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
1,892.92
crores, total revenue of 