19 ANNUAL REPORT€¦ · Mr. S.A. Rasheed, Mr. Syed Mohammed Mohsin and Mr. S. M. Muneer are in any...

19 ANNUAL REPORT2011- 2012

ALPINE HOUSING DEVELOPMENTCORPORATION LIMITED

BENGALURU

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19 Annual Report2011- 2012

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02

19 Annual General Meetingth

On Friday the 28 September ,2012At 11 A.M. at

“Sri Krishna” Hall, Woodlands Hotel Pvt Ltd,No.5, Raja Ram Mohan Roy Road, Bengaluru - 560025

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Particulars Page No

1. Company Information 032. Notice 043. Directors' Report 074. Management Discussion Report 095. Report on Corporate Governance 106.7. Auditor Report 168. Balance Sheet 199. Profit & Loss Accounts 2010.Schedule forming part of the Balance Sheet &

Profit & Loss Accounts 2111.Cash Flow Statement 41

13 Information from Shareholders 4314.Attendance Slip & Proxy Form 44

Auditors' Certificate on Corporate Governance 15

12.Balance Sheet Abstract 42

The Ministry of Corporate Affairs (M C A), Government of India, through it’s circularshas allowed companies to send official documents like Notice / Documents includingAnnual Report for convening General meeting to their members electronically.

Keeping in views the provisions of the aforesaid circulars we are requested to themembers to see the page no. 43 and send their details including e-mail ID positively andalso inform any changes in e-mail ID to the address mentioned there on from time to time.

Important information to Shareholders / Members

Contents


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03

BOARD OF DIRECTORS

AUDITORS:

BANKERS:

REGISTERED OFFICE:

REGISTER AND SHARE TRANSFER AGENTS:

:

Mr. S A.KABEER

Mr. S.A.RASHEED

Mr SYED MOHAMMED MUNEER

Mr. G.H.SATYANARAYANA GUPTA

Mr. S. M. MOHSIN

Mr. K.N.GUHA

Mr. N.K.MALU

Mr. V. KARTHIK

Ms. ANNU KUMARI

CS ASHOK KUMAR TRIPATHY

Chairman & Managing Director

Whole Time Director

Director

Director

Independent Director




Company Secretary & Compliance Officer

M/s.Rao & VenkatesuluChartered Accountants

State Bank of IndiaSyndicate BankCanara Bank

Alpine Housing Development Corporation Limited302, Alpine Arch ,No.10, Langford Road,Bengaluru, Karnataka – 560 027.

M/s.CAMEO CORPORATE SERVICES LTD.,

Subramaniam Building,5 floorNo.1,Club House Road, Mount Road ,Chennai – 600 002Phone.No.91-044-28460390/91/92

Whole Time Director

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NOTICE

Notice is hereby given that 19 Annual GeneralMeeting of the members of

will be held on atWoodlands Hotel Pvt Ltd,

No.5, Raja Ram Mohan Roy Road, Bengaluru560025 at 11 A.M to transact following business:-

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ALPINE HOUSINGDEVELOPMENT CORPORATION LIMITED

28 September, 2012, Friday“Sri Krishna ” Hall,

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Mr. G.H.S Gupta

Mr. S. M. Mohsin

2. To appoint a Director in the place ofwho retires by rotation and

being eligible offers himself for re-appointment.

3. To appoint a Director in the place ofwho retires by rotation and

being eligible offers himself for re-appointment.

4.To appoint auditors' of the Company to holdoffice from the conclusion of this meeting until theconclusion of the next Annual General Meetingand to fix their remuneration. M/s Rao &Venkatesulu, the retiring Auditors are eligible forre- appointment.

1. To consider and adopt the audited Balance

Sheet as at 31 March 2012 and the Profit and Lossaccount for the year ended on that date togetherwith the Reports of Directors and the Auditors

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thereon.

I. ORDINARY BUSINESS:

II. SPECIAL BUSINESS:

To consider and if thought fit, to pass with or without modification the following resolution as anORDINARY RESOLUTION:

“ pursuant to section 198, 269 and309 read with schedule XIII and other applicableprovisions, if any of the Companies Act, 1956, andsubject to approval by the Shareholders in theGeneral Meeting, Sri S M Muneer be and is herebyappointed as Whole-Time Director of the

Company with effect from 14 August 2012 for aperiod of Five years and he is not liable to retire byrotation on the terms and conditions as set out inthe explanatory statement annexed to this notice.”

Resolved that

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“ in the event of inadequacy orabsence of profits in any financial year during thecurrency of his tenure as Whole-Time Director, theabove mentioned remuneration shall be paid, subjectto the ceilings and conditions stipulated in Section IIof Part II of Schedule XIII to the Companies Act,1956, as minimum remuneration”.

Resolved further that

NOTES

6. Members having multiple folio(s) in identical namesor Folios in joint names in the same order are requestedto send all their share certificates to the company forconsolidating such shareholding into one account tofacilitate better service.

1. A MEMBER ENTITLED TO ATTEND AND VOTEIS ENTITLED TO APPOINT ONE OR MOREPROXIES TO ATTEND AND VOTE INSTEAD OFHIMSELF/HERSELF AND PROXY NEED NOT BEA MEMBER.

2. PROXIES IN ORDER TO BE EFFECTIVE, MUSTBE DULY STAMPED & SIGNED IN THE FORMATANNEXED HERETO, MUST BE DELIVEREDAT THE REGISTERED OFFICE OF THE COMPANYNOT LATER THAN 48 HOURS BEFORE THE TIMESCHEDULED FOR COMMENCEMENT OF THEANNUAL GENERAL MEETING.

3. Members / Proxies should bring the attendance slipduly filled in for attending the meeting.

4. The Register of members and the share transfer

books of the company will remain closed from to

inclusive of both days as perSection 154 of the Companies Act,1956..

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28 September, 2012

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5. Members are requested to bring their copies ofAnnual Reports to the meeting and also intimate thechange in their registered address, if any, immediatelyquoting the folio reference to the address of registeredoffice of the company.

7. The Company has established De-materializedfacility of Share with NSDL/CDSL. In lines withSEBI's circular, the company has also establishedcommon registry facility for demat and physicaltransfer of shares with M/s.CAMEO Corporate

Services Ltd., Subramaniam Building 5 floor, No.1,Club House Road,Mount Road Chennai – 600 002.

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8. Mr. and Mr. whoretires by rotation are eligible for re-appointment.The information pertaining to him as requiredpursuant to clause 49 of the listing agreement isprovided in the Corporate Governance Section.

G.H.S Gupta S. M. Mohsin

The Members/Shareholders are requested to availthis facility by forwarding their request for sharetransfer to the registrar and shares transfer agents,as mentioned above.

9. The Explanatory Statement pursuant to Section173(2) of the Companies Act, 1956 is annexedherewith.

Place:

Date: 14 August 2012

Bengaluruth

By Order of the Board,Sd/-

S A KabeerChairman & Managing Director

EXPLANATORY STATEMENT PURSUANTTO SECTION 173(2) OF THE ACT

The Board of Directors of yours companyconsiders Mr Syed .Mohammed Muneer as acompetent person for appointment as WholeTime Director of yours company for the fiveyears . In compliance with the requirements ofSchedule XIII to the Companies Act 1956,approval of the members by ordinaryResolutions is sought for appointment of asMr. Syed Mohammed Muneer as Whole TimeDirector of yours company for the five yearswith effective from 14.08.2012. Board hasconfident that appointment of Mr.SyedMohammed Muneer will be immence benefit to

The Terms and Remuneration payable toWhole-Time Director will be

as follows:

Mr Syed

Mohammed Muneer,

1. Salary

2.Perquisites

3. Others:

:

I. Rs. 87,000/- per month including DearnessAllowance with Annual increment up to 20% onBasic Salary.

II. Re-imbursement of Telephone Expenses withSTD and ISD facility at residence.

III. Re -imbursement of Medical expenses for selfand family.

Provision of Motor Car with Driver for officialand personal use.

Leave Travel Allowance for self and family toa place anywhere in India as per rules of theCompany.

Personal Accident Insurance premium.

Medical Insurance premium.

The value of the along withmentioned above shall be subject to the

ceiling and conditions stipulated in Part - IISchedule XIII to the Companies Act 1956, i.e.maximum to Per Month.

i) Contribution to Provident Fund,Superannuation fund and Annuity Fund to theextent the same are not taxable under the IncomeTax Act. 1961.

I.

II.

III.

IV.

Perquisites the

salary

Rs 1,25,000/-

the company.

The Board of Directors in its meeting held on14.08.2012 , appointed Mr S.M. Muneer(Syed Mohammed Muneer) as AdditionalDirector to assume the responsibility as wholetime director with effect from 14.08.2012 inaccordance with Section 260 of theCompanies Act 1956. Notice have beenreceived pursuant to under section 257 of theCompanies Act 1956 from a memberproposing Mr. S.M. Muneer as Director of thecompany .


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ii) Gratuity payable at a rate not exceeding half amonth's salary for each completed year of service &

iii) Encashment of leave at the end of Tenure.

4. Commission

Details of Directors seeking Appointment / reappointment at the Annual GeneralMeeting as per clause 49(IV)(G)(i) of the Listing Agreement.

Performance linked Commission on profits, notexceeding 1% of the net Profits of the Companyin any financial year of the company as the Boardmay determine from time to time subject to ceilingprescribed limit mentioned in part II Section I ofschedule XIII of Companies Act 1956.

None of the Directors except Mr. S. A. Kabeer,Mr. S.A. Rasheed, Mr. Syed Mohammed Mohsin andMr. S. M. Muneer are in any way interested orconcerned in proposed resolution.

The Details resume of the Director is given in theCorporate Governance report to compliance the listingagreement.

This may be taken as abstract of terms of appointmentwhich is required to be circulated under section 302 ofCompanies Act ,1956.

Name Mr.G.H.S.Gupta Mr.S.M.Mohsin Mr.S.M.Munner

Date of Birth 30.07.1950 16.07.1962 25.01.1948

Date of appointment 18.07.1992 05.12.1996 14.08.2012

Qualification B.Com .FCA B.Com M.A

Experience Twenty eight years of richexperience of which 20years in companies abroadand presently he is aprac t ic ing char te redAccountant in India.

10 years of richexperience incompanies abroad.

20 years of richexperience incompanies abroad.

Expertise in specificfunctional area

Industrialist Managerial Function Managerial Function

Directorships held inotherPublic Companies(excludingForeign Companies)as at 31stMarch, 2012

Nil NIL NIL

Number of shares heldin the Company as at31st March,2012

10,000 4,53,500 3,77,000


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DIRECTORS' REPORT

Your Company's performance during the year ascompared with that of during the previous year issummarized below:

Financial Results:

Your Directors have pleasure in presenting the

19 Annual Report on the business and operationsof the company together with the Audited results

for the year ended 31 March 2012.

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s t

Particulars

For the year

ended

31.03.2012

For the year

ended

31.03.2011

Total Income 1949.95 1796.30

Total Expenditure 1638.49 1519.86

Profit Before Depreciation Interest and Tax 311.46 276.44

Less: Interest & Finance Charges 99.31 67.99

Profit before Depreciatio n and Tax 212.15 208.45

Less: Provision for Depreciation 101.98 99.70

Profit before Tax 110.17 108.74

Less : Provision for Tax 37.60 26.65

Deferred Tax (Liability) (15.61) 28.51

Fringe Benefit Tax - -

Net Profit after Tax 88.18 53.59

Add: Balance in Profit & Loss Account as per

last Balance Sheet

3162.23 3108.64

Add: Contract Profits Fluctuation reserve

transfer to Profit & Loss Account

16.96 0.00

Balan ce carried forwards to Balance Sheet 3267.37 3162.23

Dividend:

Transfer to Reserves

2. MANAGEMENT DISCUSSION, ANALYSISAND REVIEW(Is present in separate section of this report)

3. CORPORATE GOVERNANCE:

Board of Directors has not recommendeddividend in this year.

We have not transferred any amount from currentprofit to General Reserve . An amount of 3267.37is proposed to be retained in the Profit & LossAccount.

The disclosures as required under the CorporateGovernance Reporting System have been furnishedin the Annual Report under the head “CorporateGovernance” and the company is complying withthe various requirements under the CorporateGovernance reporting system.

Rs. in Lacs

4 DIRECTORS' RESPONSIBILITY STATEMENT.

Pursuant to Section 217 (2AA) of the Companies(Amendment) Act, 2000 the Directors' confirm that

I. In the preparation of the annual accounts, theapplicable accounting standards have been followed.

ii. Appropriate accounting polices have been selectedand applied consistently. Judgments and estimates arereasonable and prudent so as to give a true and fairview of the state of affairs of the company as at

31 March 2012 and of the profit of the company for

the year ended 31 March 2012.

iii. Proper and sufficient care has been taken for themaintenance of adequate records in accordance withthe provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventingand detecting fraud and other irregularities.

iv. The annual accounts have been prepared on a goingconcern basis.

:

The Company has established De-materialized facilityof Share with NSDL / CDSL. In lines with SEBI'scircular, the company has also established commonregistry facility for demat & physical transfer of shares

with M/s. CAMEO Corporate Services Ltd. 5 floor,No.1, Subramaniam Building, Club House Road,Chennai – 600002.

The Members/ Shareholders are requested to avail thisfacility by forwarding their request for share transfer tothe aforesaid registrar and shares transfer agents.

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5. DEPOSITORY SYSTEM(DEMAT FACILITY FOR SHARES)

6. LISTING WITH STOCK EXCHANGES:

As per the requirements of clause 49 of the ListingAgreement with Stock Exchanges, the Companyhereby declares that the listing of its shares continuedthroughout the year with following Stock Exchanges& the listing fee for the year 2012-2013 has been paid:

Bangalore Stock Exchange Ltd., Post Box No.27024,

No. 51, Stock Exchange Towers, 1 Cross, J. C. Road,Bengaluru – 560 027.

Mumbai Stock Exchange, Phiroze Jee Jeebhoy Towers,Dalal Street, Mumbai – 460 001.

Madras Stock Exchange Limited, Exchange Bldg, PostBox #183, No. 30, Second Line Beach, Chennai - 600001.

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In Terms of Agreement MSE with NSE, pursuant toprovision (i) to section 13 of the Securities Contracts(Regulations) Act 1956, the securities of your companyallowed is dealing on National stock Exchange

(Capital market Segment) with effect from 30 Dec 2011.

Delisting of the Company Shares is pending fromCoimbatore Stock Exchange.

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7. FIXED DEPOSITS:

8. HUMAN RESOURCES:

The Company has not accepted the fixed depositsfrom public during the year under review.

We believe that just as engineering, technical expertiseand specializations are the cornerstones of our progresshuman capital also constitutes another important driverto the success in our business. The Company is proudof its 180 plus personnel team comprising experienced,skilled, committed and innovative engineers and itrecognizes the invaluable contribution made by each ofthem. There was no strike or labour unrest during theperiod under review. The Company has provided acongenial working environment for its employees.

9. CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION & FOREIGNEXCHANGE EARNINGS & OUTGO:

Conservation of Energy :

The information required under Section 217-(1) (e) ofCompanies Act, 1956 read with the Companies(Disclosure of Particulars in the Report of the Director)Rules, 1988, with respect to the sematters is as under:

Though the Company's operation involves low energyconsumption, there is a constant endeavor to conserve energy.

Foreign Exchange earnings and outgoForeign Exchange earnings - NilForeign Exchange outgo - Nil

In accordance with the provisions of the CompaniesAct 1956 & Articles of Association of the Company,the following Director due for retirement by rotationand being eligible to consider for reappointment.1. Mr G.H.S.Gupta2. Mr. S.M.Mohsin

None of the Directors of Company have incurreddisqualification in terms of section 274 (1) (g) ofCompanies Act 1956.

10. DIRECTORS:

11. AUDITORS:

12. PERSONNEL:

13. APPRECIATION

M/s.Rao and Venkatesulu, Chartered Accountants, the Auditors ofthe Company, retire at the conclusion of the forthcoming AGM.It is proposed to reappoint them till conclusion of the next AGM.M/s.Rao & Venkatesulu have pursuant to Section 224 1(B) of theCompanies Act, 1956 furnished a certificate regarding theireligibility and given consent for re-appointment.

Your Directors would like to express their sincere thanks and

Information pursuant to the provisions of Section 217(2A) of theCompany Act, 1956 read with the Companies (Particulars ofEmployees) Rules 1975.No employee is covered under provision.

Your Board would like to place on record its sincere appreciationfor wholehearted support & contribution made by all its employeesshareholders, banks, financial institutions and other businessassociates towards conducting the operations of the company.

appreciation to all the employees for their commendable team workand exemplary contribution to operations and company's performance.

Absorption of Technology:The company has an in - house R & D wing forproduct up gradation/development.

Place: Bengaluru

Date: 14 Aug. 2012th

For and behalf of the Board of Directors,

Sd/-S.A.KABEER


Addendum to Directors' Report

1. Auditors' Qualification

Note No 9.01

Note No11

Reply to Note No 9.01

Reply to Note No 11

-- The Company has not been regular in remittanceof certain statutory dues during the year & the amount due on that

account for a period exceeding six months as at 31 March ,2012is Rs 17.18 Lakhs which is specified in Note No.12 of Schedule 27

--The Company has not made timely repayment ofdues to financial institutions and banks in respect of the term loanswhich are specified in Note No.3(b),(C) and (g) of Schedule 27.

- With reference to the qualification ofthe auditors about the payment of statutory dues, the Directorshereby state that due to the market downturn and financial crunch,some of the statutory dues were not paid in time and subsequentlyit has been paid.

- The Company has paid subsequently paiddues to financial institutions and banks in respect of the term loanswhich are specified in Note No.3(b),(C) and (g) of Schedule 27.

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2. Management Reply to Auditors' report


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MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Over all View :

Strength and opportunities :

Financial Performance :

Internal Control

Human resources.

The Indian economy is going through a tough period with overall sentiments at a very low ebb. GDP is downto its lowest figure in five years, the inflation is high and the interest rates particularly the retail housing loaninterest rates have gone up substantially.

Amidst this picture of slowdown, real estate overall has been in a challenging phase. Real estate has beengrowing in certain demand areas and the demand is not much in other areas.

Alpine Housing Development Corporation limited is basically into the housing sector and that is the sectorwhich is doing well in the real estate as compared with commercial and retail sectors. I n the housingsector we are in the mid range housing which is a better sector as compared with high end sector.

Our focus has been towards the IT sector and most of our customers are from this sector who have a betterdisposable income and who get the housing loan very easily as compared with others.

As our projects are in the Vicinity of big IT companies we have an advantage to market our products to thissector.

Alpine has made a turnout of Rs.1949.95 Lacs in the year 2011 –12 with a net profit of Rs.88.17 Lacs andan earning per share of Rs.1.36.

Our turnover and profit as compared with previous year have gone up by 8.55 % and 64.55% respectivelyand our earning per share in the last year was Rs. 0.82 as compared to Rs.1.36 of 2011-12.

The company has adequate system of internal control and internal audit, which are monitoring the transactionof the Company , be it purchase ,sales & stock.

The Company focus has always been to recruit the right talent and particularly . The talent which wants to bewith company as long term basis and grow with it.


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CORPORATE GOVERNANCE REPORT

(As required under Clause 49 of the ListingAgreements entered into with the Stock Exchanges)

The Company's philosophy on CorporateGovernance envisages the following:

To ensure continuous monitoring & upgradationof information systems to enable the Board toprovide effective direction by formulating andreviewing policies, business plans compliance withapplicable law & secure the interests of stakeholders.

To ensure that adequate control measures exist toenable the Board to evaluate the performance of theManagement, ensure that appropriate systems offinancial control, reporting and risk monitoring arein place.

To ensure that the decision making process is fair& transparent and avoid any possible conflicts thatwould arise through abuse in related party transaction.

To enhance & protect wealth & resources of theCompany for the benefit of stakeholders.

To ensure that employees of Company subscribeto corporate values and apply them in their conductand

To ensure that the Company follows globallyrecognized corporate governance practices.

1. A brief statement on company's philosophy onCode of Corporate Governance

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Ø

Ø

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2. Board of Directors:

A. Composition, Category, attendance & no. ofother Directorships of Directors are furnishedbelow:

As at March 31, 2012 the Board consisted of 10members . The Composition, category of directorsand directorships held in other Companies by theDirectors on the Board of the company were asunder:

Nameof DirectorsCategory of

Director

No. of

outside

Directorshipsin Indian

Public

LimitedCompanies

No.of

Directorshi

ps in IndianPrivate

Limited

Companies

No.of Board

Committee other

than ALPINE Inwhich

Chair-

man

Membe

r

Mr.S.A.Kabeer

ManagingDirector &Chairman

Mr.G.H.S.GuptaDirector

Mr.S.M.Mohsin

Director

Mr.S.A.Rasheed

Wholetime Director

Mr. K N. GuhaDirector

Mr. N.K.Malu

Director

Mr. V KarthikDirector

Mr M. T. Shariff

Mr AnnuKumari

Mr M.K. Ramachandra

(Resignedon Dt-

23.01.2012)

Promoter

Executive

PromoterNonExecutive

Promoter

Non

Executive

Promoter

Executive

IndependentNonExecutive

Independent

NonExecutive


ExecutiveDirector


Independent

NonExecutive

-

-

-

-

2

1

-

-

-

8

10

-

4

9

-

5

2

--

-

3

- -

- -

- -

- -

- -

- -

- -

- -

-

B. Details of Board Meetings held during year 2011-12

Sl.No.

Date BoardStrength

NoofDirectors

1 13th

April2011 10 10

2 30th May2011 10 10

3 14thJuly 2011 10 9

4 13thAugust 2011 10 10

5 24st Sept 2011 10 8

6 13stOct2011 10 10

7 14th Nov2011 10 10

8 13th Jan2012 10 9

9 28st Jan2012 9 9

10 14th

Feb 2012 9 9


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C. Attendance of Directors at Board Meetingsand at the last Annual General Meeting :

Director No.of

Boardmeetings

held

No.of

BoardMeetings

attended

Attendance

at lastAGM

Mr S A Kabeer

Mr S.A. RasheedMr.M.K.Ramachandra

Mr G H S GuptaMr S M Mohsin

Mr K N GuhaMr N.K. Malu

Mr V. KarthickMr M.T.shariff

Ms Annu Kumari

1010

1010

1010

1010

1010

1010

810

99

910

910

YesYes

YesYes

YesYes

YesYes

YesYes

3. Audit Committee :

Composition :

The Audit Committee performs the followingfunctions:

a) Overseeing the Company's financial process anddisclosure of financial information to ensure thatthe financial statement is correct.b) Recommending the appointment & removal ofexternal auditor, fixation of audit fee and approvalfor payment of any services.c) Reviewing with management annual financialstatement before submission to the Board.d) Reviewing the adequacy of internal auditfunction.e) Discussing with internal auditors any significantfinding and follow up on such issues.f)Discussing with external auditors before the auditcommences on nature & scope of audit, as well ashaving post - audit discussion to ascertain any areaof concern.g) Reviewing the Company's financial and riskmanagement policies: and

The committee is comprised of two Non-ExecutiveIndependent Directors. Mr.KN.Guha Mr.NK Maluare the members of the committee. The Chairmanis elected from among the attending members ateach meeting. Mr KNGuha (Independent Director)has been appointed as Chairman of all the auditcommittee meeting. Mr. S. A. Kabeer, ManagingDirector is another member of the committee.

Details of Audit Committee Meetings held during the year:

Date CommitteeStrength

No. ofMembers

present

28.05.201112.08.2011

12.11.2011

13.02.2012

33

3

3

33

3

3

Attendance at Audit Committee Meetings :

Director No.ofCommittee

meetings

held

No.ofMeetings

attended

M K MaluK N Guha

S A Kabeer

44

4

44

4

4. Remuneration Committee:

Terms of Reference

The Committee comprised of three Non - ExecutiveDirectors viz., Mr. G.H.S Gupta, Mr. N.K.Malu andMr.K.N.Guha. Committee is constituted to formulateand recommend to the Board from time to time, acompensation structure for whole time Directors. Nonexecutive directors are at present not paid commissionover and above the sitting fees.

: Sitting fees of Rs. 2000/- forevery board meeting he attends.

Executive / Non-Executive Directors

Sitting FeesEntitlement

Mr M K Ramachandra

Mr G H S Gupta

Mr.S.M. MohsinMr.K.N.Guha

Mr N.K.MaluMr V. Karthick

Mr M.T.Shariff

Ms Annu Kumari

16,000

20,000

18,00018,000

18,000

20,00018,000

20,000

5.Share Transfer & Shareholders' Grievance Committee

Terms of reference:

Composition:

To approve transfer, transmission, sub-division and issue ofduplicate shares / debentures and for reddressal of investorcomplaints on all matters.

The Committee is comprised of 2 Non-Executive Directors,Viz., Mr.G.H.Satyanarayana Gupta and Mr.N.K.Malu.


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Mr. Ashok Kumar Tripathy, Company Secretaryhas been appointed as Compliance Officer

There was no complaint pending as of close of

31 March 2012. All the complaints were redressedunder the supervision of the Committee.

All the valid share transfer requests received duringthe period were duly attended to and processed intime. There were no valid requests pending for

share transfers as on 31 March, 2012.

Details of General Meetings held in last 3 years:

Details of shareholders complaints received,solved, not solved and pending share transfers:

6. General Meeting:

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st

Financial

year

Meeting Date Time Location

2008-092009-102010-11

AGMAGMAGM

30.9.200929.9.201029.9.2011

11.00 AM11.00 AM11.00 A.M

Woodlands Hotel ,Green ArchWoodlands Hotel, Sri Krishna HallWoodlands Hotel, Sri Krishna Hall

Special resolutions passed in the last three AGM Nil

Special resolutions put through postal ballot last year - Nil

Items proposed to be conducted through postal ballot this year - Nil

-

7.

8. Means of Communication:

Details of non - compliance by the Company, penalties,and structures imposed on the Company by Stock Exchanges/SEBI / Statutory Authorities on matters related to CapitalMarkets during the last three years:

During the last 3 years no penalty or structure has beenimposed on the company by Stock Exchanges/SEBI /StatutoryAuthorities on matters related to Capital Markets.

Informationabout the Company Website : www.alpinehousing.com

Separate E-mail IDforInvestorsgrievances [email protected]

Half yearly report sent to each household ofshareholders

Half yearly report not sent to eachhouseholdofshareholders

Publicationof Quarterlyresults OneEnglishdaily&onelocal newspaper

Presentation to Institutional Investors or to theanalyst

The company has not made anypresentationto institutional investors or to

the analyst.

Management Discussion&Analysis Published as part of Annual Report under

Director’sReport.

There are no materially significant related party transactions made bythe Company with its Promoters, Directors or Management, theirrelatives, its subsidiaries etc that may have potential conflict with theinterest of the Company at large.

9.Disclosures :

Transactions with related parties during the period aredisclosed in of Schedule 27 to the Notes toAccounts.

Brief Resume & other details of Director seekingreappointment in forthcoming Annual General Meetingis already mentioned elsewhere in this report.

Note No.18

10.

11. General Shareholders information:A. AGM details:

Date 28th

September 2012

Venue WoodlandsHotel (Sri KrishnaHall ), Bengaluru.

Time 11.00A.M

BookClosureDates

24th

to 28th

September(bothdays inclusive) 2012

B. Financial Calendar:For Financial year of the company

First Quarter results (30t h

June 2012)

Second Quarter results ( 30th Sept 2012)

Third Quarter results ( 31st

Dec. 2012)

Fourth Quarter results ( 31st March .2013)

* Instead of publishing quarterly financial

results ,the companymay also opt topub lishAudited Annual Accounts by May 30, 2013.

Dt 01.04.2012 to Dt. 31 .03.2013

on or before 14th

Aug 2012

on or before 14th Nov 2012

on or before 14th

Feb 2013

on or before 30th May 2013

C. Register and Share Transfer Agents forDematerialized Shares:

D. Share Transfer System:

M/s.CAMEO CORPORATE SERVICES LTD.,

Subramaniam Building,5 FloorNo.1,Club House Road, Chennai – 600 002Phone.No.91-044-28460390/91/92www.cameoindia.com

The Share Transfer Committee meets regularly toconsider status of transfers consolidationof certificates duplicate share certificates.All valid Share Transfer requests received by companyin physical form are registered within average periodof 20 days.

As per the Clause 49 (VI) (d) of Listing Agreement, toexpedite the process of share transfers the board of theCompany can delegate the power of Share Transfer toan officer or a committee or to the Registrar & Share

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transmissions

Transfer Accordingly the said powers have been delegatedto Mr.S.A.Kabeer, M.D., & Mr.G.H.Satyanarayana Gupta,Director to severally exercise the powers with regard toShare Transfer, Share Transmission, etc.

shares, issue of


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13

Presently the company dematerializes the sharesafter getting the demat request being generated bythe DP together with the option letter. In view ofSEBI Circular SEBI/MRD/Cir-10/2004 dated

10 February 2004, the company has discontinuedthe practice of sending option letter fordematerialization subsequent to transfer.

th

E. Listing on Stock Exchanges:

The company's securities are listed on followingStock Exchanges:

Place Address

Mumbai

Bengaluru

Chennai

TheStockExchangeMumbai,PhirozeJeejeebhoyTower,Dalal Street, Mumbai –400023.

TheBengaluru StockExchangeLtdStockExchangeTowers, P.B.No.27024, No.51,1stcrossJ.C.Road.

Bengaluru–560027

MadrasStockExchangeLimited

Post boxNo183, NewNo30, SecondLineBeachChennai-600001.

InTermsof Agreement MSEwithNSE,pursuant toproviso(i)to

section13of theSecuritiesContracts (Regulations)Act 1956 ,thesecuritiesof yourcompanyallowed isdealingon National stock

Exchange(Capital market Segment) Witheffect from30thDec’11.

Annual Listing fee for the year 2012-2013 has been paidto The Bombay Stock Exchange, The Madras StockExchange and The Bengaluru Stock Exchange.

The payment for annual listing fees has not been madeto Coimbatore Stock Exchange, in view of Company'spending application for voluntary delisting.

Market price data (High / Low) during each monthin the year in the / Bengaluru StockExchange Ltd:

F. 1.2011-2012 Bombay

April 2011 toMarch 2012.

HighPrice

LowPrice

April 24.95 21.50

May 24.20 19.05

June 21.40 16.65

July 19.00 16.60

Aug 19.55 17.15

September 21.00 17.75

October 21.65 18.10

November 18.50 15.45

December 16.00 14.50

January 18.17 14.36

February 16.25 14.05

March 16.43 14.05

2. Shares are listed in NSE on dated 30 December 20112011

to March 2012 National Stock Exchange Ltd .

. Marketprice data ( High / Low) during each month from December

in the

th

Dec 2011 toMar 2012

HighPrice

LowPrice

December 15.50 15.50

January 18.20 16.25

February --- ---

March --- ---

H. Shareholding Pattern as on 31 March, 2012:st

Category No. ofShares

%

Promoters and promoter group 46,01,376 70.8285

Non-Promoters Nil NilMutual Funds & UTI Nil Nil

Banks & Financial Institutions 50,100 0.7711

Private Corporate Bodies 1,05,739 1.6276

Indian Public 17,36,915 26.7364

NRI’s/OCB’s/others 2370 0.0364

Total 64,96,500 100%

Distribution of Shareholding as on 31 March, 2012:st

Number of

Equity Shares

held

Number of

Shareholders

Percentage of

Shareholders

Total no. of

shares in

Rs.

Percentage

Upto – 5000 3497 90.7133 52,92,060 8.1460

5001 – 10000 197 5.1102 17,02,760 2.6210

10001 – 20000 54 1.4007 8,54,910 1.3159

20001 – 30000 33 0.8560 8,24,360 1.268930001 – 40000 11 0.2853 3,92,370 0.6039

40001 – 50000 9 0.2334 4,40,080 0.6774

500001 – 100000 14 0.3631 11,81,930 1.8193

100001 & above 40 1.0376 5,42,76,530 83.5473

Total 3855 100.00 6,49,65,000 100.00

I. Company Secretary & Compliance Officer CSJ.

K

L. Status of Dematerialisation of shares as on 31 March, 2012:

: Ashok Kumar TripathyRegistered Office: #.302, No 10 Langford Road,

Bengaluru, Karnataka -560027. Corporate Office: #.302, No 10 Langford Road,

Bengaluru, Karnataka - 560027st

Mode No. of

Share

Holders

% of No

of holders

No. of

Shares

% of No

of

Shares

Physical

Demat

2645

1210

68.6121

31.3878

38,18,190

14,52,273

58.7730

22.3547

T O T A L 3855 100% 64,96,500 100%

12. Nomination Facility:

13. Outstanding GDRs/ADRs/Warrants or any convertible Instrumentsconversion date and likely impact on equity:

14. Adoption of non-mandatory requirements:

Shareholders holding shares in physical form and desirous of making anomination in respect of their shareholding in the company are permittedunder Section 109A of the Companies Act, 1956 are requested to submit tothe R & T Agent of the company the prescribed nomination form.

The company has not issued GDRs/ ADRs/ Warrants or any convertibleInstruments.

Except constitution of Compensation Committee, the company has so farnot implemented other Non - Mandatory requirements of the Code ofCorporate Governance.


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14

Certificate under clause 49(V) of the Listing Agreement

I, S. A. Kabeer, Managing Director of the Company hereby confirm that all the Board Members and senior

management has affirmed, individually compliance with the code of conduct for the period ended 31 March2012.

I, the undersigned certify to the Board that:

(a) I have reviewed the financial statements and the cash flow statement for the financial year ending

31 March 2012 and that to the best of our knowledge and belief :(i) These statements do not contain any materially untrue statement or omit any material fact or contain

statements that might be misleading.(ii) These statements together present a true and fair view of the company's affairs and are in compliance

with existing accounting standards, applicable laws and regulations.(b) These are, to the best of my knowledge and belief, no transactions entered into by the company during

the year that are fraudulent, illegal or violative of the company's code of conduct.(c) I accept responsibility for maintaining the internal controls in the company and that I have evaluated

the effectiveness of the internal control systems of the company and to the best of my knowledge andbelief, there are no deficiencies in the design or operation of internal controls, of which I am aware andwhich are needed to be disclosed to the auditors and the Audit Committee.

(d) I have indicated to the auditors and the Audit Committee as may be applicable:Significant changes in the internal control during the year.

(i) Significant changes in accounting policies during the year and that the same have beendisclosed in the notes to the financial statements : and

(ii) Instances of significant fraud of which they have become aware & the involvement therein, if any,of the management or an employee having a significant role in the Company's internal controlsystem.

st

st

DECLARATION FOR COMPLIANCE OF CODE OF CONDUCT

For and on behalf of the BoardSd/-


CEO / CFO CERTIFICATION

Place : Bengaluru

Date : 30 May 2012th

Sd/-Chairman & Managing Director

Place : Bengaluru



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15

To the Members ofAlpine Housing Development Corporation Limited.

We have examined the compliance of conditions of Corporate Governance by Alpine Housing Development

Corporation Limited for the year ended 31 March, 2012 as stipulated in clause 49 of Listing Agreement ofthe said company with Stock Exchange.

The compliance of conditions of Corporate, Governance is the responsibility of the management. Ourexamination has been limited to review of procedures and implementation thereof, adopted by the companyfor ensuring the compliance of the conditions of the Corporate Governance as stipulated in the said clause.It is neither an audit nor an expression of opinion on the financial statements of the company.

In our opinion and to the best of our information and according to the explanations given to us by theDirectors and the management, we certify that the company has complied with the conditions of CorporateGovernance as stipulated in clause 49 of the above mentioned Listing Agreement.

Based on the certificate received from the Company Secretary and the minutes of Share Transfer andShareholders' Grievance Committee, we state that no investor grievance is pending for a period exceeding20 days.

We further state that such compliance is neither an assurance as to the future viability of the company nor theefficiency or effectiveness with which the management has conducted the affairs of the company.

st

AUDITOR'S CERTIFICATE ON CORPORATE GOVERNANCE

FOR RAO & VENKATESULUChartered Accountants

V.PADMANABHANPartner

Membership No : 3181FR No.003108S

Place : Bengaluru



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16

AUDITORS' REPORTTo the Members of

ALPINE HOUSING DEVELOPMENTCORPORATION LIMITED

We have audited the Balance Sheet of ALPINEHOUSING DEVELOPMENT CORPORATION

LIMITED as at 31 March, 2012 and the annexedProfit and Loss Account for the year ended on thatdate. These financial statements are theresponsibility of the Company's management.Our responsibility is to express an opinion onthese financial statements based on our audit.

st

We have conducted our audit in accordance withthe auditing standards generally accepted in India.Those standards require that we plan and performthe audit to obtain reasonable assurance aboutwhether the financial statements are free ofmaterial misstatement. An audit includesexamining, on a test basis, evidence supportingthe amounts and disclosures in the financialstatements. An audit also includes assessing theaccounting principles used and significantestimates made by the management, as well asevaluating the overall financial statementpresentation. We believe that our audit provides areasonable basis for our opinion.

1. We have, on the basis of such checks as weconsidered necessary and the information andexplanations given to us, given our findings in theannexure hereto on the matters required by theCompanies (Auditor's Report) Order, 2003 issuedby the central government under section 227 (4A)of the Companies Act, 1956, as are applicable to

2. Further to our findings in the Annexurereferred to in paragraph (1) above we report that:

a. We have obtained all the information andexplanations which, to the best of our knowledgeand belief, were necessary for the purpose of ouraudit.

b. In our opinion, proper books of account asrequired by the law have been kept by theCompany so appears from our examinationof those books and proper returns adequate for the

far as it

the company.

purposes of our audit have been received frombranches not visited by us;

c. The Balance Sheet and the Profit and Loss Accountdealt with by this report are in agreement with thoseBooks of account;

d. In our opinion, the Profit and Loss Account and theBalance Sheet dealt with by this report comply withthe Standards to in Section 211(3C)of the Companies Act, 1956;

e. On the basis of the information given to us,we report that none of the directors is disqualified as

on 31 March, 2012 from being appointed as a directorof the Company in terms of Section 274 (1) (g) of theCompanies Act, 1956; and

f. In our opinion and to the best of our informationand according to the explanation given to us, theaccounts read together with the notes attached theretogive the information required by the Companies Act,1956 in the manner so required and give a true and fairview in conformity with the accounting principlesgenerally accepted in India:

(i) In the case of the Balance Sheet, of the state of

affairs of the company as at 31 March, 2012; and

(ii) In the case of the Profit and Loss Account, of theprofit of the company for the year ended on that date.

Accounting referred

st

st




Place : Bengaluru



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17

ANNEXURE REFERRED TO IN PARA (1) OF OUR REPORT

TO THE MEMBERS OFALPINE HOUSING DEVELOPMENT CORPORATION LIMITED

1.01 The company has maintained proper recordsshowing full particulars including quantitativedetails and situation of fixed assets.

1.02 The Fixed Assets have been physicallyverified at reasonable periodical interval by themanagement. As per the information given to us nodiscrepancy has been noticed.

1.03 The company has not sold substantial partof its fixed assets during the year.

2.01 The management has physically verified theinventory during the year.

2.02 The procedure adopted for physicalverification of the inventory is, in our opinion,reasonable and adequate in relation to the size ofthe company and the nature of its business.

2.03 The company has maintained proper recordsof inventory. The discrepancies found thereon havebeen properly dealt within the accounts. Thediscrepancy noticed on physical verification is notsignificant and material.

3.01 The Company has not taken loans from itsDirectors during the year. The Company has notgranted any advance in the nature of loan to any ofits Directors or their relatives or to a Firm orCompany listed in the register maintained underSection 301 of the Companies Act, 1956 in whichthe Directors of the Company or their relatives areinterested as partners and Directors.

4.01 In our opinion and according to theexplanations given to us, there are adequateinternal control procedures, commensurate with thesize of the company and the nature of its businesswith regard to the purchase of goods and fixedassets and sale of goods. We have not noticed anycontinued failure to correct major deficiencies ininternal control.

5.01 On the basis of the checks made by us therewere no transactions during the year, which need

to be entered into a register maintained under section301 of the Companies Act, 1956 are entered in the saidregistered.

5.02 According to the information and explanationsgiven to us, the prices received and paid by thecompany or the goods sold and purchased and theservices rendered and availed, in respect of thetransactions which are entered in the register,maintained u/s 301 of the Companies Act, 1956 areprima facie, reasonable & arn’t prejudicial to company

6.01 The Company has not accepted any depositsfrom the public during the year.

7.01 The company has an internal audit systemwhich in our opinion is adequate having regard to thesize of the company and the nature of its business.

8.01 The prima facie verification indicates that theCompany has maintained adequate cost records asprescribed by the Central Government u/s section209 (1)(d) of the Companies Act, 1956.

9.01 The company has, according to the informationand explanations given to us, the statutory liability inrespect of Central Excise Duty, Provident Fund,Employees State Insurance, Income Tax, Entry Tax,Service Tax and Value Added Tax. On the basis ofsuch checks as we considered necessary we found thatCompany been regular in depositing such undisputedstatutory dues with the appropriate authority, thoughdelays have been caused in certain cases and

9.02 There are no dues in respect of Central ExciseDuty, Provident Fund, Employees State Insurance,Income Tax, Entry Tax, Service Tax, Fringe BenefitTax and Sales Tax, which have remained unpaid owingto pending dispute

10.The company has no accumulated losses as on thedate of Balance Sheet dealt with by this report.

.

.

there areno dues, which are due for more than a period of six

months which remained outstanding as at 31 March2012 except those specified in Note No. 12 ofSchedule '27'.

st


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18

11. That as per the information given to us,the Company has not made timely repayment ofdues to financial institutions and Banks in respectof the Term Loans. Which are specified in NoteNo.3 (b), (c) and (g) of Schedule 27, Which hassubsequently paid.

12. The company has not granted any loans andadvances on the basis of security by way of pledgeof shares, debentures and other securities.

13. The company is not a Chit Fund.

14. The company has not sold any shares,debentures and other securities during the year.

15. The company has not given any guaranteesfor loans taken by others as per the informationgiven to us.

16. The company did not borrow by way ofterm loans during the year.

17. Having regard to the profits generated bythe company and also the amount invested duringthe year on the long term assets, we are of theopinion, that the company has not used the shortterm funds for long term investments & vice versa.

18. The company has not made any preferentialallotment of shares during the year.

19. The company has not issued any secureddebentures either during the year or in the past.

20. The company has not raised any funds fromthe public during the year.

21. According to our information and to theexplanations given to us no fraud on or by thecompany was noticed during the year.




Place : Bengaluru



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BALANCE SHEET AS AT 31st March, 2012Particulars Sch No As At 31.3.2012 As At 31.3.2011

I EQUITY AND LIABILITIES

1 Shareholder's Funds:

a Share Capital 1 64,965,000 64,965,000

b Reserves and Surpluses 2 457,073,406 448,255,888

c Money Received Against Share Warrants

2 Share Application Money Pending Allotment

3 Non-Current Liabilities:

a Long Term Borrowings 3 64,538,155 75,385,530

b Deferred Tax Liabilities (Net) 4 11,788,044 13,349,004

c Other Long Term Liabilities 5 - -

d Long Term Provisions 6 2,760,625 2,475,789

4 Current Liabilities:

a Short Term Borrowings 7 527,655,695 394,530,015

b Trade Payables 8 89,757,101 61,526,435

c Other Current Liabilities 9 94,597,171 54,314,720

d Short Term Provisions 10 2,457,501 2,167,279

TOTAL 1,315,592,699 1,116,969,660

II ASSETS:

1 Non Current Assets:

a Fixed Assets:

(i) Tangible Assets 11 98,967,995 107,370,441

(ii) Intangible Assets

(iii) Capital work-in-progress 11 7,493,224 7,493,224

(iv) Intangible Assets Under Development

b Non Current Investments 12 391,632 459,382

c Deferred Tax Assets (net)

d Long Term Loans and Advances 13 15,103,408 16,866,053

e Other Non Current Assets 14 14,436,877 13,578,165

2 Current Assets:

a Current Investments

b Inventories 15 568,167,341 357,130,079

c Trade Receivables 16 350,720,646 368,047,905

d Cash and Cash Equivalents 17 11,070,603 8,254,434

e Short Term Loans and Advances 18 249,240,973 237,769,977

f Other Current Assets

TOTAL 1,315,592,699 1,116,969,660

NOTES TO ACCOUNTS 27

Schedules referred to above and notes attached there to form an integral part of Balance Sheet

As per our report of even date attached.

As per our report attached.

FOR ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED For Rao & Venkatesulu

Chartered Accountants

S.A.KABEER S.A.RASHEED ASHOK KUMAR TRIPATHY V.PADMANABHAN

Chairman & Managing Director Director Company Secretary Partner

Membership No. :03181

Firm No.: 003108S

PLACE : BENGULURU

DATE : MAY 30, 2012

Sd/- Sd/- Sd/- Sd/-


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20

PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED ON31st March, 2012

Particulars SCH Current Year Previous Year

Revenues:

I Revenue From Operations 19 186,510,233 175,426,666

II Other Income 19 8,484,475 4,203,506

III Total Revenue (I +II) 194,994,708 179,630,172

IV Expenses:

1 Cost of materials consumed 20 146,013,851 113,002,352

2 Construction Cost 183,103,861 115,965,024

4 Changes in Inventories of Finished Goods

Work-in-Progress and Stock-in-Trade 21 (210,845,105) (118,263,413)

5 Employee Benefit Expense 22 25,303,224 20,210,168

6 Financial Costs 23 9,931,083 6,799,544

7 Depreciation and Amortization Expense 24 10,197,912 9,969,881

8 Other Expenses 25 20,272,676 21,394,756

Total Expenses 183,977,501 169,078,312

V Profit Before Exceptional and Extraordinary Items & Tax 11,017,207 10,551,860

VI Exceptional Items 26 250 (322,324)

VII Profit Before Extraordinary Items and Tax 11,016,957 10,874,184

VIII Extraordinary Items -

IX Profit Before Tax 11,016,957 10,874,184

X Tax Expense:

1 Current Tax 2,099,281 2,167,279

2 Earliear Year Taxes 1,661,118 498,095

3 Deferred Tax (1,560,960) 2,850,336

XI Profit (Loss) For The Perid From Continuing Operations 8,817,518 5,358,474

XII Profit/(Loss) from Discontinuing Operations

XIII Tax Expense of Discounting Operations

XIV Profit/(Loss) From Discontinuing Operations

XV Profit/(Loss) For The Period 8,817,518 5,358,474

XVI Earning Per Equity Share:

1 Basic 1.36 0.82

2 Diluted 1.36 0.82

Schedules referred to above and notes attached there to form part of Profit & Loss Account

As per our report attached.

FOR ALPINE HOUSING DEVELOPMENT CORPORATION LIMITED For Rao & Venkatesulu

Chartered Accountants

S.A.KABEER S.A.RASHEED ASHOK KUMAR TRIPATHY V.PADMANABHAN

Chairman & Managing Director Director Company Secretary Partner

Membership No. :03181

Firm No.: 003108S

PLACE : BENGULURU

DATE : MAY 30, 2012

Sd/- Sd/- Sd/- Sd/-


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21

SCHEDULES FORMING PART OF THE ANNUAL ACCOUNTSSch : 1 Share Capital

Sr.No. Particulars As At 31.3.2012 As At 31.3.2011

1 AUTHORIZED CAPITAL

65,00,000 Equity Shares of Rs. 10/- each. 65,000,000 65,000,000

2 ISSUED , SUBSCRIBED & PAID UP CAPITAL

64,965,000 Equity Shares of Rs. 10/- each, Fully Paid Up 64,965,000 64,965,000

Total 64,965,000 64,965,000

Sch : 2 Reserve & Surpluses


1 Capital Reserve 127,836,428 127,836,428

2 Capital Redemption Reserve 2,500,000 2,500,000

5 Contract Profit Fluctuation Reserve - 1,696,102

8 Surplus (Profit & Loss Account) 326,736,978 316,223,358

Total 457,073,406 448,255,888

Sch : 3 Long Term Borrowings


1 Term Loan

- From Bank

Term Loan Due to:

Yes Bank Ltd - -

India Bulls Financials Services Ltd 43,595,838 50,475,977

Tata Capital Ltd - -

Syndicate Bank 17,585,303 21,265,974

Vehicles & Machinery Hypothecation Loans 724,357 1,660,860

- From Other Parties

2 Unsecured Loan Due To Government 2,632,658 1,982,719

3 Loans & Advances From Related Parties -

4 Long Term Maturities of Finane Lease obligation -

5 Loans From Directors -

6 Other Loans & Advances -

Total 64,538,155 75,385,530

Sch : 4 Defferred Tax Liabilities (Net)


Deferred Tax Liability 11,788,044 13,349,004

Total 11,788,044 13,349,004

Sch : 5 Other Long Term Liabilities


1 Trade Creditors -

2 Others -

Total - -

Sch : 6 Long Term Provisions


1 Provision from Employement Benefit 2,760,625 2,475,789

2 Other -

Total 2,760,625 2,475,789


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22

Sch : 7 Short Term Borrowings


1 Loan Repayable on Demand

Cash Credit Loans Due to:

- From Bank

State Bank of India 484,464,651 356,174,870

Syndicate Bank 25,427,207 25,066,965

- From Other Parties

Total 509,891,858 381,241,835

2 Long Term Loans Payable In 12 Months: -

Yes Bank Ltd 1,064,204

India Bulls Financials Services Ltd 7,358,030 4,489,094

Tata Capital Ltd 876,255

Syndicate Bank 3,275,692 -

Vehicles & Machinery Hypothecation Loans

Unsecured Loan Due to Govt of Karnataka 3,538,000

Total 10,633,722 9,967,553

3 Interest Accrued and Due On Secured Loans 279,112

4 Interest Accrued but not Due On Secured Loans -

5 Loans & Advances From Related Parties -

6 Depsoits -

7 Others 6,851,004 3,320,627

Total 527,655,695 394,530,015

Sch : 8 Trades Payable


1 Trade Creditors 70,023,948 51,618,785

2 Others 19,733,152 9,907,650

Total 89,757,101 61,526,435

Sch : 9 Other Current Liabilities


Construction Advances 94,597,171 54,314,720

Total 94,597,171 54,314,720

Sch : 10 Short Term Provisions


Provisions For Current Taxes 2,457,501 2,167,279

1 Provision From Employees Benefit -

2 Others -

Total 2,457,501 2,167,279

Sch : 12 Non Current Investment


1 Trade Investments 173,082 240,832

2 Other Investments 218,550 218,550

Total 391,632 459,382

Sch : 13 Long Term Loans and Advances


1 Advances For Capital Assets

2 Security Deposit

3 Loans & Advances to Related Parties -

4 Other Loans & Advances 15,103,408 16,866,053

Total 15,103,408 16,866,053


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23

Sch : 14 Other Non Current Assets


1 Long Term Trade Recievables 14,436,877 13,578,165

2 Others

Total 14,436,877 13,578,165

Sch : 15 Inventories


1 Raw Material 9,441,276 9,249,119

2 Work-in-Progress 493,338,302 287,941,363

3 Finished Goods 65,387,763 59,939,597

4 Stock-in-Trade -

5 Stores & Spares

6 Loose Tools

7 Other (Specify the nature)

8 Goods-in-Transit

Total 568,167,341 357,130,079

Sch : 16 Trade Recievables


1 Outstanding for more than six months 350,720,646 368,047,905

2 Others

Total 350,720,646 368,047,905

Sch : 17 Cash & Cash Equivalent


1 Cash-in-Hand 1,305,927 860,893

2 Bank Balance 9,764,676 7,393,541

Total [ A + B + C ] 11,070,603 8,254,434

Sch :18 Short Terms Loans and Advances


1 Loans & Advances from Related Parties 68,15,054 5,446,948

2 Others 242,425,919 232,323,029

Total 249,240,973 237,769,977

Sch : 19 Other Income

Sr.No. Particulars Current Year Previous Year

Sales and Other Income

Sales :

Sales of Flats & Other Sales 163,679,553 150,298,639

Sale of Traded Goods -

Sale of Finished Goods 22,830,680 25,128,027

Inter Unit Sales

Total 186,510,233 175,426,666

Other Income

Interest on Deposits & Others 441,458 407,559

Lease Rentals : Building 5,456,708 1,815,592

Miscellaneous Receipts 1,664,925 1,880,257

Profit on Sale of Assets 921,384 1,038

Sale of Scraps - 99,060

Total 8,484,475 4,203,506

Total 194,994,708 179,630,172


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24

Sch : 20 Cost of M a te ria l Consum e d

Sr.No. Pa rticula rs Curre nt Ye a r Pre vious Ye a r

Housing De ve lopm e nt Busine ss:

Cost of Sa le s

Opening S tock - -

Add : Purchases 129,869,667 95,115,830

Total 129,869,667 95,115,830

Less : Clos ing S tock -

Cost of Ra w M a te ria ls Consum e d 129,869,667 95,115,830

M a nufa cturing Busine ss:

Opening S tock 9,249,119 9,828,338

Add : Purchases 16,336,341 17,307,303

Total 25,585,460 27,135,641

Less : Clos ing S tock 9,441,276 9,249,119

Cost of Ra w M a te ria ls Consum e d 16,144,184 17,886,522

Tra ding Busine s:

Opening S tock

Add : Purchases -

Total - -

Less : Clos ing S tock -

Cost of Ra w M a te ria ls Consum e d - -

Tota l 146,013,851 113,002,352

Sch : 21 Cha nge in Inve ntorie s


Incre a se of De cre a se in Stock

Opening S tock

Finished Goods : Hous ing 37,763,438 37,763,438

Finished Goods : M anufac turing 22,176,159 20,404,135

W ork ing in P rogress : Hous ing 287,941,363 171,449,974

W ork ing in P rogress : M anufac turing

Tota l 347,880,960 229,617,547

Clos ing S tock

Finished Goods : Hous ing 37,763,438 37,763,438

Finished Goods : M anufac turing 27,624,325 22,176,159

W ork ing in P rogress : Hous ing 493,338,302 287,941,363

W ork ing in P rogress : M anufac turing

Tota l 558,726,065 347,880,960

Tota l (210,845,105) (118,263,413)

Sch : 22 Em ploye m e nt Be ne fit Ex pe nse s


Salaries , W ages , Bonus , Grauity , Leave Encashm ent 21,278,326 16,517,316

and Exgratia.

Direc tor Rem uneration 2,254,500 2,100,000

Contribution to Em ployees Provident Fund 1,201,596 1,118,223

S taff W elfare Expenses & M edical Exp. 549,645 427,189

E S I Contribution to Em ployees 19,157 47,440

Tota l 25,303,224 20,210,168

S ch :23 F ina ncia l Cost

S r.No . P a rticu la rs Curre n t Ye a r P re vious Ye a r

Interes t O n

(a) Term Loans 3,323,905 4,819,143

(b) O ther B ank Loan 86,590,159 56,101,666

(c ) Uns ec ured Loans 1,648,540 -

B ank Charges & O ther Charges 1,051,384 1,182,703

92,613,987 62,103,512

Les s : Trans fers to Cons turc t ion Cos t 82,682,904 55,303,967

Tota l 9,931,083 6,799,544

Sch : 24 Depreciation & Amortised Cost

Sr.No. Particulars Current Year Previous Year

1 Depreciation 10,197,912 9,969,881

2 Preliminary Expenses Amortized -

Total 10,197,912 9,969,881


th

25

Sch : 25 Other Expenses

Sr.No. Particula rs Current Year Previous Year

Expenses for Construction & Manufacturing

Factory Overhead & Consumables 94,046 74,953

Labour Charges & Other Charges 3,700,322 3,582,648

Power & Fuel 5,860,578 5,540,913

Crushing Expenses 34,475 75,683

Repa irs and Maintenance :

Building 2,044,082 1,998,716

Electrical 109,946 53,892

Machinery 125,222 173,043

Others 205,856 272,433

Other Expenses

Advertisement Charges 1,692,867 2,237,887

Postage & Telegraph 157,879 105,835

Conveyance 313,100 323,188

Electric ity Charges 292,607 378,415

Filing Fee 12,226 5,900

General Expenses 177,809 236,537

News & Periodicals 6,033 4,949

Printing & Stationery 362,488 407,069

Professional & Sales Tax Renewal Fee 7,500 10,000

Professional Fee 719,465 1,420,362

Property & Road Taxes 34,981 -

Rates And Taxes 92,546 44,777

Rent 1,088,268 918,688

Entry Tax 42,000 7,595

Service Tax Paid - 1,455

Telephone Charges 678,499 692,125

Travelling Expenses 461,358 145,870

Vehic le Fuel & Maintenance 599,117 305,710

W ater Charges 131,230 22,886

Annual General Meeting Expenses 114,138 47,752

Annual Maintanance Computers& Others 118,660 216,669

Compensation 10,000 -

Commission & Brokarage - 21,667

Donations 85,950 85,150

Filing Fees 77,566 264,692

Inspection & Certificatifaction Charges 76,170 40,725

Insurance 257,383 184,678

Listing & Others Fee 56,500 37,082

Loss on Sales of Fixed Assets 15,609 -

Invesment W ritten off 67,750

Sundry Balance W ritten off (232,723) -

Process Fee - 125,475

Sales Promotional Expenses 92,299 739,340

Sitting Fee 148,000 156,000

Subscription & Membership 34,375 112,760

Tender Charges, Testing & Trade Mark 6,500 21,239

Auditors Remuneration:

For Audit 250,000 250,000

For Tax Audit 50,000 50,000

For Others -

Tota l [ A + B ] 20,272,676 21,394,756

S ch : 26 Ex ce p tio n a l I te m s

S r.N o . P a rticu la rs C u rre n t Ye a r P re v io u s Ye a r

P R IO R P ER IO D A D JU S T M EN T S

IN C O M E:

E x c es s P rovis ion F o r V A T W ithd raw n - 614 ,500

T o ta l In co m e - 614 ,500

EX P EN D IT U R E:

P ena lt ie s 250 270 ,687

P ena l In te res t & O the r E x pens es 21 ,490

T o ta l Ex p e n d i tu re 250 292 ,177

T o ta l 250 (322 ,324 )


th

26

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27

SCHEDULE '27' NOTES FORMING PART OF ANNUAL ACCOUNTS:

1.Share Capital:Reconciliation of Number of Shares:

aPart iculars As At 31.3.2012 As At 31.3.2011Equity Shares:

Balance at the beginningAdd: Number of Share AllottedBalance at close

6,500,000Nil6,500,000

6,500,000Nil6,500,000

Number of Shares issued for consideration other wise than for cash:

Particulars As At 31.3.2012 As At 31.3.2011Equity Shares of rs.10/- Each Nil Nil

Rights, preferences and restrictions attached to each class of shares:Equity Share of Rs.10/- each fully paid-up:

a Ri ght to dividend on pari passub Voting rights on e vote per each share

c No preferent ia l ri gh ts are att ached

d No restric tions are a ttached.

Name of shareholders holding more than 5% of Equity Shares:

Nam e of Shareholders As At 31.3.2012 As At 31.3.2011 % of SharesS.A.Kabeer 1,154,186 1,154,186 1 7.767

S.A.R asheed 561,650 561,650 8 .6 46

Alpine Buil ders Private Li mited 776,811 776,811 1 1.957S.M .Mohsin 453,500 453,500 6 .9 81

S.M .Muneer 377,000 377,000 5 .8 04

Jaz Exports & Engi neerin g Pvt. Ltd 345,800 345,800 5 .3 23

2.Particulars of Reserves and Surpluses:

Par tic ul ars A s A t 31.3.2012 A s A t 31.3.2011

C api tal R e ser ve s:

In vestme n t S ub sidy:

O peni ng Ba lanc eA dd: A dditi on sCl osing Ba la nce

2,500,000N il

2,500,000

2,500,000N il

2,500,000

Ge ne ral Re se rve :

O peni ng Ba lanc eA dd: A ppropr ia te d from C urrent Profi tCl osing Ba la nce

127,836,428N il

127,836,428

1 27 ,83 6, 428N il

1 27 ,83 6, 428

C o n tr a c t P r o f i t F lu c t u a t io n R e s e r v e :O p e n in g B a la n c e

A d d : W i th d r a w n d u r in g t h e y e a rC lo s in g B a la n c e

1 , 6 9 6 , 1 0 2

( 1 , 6 9 6 , 1 0 2 )N i l

1 , 6 9 6 , 1 0 2

N i l1 , 6 9 6 , 1 0 2

P r o f i t & L o s s A c c o u n t:O p e n in g B a la n c e B r o u g h t F o r w a rd

A d d : C u rr e n t Y e a r P r o fi tA d d : T ra n s f er F r o m C o n t ra c t P r o f i t F lu ctu a t io n R e s e r v e

L e s s : P r o p o s e d D iv id e n d & D iv id e n d T a x

L e s s : T ra n s f e rr e d to G e n e ra l R e s e r v eC lo s in g B a la n c e C ar r i e d F o r w a r d

3 1 6 , 2 2 3 , 3 5 8

8 8 , 1 7 , 5 1 81 , 6 9 6 , 1 0 2

( N i l )

(N i l3 2 6 , 7 3 6 , 9 7 8

3 1 0 , 8 6 4 , 8 8 4

5 , 3 5 8 , 4 7 4N i l

( N i l )

( N i l )3 1 6 , 2 2 3 , 3 5 8

3. 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 s ecu red Hyp oth ecation of Stock of Raw M at erials, Sto ck-in-proces s, Finis hed

Goo ds , to ols , sp ares , o ther receivab les of Sleeper an d Allo ys Div ision s.

Hyp oth ecation of Plant & M achin ery of th e Alloy s Divis ion and by Unregis teredE qu itable M ortgag e b y dep os it o f title deed s o f L and an d Factory B uild ing at Bellu r

Village in Kolar District an d o f L an d at M an galo re jo int ly own ed b y th e co mp any an d

Alp ine Bu ilders Private Lim ited as coll ateral security.

ii. Perso nal Guarantee o f t wo o f th e Directo rs viz., M r. S.A .Kabeer an d M r.S.A.R as heedand that of M /s Alpin e B uild ers Priv ate L im ited are p ro vid ed

iii. Credit L im it i s payab le on d emand .

iv . Amo un t of con tinu ing d efau lt is Rs.Nil (Rs.Nil)

28


th

:

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 Unregist ered Equit able Mortgage by deposi t of titl e deeds of Indu strail Property at Bel lur Vill age inKolar Dist rict.Hypothecation of Plan t & M achinery of the Al loys Division and by Unregist ered Equitable M ortgage by dep osit ofti tle deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limi ted as col lat eralsecurity.

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

ii i Rep ayable in:a. In 27 m on thly Ins tal lments of Rs.1,67,000/- from January, 2012 to March, 2014 ;b. In 24 m onthly Ins tal lmen ts of Rs.2,50,000/- from April, 2014 to March , 2016; and

c. In 12 m on thly Ins tal lments of Rs.2,91,000/- from April, 2016 to March, 2017.iv Period of defaul t is Two Months.

v. Amount of cont inuing default i s Rs.311,692/-(Rs.Nil) which is subsequently p aid

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 deposi t of title deeds of Industrail Property at Bellur Village inKolar District.Hypothecation of Plan t & Machinery of the Alloys Division and by Unregistered Equitable Mortgage by deposit ofti tle deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateralsecurity.

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

ii i. Repayable in:a. In 15 mon thly Ins tal lments of Rs. 64,000/- from January, 2012 to March ,2013 ;b. In 36 mon thly Ins tal lments of Rs.1,20,000/- from April, 2013 to March, 2016; and

c. In 12 mon thly Ins tal lments of Rs.1,35,000/- from April, 2016 to March, 2017.iv. Defau lted for Two Months

v. Amount of continuing default is 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 secu red by Hypothecation of Plant & Machin ery of the Alloys Division and by Un registered Equi table M ortgageby deposi t of titl e deeds of Land and Factory Bui lding at Bellur Vi llage in Kolar Dist ri ct and of Land at Mangalorejoint ly own ed by the company and Alpine Builders Private Lim ited as collateral security.

ii . Personal Guarantee of two of the Directors viz., Mr.S .A.Kab eer and Mr.S.A.Rasheed and that of M/s Alpine B uildersPrivate Limited are provided.

ii i. Repayable On Demandiv. 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, asprimary 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 ascollateral 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.


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29

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, asprimary 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 Promoterof 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 andMr.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 1st February, 2017.

iv. Period of default is less than one Month. Amount continuing in default isRs.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 toMr.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.AthiaBegum, 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 jazzExports & 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.


th

30

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.S.A.Rasheed and Mr.S.M.Mohsin, Director ofthe 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 of L&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 ofTavera 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.

4. Contingent Liabilities:

1.Particulars of Contingent Liabilities:a. Claims against the company not acknowledged as debt:

Particulars As At

31.3.2012

As At

31.3.2011

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

Particulars As At

31.3.2012

As At

31.3.2011

i Liability towards the Guarantees issued by the

Syndicate Bank to Indian Railways

11,645,000 15,000,000

b. Guarantee


th

31

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

Particulars As At

31.3.2012

As At

31.3.2011

i. Estimated amount of contracts remaining to be

executed on capital account not provided for

Nil Nil

ii. Uncalled liability o shares and other investments

which are partly paid

Nil Nil

iii. Other Commitments Nil Nil

5. Fixed Assets:

Particulars of Non-Current & Current Investments:

Trade Investments: Investments in Equity Instruments:

1.

Particulars As At31.3.2012

As At31.3.2011

MarketValue

i. 200 (P.Y.200) Videocon Industries Ltd

150 (P.Y.150) ICICI Bank Ltd

300 (P.Y.300) Raymonds Ltd500 (P.Y.500) Damania Airway Ltd

500 (P.Y.500) Lupin Ltd88 (P.Y. 88) NEPC Agro Foods Ltd

Total

27,140

19,682

79,700Nil

36,05010,510

240,832

27,140

19,682

79,70067,750

36,05010,510

240,832

34,300

133,087

127,320Nil

26,48310,510

ii. Market Value 331,170 289,137

Other Investments:


As At31.3.2011

i. Investments in Equity Instruments:

10000(P.Y.10000) Pavan Puthra Finance &

Investments Ltd. 100,000 100,000

ii. Investment in Government Securities: NSC 6,050 6,050

iii. Other Non-Current Investments:4500 (P.Y. 4500) Shares of Rs. 10/- each fully paid-up

in Amanath Co-operative Bank Limited

112,500 112,500

Total Cost 218,550 218,550

Market Value 218,550 218,550


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6. Trade Receivables:

Classified as Current: Rs.350,720,646 (P.Y.Rs.368,047,905) includes:


As At31.3.2011

i. Debts Due for a period:

a. more than Six Months from the due date

b. Others

236,634,536

114,086,110

216,916,657

151,131,248

ii. Debts considered good and secured Nil

iii. Debts considered good but secured 350,720,646 368,047,905

iv. Debts considered unsecured and doubtful of recovery

and not provided for

Nil Nil

v. Debts due from:a. Directors

b. Other Officers

c. Companies in which the Directors of the companyis Directors

d. Firms in which Directors of the company are

interested as partners

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Classified as Non-Current: Rs.14,436,877 (P.Y.Rs.13,578,165) includes:


As At31.3.2011

i. Debts Due for a period:

a. more than Six Months from the due date

b. Others

14,436,877

Nil

13,578,165

ii. Debts considered good and secured Nil

iii. Debts considered good but secured 14,436,877 13,578,165

iv. Debts considered unsecured and doubtful of recovery

and not provided for

Nil Nil

v. Debts due from:a. Directors

b. Other Officers

c. Companies in which the Directors of the companyis Directors

d. Firms in which Directors of the company are


Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil


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7. Loans and Advances:

Classified as Current: Rs.249,240,973 (P.Y.Rs.237,769,977) includes:


As At31.3.2011

i. Short Term Loans & Advances:

a. Capital Advances

b. Security Depositsc. Due From Related Parties

d. Others

Nil

Nil3,014,226

246,226,727

Nil

NilNil

237,769,977

ii. Loans and advances which are:

a. Secured and considered goodb. Unsecured and Considered Good

c. Doubtful

Nil249,240,973

Nil

Nil237,769,977

Nil

III. Loans & Advances due from:

a. Directorsb. Other Officers

c. Companies in which the Directors of the

company is Directorsd. Firms in which Directors of the company are


NilNil

Nil

Nil

NilNil

Nil

Nil

Classified as Non-Current: Rs.15,103,408 (P.Y.Rs.16,866,053) includes:


As At31.3.2011

i. Long Term Loans & Advances:

a. Capital Advances

b. Security Depositsc. Due From Related Parties

d. Others

Nil

NilNil

15,103,408

Nil

NilNil

16,866,053

ii. Loans and advances which are:

a. Secured and considered goodb. Unsecured and Considered Good

c. Doubtful

NilNil

Nil

NilNil

Nil

III. Loans & Advances due from:

a. Directorsb. Other Officers

c. Companies in which the Directors of the

company is Directorsd. Firms in which Directors of the company are


NilNil

Nil

Nil

NilNil

Nil

8. Amounts due to and From Related Parties:


As At31.3.2011

Amounts due to Related Parties:

I Alpine Builders Private Limited 10,027,719 2,769,838

ii Alpine Infotech Private Limited 1,573,062 1,577,082

iii Jaz Exports & Engineering Private Limited 1,346,936 1,261,980

iv Alpha Stones Nil 396,382

Total 12,947,717 6,005,282

Amounts due from Related Parties:

i Alpha Stones 6,815,054 5,446,948

Total 6,815,054 5,446,948

9. Bank Balances Include:


As At31.3.2011

i. Unpaid Dividends 1,227,916 1,271,641

ii. Margin Money Nil Nil

III. Deposits with more than 12 months maturity 6,142,647 5,825,040

iv. Cheques & Drafts On Hand Nil Nil

v. Others 2,394,114 296,860

Total 9,764,677 7,393,541

10.

11.

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 asmay arise in future within the time specified there under.

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

(a) The Company's claim against the land owners for specific performance under a Joint DevelopmentAgreement was decided in favour of the company. As per the award the company is entitled to receive therefundable deposits paid by the company together with damages and reimbursement of expenses of Rs.1.14Lakhs. However as the said award is challenged by the land owners and the litigation is still pending in thecourt, the amounts so receivable towards the reimbursement of expenses and damages are not reflected in thebooks of account. The damages not accounted for the year is Rs. 0.48 Million (P.Y. Rs.0.48 Million) andcumulative amount as up to the date of balance sheet is Rs.7.32 Millions (P.Y.6.84 Millions). The same willbe 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 balancesheet, a sum of Rs.5,392,311/- (P.Y.Rs. 5,183,943/-) which is not reflected in the books of the company to theextent of Rs.3,577,980/- (P.Y.Rs. 3,369,612/-) being the income, in view of challenge of the award in a courtof law. The income so not accounted as relating to the current year is Rs.208,368 (P.Y.208,368).The samewill be accounted in the year of realization.


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12.

.

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 March, 2012 is Rs. 17.18 Lakhs(P.Y.Rs.3.68 Lakhs).

13 Operating Cycles of the various businesses considered by the management are:

st

Particulars Period of operation cycle

I Alloys Unit Six Months

ii Railway Sleeper Unit One Year

iii Housing Development Projects Seven Years

14. The particulars of Gross Sales and Net of Duties are:

Particulars Gross Value Less: Duty Net of Duty

I Alloys Unit 24,904,022 2,328,681 22,575,341

ii Railway Sleeper 2,80,348 25,009 255,339

iii Housing Development 163,679,553 Nil 163,679,553

Total 188,863,923 2,353,690 186,510,233

15. Particulars of Remuneration to Managing Director and Whole-Time Directors:

Particulars Current Year Previous Year

i Salary:a. Managing Director

b. Whole-Time Directors

1,272,000

9,82,500

1,200,000

900,000

ii. Provident Fund Contribution:

a. Managing Directorb. Whole-Time Directors

21,60021,600

21,60021,600

16. Particulars of amounts contributed to various funds for Employees benefit:

Particulars of Funds Current Year Previous Year

i. Provident Fund 1,201,596 1,118,223

ii. ESI Contribution 19,157 47,440

iii. Labour Welfare Fund 1,848 1,350

Total 1,222,601 1,167,013

17. QUANTITATIVE PARTICULARS

RAW MATERIALS : SLEEPER PROJECT

1. CEMENT Quantity In Metric Tons Values in Rupees

Particulars CurrentYear

PreviousYear

CurrentYear

PreviousYear

Opening Stock 107.366 107.366 465,121 465,121

Purchases Nil Nil Nil Nil

Consumption Nil Nil Nil Nil

Closing Stock 107.366 107.366 465,121 465,121


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2. HTS WIRES Quantity In Metric Tons Values in Rupees


PreviousYear

CurrentYear

PreviousYear

Opening Stock 37.413 37.413 1,401,463 1,401,463

Purchases Nil Nil Nil Nil

Consumption Nil Nil Nil Nil

Closing Stock 37.413 37.413 1,401,463 1,401,463

Note: The Quantitative particulars in respect of other items like jelly, sand, wood etc cannot be furnished

RAW MATERIALS : ALLOYS PROJECT

C.R.SCRAP Quantity In Kilograms Values in Rupees


PreviousYear

CurrentYear

PreviousYear

Opening Stock 7,594 13,336 197.444 306,728

Purchases 4,13,100 5,43,145 10,988,069 12,653,108

Consumption 4,16,617 5,48,887 11,077,716 12,762,392

Closing Stock 4,077 7,594 116,194 197,444

FINISHED GOODS : SLEEPER PROJECT

A. TURN OUT SLEEPER SETS:

Particulars Quantity In Sets Values in Rupees

CurrentYear

PreviousYear

CurrentYear

PreviousYear

Opening Stock 7 7 850,781 850,781

Production Nil Nil Nil Nil

Sales Nil Nil Nil Nil

Closing Stock 7 7 850,781 850,781

B. BROAD GUAGE SLEEPERS:

Particulars Quantity In Nos Values in Rupees

CurrentYear

PreviousYear

CurrentYear

16,594,800

Opening Stock 14,136 14,136 16,594,800 Nil

Production Nil Nil Nil Nil

Sales Nil Nil Nil Nil

Closing Stock 14,136 14,136 16,594,800 16,594,800

FINISHED GOODS : ALLOYS PROJECT: INSERTS:

Particulars Quantity In Nos. Values in Rupees

CurrentYear

PreviousYear

CurrentYear

PreviousYear

Opening Stock 22,592 14,844 1,618,438 848,926

Production 312,661 335,748 25,124,893 24,266,666

Sales 256,112 328,000 20,679,567 23,947,000

Closing Stock 79,141 22,592 6,313,124 1,618,438

Note:The Quantitative particulars in respect of other finished goods, being insignificant, havn’t been furnished


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RELATED PARTY TRANSACTIONS DISCLOSURES: In Rs.

Particulars AssociatedConcerns &

Directors

Relatives

KeyManageme

nt

Personnel

TOTAL

Purchase Of GoodsPurchase of Flats

2,085,135Nil

NilNil

2,085,135Nil

Sale Of Goods/Services 59,325 Nil 59,325

Financial Transactions:

a. Loan Borrowed

b. Loan Repaidc. Interest Paid

d. Equity Share Capital

e. Share Applicationf. Advances Received

g. Advances Repaid

h. Refundable Deposit paid underJoint Development agrrement

Nil

NilNil

Nil

Nil59,174,167

53,599,838

Nil

Nil

NilNil

Nil

NilNil

Nil

Nil

Nil

NilNil

Nil

Nil59,174,167

53,599,838

Nil

Sale Of Fixed Assets Nil Nil Nil

Purchase Of Fixed Assets Nil Nil Nil

Receiving Of Services Nil Nil Nil

Rendering Of Services Nil Nil Nil

Guarantees & Collaterals:a. Personal guarantee Given to the

Company’s Bankers

b. Collaterals given to the

Company’s Bankers(Approximate Value Of

Collaterals)

Nil

490,000,000

175,000,000

35,000,000

175,000,000

525,000,000

Associated Concerns:

Relatives:

a. M/s Alpine Builders (P) Ltdb. M/s Jaz Exports & Engineering (P) Ltd.

c. M/s. Alpine Infotech Pvt Ltd

d. M/s. Alpine Infotech (Partnership)e. M/s. Alpine Public School

f. Mr. S,M.Muneer

g. Mrs.Rehana Parveenh. Mrs.Anisa Banu

i. Mrs.Athiya Begum

j. Mrs.Sabiha Talathk. Mr. S.M.Mohsin

Key Management Personnel

a. Mr. S.A.KABEER

Managing Director

b. Mr. S.A.RASHEEDDirector


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19. Particulars of Deferred Tax liability is provided in the accounts are as follows:


PreviousYear

Written Down Value As Per Books 98,967,995 107,370,442

Written Down Value As Per Income Tax 60,612,444 66,800,126

Difference in WDV 38,355,551 40,570,316

Deferred Tax Liability 12,444,458 13,789,850

Disallowances U/s 40(a) & 43B 1,931,196 1,296,988

Deferred Tax Asset 656,414 440,846

Net Deferred Tax Liability 11,789,850 13,349,004

Deferred Tax Provided in earlier years 13,789,850 10,498,668

Deferred Tax Provided(+)/Withdrawn(-) in the year:

(a) For The Year

(b) For Earlier Years(c) Total during the year

(1,560,960)

Nil(1,560,960)

2,850,336

Nil2,850,336

20. 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

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

a. Value of Contract completed is accounted as sales/income on raising of invoices on the basis of value ofworks 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 ofthe value of the works completed.

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

c. In case of sale of Apartments under construction by the company under joint development agreements:i. 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 theconstruction agreements are accounted on the basis of the proportionate sale value realizable on total sale ofcompany's share in the built u p area in the same ratio as the total cost incurred would bear to the totalestimated 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 arereckoned as work in progress at cost.

22. SIGNIFICANT ACCOUNTING POLICIES :

A. RECOGNITION OF INCOME:


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38

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 andwhen the company makes claims.

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

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

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

g. Incomes which are not ascertained and quantum whereof can not be determined are accounted in theyear in which the same are ascertained and determined or received, which ever is earlier.

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 o ther expenditure which are not easily ascertainable are accounted in theyear in which such liabilities are either ascertained or actually paid which ever is earlier.

4. The liability in respect of levies payable in respect of the escalation in price on sale of Railway Sleepersare 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 andprovided for in the accounts on the basis of the liability on the company as at the last day of the accountingperiod.

a. Work-in-progress of Housing projects are valued at cost as stated in 18 (A) (b)(iii) and 18(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 valuewhichever is lower excluding central excise duty.

.

Depreciation on fixed assets is provided on Straight Line Method at the rates Specified in schedule XIV tothe Companies Act, 1956, on prorate basis.

B. EXPENDITURE RECOGNITION:

C. INVENTORY VALUATION:

D DEPRECIATION:


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23. INDUSTRY & GEOGRAPHICAL SEGMENT REPORT : Rs. In Millions

Classification INDUSTRY GEOGRAPHICAL SEGMENT

ParticularsHousingConstruction

Industry Total Karnataka OtherStates

Total

Operating Income 172.010 22.984 194.994 186.375 8.619 194.994

Operating Expenses 144.490 39.487 183.977 173.144 10.833 183.977

Net Income BeforeTaxes

27.520 (16.503) 11.017 13.231 (2.214) 11.017

Taxes on Income (2.199) Nil (2.199) (2.199) Nil (2.199)

Net Profit after Taxes 25.321 (16.503) 8.818 11.032 (2.214)l 8.818

ProposedDividend Nil Nil Nil Nil Nil Nil

Dividend Tax Nil Nil Nil Nil Nil Nil

Transfer To Reserves Nil Nil Nil Nil Nil Nil

Balance Profit 25.321 (16.503) 8.818 11.032 (2.214) 8.818

SIGNATURE TO SCHEDULES “1” To “27”

Place: BENGALURU As per our report attached

Date: 30 May, 2012 FOR RAO & VENKATESULUChartered Accountants

S.A.KABEER V.PADMANABHANChairman & Managing Director Partner

Membership No. : 3181FR No.003108S

S.A.RASHEED ASHOK KUMAR TRIPATHYDirector Company Secretary

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S/d/-

S/d/-

S/d/-

S/d/-

Particulars

Cash Flow From Operating Activities:

Net Profit Before Tax & Extraordinary items Adjustments For : 11.02 10.87

Depreciation 10.20 9.97

Miscllaneous Expenditure Written off - -

Provision For Gratuity & Earned Leave Payable 0.28 1.25

Profit/Loss on Sale of Investments

Profit/Loss on Sale of Assets (0.92) -

Interest,Dividends Etc (0.44) (0.41)

Finance Cost 9.93 19.05 6.80 17.61

30.07 28.49

Operating Profit Before Working Capital Changes Adjustments for :

Trade & Other Receivables 5.38 (22.35)

Inventories (211.04) (117.68)

Trade Payables 65.19 (140.46) (58.01) (198.05)

(110.39) (169.56)

Cash Generated From Operations

Finance Cost (9.93) (6.80)

Direct Taxes Paid (4.26) (4.18)

Dividend Paid - (14.19) (3.90) (14.87)

Cash flow before extra ordinary items Sales Assets (124.58) (184.43)

Net Prior Period Expenses

Net Cash Flow From Operating Activities (124.58) (184.43)

Cash Flow from Investing Activities

Purchase of Fixed Assets 0.51 (3.37)

Purchase of Investments (0.07) -

Sale of Investments/ Assets 0.92 (0.02)

Increase In Preliminery Expenses

Interest Received 0.44 0.41

Dividend Received - 1.81 - (2.98)

Net Cash used in investing activities (122.78) (187.41)

Cash Flow from Financing Activities

Proceeds from issue of Capital - -

Proceeds from Long Term Borrowings (17.93) 1.52

Repayment of Finance Lease Liabiliteis -

Work in Capital Loan 146.41 188.74

Investment Subsidy - -

Unsecured Loans (2.89) 125.60 (3.86) 186.39

Net Cash Used in Financing Activities 2.82 (1.03)

Net Increase/Decrease in Cash & Cash Equivalents

Opening Balance of Cash & Cash Equivalents 8.25 9.28

Closing Balance of Cash & Cash Equivalents 11.07 8.25

Current Year Previous Year

CASH FLOW FOR THE YEAR ENDED ON 31ST MARCH, 2012

We have verified the Cash Flow Statement of Alpine Housing Development Corporation Limited derived from the Audited Statements and the Booksand Records maintained by the company for the year ended on 31st March,2012 and found the same in agreement therewith.

Place : BengaluruDate : 30th May, 2012

Sd/-S.A.KABEER


As per our report attachedFor Rao & VenkatesuluCharted Accounts

Sd/-V.PADMANABHANPartnerMembership No. : 03181Firm Ni.: 003108S

Place : BengaluruDate : 30th May, 2012

41


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ALPINE HOUSING DEVELOPMENT CORPORATION LIMITEDBALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILEI. Registration Details:

RegistrationNo. 13174 StateCode 08

BALANCE SHEET AS AT 31 MARCH, 2012:II. Capital raised during the year: Rs in Millions:

st

Pu blic Issue Nil NilRi ght Iss ue Nil Nil

Bonus Issue Nil Nil

Priva te Placement Nil Nil

III. Position of mobilisation and deployment of funds: Rs. In Millions

Total Liabilities 1,315.593 1,116.969

Total Assets 1,315.593 1.116.969

Sources of Funds:

Paid Up Capital 64.965 64.965

Share Application Nil Nil

Reserves & Surpluses 457,073 448.256

Non Current Liabilities 79,087 91,210

Current Liabilities 714,468 512,538

Application Of Funds:

Net Fixed Assets 106,461 114.864

Investments 0.392 0.459

Net Deferred Tax Asset Nil Nil

Non Current Assets 29.540 30,444

Current Assets 1179,200 971,202

Accumulated Losses Nil Nil

IV. Performance of the Company: Rs. In Millions

Total Turnover & Income 194,995 179.629Total Expenditure 183,978 169.078

Profit Before Tax 11,017 10.873

Profit After Tax 8,817 5.357Earning Per Share [Annualised] Rs. 1.36 Rs. 0.82

Dividend- Interim/Proposed Per Share Nil Nil


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V. Generic names of three principal products of Company (as per monetary terms):

P r oduc t De sc rip ti on I te m C od e (ITC C ode )

a . Prope rt y De vel opment N IC-82-8 20

b. Cons truc tion N IC-50-5 003 3

c . Ra ilw a y Conc re te S le epe rs 6804-90d. SG & Grey Iron Ca stings 73259-09

NOTE: In respect of items (a) and (b) NIC Code have been given in the absence of ITC Code ClassificationSIGNATURE TO SCHEDULES “1” To “27”

Place: BENGALURU As per our report attached

Date: 30 May, 2012 FOR RAO & VENKATESULUChartered Accountants

S.A.KABEER V.PADMANABHANChairman & Managing Director Partner

Membership No. : 3181FR No.003108S

S.A.RASHEED ASHOK KUMAR TRIPATHYDirector Company Secretary

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Sd/-

Sd/-

Sd/-

42

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.

.

.

.

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on 28 September, 2012 on Fridayth

and at any adjoument thereof.

28th

September, 2012 on Friday


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/ 2012

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