j) Provisions. Contingent Liabilities and Contingent Assets
A provision is recognized when the enterprise has :i present obligation (legal or constructive’) ns a result of a past
event and it is probable that un outflow of resources embodying economic benefits \\ ill be required to settle the
obligation, in respect of which u reliable estimate cun be made. These are reviewed at each balance sheet dale and
adjusted to reflect the current management estimates
If the effect of tiie time value of mouey is material, provisions are determined by discounting the expected future
cash flows specific to the liability. The unwinding of the discount i> recognized a> finance cost.
Contingent Liabilities arc disclosed in respect of possible obligations that arise from past events bur their existence
is confirmed by the occurrence or non -occurrence of one or more uncertain future events not wholly within the
control of the.Company.
A contingent asset is a possible asset dial arises from past events and whose existence will be confirmed only by the
occurrence or non -occurrence of one or tnoie uncertain future events not wholly within the control of the entity.
Contingent Assets are not recognized till the realization of the income is virtually certain. However the same are
disclosed in the financial statements where an inflow of economic benefit is probable.
k) Other income
Interest income
For all financial instruments measured at amortized cost, interest income is recorded using the effective interest rate
( EIR) EIK is the rate w hich exactly discounts the estimated future cash receipts over the expected life of the
financial instrument to the gross carrying amount of the financial asset. When calculating the EIR the Company
estimates the expected cash flows by considering all the contractual terms of the financial instrument (lor example,
prepayments, extensions, call and similar options); expected credit losses arc considered If the credit risk on that
financial instrument has increased significantly since initial recognition.
l) EmployeeBenefits
fij. Shy tide/ ii i f nip | nyec bciiefi t %
Liabilities for wages and salaries, bonus and ex gratia including non -monetary benefits that are expected to be
settled wholly w ithin tw elve months after the end of the year in which the employees render the related service are
classified as short term employee benefits and are recognized as an expense in the Statement of Profit and Loss as
the related service is provided
A liability is recognized for the amount expected to he paid If the Company has a present legal or constructive
obligation tu pay this amount as a result ol'past service provided by die employee and the obligation am be
estimated reliably
(iU Compensated absences
The l ompany provides for compensated absences. Ihe employees are- entitled t«» accumulate leave subject W» certain
limits, for future encashment or availmcnt The liability is accrued based on the number of days of unavarled leave
at each Balance Sheet date It is measured at the balance sheet date on the basis of an independent actuarial
valuation using the Projected Unit Credit method. Actuarial gains and losses are recognised in full in the statement
of profit and loss in the period in which they occur. The Company also offers a short term benefit in the form of
encashment of unavmlcd accumulated compensated absences above certain limits for all of its employees and same
is recognised as undiscounted liability ai the balance sheet date.
liiil Shale-bused payments
The cost of equity settled transactions is determined by the fair value at the grant date which is based on the Black
Scholes model. The grant date fair value of options granted to employees is recognized as an employee expense,
with a corresponding increase in equity under “Employee Stock < >ptions Reserve”, over the period that the
employees become unconditionally entitled to the options.
Tlie expense so determined is recognised over the requisite vesting period, which is the period over which nil of the
specified vesting conditions are to be satisfied. As at each reporting date, the Company revises Us estimates of the
number of options that arc expected to vest, if required.
When the terms of an equity -settled award are modified, in addition to the expense pertaining to the original award,
an incremental expense \< recognised for any modification that result.' in additional fair value, or i< otherwise
beneficial to the employee as measured at the date of modification.
fiv) Fttm-Einplovmcin Benefits
Defined Contribution Plans:
A defined contribution plan is a post-employment benefit plan under which a Company pays specified contributions
to u separate entity and has no obligation to pay any further amounts. I he Company makes contribution to provident
fund in accordance with Employees Provident Fund and Miscellaneous Provisions Act. 1952 and Employee Suite
Insurance. Contribution paid or payable in respect ol defined contribution plan is recognized as an expense in the
year in which services are rendered by the employee.
Defined Benefit Plans:
The Company's gratuity benefit scheme is a defined benefit plan. The liability is recognised in the balance sheet in
rc>peei of gratuity is the present value of the defined benefit, obligation at the balance sheet date less the fair value
of plan ussets (being funded portion), together with adjustments for unrecognised actuarial gain losses and past
service cost1'. The defined bencfit/obligntion are calculated at balance sheet dale by an independent actuary using
the projected unit credit method.
Re-mea1uremeut of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan
assets t excluding interest) and the efi'eet of the asset ceiling (if any. excluding interval), are recognised immediately
in other comprehensive income (OC’I).
As per the notification issued by the Government of Karnataka under Section 4A of the Payment of Gratuity Act.
1972. and Rule 5 of the Kumutaku Payment of Gratuity Rules. 1973. it is mandatory for all employers in the state to
obtain a gratuity insurance policy from the Life Insurance Corporation of India or any other approved insurer to
secure their gratuity obligations
The Company has not yet complied with the requirement of obtaining such an insurance policy its mandated under
the scheme. However, the gratuity liability has been provided ui the books based on actuarial valuation os per the
applicable accounting standards Ind AS I‘> Employee Benefits. The management is in the process of evaluating
the steps required to comply with the scheme and intends to regularize the same in due course.
m) Income-tax
Income lax expense income comprises current tax expense income and deferred tux expense income. It is
recognized in statement of profit and loss except In the extent that it relates to items recognized directly in equity or
in Other Comprehensive Income, in which ease, the lax is also recognized directly in equity or oilier comprehensive
income, respectively.
Cunent Tux
Current tax comprises the expected tax payable or recoverable on the taxable profit or loss for the year and any
adjustment to the tax payuble or recoverable in respect of previous years It is measured at the amount expected to
be paid to (or recovered from) the taxation authorities, using the applicable tax rates and tax laws.
Deferred Tax
Deferred Income tax is recognized in respect of temporary differences between the carrying amount of assets and
liabilities for financial reporting purpose and the amount considered for tax purpose.
Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to
the extent thnr ii is probable that future taxable profits will be available against which they can be utilized Deferred
tax assets are re> tewed at each reporting date and are reduced to the extent that it ts no longer probable that
sufficient taxable profit will he available to allow the benefit of pan or all of that deferred tax asset to be utilized
such reductions arc reversed when it becomes probable that sufficient taxable profits will be available.
Unrecognized deferred tax assets arc reassessed at each reporting date and recognized to the extent that it has
become probable that future taxable profits will he available against which they can be recovered.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse,
using tax rates enacted or substantively enacted by the end of the reporting period.
The measurement of deferred iax assets and liabilities reflects the tax consequences that w ould follow from the
manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets
and liabilities.
Deferred lax assets and liabilities are offset only if;
i) the entity has a legally enforceable right to set off current tax assets against current tax liabilities: and
ii) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority
on the same taxable entity
n) Foreign currency transactions
functional and Presentation currency
The Company's financial statements are prepared in Indian Rupees (INR> which is also company's functional
currency.
Transactions and balances
There are no transactions in foreign exchange duruig the year.
o) Earnings per share:
Basic UnmingS per share is calculated by dividing the profit or loss for the year attributable to the equity
shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the profit or loss for the period attributable to the equity
shareholders and the weighted average number of equity share.- outstanding during the period is adjusted to take
into account:
• The alter income tax effect of interest and other financing costs associated with dilutive potential equity shares,
and
• Weighted average number of additional equity shares that would has e been outstanding assuming the conversion
of all dilutive potential equity shares
p) Rounding off amounts
Alt amounts disclosed in financial statements and notes have been rounded off to the nearest lakhs ag per the
requirement of schedule 111. under otherwise stated;
2.3 REGROUPING BASED ON "AMENDED SCHEDULE III" OF COMPANIES ACT. 2013;
Appropriate regrouping have been made in the financial *tuteincni'». where ever required by fcclftssificutum of
the corresponding items of income, expenses, assets, liabilities and cash flows, in order to bring them in line with
the nomenclature and classification as pet the audited financial statements of the Company for the year ended March
31. 2025. prepared in accordance with the Schedule III of Companies Act. 2013. as amended (the "Amended
Schedule 111"), requirements of Iml AS I and other Ind AS principles.
Signature to the Schedules and notes Subjectto our report of even
Date annexed
For Alpine Housing DevelopmentCorporatiori Limited
For R V K Sand Associates
Chartered Accountants
FRN No. 008572S
S.A.KABEER S.A.RASHEED
Chairman& ManagingDiiBctor Joint ManagmgDirector
DIN : ill664782 DIN ; 01646948
SubbanarasimhaH L
Partner
Membership No; 238159
SHAIK MOHAMMED OSMAN KURIAN ZACHARIAS Place : Bengaluru
Chief Financial Officer CompanySecretnry Date; May 27, 2025
UDIN: 2S23KI59DMJKOM2066
Place Bengaluru
Date: May 27,2025
1
Current fax assets and liabilities arc offset only if. ihe Company has a legally enforceable right to set off Hie
recognized amounts; and
• intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
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