of Profit and Loss of the Profit for the year ended onthat date; and

(iii) in the case of Cash Flow Statement of the cash flows during the year ended onthat date.

Report on Other Legal and Regulatory Matters:

As required by Section 143 (3) of the Companies Act 2016 and orders issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act wegive our findings on the matters specified in the paragraph (3) and (4) of the Order tothe 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 bestof 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 theCompany 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 arein agreement with the books of account;

4. In our opinion the aforesaid Financial Statements comply with the AccountingStandards 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 31stMarch 2016 and taken on record by the Board of Directors none of the Directors isdisqualified from being appointed as a Director in terms of Section 164(2) of the Act ason 31st March 2016;

6. With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls our findingsare given in our separate report attached herewith as "Annexture B"; and

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

i. The company has disclosed the impact of pending litigations on its financialposition in financial statements in Note No. 33 to the financial statements;

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

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

Place : Bengaluru For Rao & Venkatesulu
Date : 30th MAY 2016 Chartered Accountants
K.Y. NINGOJI RAO
Partner
Membership No.: 018278
FR NO.003108S

ANNEXURE "A"

REFERRED TO IN THE AUDIT REPORT TO THE MEMBERS OF ALPINE HOUSING DEVELOPMENTCORPORATION LIMITED

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

1. In respect of the Fixed Assets:

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

(b) the title deeds of immovable properties held as capital assets by the company arein the name of the company except in respect of Fifty Two Residential Apartments fallingto 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 ofthe company

(c) they have been physically verified at reasonable periodical interval by themanagement 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 periodicalintervals 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 maintainedunder section 189 of the Companies Act 2013.

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

5. In our opinion and according to the information and explanation given to us theCompany has not accepted any deposits as completed under section 73 to 76 of the CompaniesAct2013;

6. That as per the information given to us by the Company the company has notdefaulted in repayment of it's due to the Financial institutions or Banks.

7. As per our information the cost records prescribed to the company by the CentralGovernment u/s section 148 (1) of the Companies Act 2013 have been maintained by thecompany.

8. In respect of statutory liabilities and obligations:

(a) The company has according to the information and explanations given to us and onthe basis of such checks as we considered necessary been regular in depositing suchundisputed statutory dues with the appropriate authority in respect of the statutoryliability in respect of Central Excise Duty Provident Fund Employees State InsuranceIncome Tax Entry Tax Service Tax and other statutory dues though delays have beencaused in certain cases and there are no dues Whichare due for more than a period of sixmonths which remained outstanding as at 31st March 2016;

9. There are no dues in respect of Central Excise Duty Provident Fund Employees StateInsurance Income Tax Entry Tax Service Tax and Sales Tax on account of disputes whichhave remained unpaid.

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

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

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

13. The company is not a Nidhi Company.

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

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

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

Place : Bengaluru For Rao & Venkatesulu
Date : 30th May 2016 Chartered Accountants
K.Y. NINGOJI RAO
Partner
Membership No.: 018278
FR NO.003108S

ANNEXURE"B"

REFERREDTO IN THE AUDITOR'S REPORT

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

We have audited the internal financial controls over financial reporting of AlpineHousing Development Corporation Limited as of 31 March 2016 in conjunction with our auditof 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 andeffective internal financial controls over financial reporting and for assessing theadequacy and effectiveness of internal financial controls over financial reporting as perthe meaning of internal financial control provided in the Companies Act 2013 and theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Reporting issued by the Institute of Chartered Accountants ofIndia.

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business adherence to company's policles. safeguarding of itsassets prevention and detection of frauds and errors the accuracy and completeness ofthe accounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility:

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

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

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

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the adequacy and operatingeffectiveness of internal control over financial reporting based on the assessed risk andperforming such other procedure as we considered necessary in the circumstances.

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

Meaning of Internal Financial Controls over Financial Reporting:

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

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

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples;

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

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

Inherent Limitations of Internal Financial Controls over Financial Reporting:

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

Opinion:

In our opinion the Company has:

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

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

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

Place : Bengaluru For Rao & Venkatesulu
Date : 30th MAY 2016 Chartered Accountants
K.Y NINGOJI RAO
Partner
Membership No.: 018278
FR NO.003108S