We conducted our audit in accordance with the Auditing Standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We Report that:

1. As required by the Companies (Auditor's Report) order, 2003 as amended by the companies (Auditors Report) amendment order, 2004(together the 'order') issued by the Central Government of India in terms of Sec. 227(4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to information and explanation given to us, we set out in annexure Statement on the matters specified in paragraph 4 & 5 of the said order.

2. Further to our comments in the Annexure referred to in paragraph 1 above, we Report that:

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

ii) In our opinion, proper books of accounts, as required by law, have been kept by the Company, so far as appears from our examination of those books of accounts and proper returns adequate for the purpose or our audit have been received from branches not visited by us.

iii) The said Balance Sheet & Profit and Loss Account are in agreement with the books of accounts.

iv) In our opinion the Balance Sheet & Profit and Loss Account and Cash Flow comply with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956 as may be applicable. except AS-15.

v) Based on representations received from the directors as on 31 ST March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 ST March,2011 from being appointed as a director in terms of clause [g] of sub section [1] of Section 274 of the Companies Act 1956.

vi) The accounts of the company have been prepared on a going concern basis.

vii) In our opinion, and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) In the case of Balance Sheet, of the state of Company's affairs as at 31ST March,2011 and

(ii) In the case of Profit & Loss Account, of the Profit of the Company for the year ended on that date.

(iii) In the case of cash flow statement, of the cash flows for the year ended on date.

3. As required by Non-Banking Financial Companies Auditors Report (Reserve Bank) Directions, 1998 issued by the Reserve Bank of India in terms of section 45IA of the Reserve Bank of India Act, 1934, we report as under in regard to the matters specified in para:

[i] (a) The Company has been granted certificate of registration from Reserve Bank of India under Section 45IA of the Reserve Bank of India Act, 1934.

(b) The company is entitled to continue and hold the certificate of registration in terms of asset/income pattern as at 31 st March 2011.

(c) Considering the asset/income pattern of the company we are of the opinion that the company is not an Asset Finance Company.

[ii] As per information and explanation given to us the Board of Directors have passed a resolution for the non-acceptance of any deposits from public.

[iii] As it appears from our examination of the books of account, the company has not accepted any deposits from public during the year under review.

[iv} The Company has given Loans & Advances and has complied with the Prudential Norms relating to income recognition accounting standards, asset classification and provisioning for bad and doubtful debts as applicable as on 31-03-2011.

Annexure to the Auditors' Report ,

Referred to in paragraph 1 of our Report of even date on the accounts for the year ended on 31st March, 2011 of ALPTNE CAPITAL SERVICES LIMITED.

1 a) The Company has generally maintained proper records showing full particulars including quantitative detail and situation of fixed assets on the basis of available information.

b) The Company has verified all its fixed assets during the period. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the company and the nature of its assets.

c) The company has not disposed off any fixed assets during the year.

1. Clause 2 para (a)(b)(c) are not applicable to the company.

3. i)The company has not taken as well as granted any loan secured or unsecured from/to company/firm or other parties covered in the register maintained under section 301 of the companies Act, 1956. Accordingly, clause (iii) (b) to (iii) (d) of the paragraph 4 of the order is not applicable to the company.

1. In our opinion and according to the information and explanations given to us, there exists adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories, fixed asset and sale of goods . During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

1. In our opinion and according to the information and explanations given to us, the company has not entered into any transactions made in pursuance of contracts or arrangements, that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

1. In our opinion and according to the information and explanations given to us, the Company has not accepted any public deposit accordingly provisions of Sections 58A and 58AA or any other relevant provisions of the Act and the Rules framed there under, and the directives issued by the Reserve Bank of India are complied with.

1. In our opinion and according to the information and explanations given to us, the Company has in general an adequate internal audit system commensurate with the size and the nature of the business of the Company.

1. We have been informed that the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956.

1. a) According to the information and explanations given to us and on the basis of records produced before us, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, Service tax, custom duty, excise duty, cess and any other statutory dues with appropriate authorities applicable to it.

b)According to the information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable.

1. In our opinion there are no accumulated loss of the company nor the company has incurred any cash losses during the financial year covered by the report.

1. In our opinion and according to the information and explanation given to us the Company has not defaulted in repayment of dues to the financial institution, bank.

1. In our opinion and according to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

1. The company is not a Chit Fund or a Nidhi/Mutual Benefit Fund/Society

1. The Company is not dealing or trading in shares, securities, debentures and other investments. Investment as stated in the balance sheet which are held for long term and are valued at cost, all investments are held in the name of the company.

1. The Company has not given guarantee for loans taken by others from bank or financial institution .

16. The company has not raised any term loan.

1. None of the funds raised for the short term have been used for long terms investment and vice versa, as the company has not maintained under section 301 of the Act.

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

1. No debentures have been issued by the company.

1. As per the information and explanations given to us, the company has not raised any money by public issue during the year.

1. On the basis of our examination and according to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the course of our audit.

FOR K.STNGH & ASSOCIATES CHARTERED ACCOUNTANTS

Firm No. 012458N

SD/-

KULTAR STNGH

PLACE: CHANDTGARH PARTNER

DATED:24/08/2011 M.No 91673