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INDEPENDENT AUDITORS’ REPORT
on the consolidated financial statements of Peninsula Land Limited
To the Board of Directors of Peninsula Land Limited

We have audited the accompanying consolidated financial statements of Peninsula Land Limited (“the Company”) and its subsidiaries, associates and joint ventures (the Company, its subsidiaries, associates and joint ventures constitute “the Group”) which comprise the consolidated balance sheet as at March 31, 2013, and the consolidated Statement of Profit and Loss and consolidated Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation of these consolidated financial statements on the basis of separate financial statements and other financial information regarding components that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group in accordance with accounting principles generally accepted in India; this includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and presentation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

We report that the consolidated financial statements have been prepared by the Company’s Management in accordance with the requirements of Accounting Standards (AS) 21, “Consolidated financial statements”, Accounting Standards (AS) 23, “Accounting for Investments in Associates in Consolidated Financial Statements” and Accounting Standard (AS) 27 “Financial Reporting of Interests in Joint Ventures” as notified pursuant to the Companies (Accounting Standards) Rules, 2006 and on the basis of the separate financial statements of Peninsula Land Limited, its subsidiaries, associates, joint ventures and step down subsidiaries, step down associates and step down joint ventures.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on the financial statements of the subsidiaries, associates and joint ventures as mentioned in the ‘Other Matter’ paragraph below, the consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at March 31, 2013;

(b) in the case of the Consolidated Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) in the case of the Consolidated Cash Flow Statement, of the cash flows for the year ended on that date.

Emphasis of Matter

1. We draw attention to Para 4 of Note No. 23 to the financial statements which states that the recognition of expenses and income for ongoing projects which is based upon estimated costs and overall profitability of a project as per the judgment of management and work completion status as certified by architects, which have been relied upon by us, these being technical matters. Our opinion is not qualified in respect of the above matter.

Other Matter

We did not audit the financial statements of the following subsidiaries (including three step down joint ventures) whose financial statements reflect total assets of 1,892.92 crores, total revenue of 107.42 crores and net cash out flows of 10.65 crores.

1) The standalone financial statements of three subsidiaries, which reflect total assets of 12.97 crores as at 31st March, 2013, total revenue of 1.24 crores and net cash inflow of 0.44 crores for the year then ended and consolidated financial statement of one of the subsidiaries (which comprises consolidation of twenty six step down subsidiaries, three step down joint ventures and two step down associates) which reflect total assets of 1,879.95 crores as at 31st March, 2013, total revenues of 106.18 crores and net cash outflows of 11.09 crores for the year then ended were audited by other auditors who have furnished their report to us.

2) The financial statements of two associate companies whose financial statements are unaudited, where the Group’s share of profit is 0.23 crores for the year ended 31st March, 2013. These unaudited financial statements have been compiled and approved by the management of these associate companies and have been relied upon by us.

For Haribhakti & Co.
Chartered Accountants
Firm Registration No.103523W

Chetan Desai
Partner
Membership No. 17000
Date: 27th May, 2013
Place: Mumbai
Financial Statements
Independent Auditors’ Report
Balance Sheet
Statement of Profit and Loss
Notes to Financial Statements
Cash Flow Statement
Annexture to the Balance Sheet
Consolidated Independent Auditors’ Report
Consolidated Balance Sheet
Consolidated Profit and Loss
Notes to Consolidated Financial Statements
Consolidated Cash Flow Statement
 
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