NOTE NO. 1 SHARE CAPITAL

(₹ in Crores)  

  31-Mar-14 31-Mar-13
1 SHARE CAPITAL    
Authorised:    
39,05,00,000(37,49,95,000 Shares of ₹ 2/- Each) Equity Shares of ₹ 2/- Each 78.10 75.00
20,000 ( P.Y. NIL) 0.01% Non -Cumulative Redeemable Preference Shares of ₹ 10/- Each 0.02 -
1000 (1000) 5% Cumulative Redeemable Preference Shares of ₹ 10/- each. 0.00 0.00
78.12 75.00
Issued, Subscribed and paidup    
(a) Equity Shares :    
Balance at the Beginning of the year 55.84 55.84
27,92,01,220 Equity Shares of ₹ 2/- Each Fully paid up (P.Y. 27,92,01,220 Equity Shares of ₹ 2/- Each Fully paid up
Includes 13,33,20,055 Shares of ₹ 2/- Each ( P.Y. 13,33,20,055 Shares of ₹ 2 /- each) issued pursuant to Schemes of Arrangement for consideration other than cash issued prior to five year from this balance sheet date
Add:Forfeiture of Shares 0.06 0.06
Balance at the end of the year (a) 55.90 55.90
(b) Preference Shares :    
Balance at the Beginning of the year 0.00 0.00
1,000 (1,000) 5% Cumulative Redeemable Preference Shares of ₹ 10/- each pursuant to Scheme of Arrangement for consideration other than cash
Balance at the end of the year (b) 0.00 0.00
Balance at the end of the year total share capital- (a) +(b) 55.90 55.90

Note :

  1. Terms /rights attached to Equity shares :

    The Company has only one class of equity shares having a par value of ₹ 2 per share. Each holder of equity share is entitled to one vote per share. All shares rank pari passu with regard to dividend and repayment of capital.

    Board of Directors have recommended a dividend of ₹ 0.40 (P.Y. ₹ 1.50 ) per equity share 20% (P.Y. 75%) of Face value of equity share of ₹ 2.

  2. Terms /rights attached to 5% Cumulative Redeemable Preference Shares :

    The Company has issued only one class of Preference shares having par value of ₹ 10 each and are redeemable on the expiry of ten years from the date of allotment,with an option for the Company for early redemption but not before 18 months from the date of allotment 25th January 2006. The preference shareholder do not have any voting right.

Equity Shares in the Company held by each shareholders holding more than 5% shares specifying the number of shares held:

Sr No. Name of Share holder
31-Mar-14
No.of shares held % of Holding
31-Mar-14
No.of shares held % of Holding
1 Ashok Piramal Group Real Estate Trust through its Trustee Ms. Urvi A. Piramal 14 89 29 248                53.34 14 89 29 248               53.34
2 Franklin templeton investment funds 2 07 09 266                  7.42 2 79 16 705                 10.00
3 Templeton Emerging Markets Investment Trust PLC 1 55 95 175                  5.59 1 55 95 175                  5.59

5% Cumulative Redeemable Preference Shares in the Company held by each shareholders holding more than 5% shares specifying the number of shares held:

Sr No. Name of Share holder
31-Mar-14
No.of shares Held. % of Holding
31-Mar-14
No.of shares Held. % of Holding
1 Ashok Piramal Group Real Estate Trust through its Trustee Ms. Urvi A. Piramal 1000     100% 1000    100%

Details of Shares Held by Controlling entity

Sr No. Shares Held by Controlling entity
31-Mar-14
No.of shares Held. % of Holding
31-Mar-14
No.of shares Held. % of Holding
1 Ashok Piramal Group Real Estate Trust through its Trustee Ms. Urvi A. Piramal 14 89 29 248     53.34 14 89 29 248     53.34

NOTE NO. 2 RESERVES AND SURPLUS

(₹ in Crores)  

  31-Mar-14 31-Mar-13
Capital Reserve 1.85 1.85
Less :
Adjustments  pursuant to merger Scheme (Refer Note 1 below) 1.85 -
  - 1.85
Capital Redemption Reserve 0.17 0.17
Securities Premium Reserve    
As per last Balance Sheet 617.29 640.32
Less : Applied towards  Expenses on issue of Debentures 8.08 23.03
(Refer Note 2 Below) 609.21 617.29
General Reserve    
As per last Balance Sheet 300.00 272.40
Add : Transfer from Statement of Profit and Loss 3.68 27.6
Less :
Adjustments pursuant to merger Scheme (Refer Note 1 below) 230.24 -
  73.44 300.00
Debenture Redemption Reserve    
As per last Balance Sheet 32.15 -
Less : Recoupment of Debenture Redemption  Reserve 4.56 -
Add :
Transfer from Statement of Profit and Loss net of Redemption 49.14 32.15
  76.73 32.15
Profit and Loss Statement    
As per last Balance Sheet 728.87 640.67
Less : Proposed Dividend on Equity Shares 11.17 41.88
Less : Distribution Tax thereon 1.90 7.12
Less : Proposed Dividend on Preference Shares 0.00 0.00
Less : Distribution Tax thereon 0.00 0.00
Less : Transfer to General Reserve 3.68 27.60
Add : Recoupment of Debenture Redemption  Reserve 4.56 -
Add : Net  Profit  for the year 49.14 196.95
Less : Transfer to Debenture Redemption Reserve * 49.14 32.15
  716.68 728.87
Total 1,476.23 1,680.33

* Transfer to Debenture Redemption Reserve restricted to current year profit due to this there is lower transfer to the extent of ₹ 0.59 Cr to Debenture Redemption Reserve.

NOTE :
  1. The adjustments made to Capital / General reserves pursuant to composite scheme of arrangement and amalgamation are net of tax effect thereon of ₹ 82.13 Cr.

  2. The application of Securities Premium towards debenture issue expenses is net of tax effect thereon of ₹ 4.16 Cr ( P.Y. NIL).

NOTE NO. 3 LONG TERM BORROWINGS

(₹ in Crores)  

Sr.No. Particulars 31-Mar-14 31-Mar-13
  Long Term Borrowings    
Secured Loan    
From Banks ( Term Loan ) 174.93 283.35
From Financial Institutions 112.84 66.10
Debentures 462.83 361.78
  Total 750.60 711.23
Sr.No. Particulars 31-Mar-14 31-Mar-13
I The  term loans from Banks are :    
1 From Bank  1    
Terms of Loan Repayment    
  Outstanding balance as at balance  sheet date  is  repayable over a period of 28 months  in varying monthly instalments  (P.Y.  40 Months ) 28.00 51.00
b Security    
  Secured against charge on Immovable property  (held for real estate   development )   belonging to the company   (Subsidiary Companies   till Previous year ) and other Companies  for whom the Company has undertaken the project  development and  execution and receivable there on from the project.    
2 From  Bank  2    
a Terms of Loan Repayment    
  Outstanding balance    as at  balance  sheet  date  is  repayable    within   82  months  in   varying monthly instalments  ( P. Y. 94 Months) 96.94 106.35
b Security    
  By way of  mortgage on the company's  immovable property   and charge on the rent receivable therefrom    
3 From  Bank  3    
a   Terms of Loan Repayment    
  Outstanding balance    as at  balance  sheet  date  is  repayable    within   15  months  in   varying monthly instalments  ( P. Y. NIL ) 50.00 -
b Security    
  Secured against  charge on Immovable property   (held for real estate   development )  belonging to  the  company  and   other  Companies  for whom  the  Company  has  undertaken the  project development and  execution and receivable there on from the project.    
4 From  Bank  4    
a   Terms of Loan Repayment    
  Outstanding balance as at   balance sheet date is repayable   over a period of C.Y. NIL ( P. Y.24 Months)  in  varying monthly instalments - 126.00
b Security    
   Secured against charge on Immovable property  (held for real estate   development )   belonging to Subsidiary Companies   and  other  Companies  for whom  the  Company  has undertaken the project  development and  execution.    
II The  term loans from Financial Institution :    
Loan 1  from Financial Institution    
Terms of Loan Repayment    
   Outstanding  balance  as at    balance  sheet  date  is  repayable   over a period of  36 Months    in varying periodic  instalments  (P.Y. 48 Months). 112.84 66.1
Security    
   Mortgage of  the  company's   immovable  property  comprising  land  and  present   and  future construction    thereon at  its project  Celestia  Spaces  Sewree,  Mumbai  and  a  charge  on  the receivable from the said project.    
III   Debentures    
a    Terms of Loan Repayment    
   Outstanding  balance  as at    balance  sheet  date  is  repayable   over a period of  57 months  in varying periodic  instalments  ( P.Y. 59 Months ) - Refer note 1 below 462.83 361.78
Security    
   Secured against charge on Immovable property  (held for real estate   development )   belonging to Subsidiary Companies  ( till Previous year )  and other Companies  for whom the Company has undertaken the project  development and  execution.    
c Coupon  Rate    
   For Coupon   Rate -Refer note 2 below    
NOTE : 1 Debentures Redemption Schedule
Sr.No. Particulars 31-Mar-14 31-Mar-13
Redeemable   in Financial Year 2018-19 102.50 -
2 Redeemable   in Financial Year 2017-18 115.53 115.53
3 Redeemable   in Financial Year 2016-17 106.07 51.07
4 Redeemable   in Financial Year 2015-16 138.73 139.23
5 Redeemable in Financial Year 2014-15 - 55.95
  Total 462.83 361.78
NOTE : 2 Coupon Rate on Debentures
Sr.No. Coupon Rate 31-Mar-14 31-Mar-13
1 0%  (Redemption premium amortised  over repayment period) 48.50 -
2  12.40% 0.70 -
3   12.60% - 3.00
4   13.00% 263.80 161.00
5   13.09% 1.00 1.00
6   13.25% - 9.35
7   13.31% 20.00 40.00
8 13.50% 14.00 14.00
9   13.75% 114.83 133.43
  Total 462.83 361.78

NOTE NO.4 LONG TERM PROVISION

Sr.No. Particulars 31-Mar-14 31-Mar-13
a Employee Benefits (Refer para no. 16 of note 23) 1.35 2.49
  Total 1.35 2.49

NOTE NO. 5 SHORT TERM BORROWINGS

(₹ in Crores)  

Sr.No. Particulars 31-Mar-14 31-Mar-13
Secured    
a Bank Overdraft 45.78 -
(i) Terms of Loan Repayment    
Bank Overdraft is repayable on demand    
(ii) Security    
  Secured against  charge  of Immovable property   (held as Fixed Assets  and   Immovable property held as  realty finished Goods  inventory)    
Unsecured    
a   Bank Overdraft 27.74 3.26
(i) Terms of Loan Repayment  :    
Bank Overdraft is repayable on demand    
Others - 3.41
(i) Terms of Loan Repayment  :    
  Repayable on demand    
  Total 73.52 6.67

NOTE NO. 6 TRADE PAYABLES

Sr.No. Particulars 31-Mar-14 31-Mar-13
a MSMED 0.00 -
b Others- trade payables 103.44 123.14
  Total 103.44 123.14

NOTE NO. 7 OTHER CURRENT LIABILITIES

Sr.No. Particulars 31-Mar-14 31-Mar-13
a  Current Maturities of Long term debt 465.85 331.65
b   Trade Deposit & Advances 18.02 12.51
c Interest accrued but not due on borrowings 37.33 23.14
d   Advances  from customer's 81.65 0.64
e   Unpaid Dividends 2.06 1.72
f fOther Current Liabilities ( Condomanium payable) 17.65 17.01
g   Statutory Dues payable 2.20 2.90
h   Payable to subsidiaries - 0.19
  Total 624.76 389.76

NOTE NO. 8 SHORT TERM PROVISIOS

Sr.No. Particulars 31-Mar-14 31-Mar-13
a Employee Benefits (Refer para no. 16 of note  23 1.26 0.94
b   Proposed Dividend on Equity Shares 11.17 41.88
c Proposed Dividend on Preference Shares 0.00 0.00
d   Tax Payable on Proposed Dividend 1.90 7.12
  Total 14.33 49.94

NOTE NO. 9 FIXED ASSETS (AT COST)

Description As on  1.04.201 3  Additions During Year Aquired Under merger Scheme Deductions during Year As on 31.03.2014 Upto 1.04.2013 Acquired under Merger Scheme Additions During Year Deduction During Year Upto 31.03.2014 As on 31.03.2014 As on 31.03.2014
Tangible Assets                        
Free hold Land 0.06 - - - 0.06 - - - - - 0.06 0.06
Building 51.92 - - - 51.92 10.36 - 1.92 - 12.28 39.64 41.56
Office Equipments &  Computers 13.07 1.67 0.10 14.84 7.03 0.08 1.80 - 8.91 5.93 6.03
Construction Equipments 6.50 - - 6.50 3.9 - 1.30 - 5.20 1.30 2.60
Furniture & Fixtures 4.30 0.07 0.02 4.39 2.13 0.01 0.41 - 2.55 1.84 2.17
Motor Vehicles 1.86 1.35 - - 3.21 0.86 - 0.4 - 1.26 1.95 1.00
Speed Boat - 0.64 - - 0.64 - - 0.04 - 0.04 0.60 -
TOTAL (A) 77.71 3.73 0.12 - 81.56 24.28 0.09 5.87 - 30.24 51.32 53.42
Previous Year (A) 74.84 2.87 - 0.01 77.70 18.42 - 5.86 0.00 24.28 53.42 56.42

NOTE NO. 10 NON CURRENT INVESTMENTS

Nos. Face Value (Rupees) 31-Mar-14 31-Mar-13
NON -CURRENT INVESTMENTS  (AT COST)
LONG TERM INVESTMENTS  : ( NON TRADE)
A. INVESTMENTS IN EQUITY INSTRUMENTS-UNQUOTED (FULLY PAID UNLESS STATED  OTHERWISE)
I) Subsidiary Companies  (Equity Instruments)
  City Parks Private Limited 2334000 10.00 72.58 -
  (-) (-)
  Less : Cancellation of Shares on Merger Scheme 2334000 (72.58) -
  Goodtime  Real Estate Development  Private Limited 10000 10.00 0.01 -
  (-) (-)
  Pavurotti   Real Estate Private Limited (Formerly known  as Pavurotti Finance & Investments Private Limited ) 56000 10.00 13.92 -
(-) (-)
  Peninsula Crossroads Private Limited 18000000 10.00 16.34 16.34
  (18000000) (10)
  Peninsula Holdings & Investments Private Limited 10000 10.00 0.01 0.01
  (10)000 (10)
  Peninsula Mega Properties Private Limited 10000 10.00 0.01 0.01
(10)000 (10)
Peninsula Mega  Township  Developers   Limited (Formerly known  as Peninsula Mega Township Developers Private Limited) 51400  10 14.05
(-) (-)
Less : Cancellation of Shares on Merger of Real Estate undertaking 1400 (14.00) -
RR Mega Property Developers Private Limited 70000 10 0.10 -
(-) (-)
Less : Cancellation of Shares on Merger Scheme 70000 (0.10) -
Renato Finance and Investments Private Limited 1000000 10 1.00 1.00
(1000000) (10)
Wismore Real Estate Private Limited 40000 10 0.06 -
(-) (-)
Less : Cancellation of Shares on Merger Scheme 40000 (0.06) -
II) Associate Companies    ( Equity Instruments)
JM Realty Management  Private Limited 2500 10 0.00 0.00
(2500) (10)
Sew Engineering  (India) Private Limited 989300 10 6.54 6.54
(989300) (10)
III) Others   (Equity Instruments)
Aero Ports & Infrastructure  projects Private Limited 43750 10 0.04 0.04
(43750) (10)
JM Township & Real Estate  Private Limited 175000 10 0.18 0.18
(175000) (10)
Rockfirst Real Estate  Limited 14000 10 0.01 0.01
(14000) (10)
Sukh Sagar Premises Co-operative  Hsg. Soc. Limited 5 50 0.00 0.00
(5) (50)
The Shamrao Vithal Co operative Bank Limited 25 25 0.00 0.00
(25) (25)
B. INVESTMENTS  IN DEBENTURE UNQUOTED (FULLY PAID UNLESS STATED OTHERWISE)
(I) As contribution  towards  Project
GoodHome  Realty Limited 0%  (P.Y.18%)  Unsecured  Redeemable  Optionally Fully Convertible Debentures 5958330 100 59.58 59.58
(5958330) (100)
GoodHome  Realty Limited (0%)  (P.Y.18%)  Unsecured  Redeemable  Optionally Fully Convertible Debentures  Fully paid up (₹ 100 per Debenture  P.Y. ₹ 89  per Debenture) 6722000 100 67.22 59.83
(6722000) (100)
JM  Township  & Real  Estate  Private  Limited  -  0%   Unsecured   Redeemable Optionally Fully Convertible Debentures 9656855 10 9.66 9.9
(9896855) (10)
Rockfirst  Real  Estate  Limited  -  0%   (P.Y.  18%)   Unsecured   Redeemable Optionally Fully Convertible Debentures 3488450 100 34.88 34.88
(3488450) (100)
RR Mega City Builders Limited-0%   (   P.Y.15%   )   Unsecured Redeemable  Optionally Fully Convertible Debentures 5486981 100 54.87 54.87
(5486981) (100)
(II) Others
Inesh Realtors Pvt Ltd 18.50  % Secured Non-Convertible Debentures fully paid up 264 100000 2.59
(-) (-)
C.   INVESTMENTS  IN PREFERENCE  SHARES UNQUOTED (FULLY PAID UNLESS STATED OTHERWISE)
City  Parks  Pvt  Ltd  0.1%   Non-Cumulative   Redeemable   Preference   Shares 20000 10 0.02
(-) (-)
Less : Cancellation  of 0.1%  Non- Cumulative   Redeemable  Preference  Shares on Merger Scheme 20000 (0.02)
Rockfirst  Real Estate Limited -2%   Redeemable   Non-Cumulative  Participating Non Convertible  Preference Shares 10150 100 0.10 0.10
(10150) (100)
D. INVESTMENTS  IN ASSOCIATION OF PERSONS  (AOP)-Subsidiary Enterprise
Peninsula GSG MHP Project-Note 1 given below 2.02 2.01
Less : Share of Loss from Association of Person ( AOP) 0.00 (0.06)
E. INVESTMENTS IN LIMITED LIABILITY PARTNERSHIPS (LLP)
1. Bridgeview Real Estate  Development  LLP  Joint  Venture(  Formerly known  as Bridgeview real estate  Development  Private Limited ) Note 2 given below 0.05 -
Less : Share of Loss Joint Ventures LLP (0.01) -
2.   RA Realty  Ventures  LLP  -Associate  entities  (Formerly known   as  RA Realty 0.40 -
Ventures private Limited ) Note 3 Given below
Less : Share of Loss in Associates LLP (0.01) -
F. INVESTMENTS PROPERTY 2.02 2.02
Less : Depreciation   on Immovable property (0.24) (0.21)
271.26 247.04
2013-2014 2012-2013
Aggregate amount of Quoted Investments & Market value thereof
Investments in Immovable Properties (At Cost) 1.78 1.81
Investments in AOP 2.02 1.95
Investments in LLP 0.43 -
Aggregate amount of Unquoted Investments 267.02 243.28
Total 271.26 247.04

Note 1

Name of Partner 2013-2014 2012-2013
Profit Sharing Ratio Contribution Profit Sharing Ratio Contribution
Peninsula Land Limited-After Adjusting Loss till current Year 50% 2.02 50% 1.95
GSG Builders and Infrastructure  Private Limited-After Adjusting Loss till current year 50% 0.79 50% 0.86
TOTAL 100% 2.81 100% 2.81

Note 2

Name of Partner 2013-2014 2012-2013
Profit Sharing Ratio Contribution Profit Sharing Ratio Contribution
Peninsula Land Limited-After Adjusting Loss till current Year 50% 0.04 - -
 KB Kothari Group  50% 0.04 - -
TOTAL 100% 0.08 - -

Note 3

Name of Partner 2013-2014 2012-2013
Profit Sharing Ratio Contribution Profit Sharing Ratio Contribution
Peninsula Land Limited-After Adjusting Loss till current Year 40% 0.39 - -
 KB Kothari Group  60% 0.58 - -
TOTAL 100% 0.97 - -

NOTE NO. 11 ADVANCE TO EMPLOYEES ESOP TRUST

(Unsecured Considered Good)

Sr No. Particulars 31-Mar-14 31-Mar-13
Balance at the beginning  of the year 27.35 27.73
Less : Repaid during the year 0.51 0.38
Less : Provision for Diminution in value of Advance (Refer para no. 4 of Note 23) 10.37 -
Balance at the end of the year 16.47 27.35

NOTE NO. 12 LONG TERM LOANS AND ADVANCES

(Unsecured Considered Good)

Sr No. Particulars 31-Mar-14 31-Mar-13
a Security Deposit with Public Bodies 1.81 1.57
b Loans and Advances to Subsidiaries [ Including for Projects ₹ 740.25 Crores (P.Y. ₹ 1478.76 Crores)] 754.25 1,487.58
c Advances   to Joint Venture entities (For Projects ) 44.42 32.14
d Advance Tax ( Net of Provision) 24.37 18.44
e MAT Credit Entitlement 60.42 50.09
f Advances  to third parties  for Projects 74.69 45.36
g Advances  to Associates  Entities 184.14 145.29
h Advance Recoverable in cash or in kind for value to be received 9.08 1.23
i Capital Advances - 8.1
Total 1,153.18 1,789.80
NOTE : Total Projects related advances are 1,043.50 1,701.55

NOTE NO. 13 INVENTORIES (Valued at Cost)

Sr No. Particulars 31-Mar-14 31-Mar-13
a Finished Good ( Realty Stock) -   Refer  para 22 of Note  23 77.73 132.85
b Work in progress ( Realty Stock) - Refer  para 22 of Note  23 819.42 170.07
Total 897.15 302.92

NOTE NO.14 TRADE RECEIVABLES

(Unsecured considered good)

Sr No. Particulars 31-Mar-14 31-Mar-13
a Trade Receivables outstanding for more than six months 2.56 6.78
Less : provision for Doubtful debts (0.14) -
2.42 6.78
b Trade Receivables -Others 250.03 89.81
Total 252.45 96.59

NOTE NO. 15 CASH AND BANK BALANCES

Sr No. Particulars 31-Mar-14 31-Mar-13
I Cash  and Cash  Equivalents
a Balances with Banks in  Current Account 42.49 38.94
b Balances with Banks in Deposit Account (Maturity less than three months) 89.51 112.16
c Cash on Hand 0.24 0.06
II Unpaid Dividend 2.06 1.72
III Balances in Deposit Account as Margin money 0.27 0.07
Other Bank  Balances
IV Balances with Banks in Deposit Account
a Balances with Banks in Deposit Account ( Maturity after three months but before twelve months) 24.54 87.47
b Balances with Banks in Deposit Account ( Maturity beyond twelve months) 63.33 19.65
Total 222.44 260.07

NOTE NO. 16 SHORT TERM LOANS AND ADVANCES

(Unsecured considered good)

Sr No. Particulars 31-Mar-14 31-Mar-13
a Advances Recoverable in cash or in kind  for value to be received 0.54 0.44
(Where Director is member  or Director)
b Loans & Deposit with others 40.34 129.08
c Advances Recoverable in cash or in kind  for value to be received 32.28 36.95
d Loans to staff 0.06 0.10
e Employee Benefits (Refer para no. 16 of Note 23) 0.04 -
Total 73.26 166.57

NOTE NO. 17 OTHER CURRENT ASSETS
(Unsecured considered good)

Sr No. Particulars 31-Mar-14 31-Mar-13
a Interest Receivable 83.28 83.22
b Unadjusted  tax effect on charge to reserve under merger scheme 61.08 -
( Refer  para 4  of  Note   No. 23)  
Total 144.36 83.22

NOTE NO. 18 OTHER INCOME

Particulars 2013-2014 2012-2013
Dividend on Mutual Fund 2.09 1.84
Dividend on shares - -
Miscellaneous Income 2.24 0.17
Profit on sale of assets - 0.00
Share of Profit /(Loss) of AOP /LLP (0.02) (0.07)
Interest Income 97.24 183.55
Total 101.55 185.49

NOTE NO. 19 EMPLOYEE BENEFIT EXPENSES (Including Managerial Remuneration)

Particulars 2013-2014 2012-2013
Salaries, Wages and Bonus 47.26 45.48
Contributions To ESIS, Provident Fund, Super Annuation  fund etc. 2.08 2.83
Staff & Labour Welfare 5.23 4.70
Executive Directors'  Commission - 11.00
Total 54.57 64.01

NOTE NO. 20 FINANCE COST

Particulars 2013-2014 2012-2013
Interest  Expenses 160.49 140.57
Other Borrowing Cost 3.20 16.13
163.69 156.70
Less : Transfer to Work-In-Progress (Refer para no.22  of note 23 ) 64.78 5.04
98.91 151.66
Foreign exchange  loss - 9.91
Total 98.91 161.57

NOTE NO. 21 OTHER EXPENSES

Particulars 2013-2014 2012-2013
Power  and  Fuel 1.35 1.19
Repairs & Maintenance-Buildings 3.95 1.88
Repairs & Maintenance - Others 1.48 2.48
Insurance 0.13 0.09
Rent 1.14 1.40
Rates & Taxes ( Excluding Income Tax) 0.84 1.07
Legal & Professional Fees 16.06 7.23
Advertisement  and Sales Promotions 13.45 12
Brokerage & Commission 0.15 9.56
Donations 1.09 1.69
Miscellaneous  Expenses 9.50 9.39
Loss on Sale of  Fixed Assets - 0.00
Directors'Sitting Fees 0.07 0.07
Non-Executive Directors' Commission 0.08 0.68
Total 49.29 48.73

22 Significant Accounting Policies

  1. Basis of Accounting
  2. The Financial statements have  been  prepared and  presented under  historical cost  convention  on  the  accrual  basis of accounting in accordance with  the  accounting principles  generally  accepted in India ("GAAP") and  comply with  the mandatory  accounting standards ("AS") as notified  by the  Companies  Accounting  Standard  (Rules), 2006  to the  extent applicable and with the relevant provisions of the Companies  Act, 1956.

  3. Use  of Estimates
  4. The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that  affect  the  reported amount of assets  and  liabilities and  disclosure of contingent liabilities on  the  date  of financial statements and  reported amount of revenue  and  expenses  for the  year. Actual results could differ from these  estimates. Difference between the actual result and estimates are recognized  in the year in which results are known / materialized. Any revision to an accounting estimate  is recognised  prospectively in the year of revision.

  5. Revenue Recognition
    1. The Company  is in the  business  of Real estate  Development.  Revenue from sale of properties  under  construction  is recognised  on the basis of actual bookings  done  (provided the significant risks and rewards  have been  transferred to the buyer and there is reasonable certainty of realisation of the monies) using the Percentage of Completion  Method. Revenue  is recognised  in accordance with  the  guidelines  prescribed  by the Guidance note on Accounting Treatment  for real estate  transactions (Revised 2012 issued by the  Institute of Chartered Accountants of India,inter alia , with regard to thresholds  for commencement of revenue recognition  for projects and the basis for determining percentage of  completion.
    2. Revenue from sale of completed properties  (Finished Realty Stock) is recognised  upon  transfer  of significant risks and rewards to the buyer.
    3. Revenue on Development  Rights is recognised  on the basis of our revenue share receivable from the related projects as per agreed  terms and conditions.
    4. Income from Operations  include Realty Sales, Lease Rentals, Service Fees, Signages,  Car Park and  PMC / Marketing Fees.
    5. Interest income is recognised  on time basis determined by the amount outstanding and the rate applicable.
    6.  Dividend income is recognised  when the right to receive the payment  is established.
  6. Inventories
    1. Inventories comprise of: (i) Finished Realty Stock representing unsold premises in closed projects and (ii) Realty Work in Progress representing properties  under construction  / development.
    2.  Inventories are valued at lower of cost and net realisable value.
    3. Cost of Realty construction  / development is charged  to the Statement of Profit and Loss in proportion to the revenue recognised  during the period and the balance  cost is carried over under  Inventory as part of either Realty Work- in- Progress or Finished Realty Stock. Cost of Realty construction  / development includes all costs directly related  to the Project and other  expenditure as identified by the Management which are incurred for the purpose  of executing and securing the completion  of the Project (net off incidental recoveries / receipts) upto  the date  of receipt of occupancy certificate from the relevant authorities.
  7. Fixed Assets
    1. Tangible Assets
      1. Tangible assets are carried at cost of acquisition or construction less accumulated depreciation. The cost of fixed assets includes non refundable taxes, duties, freight and other incidental expenses related to the acquisition and installation of the respective assets. Borrowing cost attributable to acquisition or construction of fixed assets which takes substantial period of time to get ready for their intended use is capitalised.
      2. Expenses incurred for acquisition of capital assets excluding advances paid towards the acquisition of fixed assets outstanding at each Balance Sheet date are disclosed under Capital Work in Progress.
    2. Intangible Asses
    3. Intangible Assets are recorded at the consideration paid for the acquisition.

  8. Leases
    1. Assets acquired on lease where a significant portion of risks and rewards of ownership are retained by the Lessor are classified as Operating Leases. Lease Rentals are charged to Statement of Profit and Loss on accrual basis.
    2. Assets leased out under Operating Leases are capitalised. Rental Income is recognised on accrual basis over the Lease term.
  9. Depreciation / Amortization
    1. Depreciation
      1. Depreciation has been charged on SLM basis for the assets acquired from erstwhile Piramal Holdings Limited (PHL) and Piramyd Retail and Merchandising Private Limited (PRMPL) and property held as investment.
      2. For all other assets depreciation is provided on WDV basis.
      3. Depreciation is provided at the rates and in the manner specified under Schedule XIV of the Companies Act, 1956.
      4. Depreciation is calculated on a pro-rata basis from the date of installation / acquisition till the date the assets are sold or disposed.
      5. Individual assets costing less than ₹ 5000/- are depreciated fully in the year of acquisition
    2. Amortization
      1. Leasehold assets are amortized over the period of lease.
      2. Intangible assets are amortized over their estimated useful lives on a straight line basis, commencing from the date the asset is available to the Company for its use.
  10. Investments
    Long term investments are carried at cost less any permanent diminution in value. Current investments are carried at the lower of cost and fair value
    Carrying amount of the individual investment is determined on the basis of the average carrying amount of the total holding of the investments.
  11. Foreign Currency Transactions
    1. Foreign exchange transactions are recorded at the closing rate prevailing on the dates of the respective transaction or at the contracted rates as applicable. Exchange difference arising on foreign exchange transactions settled during the year, if any is recognised in the Statement of Profit and Loss .
    2. Monetary assets and liabilities denominated in foreign currencies are converted at the closing rate as on Balance Sheet date. The resultant exchange difference is recognised in the Statement of Profit and Loss .
    3. Non monetary assets and liabilities denominated in foreign currencies are carried at the exchange rate prevalent on the date of the transaction.
  12. Employee Benefits
    1. Short Term Employee Benefits
      Short term employee benefits are recognised as an expense at the undiscounted amount in Statement of Profit and Loss of the year in which the related service is rendered.
    2. Post Employment Benefits
      Contribution to Provident Fund and Superannuation Scheme are charged against revenue. Provision for Gratuity is recorded on the basis of actuarial valuation certificate, provided by the actuary.
    3. Other Long Term Employee Benefits
      Company's liability towards earned leave is determined by an independent actuary using Projected Unit Credit Method. Past services are recognised on a straight line basis over the average period until the benefits become vested. Actuarial gains and losses are recognised immediately in the Statement of Profit and Loss as income or expense. Obligation is measured at the present value of the estimated future cash flows using a discounted rate that is determined by reference to the market yields at the Balance Sheet date on Government Bonds where the currency and terms of the Government Bonds are consistent with the currency and estimated terms of the defined benefit obligation.
  13. Segment Reporting
    1. Segment Revenue and Expense
      Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and Expenses which relate to enterprises as a whole and are not allocable to a segment on a reasonable basis have been disclosed as “Unallocable”.
    2. Segment Assets and Liabilities
      Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “Unallocable”.
    3. Intersegment Transfers
      Segment revenue, segment expenses and segment results include transfer between business segments, such transfers are eliminated as a part of the process of enterprise segment disclosure, except to the extent that such intra-enterprise transactions are within a single segment.
    4. Accounting Policies
      The accounting policies consistently used in the preparation of the financial statements are also applied to item of revenue and expenditure in individual segments.
  14. Taxation

    Tax expenses are the aggregate of current tax and deferred tax charged or credited in the statement of Profit and Loss for the year.
    1. Current Tax
      The current charge for Income Tax is calculated in accordance with the relevant tax regulations applicable to the Company.
    2. Deferred Tax
      Deferred tax charge or credit reflects the tax effects of timing differences between accounting income and taxable income for the year. The deferred tax charge or credit and the deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in future, however where there is unabsorbed depreciation or carry forward of losses, deferred tax assets are recognised only if there is virtual certainty of realisation of such assets. Deferred tax assets are reviewed at each Balance Sheet date.
    3. Minimum Alternate Tax (MAT)
      In case the Company is liable to pay income tax u/s 115JB of Income Tax Act, 1961 (i.e. MAT), the amount of tax paid in excess of normal income tax is recognised as an asset (MAT Credit Entitlement) only if there is convincing evidence for realisation of such asset during the specified period. MAT credit entitlement is reviewed at each Balance Sheet date.
  15. Borrowing Cost
    Borrowing cost attributable to the individual Projects have been treated as Project Cost and added to Stock in Trade. Other borrowing costs are charged to Statement of Profit and Loss in the year in which they are incurred.
  16. Employee Stock Option
    Employee Compensation Cost, if any, arising on account of option granted to employees is recognised in the financial statements. It is the difference between the intrinsic value and the exercise price of options.
  17. Impairment of Assets
    The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the assets. If such recoverable amount of the assets or the recoverable amount of the cash generating unit to which the assets belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the Statement of Profit and Loss . If at the Balance Sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost.
  18. Provisions and Contingent Liabilities
    The Company creates a provision when there is a present obligation as a result of past events that probably requires an outflow of resources and reliable estimates can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Contingent assets are neither recognised nor disclosed.

23 NOTES FORMING PART OF FINANCIAL STATEMENTS

  1. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated if realised in the ordinary course of business. The provisions for all known liabilities are adequate.
  2. The financial statements for the year ended March 31, 2014 have considered the effect of a Composite Scheme of Arrangement and Amalgamation u/s 391 to 394 of the Companies Act 1956 (Scheme), duly sanctioned by the High Court of Judicature at Mumbai vide its order dated 25th October 2013 and filed with the ROC on 7th November 2013 (Effective Date), whereby the company has taken over the real estate businesses of four of its wholly owned subsidiaries as under:
    1. Demerger of the real estate business undertaking of Peninsula Mega Township Developers Limited (“Demerged Undertaking”) into the Company with effect from the appointed date of 1st of April 2013.
    2. Amalgamation of Wismore Real Estate Private Limited, R R Mega Property Developers Private Limited and City Parks Private Limited (“Amalgamating entities”) with the Company with effect from the Appointed Dates of 1st April 2013, 1st April 2013 and 1st August 2013 respectively.
  3. To the extent of the effect of the Scheme, the current year’s figures are not comparable with the previous year figures.
  4. Pursuant to and as stipulated in the Scheme, the Company has, on appointed date, inter alia restated (in case of demerged undertaking) and recorded (in the case of amalgamating entities) the value of real estate work in progress in its books lower by ₹ 86.85 crores and ₹ 134.39 crores respectively, to comprise only cost of land and directly attributable operational costs of development activities. All other assets and liabilities are recorded at their respective book values. This along with other accounting effects of the Scheme aggregating to ₹ 92.98 crores (comprising of cancellation of investments of ₹ 72.60 crores, other merger related effects and expenses of ₹ 10.01 crores and provision for diminution in value of advances given to employee stock option trust of ₹ 10.37 crores) have been adjusted against the Capital Reserve - ₹ 1.85 crores and against the General Reserve - ₹ 230.24 crores (net of the tax effect thereon of ₹ 82.13 crores). The tax effect pertaining to the current year of ₹ 21.05 crores has been charged to P&L A/c as a part of tax expense and the remaining unadjusted tax effect of ₹ 61.08 crores is carried forward under other current assets. This is in compliance with the Announcement of ICAI relating to accounting for "Tax adjustments of expenses directly debited to Reserves".
  5. Though mandated by the Scheme duly sanctioned by the Honorable High Court of Mumbai, the aforesaid accounting treatment of recording of real estate WIP of amalgamating entities at their defined value as aforesaid and the adjustment of the aforesaid amounts against Reserves instead of routing the same through Statement of Profit & Loss is not entirely in conformity with Accounting Standard AS-14 "Accounting for Amalgamations". Had the same been routed through profit and loss account, the profit would have been lower by ₹ 293.17 crores.
  6. No shares have been alloted or any consideration paid pursuant to the scheme as the respective merging entities are wholly owned subsidiaries of the company.
  7. Employee benefit expenses include ₹ 9.55 crores paid as the contracted remuneration to three executive directors in whole-time employment with the company, of which ₹ 3.26 crores is in excess of the limits specified in section 309 read with Section 198 of the Companies Act, 1956, which has resulted due to lower profit for the year. The Company had, during the year, applied to the Central Government under section 309 (5B) of the Act, for approval of such excess remuneration paid and the same is awaited.

8. Commitments and Contingent Liabilities

(₹ in Crores)  

  As At 31.03.2014 As At 31.03.2013
a. Claims against the Company not acknowledged as debts in respect of  
i Income tax demand under appeal (excluding contingent interest) - 3.58
  (Comprising additions made during assessments disputed  by the Company)  
ii Others 5.64 -
b Estimated amount of contracts remaining to be executed on capital account and - 5.70
  not provided for (Net off Advances ₹ NIL previous year ₹ 8.00 crores)  

9 Recognition of Income and Expenses for on-going projects are based upon actual sales value, estimated costs, Managements judgement of overall project profitability and work completion status. The work completion status is determined based on the actual costs incurred vis-a-vis the estimated cost of the project. The estimated costs of every project are reviewed periodically and revised whenever required. The consequential effect of such revision is considered in the year of revision and in the balance future period of the project.

10 Income From Operations

(₹ in Crores)  

  Year  Ended 31.03.2014 Year  Ended 31.03.2013
a. Sale of Products  
  Realty Sales 232.52 635.50
b Sale of Services  
  Realty Rentals 35.61 24.14
c Other Operating  Revenue 2.69 4.69
  Total 270.82 664.33

11   Donation  includes ₹ 0.01 Crores (Previous Year ₹ 0.00 Crores) paid to political parties. The details of the same are as under:

  Year  Ended 31.03.2014 Year  Ended 31.03.2013
Shivsena 0.00 -
Maharashtra Navnirman Sena 0.01 -
South Mumbai District Congress Committee 0.00 -
Bharatiya Janata Party 0.00 0.00
Total 0.01 0.00

12   Employee Stock Option Scheme (ESOS)

  1. During the year, the Company had granted NIL (Previous Year NIL) Employee Stock Options to the employees of the Company.
  2. The company had granted stock options to employees under the Employees Stock Option Scheme 2006 at grant price of ₹ 70/- (face value ₹ 2/-)
  3. The details of options granted, lapsed and in force at the end of the year are as under
      Current year Previous year
    Option in force at the beginning  of the year (face value ₹ 2/-) 3,150 4,26,938
    Add : Granted  during the year - -
    Less : Lapsed during the year 3,150 4,23,788
    Option vested during the year - -
    Option in force at the end of the year - 3,150
  4. As the options are granted using the fair value, no compensation cost will arise. Moreover all the grants have lapsed without any exercise of the same. Further, the said ESOP scheme has been cancelled vide Board resolution dated 26th May 2014, subject to shareholders ratification.

13   Payment of Auditors included in Miscellaneous Expenses

(₹ in Crores)  

Year  Ended 31.03.2014 Year  Ended 31.03.2013
  As Auditors
a Statutory Audit Fees (including limited review and consolidation  fees) 0.22 0.21
b Tax Audit Fees 0.07 0.07
c For Certification and Other Services 0.05 0.03
d For Reimbursement of Expenses 0.01 0.00
e Service Tax on Fees and Reimbursement 0.04 0.04
  Total 0.39 0.35

14   Loans and Advances to Subsidiary, Associates and Companies / Enterprises under the same Management

(₹ in Crores)  

  Particulars As At 31.03.2014 As At 31.03.2013 Max O/S during the year
31.03.2014 31.03.2013
a) Subsidiaries    
(i) Peninsula Holdings and Investments Private Limited 440.23 503.78 528.19 503.78
(ii) Renato Finance and Investments Private Limited 10.15 8.81 10.15 8.81
(iii) Peninsula Mega Properties Private Limited 0.02 0.02 0.02 0.02
(iv) Peninsula Crossroads Private Limited - - 0.00 0.23
(v) Goodtime  Real Estate Development  Private Limited (PY step down subsidiary) 34.38 0.01 38.01 0.01
(vi) Pavurotti Real Estate Private Limited (formerly known  as Pavurotti
Finance & Investments Private Limited - PY step down subsidiary)
30.2 30.18 32.2 30.18
(vii) Peninsula  Mega  Township  Developers  Limited (formerly  known as Peninsula Mega Township Developers Private Limited - PY step down subsidiary) 0.49 184.14  
  Total (a) 515.47 726.94 0.49 184.59
b)   Step Down Subsidiaries    
(i) Inox Mercantile Company Private Limited 87.81 87.79 87.82 87.79
(ii) Flaxo Real Estate Private Limited 44.39 39.42 44.39 44.43
(iii) R R Real Estate Development  Private Limited 35.74 35.34 35.74 36.11
(iv) Peninsula Pharma Research Centre Private Limited 35.60 35.53 35.60 35.53
(v) Planetview Mercantile Company Private Limited 28.25 28.22 28.26 28.22
(vi) Takenow Property Developers Private Limited 3.12 2.83 3.12 2.83
(vii) Peninsula  Mega City Development  Private Limited 0.42 0.42 0.42 11.42
(viii) Peninsula Facility Management Services Limited 0.39 0.03 0.42 0.25
(ix) (ix) Midland Township Private Ltd 0.05 - 0.05 -
(x) (x) Peninsula Real Estate Management Private Limited 0.02 0.10 1.01 9.1
(xi) (xi) Peninsula Integrated Land Developers Private Limited 0.00 0.00 0.00 0.00
(xii) (xii) Sketch Real Estate Pvt Ltd 0.00 - 20.00 -
(xiii) (xiii) City Parks Private Limited (merged  with  Peninsula  Land Limited wef August 1, 2013) - 349.19 - 349.19
(xiv) (xiv) RR   Mega   Property   Developers   Private  Limited  (merged   with Peninsula Land Limited wef April 1, 2013) - 151.49 151.49 151.49
(xv) Peninsula Trustee Limited - 0.00 0.00 0.00
(xvi) Wismore Real Estate Private Limited (merged  with Peninsula Land Limited wef April 1, 2013) - 30.29 - 30.29
(xvii) Peninsula Investment Management Company Limited 3.36 - 3.33 -
(xviii) HEM Infrastructure  and Property Developers Private Limited 0.00 - 0.00 -
  Total (b) 239.15 760.65  
c)  Companies in which any Director is Director / Member   46.8 45.03
(i) Rockfirst Real Estate Limited 18.34 45.03 0.28 0.2
(ii) Ashok Piramal Management Corporation Limited 0.28 0.20 0.13 0.00
(iii) PMP Auto Components Private Limited 0.13 0.00 0.58 0.05
(iv) Goldlife Mercantile Company Private Limited (0.01) 0.05 0.05 0.06
(v) Pune Football Club Limited 0.04 0.05 0.02 0.02
(vi) Peninsula Townships Development  Private Limited 0.02 0.02 0.37 0.56
(vii) Morarjee Textiles Limited 0.01 0.08 0.01 0.01
(viii) Ashok Piramal Mega City Development   Private Limited 0.01 0.01 0.01 0.01
(ix) Ashok Piramal Townships Developments  Private Limited 0.01 0.01 0.01 0.01
(x) Ashok Piramal Mega Properties Private Limited 0.01 0.01 0.00 0.00
(xi) Edustar Learning Private Limited 0.00 0.00 0.00 0.04
(xii) Peninsula SA Realty Private Limited 0.00 0.00 0.00 0.00
(xiii) CAMS Learning Private Limited 0.00 0.00 0.00 0.00
(xiv) Piramal Land Private Limited 0.00 0.00 0.00 0.00
(xv) Pune Sports Club Private Limited 0.00 0.00 0.00 0.00
(xvi) Cromwell Tools  (I) Private Limited 0.00 0.00 0.00 0.00
(xvii) Miranda Ultra Tools Private Limited 0.00 0.00 0.00 0.00
(xviii) Jammin Recreation Private Limited 0.00 0.00 0.00 0.00
(xix) APG Infrastructure  Private Limited 0.00 0.00 0.00 0.00
(xx) Bridgepoint Learning Private Limited 0.00 0.00 0.01 0.01
(xxi) Thundercloud  Technologies (India) Private Limited - 0.01 0.00 0.00
(xxii) Miranda Few Tools Private Limited - 0.00 0.00 -
(xxiii) Piramal Roads Infra Private Limited - -  
  Total (c) 18.84 45.47
d)  Enterprises under the same management (treated as subsidiaries for consolidation)        
(i) Peninsula GSG MHP Project - AOP (50% share) 1.01 0.94 1.02 0.96
(ii) Argento Real Estate LLP 0.00 0.00 0.00 0.00
(iii) Gorena Real Estate LLP 0.00 0.00 0.00 0.00
(iv) Maxis Real Estate LLP 0.00 0.00 0.00 0.00
(v) Nebustar Real Estate LLP 0.00 0.00 0.00 0.00
(vi) Regena Real Estate LLP 0.00 0.00 0.00 0.00
(vii) Eastgate Real Estate LLP 0.00 0.00 0.00 0.00
(viii) Westgate Real Estate Developers LLP - - 0.00 0.35
(ix) Peninsula Land Limited ESOP Trust 26.84 27.35 27.35 27.73
  Total (d) 27.85 28.29  
e)   Joint Venture  
(i) Bridgeview  Real  Estate  Development   LLP   (formerly  known   as Bridgeview Real Estate Development  Private Limited) 44.42 32.14 66.98 69.09
(ii) Peninsula Brookfield Trustee Private Limited 0.00 0.00 0.00 0.00
(iii) Peninsula Brookfield Investment Managers  Private Limited 0.02 0.01 0.02 0.07
  Total (e) 44.44 32.15  
f)   Associates    
(i) JM Realty Management Private Limited 7.79 7.79 7.79 7.79
(ii) RA Realty Ventures  LLP  (formerly known  as RA Realty Ventures Private Limited) 176.35 137.50 253.53 137.5
  Total (f) 184.14 145.29  
  Grand Total (a+b+c+d+e+f) 1,029.89 1,738.79
  Year  Ended 31.03.2014 Year  Ended 31.03.2013
15     Borrowing Cost    
Borrowing Cost treated as project cost during the year 64.78 5.04

16 Employee Benefit Plans
The Company has classified various benefit plans as under:

  1. Defined Contribution Plan
    The Company has recognised the following amounts in Profit and Loss Account which are included under Contributions to Funds
  2. Particulars Current Year Previous Year
    Employer’s contribution  to Provident Fund 2.19 2.74
    Employer’s contribution  to Superannuation Fund 0.45 1.18
    Employer’s contribution  to Employees State Insurance 0.01 0.01
  3. Defined Benefit Plan:
    1. Gratuity (Funded)
    2. Leave Encashment (Non funded)
    In terms of the Guidance Note on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, the Gratuity Trust set up by the Company is treated as defined benefit plan since the Company has to meet the shortfall, if any. However at the year end, no shortfall remains unprovided for.
    Leave encashment is payable to eligible employees who have earned leaves, during the employment and / or separation as per the Company’s policy.
    Valuations in respect of Gratuity and Leave Encashment, as at the Balance Sheet date, are based on the following assumptions.
  1. The disclosures of Gratuity are as under:
    The Company has funded its gratuity obligation under Group Gratuity Policy managed by LIC. The disclosures stated below have been obtained from independent actuary. The other disclosures in accordance with AS -15 (revised) pertaining to Defined Benefit Plan are given below:

 

Particulars As at 31.03.2014 As at 31.03.2013 As at 31.03.2012 As at 31.03.2011 As at 31.03.2010
Assumptions          
Discount rate 9.10% 8.10% 8.50% 8% 8%
Salary escalation 6% 6% 6% 6% 6%
Employee Turnover Ratio 5% at younger ages
1% at older ages

5% at younger
ages
1% at older
ages
3% at younger
ages
1% at older
ages
3% at younger
ages
1% at older
ages
3% at younger
ages
1% at older
ages
Expected Rate of Return on Planned Assets 9% 9% 9% 9% 9%
Retirement Age 58 years 58 years 58 years 58 years 58 years
Mortality Indian Assured Lives Mortality (2006-08) Ult. LIC
(1994-96)
published table
LIC
(1994-96) 
published table
LIC
(1994-96)
published table
Changes in Present Value of Obligations
Present value of obligations as at beginning  of the year 2.69 4.98 3.42 2.62 2.13
Interest cost 0.20 0.40 0.27 0.21 0.52
Current service cost 0.47 0.51 0.81 0.59 0.17
Benefits paid (0.36) (0.49) (0.26) (0.07) (0.02)
Transfer in Obligation 0.04 - - - -
Actuarial (gain) / loss on obligations (0.46) (2.71) 0.73 0.07 (0.18)
Present value of obligations as at end of the year 2.57 2.69 4.98 3.42 2.62
Actuarial Gain / Loss recognised  
Actuarial gain / (loss) for the year – Obligations 0.46 2.71 (0.73) (0.07) 0.18
Actuarial gain / (loss) for the year – Plan Assets 0.03 (0.19) (0.03) (0.05) (0.01)
Total gain / (loss) for the year 0.50 2.52 (0.77) (0.12) 0.17
Actuarial gain / (loss) recognised  in the year 0.50 2.52 (0.77) (0.12) 0.17
The amounts to be recognised in the Balance Sheet and Statement of Profit & Loss  
Present value of obligations as at end of the year 2.57 2.69 4.98 3.42 2.62
Fair value of plan assets as at end of the year 2.61 1.91 2.22 1.57 0.28
Funded status 2.61 1.91 2.22 1.57 0.28
Net assets (liability) recognised  in Balance (0.04) 0.78 (2.76) (1.85) (2.34)
Sheet  
Expenses recognised in Statement of Profit & Loss</td>   0.51 0.81 0.59 0.52
Current service cost 0.47 0.40 0.27 0.21 0.17
Interest cost 0.20 (0.19) (0.16) (0.08) (0.01)
Expected return on plan assets (0.19) (2.52) 0.77 0.12 (0.17)
Net actuarial (gain) / loss recognised  in the year (0.50) (1.79) 1.69 0.84 0.51
Expenses recognised  in statement of Profit and Loss (0.02)
Pattern of Investment   56% 56% 56% 56%
Central & State Government Securities 56% 36% 36% 36% 36%
Bonds/Debentures 36% 6% 6% 6% 6%
Equity Shares 6% 2% 2% 2% 2%
Money Market Instrument 2%
Classification of Liability   0.60 - - -
Current (0.04) 0.18 (2.76) (1.85) -
Non Current -
Experience Adjustments   2.69 4.98 3.42 -
Defined Benefit Obligation 2.57 1.91 2.22 1.57 -
Plan Assets 2.61 (0.78) (2.76) (1.85) -
Surplus / (Deficit) 0.04 (2.8) 0.88 0.07 -
Experience Adjustment  on Plan Liabilities (0.24) 0.19 0.03 0.05 -
Experience Adjustment  on Plan Asset Gain / (Loss) (0.03)

ii Leave Encashment (Unfunded)
Value of liability for leave encashment has been  carried out by an independent actuary, as at the Balance Sheet date  based  on the following

(₹ in Crores)  

Particulars As at  31.03.2014 As at  31.03.2013 As at 31.03.2013 As at 31.03.2013 As at 31.03.2013
Assumptions          
Mortality Indian Assured Lives Mortality (2006-08) Ult. LIC (1994-96) published table of mortality rates LIC (1994-96) published table of mortality rates LIC (1994-96) published table of mortality rates  
Discount rate (per annum) 9.10% 8.10% 8.50% 8% 8%
Rate of increase in compensation levels 6% 6% 6% 6% 6%
Rate of return on plan assets - - - - -
Retirement Age 58  years 58  years 58  years 58  years 58  years
Employee Turnover Ratio 3% at younger ages reducing to 1% at older Ages 3% at younger ages reducing to 1% at older Ages 3% at younger ages reducing to 1% at older Ages 3% at younger ages reducing to 1% at older Ages  
Leave Consumption Factors 10%  at younger ages tapering to 2% at older Ages 10%  at younger ages tapering to 2% at older Ages      
Changes in present value of obligation 2.65 1.38 1.76 1.31 0.53
Present value of obligations as at beginning  of the year 2.65 1.38 1.76 1.31 0.53
Interest Cost 0.19 0.10 0.14 0.10 0.04
Current Service Cost 0.40 0.50 0.29 0.26 0.29
Contributions by plan participants - - - - -
Curtailment  Cost / (Credit) - - - - -
Settlement  Cost / (Credit) - - - - -
Benefits Paid (0.57) 0.39 0.36 0.07 0.03
Actuarial (Gains) / Loss (0.06) 1.06 0.45 0.15 0.48
Present value of obligations as at end of the year 2.61 2.65 1.38 1.76 1.31
Amounts recognised in Balance Sheet        
Present value of obligation as at end of the year 2.61 2.65 1.38 1.76 1.31
Fair value of plan assets as at end of the year - - - - -
(Asset) / Liability recognised in the Balance Sheet 2.61 2.65 1.38 1.76 1.31
Classification of Liability          
Current 1.26 0.34 0.04 0.04 -
Non Current 1.35 2.31 1.34 1.72  
Expenses recognised in Statement of          
Profit & Loss Account          
Current service cost 0.4 0.5 0.29 0.26 0.29
Past service cost        
Interest Cost 0.19 0.1 0.14 0.1 0.04
Expected return on plan assets - - - - -
Curtailment  Cost / (Credit) - - - - -
Settlement  Cost / (Credit) - - - - -
Net Actuarial (Gain) / Loss (0.06) 1.06 0.45 0.15 0.48
Employee’s Contribution        
Total expenses recognised  in Profit & Loss 0.53 1.66 (0.02) 0.52 0.82
account          
Experience Adjustments        
Defined Benefit Obligation 2.61 2.65 1.38 1.76 -
Plan Assets - - - - -
Surplus / (Deficit) (2.61) (2.65) 91.38 (1.76) -
Experience Adjustment  on Plan Liabilities 0.11 0.99 (0.38) 0.15 -
Experience Adjustment  on Plan Asset Gain / (Loss) - - - - -

Note: As the Company does not have plan assets for leave encashment policy, disclosures pertaining  to plan assets are not shown.

17 List of Related Parties and Transactions during the year.

  1. Controlling Entity
    1. Ashok Piramal Group Real Estate Trust
    2. Morarjee Goculdas Spinning and Weaving Company Limited Senior ESOP Trust
  2. Subsidiary Companies
    1. Peninsula Holdings and Investments Private Limited
    2. Renato Finance and Investments Private Limited
    3. Peninsula Mega Properties Private Limited
    4. Peninsula Crossroads Private Limited
    5. Pavurotti Real Estate Private Limited (formerly known as Pavurotti Finance & Investments Private Limited - PY step down subsidiary)
    6. Goodtime Real Estate Development Private Limited (PY step down subsidiary)
    7. Peninsula Mega Township Developers Limited (formerly known as Peninsula Mega Township Developers Private Limited - PY step down subsidiary)
  3. Step Down Subsidiary Companies
    1. Inox Mercantile Company Private Limited
    2. Peninsula Facility Management Services Limited
    3. Peninsula Investment Management Company Limited
    4. Peninsula Pharma Research Centre Private Limited
    5. Peninsula Trustee Limited
    6. Planetview Mercantile Company Private Limited
    7. RR Real Estate Development Private Limited
    8. Takenow Property Developers Private Limited
    9. Peninsula Real Estate Management Private Limited
    10. Peninsula Integrated Land Developers Private Limited
    11. Peninsula Mega City Development Private Limited
    12. Flaxo Real Estate Private Limited
    13. Midland Township Private Ltd
    14. Sketch Real Estate Pvt Ltd
    15. Hem Infrastructure and Property Developers Private Limited
    16. City Parks Private Limited (merged with Peninsula Land Limited wef August 1, 2013)
    17. RR Mega Property Developers Private Limited (merged with Peninsula Land Limited wef April 1, 2013 )
    18. Wismore Real Estate Private Limited (merged with Peninsula Land Limited wef April 1, 2013 )
  4. Enterprises over which Company exercise significant control (treated as subsidiaries for consolidation)
    1. Argento Real Estate LLP
    2. Gorena Real Estate LLP
    3. Maxis Real Estate LLP
    4. Nebustar Real Estate LLP
    5. Regena Real Estate LLP
    6. Eastgate Real Estate LLP
    7. Westgate Real Estate Developers LLP
    8. Peninsula GSG MHP Project - AOP (50% share)
  5. Associate Companies with whom the Company had transactions during the year
    1. JM Realty Management Private Limited
    2. SEW Engineering (India) Private Limited
    3. RA Realty Ventures LLP (formerly known as RA Realty Ventures Private Limited)
  6. Companies where Key Management Personnel /their relatives exercise significant influence
    1. Ashok Piramal Management Corporation Limited
    2. Freedom Registry Limited
    3. Morarjee Textiles Limited
    4. Thundercloud Technologies (India) Private Limited
    5. Peninsula SA Realty Private Limited
    6. Peninsula Townships Development Private Limited
    7. Delta Corp Limited
    8. Rockfirst Real Estate Limited
    9. Ashok Piramal Mega City Development Private Limited
    10. Ashok Piramal Mega Properties Private Limited
    11. Ashok Piramal Township Development Private Limited
    12. Goldlife Mercantile Company Private Limited
    13. Jammin Recreation Private Limited
    14. Pune Football Club Limited
    15. Topvalue Brokers Private Limited
    16. Integra Apparels & Textiles Limited, a division of Morarjee Textiles Limited
    17. CAMS Learning Private Limited
    18. EDUSTAR Learning Private Limited
    19. Bridgepoint Learning Private Limited
    20. Rockfield Trading Private Limited
    21. Piramal Land Private Limited
    22. Piramal Roads Infra Private Limited
    23. Antartica Trading Company Private Limited
    24. APG Infrastructure Private Limited
    25. Cromwell Tools (I) Private Limited
    26. Miranda Few Tools Private Limited
    27. Miranda Ultra Tools Private Limited
    28. PMP Auto Components Private Limited
    29. Peninsula Sports Club Private Limited
    30. Onestar Mercantile Company Private Limited
    31. Shobla Hydropower Private Limited
    32. Peninsula Brookfield Capital Advisors Limited
    33. Anjoss Trading Private Limited
  7. Joint Venture
    1. Bridgeview Real Estate Development LLP (formerly known as Bridgeview Real Estate Development Private Limited)
    2. Peninsula Brookfield Trustee Private Limited (entire equity is held through wholly owned subsidiary)
    3. Peninsula Brookfield Investment Managers Private Limited (entire equity is held through wholly owned subsidiary)
  8. Enterprises where Key Management Personnel /their relatives exercise significant influence
    1. Ashok G. Piramal Trust
    2. Peninsula Land Limited ESOP Trust
    3. Urvi Ashok Piramal Foundation
  9. Key Management Personnel
    1. Ms. Urvi A. Piramal - Executive Chairperson
    2. Mr. Rajeev A. Piramal- Executive Vice Chairman & Managing Director
    3. Mr. Mahesh S. Gupta - Group Managing Director
  10. Relatives of Key Management Personnel
    1. Mr. Harshvardhan A. Piramal - Son of Executive Chairperson
    2. Mr. Nandan A. Piramal - Son of Executive Chairperson
    3. Mr. Jaydev Mody - Brother of Executive Chairperson
    4. Ms. Sunita Gupta - Spouse of Group Managing Director
    5. Ms. Kalpana Singhania - Sister of Executive Chairperson

Details of Transactions are as Follows :

 

2013-14 2012-13
I Loan received from    
a Companies where Key  Management Personnel / their relatives exercise significant influence
(i) Piramal Roads Infra Private Limited 0.00 3.35
II Income received from
a Companies where Key  Management Personnel / their relatives exercise significant influence
(i) Rent from  Morarjee Textiles Limited 1.43 1.43
(ii) Rent from  Piramal Roads Infra Private Limited 0.14 0.14
(iii) Debenture Interest from Rockfirst Real Estate Limited - 6.28
(iv) Rent/Licence fee from PMP Auto Component Pvt Ltd 0.03 -
III Receipt of Services from
a Step Down Subsidiary Companies
(i) Peninsula Facility Management Services Limited 0.08 2.59
b Companies where Key  Management Personnel / their relatives exercise significant influence 
(i) Freedom Registry Limited 0.07 0.07
(ii) Pune Football Club Limited
-Advertisement 9.92 8.76
IV Purchase from
a Associate Companies
(i) SEW Engineering (India) Private Limited 3.54 6.51
V Reimbursement made to
a Companies where Key  Management Personnel / their relatives exercise significant influence 
(i) Ashok Piramal Management Corporation Limited - 0.01
b Step Down Subsidiary Companies
(i) Peninsula Investment Management Company Limited 0.01 0.01
VI Donation paid to
a Companies/Enterprises where Key  Management Personnel / their relatives exercise significant influence 
(i) Urvi Piramal Foundation 0.74 1.44
VII Loan  given to
a Subsidiary Companies
(i) Peninsula Holdings and Investments Private Limited 86.07 45.58
(ii) Goodtime  Real Estate Development  Private Limited 38.17 0.00
(iii) Pavurotti Real Estate Private Limited 2.02 0.04
(iv) Peninsula Mega Township Developers Limited - 16.89
(v) Others 0.36 0.24
b Step Down Subsidiary Companies    
(i) Sketch Real Estate Pvt Ltd 20.00 -
(ii) City Parks Private Limited 72.42 179.31
(iii) Wismore Real Estate Private Limited - 1.42
(iv) Others 6.11 6.45
c Associate Companies
(i) RA Realty Ventures LLP 119.6 22.91
d Companies where Key  Management Personnel / their relatives exercise  significant influence
(i) Rockfirst Real Estate Limited 10.47 22.98
(ii) Ashok Piramal Management Corporation Limited 0.08
e Enterprise over which Company exercise significant control
(i) Westgate Real Estate Developers LLP 0.02 0.18
(ii) Peninsula GSG MHP Project - AOP (50% share) 0.08 0.65
f Joint Venture
(i) Bridgeview Real Estate Development  LLP 43.92 13.51
VIII Loan  repaid by
a Subsidiary Companies
(i) Peninsula Holdings and Investments Private Limited 151.31 11.85
(ii) Goodtime  Real Estate Development  Private Limited 5.58 -
(iii) Pavurotti Real Estate Private Limited 2.00 -
(iv) Peninsula Mega Township Developers Limited - 18.55
(v) Others 0.25 0.26
b Step Down Subsidiary Companies
(i) Sketch Real Estate Pvt Ltd 20.00 -
(ii) Peninsula Facility Management Services Limited 1.02 1.54
(iii) Peninsula Real Estate Management Private Limited 0.08 9.00
(iv) Flaxo Real Estate Private Limited 0.54 5.01
(v) City Parks Private Limited 1.79 5.21
(vi) Peninsula Mega City Development  Private Limited - 11.00
(vii) Peninsula Investment Management Company Limited 0.00
c Associate Companies
(i) RA Realty Ventures LLP 107.69 1.70
d Companies where Key Management Personnel / their relatives exercise significant influence
(i) Rockfirst Real Estate Limited 40.85 0.61
e Enterprise over which Company exercise significant control
(i) Westgate Real Estate Developers LLP 0.02 0.48
f Joint Venture
(i) Bridgeview Real Estate Development  LLP 38.05 56.09
IX Expenses incurred on behalf of
a Subsidiary Companies
(i) Peninsula Crossroads Private Limited 0.00 0.25
(ii) Pavurotti Real Estate Private Limited 0.00 -
b Step Down Subsidiary Companies  
(i) Others 0.01 0.02
c Companies where Key  Management Personnel / their relatives exercise significant influence  
(i) Morarjee Textiles Limited 0.81 0.47
(ii) Others 0.22 0.19
d Joint Venture  
(i) Peninsula Brookfield Investment Managers  Private Limited 0.01 0.01
X Expenses incurred on behalf reimbursed by  
a Subsidiary Companies  
(i) Peninsula Crossroads Private Limited 0.00 0.25
b Companies where Key  Management Personnel / their relatives exercise significant influence  
(i) Morarjee Textiles Limited 0.87 0.49
(ii) Peninsula Land Limited ESOP Trust 0.51 0.38
(iii) Others 0.10 0.09
c Joint Venture  
(i) Peninsula Brookfield Investment Managers  Private Limited 0.00 0.07
XI Loan  Repaid to  
a Companies where Key  Management Personnel / their relatives exercise significant influence   
(i) Piramal Roads Infra Private Limited 3.53 0.03
XII Interest income from  
(interest income has been converted in loan at year end, which is not included in amount disclosed under head loan given above)  
a Subsidiary Companies  
(i) Peninsula Holdings and Investments Private Limited 1.69 28.97
(ii) Goodtime  Real Estate Development  Private Limited 1.79
(iii) Renato Finance and Investments Private Limited 1.22 1.07
(iv) Peninsula Mega Township Developers Limited - 22.6
b Step Down Subsidiary Companies  
(i) City Parks Private Limited 17.85 22.14
(ii) Peninsula Investment Management Company Limited 0.04 -
(iii) Flaxo Real Estate Private Limited 4.78 -
c Associate Companies  
(i) RA Realty Ventures LLP 26.95 16.99
d Companies where Key  Management Personnel / their relatives exercise significant influence   
(i) Rockfirst Real Estate Limited 3.16 5.95
e Joint Venture  
(i) Bridgeview Real Estate Development  LLP 6.41 5.64
XIII Remuneration to Key  Management Personnel (Includes Commission)  
(i) Ms. Urvi A. Piramal 4.26 8.27
(ii) Mr. Rajeev A. Piramal 2.32 5.32
(iii) Mr. Mahesh S. Gupta 2.96 5.93
(iv) Mr. Rajesh Jaggi - 2.74
XIV Dividend Paid  to Key  Management Personnel  
(i) Ms. Urvi A. Piramal 0.42 0.31
(ii) Mr. Rajeev A. Piramal 0.14 0.10
(iii) Mr. Mahesh S. Gupta 0.00 0.00
(iv) Mr. Rajesh Jaggi - 0.01
XV Dividend Paid to Relatives of Key  Management Personnel  
(i) Mr Harshvardhan  A Piramal 0.14 0.10
(ii) Mr Nandan A Piramal 0.14 0.10
(iii) Mr Jaydev Mody 0.00 0.00
(iv) Ms Kalpana Singhania 0.00 0.00
(v) Ms Sunita Gupta 0.13 0.10
XVI Dividend Paid  to Controlling Entity  
(i) Ashok Piramal Group Real Estate Trust through its trustees Ms Urvi A Piramal and Mr Harshvardhan A Piramal (Equity) 22.34 16.38
(ii) Morarjee Goculdas Spinning & Weaving Company Limited Senior ESOP Trust through its trustees Ms Urvi A Piramal and Mr Mahesh S Gupta 0.15 0.11
(iii) Ashok Piramal Group Real Estate Trust through its trustees Ms Urvi A Piramal and Mr Harshvardhan A Piramal (Preference) 0.00 0.00
XVII Sale to Company where Key Management Personnel / their relatives exercise significant influence   
(i) Delta Corp Limited - 1.47
XVIII Transactions involving collaterals obtained  
A Collaterals obtained from :  
a Subsidiary Companies  
(i) Pavurotti Finance and Investments Private Limited - 124.01
b Step Down Subsidiary Companies  
(i) City Parks Private Limited 66.91 46.93
(ii) RR Mega Property Developers Private Limited - 100
(iii) RR Real Estate Development  Private Limited - 79
B Collaterals released to :  
a Step Down Subsidiary Companies  
(i) RR Mega Property Developers Private Limited - 71.88
(ii) Pavurotti Finance and Investments Private Limited 15.09 -
C Outstanding collaterals obtrained from  
a Subsidiary Companies  
(i) Pavurotti Finance and Investments Private Limited 108.93 124.01
b Step Down Subsidiary Companies  
(i) City Parks Private Limited - 110.79
(ii) RR Mega Property Developers Private Limited - 100
(iii) RR Real Estate Development  Private Limited 79 79
XIX Outstanding balances as  at March 31,2014  
I Payable by  Company to  
A For Services received  
a Companies where Key  Management Personnel / their relatives exercise significant influence   
(i) Freedom Registry Limited 0.00 0.01
b Step Down Subsidiary Companies  
(i) Peninsula Facility Management Services Limited - 0.29
B For Loan  received  
a Companies where Key  Management Personnel / their relatives exercise significant influence   
(i) Piramal Roads Infra Private Limited - 3.41
C Towards Services / Supplies  
a Associate Companies  
(i) SEW Engineering (India) Private Limited -1.14 1.66
II Receivable by  Company  
A Loans  
a Associate Companies  
(i) JM Realty Management Private Limited 7.79 7.79
(ii) RA Realty Ventures LLP 176.35 137.5
b Companies where Key  Management Personnel / their relatives exercise significant influence   
(i) Rockfirst Real Estate Limited 18.34 45.03
(ii) Ashok Piramal Management Corporation Limited 0.28 -
c Subsidiary Companies  
(i) Peninsula Holdings and Investments Private Limited 440.23 503.78
(ii) Goodtime  Real Estate Development  Private Limited 34.38 0.01
(iii) Pavurotti Real Estate Private Limited 30.2 30.18
(iv) Renato Finance and Investments Private Limited 10.15 8.81
(v) Peninsula Mega Township Developers Limited 0.49 184.14
d Step Down Subsidiary Companies  
(i) Inox Mercantile Company Private Limited 87.81 87.79
(ii) Flaxo Real Estate Private Limited 44.39 39.42
(iii) RR Real Estate Development  Private Limited 35.74 35.34
(iv) Peninsula Pharma Research Centre Private Limited 35.6 35.53
(v) Planetview Mercantile Company Private Limited 28.25 28.22
(vi) City Parks Private Limited - 349.19
(vii) RR Mega Property Developers Private Limited - 151.49
(viii) Wismore Real Estate Private Limited - 30.29
(ix) Peninsula Investment Management Company Limited 3.36 -
(x) Others 3.62 3.34
e Enterprise over which Company exercise significant control
(i) Peninsula GSG MHP Project - AOP (50% share) 1.01 0.94
(ii) Peninsula Land Limited ESOP Trust 26.84 27.35
f Joint Venture
(i) Bridgeview Real Estate Development  LLP 32.14
B For  Reimbursement of Expenses 44.42
a Companies where Key  Management Personnel / their relatives exercise significant influence
(i) PMP Auto Components Private Limited 0.13 0.00
(ii) Goldlife Mercantile Company Private Limited (0.01) 0.05
(iii) Pune Football Club Limited 0.04 0.05
(iv) Others 0.05 0.32
b Subsidiary Companies
(i) Peninsula Mega Properties Private Limited 0.02 0.02
c Step Down Subsidiary Companies
(i) Peninsula Facility Management Services Limited 0.39 0.1
(ii) Others 0.00 0.01
d Joint Venture
(i) Peninsula Brookfield Investment Managers  Private Limited 0.02 0.01
C Towards Sales/Services
a Companies where Key  Management Personnel / their relatives exercise significant influence 
(i) Piramal Roads Infra Private Limited 0.02 0.02
(ii) Morarjee Textiles Limited 0.01 0.01
(iii) Others - 0.53
D Towards Advance against services/supplies
a Associate Companies
(i) SEW Engineering (India) Private Limited 0.37 1.66
E Towards Debentures and Accrued Interest
a Companies where Key  Management Personnel / their relatives exercise significant influence 
(i) Rockfirst Real Estate Limited 60.27 60.27

XX Resources / Premises sharing with related parties Transactions involving resource / premise sharing with undermentioned related parties which are for non monetary consideration

  1. Subsidiaries and Step Down Subsidiaries
    1. Peninsula Mega Properties Private Limited
    2. Peninsula Holdings and Investments Private Limited
    3. Renato Finance and Investments Private Limited
    4. City Parks Private Limited
    5. Inox Mercantile Company Private Limited
    6. Peninsula Facility Management Services Limited
    7. Peninsula Investment Management Company Limited
    8. Peninsula Mega Township Developers Limited
    9. Peninsula Pharma Research Centre Private Limited
    10. Peninsula Trustee Limited
    11. Planetview Mercantile Company Private Limited
    12. RR Mega Property Developers Private Limited
    13. RR Real Estate Development Private Limited
    14. Takenow Property Developers Private Limited
    15. Peninsula Mega City Development Private Limited
    16. Peninsula Real Estate Management Private Limited
    17. Peninsula Crossroads Private Limited
    18. Goodtime Real Estate Development Private Limited
    19. Flaxo Real Estate Private Limited
    20. Wismore Real Estate Private Limited
    21. Peninsula Integrated Land Developers Private Limited
    22. Midland Township Private Ltd
    23. Sketch Real Estate Pvt Ltd
  2. Companies where Key Management Personnel /their relatives exercise significant influence

    1. Ashok Piramal Management Corporation Limited
    2. Thundercloud Technologies (India) Private Limited
    3. Peninsula SA Realty Private Limited
    4. Peninsula Townships Development Private Limited
    5. Rockfirst Real Estate Limited
    6. Ashok Piramal Mega City Development Private Limited
    7. Ashok Piramal Mega Properties Private Limited
    8. Ashok Piramal Township Development Private Limited
    9. Goldlife Mercantile Company Private Limited
    10. Jammin Recreation Private Limited
    11. Pune Football Club Limited
    12. Topvalue Brokers Private Limited
    13. Peninsula Mega City Development Private Limited
    14. CAMS Learning Private Limited
    15. EDUSTAR Learning Private Limited
    16. Bridgepoint Learning Private Limited
    17. Delta Corp Limited
  3. Enterprises over which Company exercise significant control

    1. Argento Real Estate LLP
    2. Gorena Real Estate LLP
    3. Maxis Real Estate LLP
    4. Nebustar Real Estate LLP
    5. Regena Real Estate LLP
    6. Eastgate Real Estate LLP
    7. Westgate Real Estate Developers LLP
    8. Peninsula GSG MHP Project - AOP (50% share)
  4. Joint Venture

    1. Bridgeview Real Estate Development LLP
    2. Peninsula Brookfield Trustee Private Limited
    3. Peninsula Brookfield Investment Managers Private Limited

18 Leases

    a) Assets taken on Operating Lease

    Future minimum lease payments under non - cancellable operating lease are as under:

  As At 31.03.2014 As At 31.03.2013
Not later than one year 0.43 0.99
Later than one year and not later than five years 0.10 0.53
Later than five years - -
Total 0.53 1.52

Total lease rental cost recognised in the financial statement is ₹ 1.14 Crores [Previous Year ₹ 1.40 Crores]. This rental cost is inclusive of service tax.

General Terms of Lease Rentals:

  1. Lease Rentals are charged on the basis of agreed terms
  2. Assets are taken on lease over a period of 4 to 5 years.

    b) Assets given on Operating Lease

    Future minimum lease income under operating lease are as under:

  As At 31.03.2014 As At 31.03.2013
Not later than one year 22.46 25.3
Later than one year and not later than five years 1.83 0.93
Later than five years - -
Total 24.29 26.23

Total lease rental income recognised in the financial statement is ₹ 35.61 crores (Previous year ₹ 24.14 crores)
General Terms of Lease Rentals:

  1. Lease Rentals are charged on the basis of agreed terms.
  2. Assets are given on lease for a period ranging between 1 year to 10 years.
  3. The lease agreements can be renewed on mutually agreed terms with the lessee.

19 Major components of deferred tax assets and liabilities are:

  As at 31.03.2014 As at 31.03.2013
Opening Deferred Tax Liability / (Asset) 7.74 7.72
Add: Difference between book WDV and WDV as per Income Tax Act 1961 (0.46) (0.16)
Add: Unabsorbed Business Loss (23.14) -
Less: Merger Expenses 0.90 -
Less: Deferred Tax Asset as per Section 43B (0.25) 0.18
Closing Deferred tax Liability / (Asset) (16.51) 7.74

20 Earnings Per Share (EPS)

In determining earnings per share, the Company considers the net profit after tax and includes the post tax effect of any extra - ordinary / exceptional items. The number of shares in computing basic earnings per share is the weighted average number of shares outstanding during the period. The number of shares used in computing diluted earnings per share comprises weighted average shares considered for deriving basic earnings per share, and also the weighted average number of equity shares that could have been issued on the conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair price (i.e. the average market value of outstanding shares). Statement showing the computation of EPS is as under:

2013-14 2012-13
a Profit after tax before extraordinary item 49.14 196.95
Less : Preference Share Dividend and Dividend Distribution tax thereon 0.00 0.00
49.14 196.95
b Profit after tax after extraordinary item 49.14 196.95
Less : Preference Share Dividend and Dividend Distribution tax thereon 0.00 0.00
49.14 196.95
c Weighted  Average Number of Shares  
Basic 27,92,01,220 27,92,01,220
Diluted 27,92,01,220 27,92,01,220
d Basic EPS (₹) (After Extraordinary & Prior Period Items) 1.76 7.05
e Basic EPS (₹) (Before Extraordinary & Prior Period Items) 1.76 7.05
f Diluted EPS (₹) (After Extraordinary & Prior Period Items) 1.76 7.05
g Diluted EPS (₹) (Before Extraordinary & Prior Period Items) 1.76 7.05
h Face value of share in ₹ 2 2

21 The Micro, Small and Medium Enterprises Development Act, 2006

Company has sent letters to suppliers to confirm whether they are covered under Micro, Small and Medium Enterprises Development Act 2006 as well as they have filed required memorandum with the prescribed authorities. Out of the letters sent to the parties, some confirmations have been received till the date of finalisation of Balance Sheet. Based on the confirmations received, the outstanding amounts payable to suppliers covered under Micro, Small and Medium Enterprises Development Act 2006 are given below.

  As at 31.03.2014 As at 31.03.2013
The principal amount remaining  unpaid at the end of the year 0.00 -
The interest amount remaining  unpaid at the end of the year 0.00 -
The balance of MSMED parties as at the end of the year 0.00 -

22 The details of cost of Realty Sales and Work in Progress (Realty Stock) are as under:

  2013-14 2012-13
Realty Costs incurred during the year
Cost of Acquisition of Development  Rights 6.74 154.42
Land Cost (includes ₹ 522.27 crores acquired under merger PY nil) 523.47 -
Material Costs (includes ₹ 10.87  crores acquired under merger PY nil) 21.43 24
Other Development  Expenses (includes ₹ 70.57  crores acquired under merger PY nil) 82.83 90.67
Interest Expense (includes ₹ Nil acquired under merger PY nil) * 64.78 5.04
Statutory Fees (₹ 0.50 crores acquired under merger PY nil ) 0.95 102.00
Allocated Expenses (₹ 2.37 crores acquired under merger PY nil) 7.62 2.26
Total Realty Costs for the year  (A) 707.82 378.39
* Interest Cost acquired under merger of ₹ 86.85  crores adjusted  against  reserves
Changes in Inventory :
Opening Inventory :
Finished Realty Stock 132.85 4.90
Work in Progress 170.07 272.43
Sub-total (i) 302.92 277.33
Closing Inventory :  
Finished Realty Stock 77.73 132.85
Work in Progress 819.42 170.08
Sub-total (ii) 897.15 302.93
Changes in Inventory  (B) = (i-ii) (594.23) (25.6)
Costs capitalised / Transferred to P & L  (C) - -
Cost of Realty Sales (Revenue Recognised)  (A+B+C) 113.59 352.79

23   Value of Direct Imports calculated on C.I.F.basis

  2013-14 2012-13
Raw Materials - 0.06

24   Expenditure in Foreign Currency

  2013-14 2012-13
Consultancy & Professional Fees 0.30 0.57
Others 0.43 0.14

25 Dividend to NRI / OCB

  2013-14 2012-13
Dividend 0.12 0.08
Number of Shareholders  (Nos) 364 382
Total number  of Shares (Nos) 8,25,705 7,68,796

26   Segment Reporting

Segment  Report for the Financial Year 2013-2014

(₹ in Crores)  

Particulars REALTY REALTY RENTING OTHERS UNALLOCABLE ELIMINATIONS TOTAL
2013-14 2012-13 2013-14 2012-13 2013-14 2012-13 2013-14 2012-13 2013-14 2012-13 2013-14 2012-13
Segment Revenue            
External Turnover 232.52 635.50 35.61 24.14 2.69 4.69 - - - - 270.82 664.33
Inter Segment Turnover - - - - - - - - - - - -
Gross Turnover 232.52 635.50 35.61 24.14 2.69 4.69 - - - - 270.82 664.33
Net Turnover 232.52 635.50 35.61 24.14 2.69 4.69 - - - - 270.82 664.33
Expenditure 216.55 464.06 0.90 1.47 - - - - - - 217.45 465.53
Depreciation/ amortization 5.53 5.49 0.38 0.41 - - - - - - 5.91 5.90
Segment Result Before 10.44 165.95 34.33 22.27 2.69 4.69 - - - - 47.47 192.9
Interest and Taxes            
18 Leases            
Interest Expense - - - - - - 98.91 161.57 - - 98.91 161.57
Interest Income - - - - - - 97.24 183.55 - - 97.24 183.55
Dividend Income - - - - - - 2.09 1.84 - - 2.09 1.84
Other Income - - - - - - 2.22 0.11 - - 2.22 0.11
Prior Period Expense - - - - - -   - - - - -
Profit before tax 10.44 165.95 34.33 22.27 2.69 4.69 2.64 23.94 - - 50.09 216.84
Current tax - - - - - - 35.54 43.15 - - 35.54 43.15
Deferred tax - - - - - - (24.25) 0.02 - - (24.25) 0.02
MAT Credit Entitlement - - - - - - (10.33) (23.3) - - (10.33) (23.3)
Profit after tax before 10.44 165.95 34.33 22.27 2.69 4.69 1.68 4.07 - - 49.14 196.95
extraordinary items            
Add: Share of Associates - - - - - - - - - - - -
Less: Minority Interest - - - - - - - - - - - -
Net Profit after tax before extraordinary items and prior period items 10.44 165.95 34.33 22.27 2.69 4.69 1.68 4.07 - - 49.14 196.95
Extraordinary Expenses - - - - - - - - - - - -
Reversal of Excess Tax - - - - - - - - - - - -
Provision of Earlier’s Year’s            
Profit after tax after 10.44 165.95 34.33 22.27 2.69 4.69 1.68 4.07 - - 49.14 196.95
extraordinary items            
Other Information            
Segment Assets 3089.38 (1,900.79) 17.16 17.40 - - (6.41) 1883.42 - - 3,100.13 0.03
Segment Liabilities - - - - - - - - - - -
Borrowings 0.00 - - - - - - - - - - -
Trade Liabilities (62.25) 523.51 0.40 0.30 - - 74.92 55.92 - - 13.07 579.74
Capital Expenditure - - - - - - 3.85 2.87 - - 3.85 2.87
Depreciation/ amortization 5.53 5.49 0.38 0.41 0.00 0.00 0.00 0.00 0.00 0.00 5.91 5.90
Non cash expenses other than Depreciation - - - - - - - - - - - -

27   MAT Credit Entitlement  of ₹ 60.42  crores (Previous year ₹ 50.09  crores) is based  on future  performance of the  Company  as projected  by the Management which has been relied upon by the Auditors.

28   Previous year figures have been regrouped / reclassified wherever necessary to conform to current year’s classification.

29   Interest in joint venture

(₹ in Crores)  

  2013-14 2012-13
Assets 189.23 168.58
Liabilities 189.20 168.56
Income 0.00 -
Expense 0.01 0.01

30 The figures have been rounded off to two decimals in crores.

31 The Company is registered with Ministry of Corporate Affairs under CIN no L17120MH1871PLC000005.

Signatures to Schedules 1 to 21

As per our attached report of even date

    For and on behalf of the Board of Directors

For Haribhakti & Co.
Chartered Accountants

Urvi A. Piramal
Chairperson

Rajeev A. Piramal
Vice Chairman &
Managing Director

Mahesh S. Gupta
Group Managing Director

Chetan Desai
Partner

D.M. Popat
Director

Amitabha Ghosh
Director

Dr. Ajay Dua
Director

 

Sudhindar Khanna
Director

Deepak Summanwar
Director

 

Place: Mumbai
Date : 26th May 2014

Bharat Sanghavi
Chief Financial Officer

Rajashekhar Reddy
Company Secretary