The Members,
 
 Alps Industries Limited
 
 The Directors have pleasure in presenting the Thirty Ninth Annual
 Report together with the Audited Statements of Account of the Company for
 the financial year endedon31st March 2011.
 
 Corresponding year Annual Accounts of the company are for a period of 9
 months i.e. from 1st July''2009 to 31st March'' 2010. These figures,
 therefore, are not comparable with current year i.e. from 1st April,
 2010 to 31st March''2011 figures.  The Financial Results of these two
 periods are as under:
 
 FINANCIAL RESULTS                                   (Rs.in Millions)
 
 Particulars                      12 months period 
                                   ended             9 months period
 
                                   31.03.2011       ended 31.03.2010
 
 Total Income                         6954.98              4688.22
 
 Operating Earnings/Losses 
 before Financial Expenses,            (58.13)             (183.26)
 Depreciation & Amortization and Tax
 
 Finance Cost                          836.13               564.21
 
 Depreciation                          444.26               306.61
 
 Profit/Loss Before Tax              (1222.26)            (1054.08)
 
 Provision for Tax
 
 Deferred Tax                         (219.15)               12.50
 
 Profit/Loss After Tax               (1003.11)            (1066.58)
 
 Prior year Adjustment                  38.03               149.67
 
 Add:   Surplus of last year         (3191.11)            (2274.20)
 
 Surplus available for appropriation (4156.19)            (3191.11)
 
 Appropriations
 
 Surplus carried to Balance Sheet    (4156.19)            (3191.11)
 
 Surplus available for appropriation (4156.19)            (3191.11)
 
 
 PERFORMANCE REVIEW
 
 The textile industry is under-going an unprecedented rough trajectory
 marked by crash in yarn prices, drastic demand erosion in the domestic
 and international markets, juxtaposed with withdrawal of export
 incentives that helped its price competitiveness, imposition of steep
 excise duty of 10 percent on branded garments and of quantitative
 restrictions on yarn export. A majority of units are not able to meet
 their obligations for repayment of loans and interest. The world''s
 cotton prices had crashed in line with global commodity prices in
 April, after reaching unprecedented high levels. Apparently, due to
 restrictions placed on export of cotton yarn last year, over 300
 million kg of yarn remained with the mills as on March 31, 2011.
 
 On the micro level new dimension from the marketing angle, has been
 making in roads into the hitherto competing markets like Thailand,
 Indonesia, Malaysia & Singapore in the South East Asian Region. This
 market is poised to grow, in a sustained manner in the current year &
 beyond with respect to decorative upholstery & drapery fabrics
 products. Riding on very good entry into the Middle East Market last
 year, the company has made its presence and increased the business in
 this massively potential but price sensitive region. Your company
 expects to do substantial volumes this year as well as in future from
 this Market
 
 The gradual revival of the United States markets, in which the company
 has added on some major buyers with understanding of regular &
 substantial business in this year and the forthcoming years. Addition
 of some major buyers, in the South African Market – a focus market as
 per the Ministry of Textiles, is another substantial achievement of the
 company, which also paves the way to other neighboring African markets
 for decorative fabrics as well as technical fabrics like top-coated
 fabrics for awnings & other outdoor applications.
 
 As regards readymade products, the company has made its foray into one
 of the World''s Largest Retailers and supplying regular & large volumes
 of curtains & windows blinds. The company has already achieved partial
 business targets with the new firms. Seeds have been sowed in the Latin
 American market, another focus market for textiles. The company is also
 expecting good outcome in the later part of the year & the following
 year from Brazil, Mexico, Argentina& Columbia to name a few countries
 from this market.
 
 During the last few years, your company have established brand name in
 cotton yarn trade for its quality products. Your company has exported
 yarn to about 25 countries and introduced wide range of yarn products
 like Grey Polyester, Optical White Polyester, Dyed Polyester &
 Acrylics, Reverse Twist (Sewing Threads), Industrial/shirting etc.
 
 The Company expects stable market next year and has plans to improve the
 presenceinsome other overseas market like Chile ,Ecuador, Peru,
 Portugal Etc Your company also plans to focus on blended yarn like
 Dyed, Slub, Core spun lycra, FR, Modal and PVA.
 
 Fashion Accessories Division is undergoing a transition & focus on the
 product lines is being offered to the market. The global recession has
 put the premium products out of reach for most consumers across the
 world, where the volumes for the Cashmere products have dipped
 globally. The market has been hit by recession and there has
 been a cut in spending power by the consumer. There are demands of
 alternate products, which give the same aesthetic appeal, but the costs
 are marginal.  Through innovation process, your company has introduced
 various blends in natural & artificial fibres, which meet the market
 demands. The endeavor has been to increase the bottom line, cut down on
 turn around time and deliverables. Your company has undertaken various
 steps to streamline the production processes, which have brought down
 process rejections and increased productivity. Currently, your company
 is in the process of consolidation of existing markets & customers, to
 increase the value from each customer and a higher share of the market
 in the first half. In the second half of this financial year, your
 company would be venturing in to new markets. Another salient feature,
 would be the promotion of our home brand Le Pashmina in domestic market
 in the retail sector. In the domestic market, your company has started
 Institutional marketing of Cashmere products as a ideal corporate gift
 article capitalizing on the perceived value & pride associated by
 consumers on being the proud owner of a Cashmere product.
 
 We envisage a good growth rate in the current financial year, through
 our continuous process of product re-engineering and value additions to
 have a cutting edge in the market.
 
 The Furnishings segment also played an important role in the Indian
 market. Your company has continuously developing/innovating the Vista
 range of well designed blinds, which are inspired by nature. New range
 has been introduced like Sheer Dim-out Blinds, Cellular Blinds and
 S-Contour Blinds, using unique arrangements of blinds and new shapes.
 Due to the factors explained above, the company has ended the twelve
 months accounting period with a loss of (Rs.1003.11) millions in
 comparison to a net loss of (Rs.1066.58) millions in the previous
 period. The loss has also been increased due to some exceptional
 booking of forex losses due to crystallization of derivative deals
 entered in earlier years 2007-2008 and under utilization of capacity of
 Meerut Unit, which expected to be improved in current year.
 
 Due to economical non-viability the unit located at D-247/17, Sector
 63, Noida, Uttar Pradesh has been closed down during the year under
 review.
 
 VISION FOR TECHNOLOGICAL GROWTH/EXPANSION
 
 There are also plans to install latest reeling machines for increasing
 the reeling production in the Kashipur Unit. Further company also
 installed variator inverters at Kashipur & Jaspur Units, for the
 continuous flow of production, which may be increased suitably during
 the next year based on the outcome of the installation.
 
 WEAVING AND PROCESSING FACILITIES-MEERUT
 
 The unit was started in the year 2009 with state- of- art plant having
 latest machineries from the world''s best makers, which produce high
 quality products. Although the unit had commenced the operations during
 the recession time and were a bit slow in gaining momentum, but now it
 is coming back on the track. The unit produces Cotton, Polyester,
 Cotton/ Polyester/Cationic Blends, Linen Blends fabrics etc.. There are
 serious efforts to add new buyers & countries in company''s clientele.
 Presently the unit is catering to almost all the potential Countries
 like USA, UK, Australia, Russia, France, Singapore, Middle East etc.
 Further, the unit specializes in Technical & Coated fabric,in which the
 unit have dedicated production Lines.
 
 Automotive Fabric Division :
 
 The main product range of the unit consist of Upholstery and Decorative
 Curtain fabrics having all sorts of fibers & Blends, Black out fabric/
 Technical fabric, etc.. The unit is also catering to the demand of the
 automotive industry and of various reputed Customers/Auto
 Manufacturers.
 
 Technical Textiles Division :
 
 During the last financial year your company have introduced new range
 of technical textiles products under the brand name of Sleep Dry for
 Baby care having the features like, Ultimate protection from
 bacteria''s, Breathable, water proof and absorbent, Provides extreme
 comfort to the babies'' sensitive skin, Superior barrier against bed
 wetting, Treated with Silver based solution, Easily washable and
 Durable, Anti microbial & prevention against Dust Mite, which otherwise
 might, cause allergic reactions like Asthma, Eczema etc..,
 
 The products are already promoted through distributors and in the first
 phase your company targeted baby stores and retail chain stores.
 
 To improve the profitability and efficiency of the unit, various steps
 are being taken to control the over-heads and to reduce the cost like
 buying of raw material in bulk directly from suppliers, constant check
 on power consumption, controlling/reducing rejections,
 reusing/recycling of all possible items, using low consumption LED
 lights, automizing process, usage of special electrical drives on
 machines, special furnaces design of boiler and addition of additivein
 pet coke etc.
 
 FINANCIAL MANAGEMENT UNDER THE CORPORATE DEBT RESTRUCTURING
 
 The company had been sanctioned restructuring scheme of its liabilities
 under CDR mechanism by CDR Empowered Group on August 31, 2009 and as
 amended from time to time. The package comprised of conversion of
 unsustainable debt into OCCPS/CRPS, funding of Interest and reduction
 of interest to 9% among other reliefs but the Company could not achieve
 the projected Operating Profit level in subsequent year i.e. 2010-11,
 mainly due to higher cost of raw materials and delay in
 implementation of Meerut Plant. These adverse situations demanded the
 reworking of existing sanctioned CDR package. The CDR EG accordingly
 reworked its existing package by issuing of LOA dated 04.05.2011 and
 allowed some additional reliefs to the Company like Conversion of
 additional unsustainable portion of Term Loan into equity, reduced and
 step up Rate of Interest and Realignment of the balance Term Loan
 installments. The management of the company is hopeful to implement the
 reworked scheme in the current year 2011-12. Since company is
 registered with Hon''ble BIFR as per provisions of SICA, therefore a
 Draft Rehabilitation Scheme based on the Reworked restructuring scheme
 as sanctioned by CDR EG has been prepared and submitted to Operating
 Agency & Hon''ble BIFR for approval. After getting approval from BIFR,
 the rehabilitation scheme shall be implemented by all the concerned
 members.
 
 DECLARATION OF SICK INDUSTRIAL UNIT UNDER SECTION 3(1)(O) OF THE SICK
 INDUSTRIAL COMPANIES (SPECIALPROVISIONS) ACT, 1985.
 
 Due to erosion of total Net worth of the company as per Audited
 Accounts as of 31st March 2010, the Company has filed a reference with
 Hon''ble BIFR under section 15(1) of Sick Industrial Companies Act. The
 company has been registered vide case no 32/2010 as per BIFR''s letter
 dated June 29, 2010 and subsequently after the hearings and finding
 justifications, BIFR has declared the company as Sick Industrial
 Company under section 3(1)(o) of the SICAvide their order dated
 06.12.2010.  In the same order of Hon''ble BIFR, the State Bank of
 India, has been appointed as the Operating Agency. In terms of the
 directions of the BIFR, company had prepared the Draft Rehabilitation
 Proposal and submitted to State Bank of India and BIFR. After due
 consideration in the joint meeting held on 15th June 2011 (with
 Lenders) and 5th July 2011 (with Statutory agencies whom company sought
 some reliefs and concessions) State Bank of India has filed the Draft
 Rehabilitation Scheme (DRS) with BIFR on 07.07.2011. The circulation of
 the same is under the consideration of Hon''ble BIFR.
 
 In view of registration with BIFR, and declaration of sickness under
 the provisions of SICA with the Hon''ble Allahabad High Court, it was not
 legally possible for the company to continue with the scheme of
 compromise with Creditors filed u/s 391 of the Companies Act with
 Hon''ble Allahabad High Court and therefore the company requested the
 Hon''ble Allahabad High Court to allow the company to withdraw the
 scheme of compromise u/s 391 pending with the Hon''ble Court. The
 Hon''ble Allahabad High Court vide its order dated 16th March 2011
 accepted the request of the company and thus the company has withdrawn
 the scheme.
 
 CERTIFICATION/RECOGNITIONS & ACHIEVEMENTS
 
 - Certificate for ISO 14001:2004 issued by AF AQ-FAQA Ltd. for
 environmental management system compliant company.
 
 - Certificate for ISO 9001:2008 issued byAF AQ-FAQA Ltd. for quality
 management system compliant company.
 
 - COTTON USA License issued by Cotton Council International for
 compliance with the licensing requirement to use to CCIs registered
 trade mark.
 
 - Certificate for the authorization according to Oeko-Tex® Standard 100
 to use the Oeko-Tex® mark issued by Hohenstein Textile Testing
 Institute GmbH &Co. KG.
 
 - Certificate for Organic Exchange Blended Standard issued by Control
 Union Certifications, Netherlands
 
 - Secured 11th Rank out of the 13 top decorative Drapery Fabric
 Suppliers published by F&FI''s
 
 - CITATION Award for outstanding export performance during 2009-10
 issued by TEX PROCIL.
 
 - Certificate from RIETER Machine Works Ltd. for the authorization to
 use the brand of COM 4® for compact yarn produced on Reiter Comfor Spin
 machines.
 
 COST CONTROL/REDUCTION
 
 The company has taken various important and effective steps to control
 the cost/overheads to achieve better performance and to reduce the
 losses. In continuation of efforts, company has started purchasing
 capital goods & other items under EPCG authorizations and has saved
 substantial duties, export obligation is also being fulfilled by
 exporting the goods. Company has also negotiated the insurance premium
 rates to control the cost of insurance. The transportation cost has
 also been reduced substantially by opting for Land Ports which are
 nearer to the company units. Steps have also been taken to strengthen
 the Quality Assurance department for line inspections of all stages of
 production to reduce the rejections and optimize the production process
 for better utilization of resources.
 
 DISASSOCIATION FROM ASSOCIATE PROJECT
 
 During the year under review, one of the indirect subsidiary company
 related to power project namely Alps Uttarkhand Energy Pvt. Ltd., which
 was a subsidiary of Alps Energy Pvt. Ltd. has been winded-up w.e.f.
 17.03.2011 due to non operative nature.
 
 FINANCIAL STATEMENTS OF SUBSIDARIESCOMPANIES
 
 The company had three subsidiaries at the end of the financial year.
 The Ministry of Corporate Affairs of Corporate Affairs, Government of
 India, vide General Circular No: 2/2011: 51/12/2007-CL-III dated
 February 8, 2011 has granted general exemption from the requirement to
 attach various documents in respect of subsidiary Companies, as set
 out in sub-section (1) of Section 212 of the Companies Act, 1956.
 Accordingly, the Balance Sheet and Profit & Loss Account and other
 documents of subsidiary companies are not being attached with the
 Balance Sheet of the company. Financial Information of the subsidiary
 companies, as required by the said circular is disclosed in the Annual
 Report. The company will make available the Annual Accounts and related
 details upon request by any member of the company. These documents will
 also be available for inspection at the registered office of the
 company during business hours. The Consolidated Financial Statements
 presented by the company includes financial results of its subsidiary
 companies.
 
 GOVERNMENT POLICY INITIATIVES
 
 To support the textile industry, Government has extended export
 incentives for shipment of made-ups to any country in the world and
 made-ups covered in Chapter 63 to 27 countries for European Union
 (EEU). As regard the Foreign Trade Policy 2009-2014, the DGFT has also
 made amendment in the Handbook of procedure by adding more products in
 the list of Focus products and under the list of new market linked
 Focus products, which will support the Indian textile industry. However
 the government has some policies which are against the growth of the
 textile industries, by making cotton at least 10% cheaper to our
 competing Nations, which results in making the farmers poorer and
 textiles industry incurred losses at a time when the industry and
 farmers should have prospered.
 
 The ministry in effect has passed on the profits of our farmers to
 international buyers through the spinning mills. Sectorial demands
 being met on democratic considerations with scant respect to real data
 has reduced the prosperity of farmers and ruined the health of the
 spinning industry and its huge employment potential.
 
 The fortunes of the industry are therefore critically dependent on
 exports, export policies, DDB / DEPB rates, restrictions etc.  This has
 seriously impacted not only the export performance but the health of
 the entire industry. The restrictions as well as im balance in
 incentives have both harmed the industry as a whole.
 
 DIVIDEND
 
 Due to the operational loss suffered by the company, your directors do
 not propose any dividend for the current financial year.
 
 CAPITALISSUES
 
 During the year under review 36.00 lacs equity shares allotted on April
 26, 2010 & April 29, 2010 in favour of FIIs (Mauritius based) have been
 listed and permitted for trading on Bombay Stock Exchange Limited and
 National Stock Exchange of India LimitedonJuly2,2010&June 30, 2010
 respectively.
 
 Further, in compliance with CDR Scheme, approval from the Board of
 Directors at their meeting held on September 22, 2009 and also by the
 Members of the company at the Annual General Meeting held on December
 11, 2009, and in terms of the ''in principle'' approval received from the
 Bombay Stock Exchange on October 1, 2010 and National Stock Exchange of
 India Limited on September 1, 2010, the company has allotted 5.00 Lacs
 Equity Shares on November 8, 2010 & December 30, 2010 respectively on
 Preferential Basis, aggregating to 10.00 lacs equity shares at a issue
 price of Rs. 11/- per shares (consisting of Rs. 10/- face value and Rs.
 1/- towards premium) in favour of promoters of the company. The
 aforesaid shares have been listed on Bombay Stock Exchange Limited&    
 National Stock Exchange of India Limited on March 16, 2011&March 21,
 2011 respectively. 
 
 In compliance of the terms and conditions of CDR Scheme as approved by
 CDR-EG vide Located September 11, 2009, the company has also allotted
 91,540,811, 1% Cumulative Redeemable Preference Shares (CRPS) &
 14,13,076, 6% Cumulative Redeemable Preference Shares (CRPS)at issue
 price and face value of Rs. 10/- each on November 24, 2010&November 25,
 2010 in favour of some of the Bankers of the company and also obtained
 the approval- in- principle to issue 13,72,50,960 Optionally
 Convertible Cumulative Preference Shares (OCCPS), from
 BSE&NSEon16.11.2010&15.04.2011.
 
 The company has also enhanced the authorized share capital of the
 company from Rs. 183.00 Crores to Rs. 345.00 Crores in terms of the
 approval received from the shareholders. It is also pertinent to
 mention here that the company had proposed for the enhancement in the
 authorized share capital upto Rs. 410.00 Crores but in view of the exact
 requirement of the company, the resolution with modification by
 increasing the authorized share capital from Rs. 183.00 Crores to Rs.
 345.00 Crores only was passed. However if the company needs additional
 authorized share capital, the necessary resolution will be passed as
 and when required.
 
 INVESTOR RELATIONS
 
 Your company''s management is committed to take all efforts to resolve
 the investors'' grievances received during the year to the satisfaction
 of the investors within a reasonable time. Alankit Assignments Limited,
 the R & T Agent of the company, has made a positive contribution to
 resolve the Investors'' grievances efficiently and effectively, whenever
 they arose. By contribution from all concerned, the investor grievances
 have been resolved to the fullest satisfaction of investors. We
 sincerely place on record, the appreciation for our valued investors
 who have contributed and reposed the confidence the company at
 difficult time.
 
 HUMAN RESOURCES
 
 The company is committed for betterment of its Human Resources, the
 most valuable asset, contributing the significant role in the
 development of the company, with dignity, transparency & fairness. The
 management is committed towards systematic thinking, redesigning more
 transparent/target oriented systems & fair policies to ensure healthier
 work environment and promote excellent, employees relations.
 
 The company has extended the welfare & motivational activities during
 the year for strengthening the employee''s relations by providing better
 transportation services for its employee, direct from the door step of
 their residence to the work place. The company has improved the
 canteen/Food, facilities in the factory and also has provided
 residential colony. To promote the National Policy of equality and
 participation of women, the company has increased the employment of the
 women employee in its Haridwar Unit.
 
 The company has also promote good health practices by opening health
 club, Volleyball/Badminton Courts and various other sports facilities
 at our Haridwar Unit.
 
 The company has in place human resource training in all the areas based
 upon the requirement, with an objective of having the manpower with the
 best team of motivated employees to cater the to need of the industry
 in this changing era of technology.
 
 The company has continuously been maintaining excellent employee''s
 relation during the year. The motivational policies for ''Employees
 Recognition'', for their extra ordinary contribution, has proved to be
 an excellent tool for motivation.
 
 The information required under Section 217(2A) of Companies Act, 1956,
 read the Companies (Particulars of Employees) Rules, 1975, duly amended
 by the Companies (Particulars of Employees) Rules, 1999 and further
 amended on March 31, 2011 vide G.S.R. No. 289(E) dated March 31, 2011,
 is not applicable to the company as none of the employee is drawing
 remuneration more than the limits presently specified under the said
 Rules.
 
 CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUT GO.
 
 Information in accordance with the provisions of Section 217(1) (e) of
 the Companies Act, 1956 read with Companies (Disclosure of Particulars)
 in the Report of Board of Directors Rules, 1988 regarding conservation
 of energy, technology absorption and foreign exchange earnings and
 outgo is given in the statement annexed (Annexure -1) hereto and forms 
 part of this report.
 
 DIRECTORS
 
 In terms of the provisions of Article No. 106, 107 & 108 of the
 Articles of Association of the company and Sections 255 and 256 of the
 Companies Act, 1956, Mr. Prabhat Krishna, Director, retire at the
 ensuing Annual General Meeting, and being eligible, offer himself for
 reappointment.
 
 REAPPOINTMENT OF EXECUTIVE DIRECTOR
 
 The Board of Directors at their meeting held on August 6 2011 based on
 the recommendations of Remuneration Committee, has recommended the
 reappointment of Mr. P.K. Rajput as Executive Director again for
 another term of 3 years w.e.f. July 28 2012. The necessary resolution
 for the approval by the members of the Company has been included in the
 Notice of the Annual General Meeting subject to the approval of the
 Central Government and the prescribed authority under the CDR scheme,
 Rehabilitation Scheme under BIFR of the company, if required. A brief
 note in terms of the requirement of the Corporate Governance on the
 aforesaid reappointment of Whole Time Director has been
 includedinPart-IofAnnexure-3.
 
 APPOINTMENT OF SPECIAL DIRECTOR
 
 Pursuant to section 16(4) of the Sick Industrial Companies (Special
 Provisions) Act, 1985, the BIFR has directed the company to appoint Mr.
 Mohan Lal Sharma,as Special Director of the Company, vide their letter
 dated February4,2011 received by the company on February 18, 2011. As
 per the directions he has been appointed as a Special Director of the  
 company w.e.f.  February 18, 2011.
 
 DIRECTORS'' RESPONSIBILITY
 
 In terms of Section 217(2AA) of the Companies Act, 1956, the members of
 the Board place on record the Directors'' Responsibility Statement as
 under :- 
 
 (i) That in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation  
 relating to material departures;
 
 (ii) That the directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and ofthe
 profit or loss of the company for that period;
 
 (iii) That the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities;
 
 (iv) That the directors have prepared the annual accounts on a going
 concern basis.
 
 FIXEDDEPOSITS
 
 During the year, your company has not raised money by way of Fixed
 Deposits.
 
 CORPORATE GOVERNANCE
 
 A report as per the requirements of Clause 49 of the listing agreement
 on the Corporate Governance practices followed by the Company and the
 Statutory Auditors'' Certificate on Compliance of mandatory requirements
 along with Management Discussion and Analysis, is given as an Annexure
 to this report. The non-mandatory information is annexed as Part-II of
 Annexure-3. It has always been the endeavor of your company to practice
 transparency in its management and disclose all requisite information
 to keep the public well informed of all material developments.
 
 AUDITORS
 
 M/s. P. Jain & Co., Chartered Accountants, the Statutory Auditors of
 the Company, retires at the forthcoming Annual General Meeting of the
 Company and have confirmed their eligibility and willingness to accept
 office, if re-appointed.  The company has received certificates from
 the said auditors to the effect that their re-appointment, if made,
 would be within the limits prescribed under section 224(1B) of the
 Companies Act, 1956, your Directors recommend their re- appointment.
 
 AUDITORS'' OBSERVATIONS
 
 Observations in the Auditors'' Report are dealt within Notes to Accounts
 at appropriate places and being self-explanatory, need no further
 explanations.
 
 ACKNOWLEDGMENT
 
 The Board would like to express their heartfelt gratitude for the
 assistance and co-operation received from the foreign institutional
 Investors, Board for Industrial & Financial Restructuring, other
 Government Authorities, CDR-EG/Banks and Stock Exchanges. They would
 also like to place on record their sincere thanks and appreciation for
 the continuing support of the dealers, vendors, business, business
 associates and employees. They are grateful to all of your support and
 look forward for your continued support in futureas well.
 
                                  For and on behalf of the Board of
 
                                           Alps Industries Limited
 
 Place:Ghaziabad         Sandeep Agarwal              K.K. Agarwal
 
 Date :August6,2011      Managing Director  Non Executive Chairman
                                             &Director