Notes to Accounts of Alpine Housing Development Corporation Ltd.

Mar 31, 2023

The company has paid Minimum Alternate Tax u/s 115JB in the earlier years, of which has been charged off as expense. The MAT paid in earlier years are available for set off against the normal tax. During the year the opening balance of MAT credit that is available for adjustment is Rs.1,83,82,959/- out of that an amount of Rs. 30,72,808/- against the normal tax payable by the company during the year 2022-23. The balance MAT credit that is available for set off against the normal tax liability as may arise in the future years within the time specified thereunder is Rs.1,53,10,151/-

1. Contingent Liabilities and Commitments A. ''Accounting policy :

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of reso u rces e mb odying economic benefits will be required to settle the obligation or the amount of the obi igation can not be measured with sufficient reliability.

i. Contingent Liabilities are classified a s -(a) Claims against the company not acknowledged as debt	1,741.99	60.26
(Refer a , b & c below) (b) Guarantees excluding financi al gu arante es ; a nd	150.00	150.00
(Refer d below) (c) Other money for which comp a ny is contin ge n tl y liable
	1,891.99	210.26
ii. Commitments are classified as -(a)Estimatedamountofcontractsremainingtobeexcecutedon capital account and not provided for ;	-	-
(b)Uncalledliabilityonsharesandotherinvestmentspartlypaid ; and	-	-
(c) Other commitments (specify nature)	-	-
	-	-

# The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial position. The Company does not expect any reimbursements in respect of the above contingent liabilities

a. As at March 31,2023, claims against the Company not acknowledged as debts in respect of income tax matters (TDS) amounted to Rs.24.42 Lakhs. As at March 31, 2022, claims against the Company not acknowledged as debts in respect of income tax matters (TDS) amounted to Rs. 19.43 Lakhs.

b. As at March 31,2023, claims against the Company not acknowledged as debts in respect of income tax matters (IT Demands) amounted to Rs. 40.83 Lakhs. As at March 31,2022, claims against the Company not acknowledged as debts in respect of income tax matters (IT Demands) amounted to Rs.40.83 Lakhs.

c. During the year the company has received notice from GST (Enforcement) claiming a demand of Rs.1,676.74 Lakhs. The company has made necessary submission in response to the notice and legal team expects that the matter will be decided in favour of the company. Hence no provision is made for the same in the financial statements.

d. Bank Guarantees Issued by Syndicate Bank: Rs,150.00 Lakhs (P.Y.Rs. 150.00 lakhs):

I. Are secured by Hypothecation of Plant & Machinery of the Alpine Concrete Sleepers and by Unregistered Equitable Mortgage by deposit of title deeds of Land of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security at 15% Cash Margin for Rs.150.00 Lakhs

ii. Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided.

iii. Repayable On Demand

iv. No default

B. ''Legal proceedings :

The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business, including certain litigation for lands acquired by it for construction purposes, either through joint development agreements or through outright purchases, the impact of which is not quantifibale.These cases are pending with various courts and are scheduled for hearings from time to time. The management believes that these cases will not adversely effect its financial statements.

(d) Terms/rights attached to equity shares :

The Company has a single class of equity shares having a par value of Rs.10/-per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend if proposed by the Board of Directors, will be subject to the approval of Share holders inthe ensuing Annual General Meeting except interim dividend. In the event of liquidation, the Equity Share holders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to the number of equity shares held by the shareholder

(e)

Aggregatenumberofbonussharesissued,sharesissuedforconsiderationotherthancashandsharesboughtbackdu ringtheperiodoffiveyears immediately preceding the reporting date

The Company has not issued any bonus shares nor has there been any buy back of shares during the years ended 31 March 2023.

Number of Bonus Shares issued:

The Company had issued bonus shares numbering 43,28,898 of Rs.10 each allotted to the shareholders in proportion of 1:3 as per the resolution passed at the Board Meeting held on September 01, 2018 x''

Note:

Ind AS 33 ''Earnings per share'', requires an adjustment in the calculation of basic and diluted earnings per share for all the periods presented if the number of equity or potential equity shares outstanding change as a result of share sub-division and bonus. The weighted average numbers of shares and consequently the basic and diluted earnings per share have accordingly been adjusted in the financial statements.

The Fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables approximated their carrying value largely due to short term maturities of these instruments. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counter party. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts. The call options are fair valued at each reporting date through statement of profit and loss.

B. Fair value hierarchy

Ind AS 107, ‘Financial Instrument - Disclosure’ requires classification of the valuation method of financial instruments measured at fair value in the Balance Sheet, using a three level fair-value-hierarchy (which reflects the significance of inputs used in the measurements). The hierarchy gives the highest priority to un-adjusted quoted prices in active markets lor identical assets or liabilities (LeveH measurements) and lowest priority to un-observable inputs (Level3 measurements). The three levels of the fair-value-hierarchy under Ind AS 107 are described below:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to lair value an instrument are observable, the instrument is included in level 2.

Level3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level. This is the case for unlisted equity securities included in level 3.

Financial instruments measured at fair value

The following table shows the valuation techniques used in measuring Level2 and Level3 fair values for financial instruments measured at fair value in the balance sheet as well as the significant unobservable inputs used.

42 Financial instruments - Fair values and risk management (Continued)

(C) Financial risk management

TheCompany’BoardofDirectorshasoverallresponsibilityfortheestablishmentandoversightofthe company’ risk management framework.

The Company has exposure to the following risks arising from financial instruments

- Credit risk

- Liquidity risk

- Market risk

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter party to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s trade and other receivables and cash and cash equivalents. The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.

a. Trade receivables and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business.

The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

The Company does not have any significant concentration of credit risk.

TheCompanyhasusedapracticalexpedientbycomputingtheexpectedcreditlossallowancefortrade receivables based on a provision matrix.

b. Cash and cash equivalents and Other bank balances

TheCompanyheldcashandcashequivalentsandotherbankdepositsasat31March2023Rs.77.81 lakhs(31March2022Rs.219.11lakhs).Thecashandcashequivalentsandotherbankbalancesareheld with bank with good credit ratings.

c. Investments

TheCompanylimitsitsexposuretocreditriskbygeneraNyinvestinginliquidsecuritiesandonlywith counterpartiesthathaveagoodcreditrating.Asat31March2023,theCompanyholdsinvestmentof Rs.12.86 Lakhs.

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions.

b. Interest rate risk

Interest rate risk can beeitherfairvalueinterestrateriskorcashflowinterestraterisk.Fairvalueinterestrateriskistheriskof changes in fairvalues of fixed interest bearing investments because of fluctuations in the interest rates. Cashflow interest rate risk is the riskthatthefuturecashflowsoffloating interest bearing investments willfluctuatebecauseoffluctuations inthe interest ratesThe Company does not account for any fixed rate financial assets or financial liabilities at fair value through profitorloss.Therefore,achange in interest rates at the reporting date would not affect profit or lossThe interest rate profile ofthe Company’sinterest-bearing financial instruments as reported to the management of the Company is as follows.

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company’s income or the value of its holdings of financial instruments. The Company is exposed to market risk primarily related to foreign exchange rate risk and interest rate risk. The objective of market risk management is to avoid excessive exposure in foreign currency revenues and costs.

Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company has foreign currency trade payables and receivables and is therefore exposed to foreign exchange risk.

Exposure to currency risk (Exposure in different currencies converted to functional currency i.e. INR)

There are no foreign currency transactions by the company. Hence evaluation of currency risk is not applicable to the company

Note: 50 Particulars in respect of Long Term Borrowings are:

a. Mortgage Term Loan (OSL)(M) due to Canara bank (Formerly Syndicate Bank) Rs.58.83 Lakhs (P.Y. Rs.

83.18 Lakhs)

i. Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper Hypothecation of Plant & Machinery of and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

iii. Repayable in 120 Months EMI of Rs.2,73,238.65

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

v. Long Term: Rs. 28.59 Lakhs (P.Y. Rs 32.95 Lakhs)

Short Term: Rs. 30.24 Lakhs (P.Y. Rs 50.23 Lakhs)

b. Term Loan (CGCL) due to Canara bank (Formerly Syndicate Bank) Rs. Nil (P.Y. Rs.6.66 Lakhs) :

i. Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper Hypothecation of Plant & Machinery of and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

iii. Repayable in 23 Months EMI of Rs.3,35,454

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

v. Long Term: Rs. Nil /-(P.Y. Rs. Nil)

Short Term: Rs. Nil (P.Y. Rs 6.66 Lakhs)

c. Term Loan (GECL) due to Canara Bank (Syndicate Bank) Rs. 23.91 Lakhs (P.Y Rs.35.55 Lakhs) :

i. Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper Hypothecation of Plant & Machinery of and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

iii. Repayable in 36 Months EMI of Rs.1,24,425 (12 Month Moratorium)

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

v. Long Term: Rs. 9.70 Lakhs (P.Y. Rs 17.95 Lakhs)

Short Term: Rs. 14.21 Lakhs (P.Y. Rs 17.60 Lakhs)

d. Loan due to India Bulls Commercial Credit Ltd.,: Rs. 517.37 Lakhs (P.Y.Rs. 598.16 Lakhs):

i. Are secured by Equitable Mortgage of land bearing Sy.No.67/3, Sarakki gate, Kanakapura Main Road, Bangalore measuring in all to 1 Acre Nil Guntas belonging to the company.

ii. Repayable in 118 equated monthly installments of Rs.16,07,207/- (inclusive of interest)

iii. No default.

iv. Long Term: Rs. 413.49 Lakhs (P.Y 512.97 Lakhs)

Short Term: Rs. 103.88 Lakhs (P.Y 85.19 Lakhs)

e. Loan due to India Bulls Home Finance Ltd.,: Rs. Nil (P.Y .Rs. 8.22 Lakhs):

i. Are secured by Equitable Mortgage of bearing Flats Owned by Alpine Builders Pvt. Ltd.

Ii. Repayable in 42 equated monthly installments of Rs.350,927/- (inclusive of interest) iii. No default.

Iv. Long Term: Rs. Nil/- (P.Y. Rs. Nil )

Short Term: Rs. Nil (P.Y. Rs. 8.22 Lakhs)

f. Loan Against Property (Secured Loan) due to HDB Financial Services Limited Rs, 33.16 Lakhs (P.Y.Rs. 79.33 Lakhs)

i. Equitable Mortgage of Residential Property No.GF2 & GF3, Alpine Arch, No.10 Langford Bangalore - 560027. owned by Mrs.Athiya Begum wife of a Director of the company.

ii. Personal Guarantee of the Directors viz., Mr. S.A.Kabeer, Mr.S.A.Rasheed, Mr.S M Muneer, Mr.S M Mohsin and their wives.

iii. Repayable in 84 Months EMI of Rs.4,10,939/-

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

v. Long Term: Rs. Nil (P.Y. 35.54 Lakhs)

Short Term: Rs. 33.16 Lakhs (P.Y 43.79 Lakhs)

g. Loan Against Property (Secured Loan) due to HDB Financial Services Limited Rs.100.89 Lakhs (P.Y. Rs.117.53 Lakhs)

i. Equitable Mortgage of Residential Property No.GF2 & GF3, Alpine Arch, No.10 Langford Bangalore - 560027. owned by Mrs.Athiya Begum wife of a Director of the company.

Ii. Personal Guarantee of the Directors viz., Mr. S.A.Kabeer, Mr.S.A.Rasheed, Mr.S M Muneer, Mr.S M Mohsin and their wives.

iii. Repayable in 84 Months EMI of Rs.2,02,329/-

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

v. Long Term: Rs. 85.65 Lakhs (P.Y. 102.29 Lakhs)

Short Term: Rs. 15.24 Lakhs (P.Y 15.24 Lakhs)

h. Term Loan - II due to Capri Global Capital Limited (CGCL) for Alpine Viva Housing Project Rs. 643.18 Lakhs (P.Y.Rs. 1582.41 Lakhs)

i. Are secured by Residential project titled “Alpine Vistula” being situated at Survey No.139 of Seegehalli Village, Bidarahalli Hobli, Bangalore East Taluk admeasuring around 6acres and 9 guntas consisting of 5 blocks of which 4 blocks consist of project " Alpine Viva" which is already completed and handed over and fifth block consist of " Alpine vistula" which is the said project.

ii. Repayable shall be a period of 30 Months First Instalment falling due at the end of 12th month from the date of first disbursement along with project receivables

iii. No default

iv. Long Term: Rs. Nil (P.Y. Rs. 1210.00 Lakhs)

Short Term: Rs. 643.18 Lakhs (P.Y. Rs. 372.41 Lakhs)

I. Term Loan (Construction Finance Loan) due to ICICI Bank Limited for Alpine Pyramid Housing Project Rs, Nil (P.Y. 61.86 Lakhs)

i. Are secured by Equitable Mortgage of Residential project titled “Alpine Pyramid” situated at Survey No.1554/209,3,4,6,8 Kodigehalli Village Yelahanka Hobli,, Bangalore - 560092 Developer share of unsold flats of 67 No''s along with undivided share of land and 99,155 Sq. Feet of Super built up Area to be constructed where the Alpine Pyramid Housing Project is being developed as security. Total facility amount of Rs.18.40 Crs. Takeover from Reliance Home Finance Limited for Alpine Pyramid project.

ii. Repayable shall be a period of 28 Months tenor repayment in 28 monthly installments along with project receivables 28 Monthly Installments.

iii. No default

iv. Long Term: Rs. Nil ( P.Y. 61.86 Lakhs)

Short Term: Rs. Nil/- (P.Y. Nil)

j. WCTL - ECLGS due to ICICI Bank Limited for Alpine Pyramid Housing Project Rs.Nil (P.Y. 216.83 Lakhs)

i. Are secured by Equitable Mortgage of Residential project titled “Alpine Pyramid” situated at Survey No.1554/209,3,4,6,8 Kodigehalli Village Yelahanka Hobli,, Bangalore - 560092 Developer share of unsold flats of 67 No''s along with undivided share of land and 99,155 Sq. Feet of Super built up Area to be constructed where the Alpine Pyramida Housing Project is being developed as security.

ii. Repayable shall be a period of 48 Months tenor 12 Months Moratorium repayment in 36 monthly installments of Rs.7,22,222/- along with project receivables

iii. No default

iv. Long Term: Rs. Nil ( P.Y.Rs.130.16)

Short Term: Rs. Nil (P.Y. Rs.86.67 Lakhs)

k. Loan due to PNB Housing Finance Ltd.,: Rs.295.17 Lakhs (P.Y.Rs. 356.2 Lakhs ):

i. Are secured by Equitable Mortgage of bearing Flats Owned by RILA Real Estate LLP were directors are Partners

ii. Repayable in 88 equated monthly installments of Rs. 906,103/- (inclusive of interest)

iii. No default

iv. Long Term: Rs. 218.93 Lakhs (P.Y. 279.06 Lakhs)

Short Term: Rs. 76.24 Lakhs (P.Y. 77.04 Lakhs)

l. SOD Loan (OD) due to Syndicate Bank Rs. 235.93 Lakhs /- (P.Y. Rs. 310.61 lakhs/- )

i. Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

iii. Repayable on demand

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

m. Term Loan due to various Banks and NBFC Hypothecation of Machinery and Vehicles: Rs, 9.25 Lakhs (P.Y.Rs. 17.24 Lakhs)

i. Due to:

1. Yes Bank Limited: Rs. 24,82,647/- (P.Y Rs.27,98,646/-) secured by hypothecation of Toyota Fortuner

ii. Repayable in equated monthly installments.

iii. No default.

iv. Classified as :-

Long Term Borrowings Rs. Nil (P.Y.Rs. 8.95 Lakhs)

Short Term Borrowings Rs. 9.25 Lakhs (P.Y.Rs. 8.30 Lakhs)

n. Term Loan due to various Banks and NBFC Hypothecation of Machinery and Vehicles: Rs, Nil (P.Y.Rs. 1.47 Lakhs)

i. Due to:

1. TVS Credit Services Limited Rs. 3,41,987/- (P.Y Rs. 5,31,250/-) secured by hypothecation of Nissan Terrona Car and Mahindra XUV

ii. Repayable in equated monthly installments.

iii. No default.

iv. Classified as :-

Long Term Borrowings Rs. Nil/- (P.Y.Rs. Nil)

Short Term Borrowings Rs. Nil (P.Y.Rs. 1.47 Lakhs )

o. Permitted WC Term Loan under GECL 1.0 Extension due to Canara bank (Formerly Syndicate Bank): Rs.69.70 Lakhs (P.Y. Rs 69.70 Lakhs) :

i. Prime : Assets Created out of the credit facility to be extended

Collateral : The additional WCTL Facility granted under GECL(1.0) shall rank second charge with the existing credit facilities within 90days from date of disbursement ( Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper Hypothecation of Plant & Machinery of and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.)

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

iii. Repayable on demand

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

v. Long Term: Rs. 62.49 Lakhs (P.Y. Rs 69.70 Lakhs)

Short Term: Rs. 7.21/-(P.Y. Rs Nil)

p. Term Loan due to DCB Bank : Rs. 156.74 Lakhs/- (P.Y. 698.29 lakhs) :

i. Are secured by Equitable Mortgage on existing and future construction of project " Alpine Fiesta C E" located at nonagricultural land bearing katha No.341, Sy.No.105/5, Hoodi Village , K R Puram Hobli,bangalore and Hypothecation of receivables from Booked units.

ii. Personal Guarantee of Three of the Directors viz., Mr. S.A.Kabeer , Mr.S.A.Rasheed and Mr. S M Muneer and that of M/s Alpine Builders Private Limited are provided

iii. Repayable in 36 months including moratorium of 18 months ( 70% Cutback in on booked and yet to be booked receivables to be adjusted in the loan and interest outstanding)

iii. No default.

iv. Long Term: Rs. 156.74 Lakhs (P.Y 698.29 Lakhs)

Short Term: Rs. Nil /-(P.Y Nil/-)

Note: Alpine Eco Apartment is a residential project developed by the Company through joint development agreement with the landowner as part of the regular business of the Company. As per the terms of joint development agreement and subsequently entered supplementary agreement the built-up area and the apartments are shared between the landowner and the Company (the Developer). The said flats are developed by the Company as part of the regular business of the Company and they are treated as stock-in-trade. Out of the apartments shared to the Company, there are unsold stock of residential flats which the Company has converted into Property Plant & Equipment in the financial year 2013-14. Out of these unsold residential apartments which are treated as Investment Property,there are fifty two residential apartments which are unsold as on March 31, 2023 in Alpine Eco Apartments project. The gross carrying value of the said unsold fifty two flats is Rs.617.23 Lakhs (the total gross carrying value is bifurcated into gross carrying value of land Rs.207.81 & gross carrying value of building Rs.409.42). The Company has the duly executed joint development agreement, supplementary agreement for sharing of the built-up area and the apartment in which the respective portions in the constructed area are identified and areagreed to be shared between the Developer and the landowner. Out of the identified and agreed share of the constructed area that belongs to the Company, it also includes these fifty two flats which are included in Investment Property. However, the title deeds in respect of these flats are not yet been executed and registered in favour of the Company.

---

Mar 31, 2018

iv. Classified as :-Longt Term Borrowings Rs. 10,40,212/- (P.Y.Rs.Nil/-)Short Term Borrowings Rs. 2,90,654/- (P.Y.Rs.Nil/-)

1. The company has paid Minimum Alternate Tax u/s 115JB of a sum of Rs.3,89,21,429/- (P.Y.Rs.4,00,37,449/-) which has been charged off as expense. The same is available for set off against the normal tax liability as may arise in future within the time specified there under.

2. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

i. The Company''s claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the litigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.10.20 Million (P.Y.9.72 Millions). The same will be accounted in the year of realization.

ii. As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.66,22,519/- (P.Y.Rs. 64,14,151/-) which is not reflected in the books of the company to the extent of Rs.48,28,188/

- (P.Y.Rs. 46,19,820/-) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.2,08,368 (P.Y.2,08,368).The same will be accounted in the year of realization.

3. The Company has not been regular in remittance of certain statutory dues during the year and the amount due on that account for a period exceeding six months as at 31^st March, 2018 is Rs. Nil (P.Y.Rs.Nil).

Associated Concerns:Relatives: a. M/s Alpine Builders (P) Ltd

b. M/s Jaz Exports & Engineering (P) Ltd.

c. M/s. Alpine Infotech Pvt Ltd

d. M/s. Alpine Education Foundation

e. M/s.Saukcon Infra Pvt Ltd

f. Alpine Housing Services

g. Mrs.Rehana Parveen

h. Mrs.Anisa Ban

i. Mrs.Athiya Begum j. Mrs.Sabiha Talath k. Mr. S.M.Mohisin

Key Management Personnel a. Mr. S.A.KABEER

Managing Director

b. Mr. S.A.RASHEED Director

c. Mr. S,M.Muneer Director

4. Operating Cycles of various businesses carried on by the Company:

Nature of Business Operating Cycle

i. Property Development Seven Years

ii. Construction Contract Six Months

iii. Railway Sleeper Manufacturing Three Years

iv. Other Manufacturing Six Months

4. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.

5. Basis of preparation of financial statements:

These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) under the historical cost conversion on the accrual basis, the provisions of the Companies Act, 2013 (''the Act'') (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

The Company has adopted all the Ind AS standards and the adoption was carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (IGAAP), which was the previous GAAP. Reconciliations and descriptions of the effect of the transition have been summarized in Note 46 below.

Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

As the quarter and year figures are taken from the source and rounded to the nearest digits, the figures already reported for all the quarters during the year might not always add up to the year figures reported in this statement.

6. First-time adoption of Ind AS:

These financial statements of Alpine House Building Corporation Limited for the year ended March 31, 2018 have been prepared in accordance with Ind AS. For the purpose of transition to Ind AS, the Company has followed the guidelines prescribed in Ind AS 101, First-Time Adoption of India Accounting Standards, with April 1, 2016 as the transition date and IGAAP as the previous GAAP.

The transition to Ind AS has resulted in changes in the presentation of the financial statements, disclosures in the notes thereto and accounting policies and principles. The accounting policies set out in the Notes have been applied in preparing the financial statements for the year ended March 31, 2018 and the comparative information. As explanation of how the transition from previous GAAP to Ind AS has affected the Company''s Balance Sheet is set out below. There were no significant reconciliation items between Statement of Profit and Loss and Cash Flow Statement prepared under Indian GAAP and those prepared under Ind AS. Hence no reconciliation for Statement of Profit and Loss and Cash Flow Statement are provided.

7. SIGNIFICANT ACCOUNTING POLICIES:

A. RECOGNITION OF REVENUE

a. Value of Contract completed is accounted as sales/income on raising of invoices on the basis of value of works completed as certified by the architects.

b. In the case of sales of Apartments under construction by the company of its own:

i. Value of sales of undivided share of title and interest in the land are accounted on execution of the agreement to sell.

ii. The values receivable towards the construction of the apartments under the construction agreement are accounted on the basis of the proportionate value determined and invoiced on the basis of certificate of the value of the works completed.

iii. The proportionate cost of construction apportioned to the apartments not yet sold as at the year-end are reckoned as work in progress at cost.

c. In case of sale of Apartments under construction by the company under joint development agreements:

a. Value of sale of company''s share of undivided share of title and interest in land in cases where the agreement to sell is executed and the values receivables towards the construction of the Apartments under the construction agreements are accounted on the basis of the proportionate sale value realizable on total sale of company''s share in the built up area in the same ratio as the total cost incurred would bear to the total estimated cost of construction of the project.

ii. The proportionate cost of the units in respect of which the agreement to sell is not yet executed are reckoned as work in progress at cost.

d. In respect of Sale of Railway Sleeper:

i. Sales are accounted at tendered price on dispatch of Railways Sleepers.

ii. The balance of the escalation will be accounted on availability of the latest applicable rates and as and when the company makes claims.

iii. Central Excise Duty recovered on sale of Railway Sleepers is recognized as income only to the extent of the modvat benefit entitled to be retained by the company in terms of the contract subsisting with the Indian Railways.

e. All other Sales revenues are accounted on accrual basis.

b. All incomes, to the extent they are ascertained, are accounted on accrual basis.

c. Incomes which are not ascertained and quantum whereof cannot be determined are accounted in the year in which the same are ascertained and determined or received, whichever is earlier.

B. EXPENDITURE RECOGNITION:

1. Purchases are accounted at cost on accrual basis excluding modvat credit, if any, available thereon.

2. Liabilities in respect of all expenditure are accounted on accrual basis.

3. The liability in respect of any other expenditure which are not easily ascertainable are accounted in the year in which such liabilities are either ascertained or actually paid whichever is earlier.

4. The liability in respect of levies payable in respect of the escalation in price on sale of Railway Sleepers are accounted as and when the quantum of the escalation in price is finally determined by the Railways.

5. Liability in respect of gratuity and leave encashment payable to employee''s on retirement is estimated and provided for in the accounts on the basis of the liability on the company as at the last day of the accounting period.

C. INVENTORY VALUATION:

a. Work-in-progress of Housing projects are valued at cost as stated in 41 (A) (b)(iii) and 41 (A) (c)(ii) supra.

b. Land & repurchased flats held in stock are valued at cost.

c. Raw Materials of Railway Sleeper Project are valued at cost excluding central excise duty; and

d. Finished products and works in progress at railway sleeper project are valued at cost or net realizable value whichever is lower excluding central excise duty.

D. DEPRECIATION:

1. For financial year 2017-2018 the depreciation on fixed assets is provided on estimated useful life as specified in schedule II to the Companies Act, 2013.

For financial year 2017-18 the depreciation on fixed assets is provided on estimated useful life as specified in schedule

II to the Companies Act, 2013. The charge in respect of periodic depreciation is derived after determining an estimate of an asset''s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the Company''s assets are determined by the Management at the time the asset is acquired and reviewed periodically, including at each financial year end.

---

Mar 31, 2016

Particulars in respect of Long Term Borrowings are:

1. Working Capital Term Loan due to Syndicate Bank: Sleeper Division: Rs. 35,35,546/- (P.Y.Rs. 70,79,652/-):

2. Are secured by Unregistered Equitable Mortgage by deposit of title deeds of Industrial Property at Bellur Village in Kolar District. Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

3. Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited have been provided.

4. Repayable in:a.In 24 monthly Installments of Rs.2,50,000/- from April, 2014 to March, 2016; and In 12 monthly Installments of Rs.2,91,000/- from April, 2016 to March, 2017.

5. Period of default is Nil.

6. Amount of continuing default is Rs. Nil/-(Rs. Nil)

7. Long Term: Rs. 62,053/- (P.Y. Rs.50,75,652) Short Term: Rs. 34,73,493/- (P.Y. Rs.20,04,000)

8. Working Capital Term Loan due to Syndicate Bank: For Alloys Division: Rs. 16,41,022/- (P.Y.Rs. 33,41,826/-)

9. Are secured by Unregistered Equitable Mortgage by deposit of title deeds of Industrial Property at Bellur Village in Kolar District. Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

10. Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided.

11.. Repayable in :a.In 24 monthly Installments of Rs.1,20,000/- from April, 2014 to March, 2016; and In 12 monthly Installments of Rs.1,35,000/- from April, 2016 to March, 2017.

12.. Defaulted Nil

13.. Amount of continuing default is Rs. Nil (Rs.Nil)

14. Long Term: Rs. 29,746/- (P.Y. Rs19,01,826/-) Short Term: Rs. 16,11,276/- (P.Y. Rs.14,40,000/-)

15. Mortgage Term Loan (OSL)(M) due to Syndicate Bank Rs,1,68,23,766/-(P.Y.Rs. 1,78,46,982/-)

16. Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper and Alloys Divisions. Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bellur Village in Kolar District and of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

17. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

18. Repayable in 120 Months EMI of Rs.2,73,238.65

19. Amount of continuing default is Rs. Nil (Rs. Nil)

20. Long Term: Rs.1,54,57,785/-(P.Y. Rs 1,45,68,118/-) Short Term: Rs. 13,65,981/-(P.Y. Rs 32,78,864./-)

21. Term Loan due to India Bulls Financial Services Ltd.,: Rs,1,17,76,376/- (P.Y.Rs. 2,72,20,985/-):

22. Are secured by Equitable Mortgage of land bearing Sy.No.67/3, Sarakki gate, Kanakapura Main Road, Bangalore measuring in all to 1 Acre Nil Guntas belonging to the company.

23. Repayable in equated monthly installments of Rs.15,75,160/- (inclusive of interest) during the period ending 5^th December, 2016

24. Line of Credit (LOC) due to Gruh Finance Limited for Alpine Fiesta Housing Project Rs,22,25,69,259/- (P.Y.Rs. 11,94,32,837/-)

25.. Are secured by Equitable Mortgage of Developer share with 69% of undivided share of land and 256578 Sq. Feet of Super built up Area to be constructed where the Alpine Fiesta Housing Project is being developed as primary security. Equitable Mortgage of residential Plots No.49,51,52,53,54,55,56,57,63 & 64 at Boyalahalli, Jala Hobli, Bangalore, belonging to Mr.S A Kabeer Director of the company Equitable Mortgage of Residential Flat bearing no. 507 admeasuring 1458 sqft Sy.No.13 situated at Doddanekundi Village, K R Puram Hobli, Bangalore East Taluk belonging to M/s.Jaz Exports & Engineering Pvt Ltd, where in some of the Directors of the company and their relative are interested as Directors.

26.. Repayable shall be a period of 48 Months for the last day of the month in which the first disbursement is made (ie.,ending 10^th August, 2018.)

27.. No default .

28. Loan Against Property (Secured Loan) due to HDB Financial Services Limited Rs,1,75,77,211/- (P.Y.Rs. 1,94,92,201/-)

29. Equitable Mortgage of Residential Property No.GF2 & GF3, Alpine Arch, No.10 Langford Bangalore - 560027. owned by Mrs.Athiya Begum wife of a Director of the company.

30.. Personal Guarantee of the Directors viz., Mr. S.A.Kabeer, Mr.S.A.Rasheed, Mr.S M Muneer, Mr.S M Mohsin and their wifes.

31. Repayable in 84 Months EMI of Rs.366564

32. Amount of continuing default is Rs. Nil (Rs. Nil)

33. Term Loan due to various Banks and NBFC Hypothecation of Machinery and Vehicles: Rs,7,93,000/- (P.Y.Rs. 14,47,127/-)

34. Due tO:1.Magma Finance Corporation Ltd: Rs.7,93,000/- (P.Y 14,47,127/-) secured by hypothecation of Nissan Terrona Car and Mahindra XUV

35. Repayable in equated monthly installments.

36. No default.

37. Classified as :-Short Term Borrowings Rs. 6,37,715/- (P.Y.Rs.6,57,882/-)

38. The company has paid Minimum Alternate Tax u/s 115JB of a sum of Rs.4,49,78,762/- (P.Y.Rs.5,23,04,503/-) which has been charged off as expense. The same is available for set off against the normal tax liability as may arise in future within the time specified there under.

39. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

40. The Company''s claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the litigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.9.24 Millions (P.Y.8.76 Millions). The same will be accounted in the year of realization.

41. As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.62,05,783/- (P.Y.Rs. 60,07,415/-) which is not reflected in the books of the company to the extent of Rs.44,11,452/-(P.Y.Rs. 42,03,084/-) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.2,08,368 (P.Y.2,08,368).The same will be accounted in the year of realization.

42. The Company has not been regular in remittance of certain statutory dues during the year and the amount due on that account for a period exceeding six months as at 31^st March, 2016 is Rs. Nil (P.Y.Rs. Nil).

43. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.

44. SIGNIFICANT ACCOUNTING POLICIES :

45. RECOGNITION OF INCOME:

46. Value of Contract completed is accounted as sales/income on raising of invoices on the basis of value of works completed as certified by the architects.

47. In the case of sales of Apartments under construction by the company of its own:

48. Value of sales of undivided share of title and interest in the land are accounted on execution of the agreement to sell.

49. The values receivable towards the construction of the apartments under the construction agreement are accounted on the basis of the proportionate value determined and invoiced on the basis of certificate of the value of the works completed.

50.. The proportionate cost of construction apportioned to the apartments not yet sold as at the year-end are reckoned as work in progress at cost.

51. In case of sale of Apartments under construction by the company under joint development agreements:

52. Value of sale of company''s share of undivided share of title and interest in land in cases where the agreement to sell is executed and the values receivables towards the construction of the Apartments under the construction agreements are accounted on the basis of the proportionate sale value realizable on total sale of company''s share in the built up area in the same ratio as the total cost incurred would bear to the total estimated cost of construction of the project.

53. The proportionate cost of the units in respect of which the agreement to sell is not yet executed are reckoned as work in progress at cost.

54. In respect of Sale of Railway Sleeper:

55.. Sales are accounted at tendered price on dispatch of Railways Sleepers.

56. The balance of the escalation will be accounted on availability of the latest applicable rates and as and when the company makes claims.

57. Central Excise Duty recovered on sale of Railway Sleepers is recognized as income only to the extent of the modvat benefit entitled to be retained by the company in terms of the contract subsisting with the Indian Railways.

58. All other Sales revenues are accounted on accrual basis.

59. All incomes, to the extent they are ascertained, are accounted on accrual basis.

60. Incomes which are not ascertained and quantum whereof cannot be determined are accounted in the year in which the same are ascertained and determined or received, whichever is earlier.

61. EXPENDITURE RECOGNITION:

62. Purchases are accounted at cost on accrual basis excluding modvat credit, if any, available thereon.

63. Liabilities in respect of all expenditure are accounted on accrual basis.

64. The liability in respect of any other expenditure which are not easily ascertainable are accounted in the year in which such liabilities are either ascertained or actually paid whichever is earlier.

65. The liability in respect of levies payable in respect of the escalation in price on sale of Railway Sleepers are accounted as and when the quantum of the escalation in price is finally determined by the Railways.

66. Liability in respect of gratuity and leave encashment payable to employee''s on retirement is estimated and provided for in the accounts on the basis of the liability on the company as at the last day of the accounting period.

67. INVENTORY VALUATION:

68. Work-in-progress of Housing projects are valued at cost as stated in 41 (A) (b)(iii) and 41 (A) (c)(ii) supra.

69. Land & repurchased flats held in stock are valued at cost.

70. Raw Materials of Railway Sleeper Project are valued at cost excluding central excise duty; and

71.. Finished products and works in progress at railway sleeper project are valued at cost or net realizable value whichever is lower excluding central excise duty.

72. DEPRECIATION:

73. For financial year 2015-2016 the depreciation on fixed assets is provided on estimated useful life as specified in schedule II to the Companies Act, 2013.

---

Mar 31, 2014

Particulars in respect of Long Term Borrowings are:

a. Working Capital Term Loan due to Syndicate Bank: Sleeper Division : Rs. 1,03,68,037/- (PY.Rs. 1,24,93,624/-):

i. Are secured by Unregistered Equitable Mortgage by deposit of title deeds of Industrial Property at Bellur Village in Kolar District.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Li mited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A. Rasheed and that of M/s Alpine Builders Private Limited have been provided.

iii Repayable in:

a. In 24 monthly Installments of Rs.2,50,000/- from April, 2014 to March, 2016; and

b. In 12 monthly Installments of Rs.2,91,000/- from April, 2016 to March, 2017.

iv Period of default is Seven Months.

v Amount of continuing default is Rs. Nil/-(Rs.3,34,000/-)

b. Working Capital Term Loan due to Syndicate Bank: For Alloys Division: Rs. 50,40,484/- (PY.Rs. 60,82,880/-)

i. Are secured by Unregistered Equitable Mortgage by deposit of title deeds of Industrial Property at Bellur Village in Kolar District.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders

Private Limited are provided.

iii. Repayable in:

a. In 24 monthly Installments of Rs.1,20,000/- from April, 2014 to March, 2016; and

b. In 12 monthly Installments of Rs.1,35,000/- from April, 2016 to March, 2017.

iv. Defaulted Nil

v. Amount of co ntinuing default is Rs. Nil (Rs.Nil)

c. Bank Guarantees Issued by Syndicate Bank: Rs,35,00,000/- (PY.Rs. 45,00,000/

i. Are secured by Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bellur Village in Kolar District and of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Director s viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided.

iii. Repayable On Demand

iv. No default

d. Term Loan due to India Bulls Financial Services Ltd.Rs,2,84,98,577/- (PY.Rs. 4,13,79,007/

i. Are secur ed by Equitable Mortgage of land bearing Sy.No.67/3, Sarakki gate, Kanakapura Main Road, Bangalore measuring in all to 1 Acre Nil Guntas belonging to the company.

ii. Repayable in equated monthly installments of Rs. 15,75,160/ - (inclusive of interest) dur ing the period ending 1 51 February, 2017.

iii. No default

e. Term Loan due to various Banks and NBFC Hypothecation of Machinery and Vehicles: Rs, 9,26,346/ - (PY.Rs. Nil)

i. Are secured by:

1. Magma Finance Corporation Ltd: Rs.9,26,346(P.Y.Nil) secured by hypothecation of Nissan Terrona Car;

ii Repayable in equated monthly installments.

ii No default.

iv. Classified as :-Short Term Borrowings Rs. 3,04,555 (P.Y.Rs.Nil)

f. Unsecured Loan due to Government of Karnataka: Deferred Sales Tax Liability: Rs,Nil (P YRs. 11,32,568/-

i. Repaid fully during the year.

Particulars in respect of Short Term Borrowings are:

a. Cash Credit Loan due to Syndicate Bank: For Sleeper and Alloys Divisions: Rs,1,93,64,144 /- (P.Y.Rs. 2,53,64,419/-):

i Are secured Hypothecation of Stock of Raw Materials, Stock-in- process, Finished Goods, tools, spares, other receivables of Sleeper and Alloys Divisions.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bellur Village in Kolar District and of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer a nd Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided iiL Credit Limit is payable on demand. iv. Amount of continuing default is Rs.Nil (Rs.Nil)

b. Cash Credit Loan due to State Bank of India: For Alpine VIVA Housing Project: Rs,Nil (P.Y.Rs. 20,33,76,355/ -):

i. Are secured by Equitable Mortgage of Developers share of 138 unsold Flats with 81,479 Sq.Ft. saleable built-up area in the land where the Alpine VIVA Housing Project is being developed, as pri mary security.

Equitable Mortgage of lands measuring in all to 2 Acres 20 Guntas in Sy.Nos.75/2 and 75/4 at Pannathur Village belonging to Mr.S,A,Kabeer, the Director and Promoter of the company and extension of the Equitable Mortgage of lands measuring in all to 15 acres in Sy.Nos.120/A, 120/B, 121/A and 121/B at Hoovinayakanahalli Village belonging to the company as collateral securities.

ii. Guaranteed by Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of Mr.S.M.Muneer Director of M/s Alpine Builders Private Limited.

c. Unsecured Loan due to Related Parties: Rs,18,1999,506/- (P.Y.Rs. 25,00,00,000/

i. Repayable on demand at short notice.

ii. Interest Free.

26. Contingent Liabilities:

Particulars of Contingent Liabilities:

a. Guarantees

Particulars As At 31.3.2014 As At 31.3.2013

i Liability towards the Guarantees issued by the Syndicate Bank to :

Indian Railways

Housing Project 35,00,000 35,00,000

Nil 10,00,000

b. Other monies to which the company is contingently liable:

Particulars As At 31.3.2014 As At 31.3.2013

i.Estimated amount of contracts remaining to be executed on capital account Nil Nil _ not provided for

iL Uncalled liability of shares and other investments which are partly paid Nil Nil

iii. Other Commitments NIL Nil

2. The company has paid Minimum Alternate Tax u/s 115JB of a sum of Rs. 5,00,64,362/- (P.Y.5,89,28,551/ -) which has been charged off as expense. The same is available for set off against the normal tax liability as may arise in future within the time specified there under.

3. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

(a) The Company''s claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the litigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.8.28 Millions (P.Y.7.80 Millions). The same will be accounted in the year of realization.

(b) As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.58,09,047/- (P.Y.Rs. 56,00,679/ -) which is not reflected in the books of the company to the extent of Rs.39,94,716/ -

(P.Y.Rs. 37,86,348/ -) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.2,08,368 (P.Y.2,08,368).The same will be accounted in the year of realization.

4. The Company has not been regular in remittance of certain statutory dues during the year and the amount due on that account for a period exceeding six months as at 31st March, 2014 is Rs. Nil (P.Y.Rs.Nil).

Associated Concerns:

a. M/s Alpine Builders (P) Ltd

b. M/s Jaz Exports & Engineering (P) Ltd.

c. M/s. Alpine Infotech Pvt Ltd

Relatives:

d. M/s. Alpine Education Foundation

e. M/s.Saukcon Infra Pvt Ltd

f. Mr. S,M.Muneer

g. Mrs.Rehana Par veen

h . Mrs.Anisa Banu

i. Mrs.Athiya Begum

j. Mrs.Sabiha Talath

k. Mr. S.M.Mohisin

Key Management Personnel

" a. Mr. S.A.KABEER Managing Director

b. Mr. S.A.RASHEED Director

5. Operating Cycles of various busi nesses carried on by the Company:

Nature of Business Operating Cycle

i.Property Development Seven Years

ii.Construction Contract Six Months

iii Railway Sleeper Manufacturing Three Years

iv. Other Manufacturing Six Months

6. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.

---

Mar 31, 2013

1. The company has paid Minimum Alternate Tax u/s 115JB of a sum of Rs.5,89,28,551/- (P.Y.5,68,29,270) which has been charged off as expense. The same is available for set off against the normal tax liability as may arise in future within the time specified there under.

2. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

(a) The Company''s claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the litigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.7.80 Millions (P.Y.7.32 Millions). The same will be accounted in the year of realization.

(b) As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.56,00,679/- (P.Y.Rs. 53,92,311/-) which is not reflected in the books of the company to the extent of Rs.37,86,348/- (P.Y.Rs. 35,77,980/-) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.2,08,368 (P.Y.2,08,368).The same will be accounted in the year of realization.

3. The Company has not been regular in remittance of certain statutory dues during the year and the amount due on that account for a period exceeding six months as at 31st March, 2013 is Rs. Nil (P.Y.Rs.17.18 Lakhs).

4. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.

---

Mar 31, 2012

1. Particulars in respect of Secured and Unsecured Loans:

a. Cash Credit Loan due to Syndicate Bank: For Sleeper and Alloys Divisions: Rs,25,427,207/- (P.Y.Rs. 25,066,965/-)

i Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper and Alloys Divisions.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bellur Village in Kolar District and of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

iii. Credit Limit is payable on demand.

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

b. Working Capital Term Loan due to Syndicate Bank: Sleeper Division: Rs. 13,977,692/- (P.Y.Rs. 14,000,000/-):

i. Are secured by Unregistered Equitable Mortgage by deposit of title deeds of Industrail Property at Bellur Village in Kolar District.

Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee oftwo ofthe Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s AlpineBuilders Private Limited have been provided.

iii Rep ayable in:

a. In 27 monthly Installments of Rs.1,67,000/- from January, 2012 to March, 2014;

b. In 24 monthly Installments of Rs.2,50,000/- from April, 2014 to March,2016; and

c. In 12 monthly Installments of Rs.2,91,000/- from April, 2016 to March, 2017.

iv Period of default is Two Months.

v. Amount of continuing default is Rs.311,692/-(Rs.Nil) which is subsequentlypaid

c. Working Capital Term Loan due to Syndicate Bank: For Alloys Division: Rs. 6,883,303/-

(P.Y.Rs. 7,964,204/-)

: i. Are secured by Unregistered Equitable Mortgage by depositof title deeds of Industrail Property at Bellur Village in Kolar District.

Hypothecation of Plant &Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee oftwo oftheDirectors viz., Mr.S.AKabeer and Mr.S.A.Rasheed and thatof M/s AlpineBuilders Private Limited are provided.

iii. Repayable in:

a. In 15 monthly Installments of Rs. 64,000/- fromJanuary, 2012to March,20 13;

b. In 36 monthly Installments of Rs.1,20,000/- from April, 2013 to March, 2016; and

c. In 12 monthly Installments of Rs.1,35,000/- from April, 2016 to March, 2017.

iv. Defaulted for Two Months

v. Amount of continuing defaultis Rs. 1,92,000/- (Rs.Nil) which is subsequently paid

d. Bank Guarantees Issued by Syndicate Bank: For Sleeper Division: Rs,11,645,000/- (P.Y.Rs. 15,000,000/-):

i. Are secured by Hypothecation of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by depositof title deeds of Land and Factory Building at Bellur Village in Kolar District and of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee oftwo ofthe Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided.

iii. Repayable On Demand

iv. No default

e. Cash Credit Loan due to State Bank of India: For Alpine Pyramid Housing Project: Rs,3,04,626,483/- (P.Y.Rs. 2,918,80459/-)

i. Are secured by Equitable Mortgage of Developers share of 174 unsold Flats with 81,479 Sq.Ft. of un-divided share of land and 260734 sq.ft saleable built up area to be constructed where the Alpine Pyramid Housing Project is being developed, as primary security.

Equitable Mortgage of lands measuring in all to 15 acres in Sy.Nos.120/A, 120/B, 121/A and 121/B at Hoovinayakanahalli Village belonging to the company as collateral security.

ii Guaranteed by Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of Mr.S.M.Muneer Director of M/s Alpine Builders Private Limited

iii. To be liquidated by September, 2012.

f. Cash Credit Loan due to State Bank of India: For Alpine VIVA Housing Project: Rs,1,79,838,167/- (P.Y.Rs. 64,294,411/-):

i. Are secured by Equitable Mortgage of Developers share of 138 unsold Flats with 69,326 Sq.Ft. of un-divided share of land and 2,42,640 sq.ft saleable built up area to be constructed where the Alpine VIVA Housing Project is being developed, as primary security.

Equitable Mortgage of lands measuring in all to 2 Acres 20 Guntas in Sy.Nos.75/2 and 75/4 at Pannathur Village belonging to Mr.S,A,Kabeer, the Director and Promoter of the company and extension of the Equitable Mortgage of lands measuring in all to 15 acres in Sy.Nos.120/A, 120/B, 121/A and 121/B at Hoovinayakanahalli Village belonging to the company as collateral securities.

ii. Guaranteed by Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.S.A.Rasheed and that of Mr.S.M.Muneer Director of M/s Alpine Builders Private Limited.

iii. To be liquidated within 18 months from the date of first disbursement of loan on 14.8.2010 i.e., before 13.12.2012.

g. Term Loan due to India Bulls Financial Services Ltd.,: Rs,50,953,868/- (P.Y.Rs. 54,965,071/-

i. Are secured by Equitable Mortgage of land bearing Sy.No.67/3, Sarakki gate, Kanakapura Main Road, Bangalore measuring in all to 1 Acre Nil Guntas belonging to the company.

ii.

iii. Repayable in equated monthly installments of Rs.15,75,160/- (inclusive of interest) during the period ending 1s February, 2017.

iv. Period of default is less than one Month. Amount continuing in default is Rs.347,003/-towards Principal which is subsequently paid.

h. Term Loan due to Tata Capital Ltd.,: Rs,Nil (P.Y.Rs. 876,255/-)

i. Are secured by First Charge by Equitable Mortgage of:

1. Residential Flat bearing No.C-GF-3, Municipal No.19/1, No.8, Alpine Arch, Langford Road, Langford Town, Bangalore 560025 belonging to Mr.S.A.Rasheed, a Director of the Company;

2. Residential Flat bearing No.GF-2, Municipal No.19/2, No.1, Alpine Arch, Langford Road, Langford Town, Bangalore 560025 belonging to Mrs.Athia Begum, wife of a Director of the Company;

3. Residential Flat bearing No.C-TF-2, Municipal No.19/10, No.1, Alpine Arch, Langford Road, Langford Town, Bangalore 560025 belonging to M/s jazz Exports & Engineering Private Ltd., where in some of the Directors of the company and their relatives are interested as Directors;

ii. Repayable before 10th November, 2010. Repaid in full during the year ended on 31st March, 2012.

I. Term Loan due to Yes Bank Ltd.,: Rs,Nil/- (P.Y.Rs. 1,064,204/-):

i. Are secured by First Charge by Equitable Mortgage of Residential Plots at Site No.59, 61, 62 , 63 , 64 & 65 at Boyalahalli, Jala Hobli, Bangalore belonging to Mr.S.A.Kabeer, a Director of the Company.

ii. Guaranteed by unconditional and irrevocable Personal Guarantee of two of the Directors viz., Mr.S.A.Kabeer and Mr.SA.Rasheed and Mr.S.M.Mohsin, Director of the company.

iii. Repaid fully during the year ended on 31st March, 2012.

j. Term Loan due to various Banks and NBFC Hypothecation of Machinery and Vehicles: Rs,724,357/- (P.Y.Rs. 1,660,860/-)

i. Are secured by:

1. Development Credit Bank Ltd: Rs.175,302/- (P.Y.453,644/-- secured by hypothecation of L&T make Escavator;

2. Development Credit Bank Ltd: Rs.200,911/- (P.Y.236,156/-- secured by hypothecation ofL&T make Rock Breaker;

3. ICICI Bank Ltd: Rs.Nil/- (P.Y. 9,595/-- secured by hypothecation of ALTO Car;

4. ICICI Bank Ltd: Rs.310,013/- (P.Y.659,758/-- secured by hypothecation of SKODA Car;

5. Reliance Capital Ltd: Rs.38,131/- (P.Y.200,807/-- secured by hypothecation of Tavera Car;

6. Tata Capital Ltd: Rs.Nil/- (P.Y.100,901/- secured by hypothecation of Generator Set;

ii. Repayable in equated monthly installments.

iii No default.

iv. Classified as :-Short Term Borrowings Rs.7,24,357/-

k. Unsecured Loan due to Government of Karnataka: Deferred Sales Tax Liability: Rs,2,632,658/- (P.Y.Rs. 5,520,719/-)

i. Repayable fully during the year ended on 31st March, 2012. Period of default is Twelve Months.

ii. Amount in continuing default is Rs.2,632,658/- towards Principal. The Company is due to receive input credit available of Rs.70,28,227/- from department.

2. Contingent Liabilities:

1.Particulars of Contingent Liabilities:

a. Claims against the company not acknowledged as debt:

Particulars As At As At 31.3.2012 31.3.2011

i Overdue Charges demanded by Tata Capital Ltd. 807,227 Nil

3. The company has paid Minimum Alternate Tax u/s 115JB of a sum of Rs.56,829,270/- (P.Y.54,661,991) which has been charged off as expense. The same is available for set off against the normal tax liability as may arise in future within the time specified there under.

4. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

(a) The Company's claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the litigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.7.32 Millions (P.Y.6.84 Millions). The same will be accounted in the year of realization.

(b)As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.5,392,311/- (P.Y.Rs. 5,183,943/-) which is not reflected in the books of the company to the extent of Rs.3,577,980/- (P.Y.Rs. 3,369,612/-) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.208,368 (P.Y.208,368).The same will be accounted in the year of realization.

5. The Company has not been regular in remittance of certain statutory dues during the year and the amount due on that account for a period exceeding six months as at 31st March, 2012 is Rs. 17.18 Lakhs (P.Y.Rs.3.68 Lakhs).

6. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.

---

Mar 31, 2010

1. Working Capital Loans from Syndicate Bank are secured by:

(a) Cash Credit Loan for Sleeper Division and Alloys Division Rs,30,135,228/- (P.Y.Rs.32,901,705/-) is secured by Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables and of Plant & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bel lur Village in Kolar District; and

(b) Bank Guarantees issued for Rs.12,145,000/- (P.Y.Rs. 12,500,000/-) is secured by Hypothecation of Plant and Machinery of Alloys Division and by Unregistered Equitable Mortgage by deposit of title deeds of Land and Factory Building at Bellur Village in Kolar District.

2. Term Loan of Rs.14,320,451/- (P.Y.Rs. 35,917,781/-) due to Tata Capital Limited is secured by Equitable Mortgage of certain immovable Properties of Directors and by personal guarantee of two Directors of the Company

3. Cash Credit Loan from State Bank of India for Alpine Pyramid Project Rs.162,367,211/- (P.YRs.Nil) is secured by Equitable mortgage of u nsold flats and col lateral security of residential & Industrial converted land of the Company;

4. Term Loan of Rs.56,237,528/-(P.Y.Rs. 61,395,036/-) due to India Bui Is Financial Services Limited is secured by Equitable Mortgage of certain immovable Properties of the Company

5. Term Loan of Rs.1,893,269/- (P.Y 2,767,086/-) due to Yes Bank Ltd is secured by Equitable Mortgage of certain immovable Properties of Directors and by personal guarantee of three Directors of the Company

6. Vehicle and Machinery Hypothecation Loans of Rs.5,863,730/- (P.Y.Rs. 6,307,006/-) are secured by Hypothecation of Vehicles and Machinery acquired by the company out of loans so borrowed.

7. The sum of Rs.93,83,000/-(P.Y. Rs. 12,383,000/-) being the balance of unsecured loan due to Government of Karnataka represents the Sales Tax collected on the finished goods retained and adjusted by the company in terms of the Government order bearing NO.C1305PC96 dated 15.03.1996 as interest free loan which will be repayable in terms of the said order.

8. Following amounts awarded to the company in arbitration proceedings are not accounted as income in the books of the company:

(a) The Companys claim against the land owners for specific performance under a Joint Development Agreement was decided in favour of the company. As per the award the company is entitled to receive the refundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14 Lakhs. However as the said award is challenged by the land owners and the itigation is still pending in the court, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in the books of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) and cumulative amount as up to the date of balance sheet is Rs.6.36 Mil lions (P.Y.5.88 Mil lions). The same will be accounted in the year of realization.

(b) As per the award in favour of the company, the company is entitled to receive, as at the date of balance sheet, a sum of Rs.4,975,557 (P.Y.Rs. 4,767,207/-) which is not reflected in the books of the company to the extent of Rs.3,161,244 (P.Y.Rs. .2,952,876) being the income, in view of challenge of the award in a court of law. The income so not accounted as relating to the current year is Rs.208,368 (P.Y.208,368).The same will be accounted in the year of realization.

9. The Company has not been regular in remittance of certain statutory dues during the year towards the taxes deducted at sources and the taxes payable under the direct and indirect tax laws and the amount due on that account for a period exceeding six months as at 31st March, 2010isRs.4.516Millions

10. Loans and advances and Other Current Assets are unsecured but considered good for recovery its includes Rs27.500 (P.Y Nil) being the Refundable Deposit paid in terms of Joint Development Agreement with the company in which the directors of the company are interested as directors.

11. Previous figures have been rearranged and regrouped so as to make them comparable with current figures.

---

Mar 31, 2000

1. The secured term loans due to Karnataka State Industrial Investment Development Corporation Ltd., is secured by the following security.

(A) Rs.320.00 Lakhs : (P.Y.Rs.320.00 Lakhs)

Mortgage / assignment of free hold rights by the owner in respect of 1 Acre and 39 Guntas of land as well as lease hold rights in respect of 3790 Sq.Mtrs.) by the company bearing Sy.No.1/ 1-A, 251 / 251 & New No. 251 / 1 to 251 / 8.

(B) Rs.180.00 Lakhs : (P.Y. Rs.180.00 Lakhs)

( i ) Equitable mortgage by deposit of title deeds of property bearing S.Y.No.10/1 Situated at Village Wadi (JN) Tq. Chittapur, Dist Gulbarga on which the factory is built.

( ii ) A First Charge satisfactory to the Corporation by way of hypothecation of all the movable fixed assets, i.e., machinery, machinery spares, accessories, tools, jigs, fixtures etc., situation at S.Y.No.10/1 situated at Village Wadi (JN) Tq.Chittapur, Dist Gulbarga.

(C) Subsidy loan of Rs.25.00 Lakhs (P.Y. Nil) is borrowed against the investment subsidy due from the Government and it also continue to enjoy the charges referred to in (b) supra.

2. Cash credit loan of Rs.81,84,076.39 (P.Y.Rs.49,71,288) due to Amanath Co-operative Bank Ltd, is secured by Equitable Mortgage by deposit of title deeds of a property.

3. Term loan of Rs.Nil (P.Y.Rs.4,44,700) and the overdraft of Rs.35,47,170 (P.Y.Rs.36,28,171) due to Syndicate Bank is secured by Equitable Mortgage by deposit of title deeds inrespect of a immovable property of the company.

4. Deferred credit of Rs.7,24,397 (P.Y.Rs.39,47,352) due to Industrial Development Bank of India and Rs.36,60,367 (P.Y.Rs.Nil) due to Karnataka State Finance Corporation are secured by hypothecation of Excavators for which the financial assistance is obtained.

5. The 0% convertible debentures of Rs.Nil (P.Y.Rs.42,10,000) included under unsecured loans were issued subject to the condition that each of such debenture be converted into 10 equity shares of Rs.10 - each at par as fully paid up on 1.4.1999 without any act on the part of the debenture holders.

6. In respect of Sale of Railway Sleeper

i) Sale are accounted at tendered price on despatch of RBI Railway Sleeper.

ii) Escalation in price are accounted on the basis of the index rates as at 31.3.99.

iii) The balance of the escalation will be accounted on availability of the latest applicable rates and as and when claims are made by the company.

iv) Central excise Duty recovered on sale of Railway sleepers is recognised as Income only to the extent of the modavat beneficial entitled to be retained by the company in terms of the contract subsisting with the Indian Railways.

7. The sum of Rs.11,43,143 being the unsecured loan due to the Government of Karnataka represents the Sales Tax collected on the finished goods retained and adjusted by the company in terms of the Government order bearing No.C1305PC96 dated 15.3.1996 as interest free loan which will be repayable in terms of the said order.