Wc have pleasure in presenting the thirty second Annual Report oh the business and operations of'the Company together with the
audited results for the financial year ended March 31. 2025

Financial Overview

Your Company '% performance during the year as compared with that of during the previous year is summarized below

Ihcrc have been no matcriiil changes and commitments affecting the financial position of the Company which have occurred between the
end of the financial year of the Company to which the balance sheet relntes and the date of this report.

BUSINESS AND OPERATIONS

A. BUSINESS OVERVIEW

Alpine Mousing Development Corporation Limited is a public limited company listed on BSE LimitetL I he Authorised Sliure
Capital of the Company rs Rs. I $.OO.Ot),<8)0 (Rupees Eighteen acres only) divided into 1.80.00,0001 One Crore Eighty lukhi Equity shares
of R> HP | Rupees len Only) each I he issued, subscribed and paid-up capital of the Company is Rs. 17,32.18,9801 Rupee* Seventeen Crore
Thirty two I aklts Eighteen flmtihand Niue hundred eighty only)divided into 1,7.3,21.898 (One('tore Seventy three Lakhs fw-enty one
Thousand Ilight hundred and ninety eight Only) equity shares of Rs 10 each.

The Operations of the company can he categorized Into following sectors:

1 Construction and development of residential projects and commercial projects

2 Alloys.

3. Concrete Sleeper

B. FINANCIAL OVERVIEW Standalone

Revenue foi Financial Year Match 31 2025 stood ui R> 5919.47 iRs in Lakhs) us against Rs. 5755.95 (Rs in Lakhs)- in the previous
year After providing for depreciation and amortization of Rs 108.84 (Rs in Luklu?) as against Rs. 96. 11 (Rs in Lakhs)- in the previous year
respectively. Ihc net profit of ihc Company for the year under review was placed at R». 506.28 i Rs in Lakhs) as against Kv 3*13.28 (Rs in
I jkhs) - in the previous year

Transfer to Reserves

An amount of NIL i% tnrasfctml out of current year protit to General Reverve
DIVIDEND FOR IIIE YE VK 2024-25

I he Directors have not recommended a dividend for the current financial year 2024-25
CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
CESSATION

Mr Sreenivaiulu Palle Independent director, retires on 25 September 2025 alter serving two consecutive terms of 5 years as the
independent Duveiur on die Would of the Company .

APPOINTMENT

Mr Sudhir Surcndrunio Hiilleppunavm (DIN U77N7043 ). was appointed as an Additional Director at the Board meeting held on I
September 2025. I he appointment is placed for approval of the member* for his appointment as an Non Executive Independent Ditcetor Ol
the company b\ the members .for a term of 5 years commencing from the 32nd \G\1 2024-25 till the 37ili \('j\l to be held in the financial
year 2029-30 *

Tlwte .ue no further changes in the Board of Directors
ROTATION-VI DIRECTOR

Mr, S M. Mohsin tDIN No. 01646Wf>) who retires by rotation at the ensuing Annual General Meeting and being eligible . offers lumscll lor
reappoint mem.

Significant or Material Orders passed by Regulators Courts

During the year under review, there were no Significant or material orders passed by the regulators or courts Of tribunals impacting the going
concern slums* and company's operations in future.

A. Composition of the Board of Director*

A. on dale, ihe Board of Directors- of the Company comprises eight directors of winch Four lire Non- Executive Independent Directors The
canipo.dtion of tile Bonn! of Director*, is m Compliance with Regulation 17 ofSFBI (LODR) Regulation*. 2015 ami Section I4‘i of the
Computes Set. 2013

B Declaration by Independent Directors

The Company has received declaration ol Independence as required under section 149(7) from the Independent Director Stating that they
meet the criteria of Independence u* specified in Section 149(6) uf the Companies Act. 2013 and Regulation 25 of SERI (LODR)

Regulations 2015.

The Board is of the opinion Out the Independent Ducctots of the Company possess requisite qualification*. experience and expertise in the
held of finance, strategy , auditing, tax. nsk advisory. financial services. Infrnsmicmrc and real estate industry and they hold the highest
slondoitU of Integrity.

In compliance with rule 6t I) of the Companies (Apptiintment and Qualification of Dircctois) Rules . 2014. all the Independent Directors
liuve registered themselves with the Indian Institute ofCnrpotute A flair* and qualified the piolieicncy tot as pet Rule 6(4) of the Companies
i Appointment and Quulifieation of Director*) Rules .201-4

C MEETINGS

Board Meeting*

During the year under review, the Board of Director- met 10 times on dates a- follows

Si No. Date of the meeting

1 May 0 2024

2 Mav 29 2024

3 July 25 2024

4 Aug 13 2024

5 Aug 31 2024

6 Nov 13 2024

7 Dec 2J 2024

H Jan 29 2025

9 Feb 13 2025

10 Mar 25 2025

liitlcpt'iidriii Directors Hireling

Pursuant to the provisions of Sfcfil(LODR) Regulation* 2015 and tin* requirements of Schedule VI of the Companies Act 2013. u Depurate
meeting of the Independent Directors of the Company was held on March 25 2025 without the presence of the Chairman A Managing
Director

D. Committees of the Board

During the year under review, the terms of reference of Audit Committee. Nomination & Remuneration Committee and Stakeholders
Relationship Committee were also aligned with the requirements of SI-BI111 )DR) Regulations 2015 and the Companies Act. 3(113.
detailed note on the committees of the Board of Director . are given in the Corporate Governance Report forming pan of the Annual Report

E. Performance Evaluation

Pursuant to the provision- of Section 134 (3) (p) read with Articles VII and VIII of Schedule IV of the Companies Act. 2013. the Botud
undertook an evaluation of itself ami its committees The Hoard, assessed the performance and the potential of each of the independent
directors w iih a view to maximizing their contribution to the Board. As contemplated hy the Act. the independent directors at n meeting
conducted a review of the (>« formancc of the Chairman aflu taking Into account the views of the non-executive members of the Board At
the same meeting, ihe review of Ihe executive directors was jUo carried out.

Ihe process put in place by the Board. In necordnnee with the Cotnp.micN Act, 2013 and the relevant provisions of the Regulation 17 of SEBi
I LODR) Regulations. 2015 and is aimed at improving the performance of the Hoard, its committees and its members

I'. Internal Audit ami Internal I in.inci.il Control System

I he internal Audit i« conducted by an Independent firm of outside auditors It is aimed at effective functioning at .ill levels flic audit focus
was on procedures and processes reflecting sound Internal controls and best practices observed

Based on the framework of internal financial controls and compliance systems e*-tahli$hed and maintained by Ihe company mid the work
performed by the Statutory Auditors . Secretarial Auditors, including the audit of the Internal Financial controls over financial reporting bv
live .Statutory Auditors mui the rev icws performed by the Management including Audit Committee ami tested by tile Auditors un Sample
basis Die Board t» of die opinion that die CuBipunv \ Internal Financial Control* were adequate and effective during the financial year
2024-25

Cl. Directors Responsibility Statement

In terms of the requirements of Section 134(3) ( c) and 134(5) of the Companies Ad, 2013. the Board of Director . to the hot of then
know ledge and ability confirm dint

1 In the prejuuatron of the annual account-, the applicable accounting standards htul been followed along with projier explanation relating to
material ueparturen;

2 the director* had selected such accounting policies and applied them consistently and made judgment and e*timale< that arc rcnxo liable and
prudent .so us to give a true anil fair \ iew of the state of affair* of the company at the end of the financial year and uf the profit of the company
for that period.

3 proper und sufficient core has been taken for tltc maintenance of adequate accounting records In accordance with die provisions of this Act
for safeguarding the asset* of the company nnd for prvv voting and detecting fraud and other irregulnntics

4. the anrtUal accounts )iu> been prcpaied on a going concern basis.

5 internal financial controls to be followed by the company has been laid down and such internal financial controls arc adequate and were
operating effectively.

6 proper systems hove been devised to ensure compliance with the provisions of all applicable laws and that such system* were adequate and
operating effectively.

\udii Helmed Mature

A. Audit Committee

rhe powers. rule ami terms of reference of the Audit Committee are in coMomtncc with the requirements mandated under Section 177
of the Companies Act, 2013 and Regulation IS of the SFBI iLODR) Regulations 2015. The Audit Committee comprises of the
following members.

1. Mr. Mndnnmohan Jnrsingt Independent Director) Chairman

2. Mt Rajaseknran Mnhndevun t Independent Director ) - Member

3 Mr S.A Kabeert Managing Director) Member

4. Ms. Shifoli Knwatra ( Independent Director ) Member

During the period under review, die suggestions put forth by the Audit Commitied were duly considered and accepted by the
Board of Directors. There were no instances of non-acceptance of such recommendations.

B. Statutory Auditors

Hie Suuilor\ auditor M s RVKS and Associates, expressed an unmodified opinion in the audit report for Lite financial year ended 31
March 2025 There is no qualification or adverse remarks in the statutory Auditors' Report for the yeni . which required any
explanation from the Board of Directors.

C. Secretarial .Audit

Secretarial Audii

I'he Secretarial Audit Report for the year ended March 31. 2025 issued by Mr. Ashok Kumar Tripathy, Practicing Company Secretary
in accordance with the provisions of Section 204 of the Companies Act, 2013 U provided separately in the Annual Report
I he Secretarial Audit has observed and verified that the company is tumble to upload the Investor details on IFPF I on transfer of
Dividends, and tile IF.PF 4 on transfer of shares

Addressed by Directors:

Pursuant to the provisions of Section 124 of the Companies act 2015 read with the IEPF( Accounting Audit Transfer and Refund )
rules 2016 . as amended . The shares on which dividend remains unpaid or unclaimed fur a period of? consecutive years ur mure has
been transferred for 2013-14,2014-15. 2015-In The rclutcd dividends have also been transferred . The upload of the Investor details
for the dividends and Shares transferred is not possible as an message appears on error in Login ID .mil Password . Tins makes
addressing the dividends and shares for refund not possible.

Tltc company has made numerous representations to the IFPF Authority and the MCA on this issue since shareholders are unable to
obtain the refund.. Company representative in New Delhi has also made direct representations to I! I’l- Authority 1'hc issue is yet to
be resolved by the IFPF authority The company has not received any reply so far.

The Company bus refiled IUPF I and uploaded ihe investor details for the year 2014-2015 and 2015-16

I here is no qualification or adverse remarks tn the Secretarial Audit Report tor the year. which required any explanation from the
Boaril of Directors.

Transfer of shares to IK 1*1'

Pursuant to the provisions of scctipn 124 of the Company’s -Act 2013 read with the IFPF ( Accounting Audit Transfer und Refund l
Rules 2016 ,i- amended . .ill the shares on which the dividend remains unpaid or unclaimed for a period of seven consecutive years or
more shull he transferred to the dental account of the IFPF Authority as notified by the Ministry of Corporate Affairs.

The Company lias intimated by postal mail and Notice requesting shareholders to make application lor the di\ identic and shares .to
all members whose shares me transferred to the IFPF Authority and had also published newspaper advertisements in this regard I be
detaJJs of such Dividend /Shares to be transferred to the 1F.PF arc uploaded on the website of the Company at
www.nlpmehousing.com

Claim from IEl’K Authority

Members /Claimants whose shares. unclaimed dividend have been transferred to the IFPF Denial Account or the fund, may claim the
shares or apply for the refund by making an application to the IHP1 Authority in c-Form IFPF 5 I available on www.iepf.gov.in)
along with the requisite fee as decided by the IFPF Authority from time to time The Member f Claimants can tile only one
consolidated claim in a financial year as per the IFPF Rules No claim shall lie against the Company in respect of the dividend share
so transferred. The procedure to be followed by the shareholder tor making such a claim is available on the website of the company at
ww w .dlptnchousing.com

I). Coal Audit

Cost Audit is not applicable for our industry as per The Companies (Cost Records and Audit) Rules 2014. I as amended up to
15 July 2016)

Policy Matters

A. Nomination and Remuneration Policy

The Nomination. Remuneration and Governance Committee of the Board of Directors has formulated a Nomination and
Remuneration Policy containing die criteria for determining qualifications, positive attributes and Independence of a director
and policy relating to the remuneration for the directors, key managerial personnel and senior management personnel of the
Company The Nomination and Remuneration Policy is available on the website of the Company at www.nlpinchousing.com.
and relevant extracts from the Policy are reproduced in Annexure A to this report.

B. VIGIL MECHANISM

The company has established a vigil mechanism to promote ethical behavior m all its business activities and luis in place a
mechanism for employees to report tiny genuine grievances, illegal, unethical report any genuine grievances, illegal, unethical
behaviors, suspected fraud, violation of laws, rules and regulation or conduct to the chief vigilance officer and the audit
committee of the Hoard of Directors. The policy also provides for adequate protection to the whistle blower against
victimization or discriminatory practices. The policy is available on the website of the company at www.Elpinchousiiig.coin

C. Corporate Social Responsibility

The Corporate Social Responsibility Policy, as formulated by the Corporate Social Responsibility Committee and approved
by the Hoard of Directors is available on the website of the Company at www.ulpinehousing.com. This policy is applicable
for the company as currently amended . die amended policy is available on the website of the company For tiic financial year
2024-25 the company’s (. SR activity is attached as Annexure B

Other Matters

A. Debentures

During the year under rev icvv, the company lias not issued any debentures, as on date, the company does not have any
outstanding debenture.

B. Deposits

file Company has not accepted any deposits in terms of chapter V of (he Companies Act. 2015 read with the Companies
i Acceptance of Deposit) Rules 2014 during the year under rev iew and there are no outstanding deposit as on due date

C. Transfer to Investor Education and Protection Fund

In compliance of Section 125 of the Companies Act 2d 15 The dividends pertaining to the financial year 201.5-16 which were
lying unclaimed with the company was transferred to the investor education and protection fund during the financial year
2022-23 The Unpaid dividend may be claimed by the members by making application to the ILLPI- Authority in f orm ILPF -5
Ihc procedure for making such a claim is available on the website of the company at www nlpmchousing.com.

For the year 2023-24 the dividend remaining unpaid would be transferred to the ILPF Authority at the end of 7 years .
Shareholders have ben intimated through letter sent by mail requesting them to make a claim with the company prior to the
transfer.

Members are requested to refer to Ihc procedure for making a claim with Ihc ILPF Authority' for dividends already transferred,
available on the website of the company at www.ulpincliousmg.com.

The details of unclaimed dividend transferred to the investor education and protection fund lias been detailed in Corporate
Governance report forming part of annual report

D Human Resources

Ihc Board of Directors express their sincere appreciation to employees at all levels for their dedication and loyalty and
continued hard work As on March 31. 2025 the company has and organizational strength of 62 in number

Disclosure under the sexual Harassment of women at workplace (Prevention . Prohibition and Redressal (Act. 2013

Your Company i> committed to provide and promote a safe, healthy and congenial atmosphere irrespective of gender, caste,
creed oi social class of the employees. I hc Company has adopted a policy lor the prevention and redressal Of sexual
harassment at workplace

During the year under review, there was no case filed pursuant to the Sexual Harassment of Women at workplace (Prevention.
Prohibition and Redressal) Act. 2015.

E Corporate Governance

A detailed report on corporate governance and a certificate from. VIr Avbok Kumar Tripolby. practicing Company Secretary
affirming compliance with the various conditions of Cor|>oratc Governance in terms of the Listing Regulations forma part of the
Annual Report

r. Code of conduct

As prescribed under and Regulation IS of the SLUI (I.ODK) Regulations 2015. a declaration signed by the Chairman and Managing
Director affirming compliance with the Code of Conduct by the Directors and senior management personnel oflho C ompany for die
financial year 2023-24 forms pan of the Corporate Governance Report.

G. Management discussion and Analysis Report

In accordance with the requirements of the I isting Agreement the Management discussion and analysis report so titled is presented
in a separate section of the annual report

II. Extract of Annual Return

In accord.ince with section 92(3) of the Companies Act 2013 read v\ith Rule 12 of the Companies (Management .md Administration t
rules 2011 the extract of the annua! Return in form MGT 9 i* available under the link wwwailpinchoustng.com

I. Particular of Loan, Guarantees and investments.

In terms of section 134 of the companies net. 2013 the particulars of loans, guarantees and investments given by the company under
section IX6 of die companies act. 2013 is detailed in Notes to accounts of the financial statement*

J. Related parly transactions

Duiiitg the your, the company has not entered into any cunlriictnuiangemenl transaction with a related party which can he
considered as material in terms of the policy on related puny transactions laid down by the Board of directors. The related party
transactions undertaken during the financial year 21124-25 are detailed in Notes to Accounts of the I mancial Statements,

During the year there were no contracts or arrangements entered with related parties as referred to in the criteria of section t KX {I) of
the companies act 2013.

K- ( mm-rvation of Energy - Technology absorption and Foreign exchange earnings and outgo

In terms of section 134 of die Companies Act. 2013 read with Rules SI3) of the companies (account) rules. 2014, the particular* of
conservation of energy, technology absotpuon. and foreign exchange earnings and outgo are set out in Annc.vure D to this report.

L. Remuneration Details of Directors. Key Managerial Personnel and employees

The details of remuneration of directors, key managerial personnel and the stntetnent of employees in receipt of remuneration
exceeding the limit prescribed under section 134 of the companies act. 2013 read with rule 3 of the companies i Appointment and
i enumeration of managerial Personnel ) Rules,2014 has been provided in Anneutre 1- to this report

M. Financial Position and performance of Subsidiaries. Joint ventures and associates

The Compuny is not having uny subsidiary company. During the year under review die company docs not have Associates or Joint
Venture Companies.

N. Additional Information to shareholders

All important and pertinent investor information such as financial results, investor presentation*, new launches and project updates
arc made available on tlu- company's website <w wwalpinehousing com) on regular basis.

Acknowledgements

The Directors Would like to place cm record their sincere appreciation to the company's customers, Vendor, and bankers for their
continued support to the company during the year. The Director also Wish to acknowledge the contribution made by employees at all
levels for steering the growth of the organization We thank ihc government of India, the state governments and other government
agencies for their assistance mid co-operation and look forward to their continue support in future. Finnlly the Board would like to
express its gratitude to the members for tltcii continued trust, cooperation and support

By Order of Board

For Alpine Housing Development Corporation Limited

sd/- sd/-

S.A Kabocr S A Rashced

Managing Director Jl. Managing Director

Date 01-09-2025

Place Bangalore