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.

# 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.