ANNUAL REPORT 2013-14 ANNUAL REPORT 2013-14

NOTE NO. 1 SHARE CAPITAL

(₹ in Crores)  

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:

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

Details of Shares Held by Controlling entity

NOTE NO. 2 RESERVES AND SURPLUS

(₹ in Crores)  

* 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)  

NOTE : 1 Debentures Redemption Schedule

NOTE : 2 Coupon Rate on Debentures

NOTE NO.4 LONG TERM PROVISION

NOTE NO. 5 SHORT TERM BORROWINGS

(₹ in Crores)  

NOTE NO. 6 TRADE PAYABLES

NOTE NO. 7 OTHER CURRENT LIABILITIES

NOTE NO. 8 SHORT TERM PROVISIOS

NOTE NO. 9 FIXED ASSETS (AT COST)

NOTE NO. 10 NON CURRENT INVESTMENTS

Note 1

Note 2

Note 3

NOTE NO. 11 ADVANCE TO EMPLOYEES ESOP TRUST

(Unsecured Considered Good)

NOTE NO. 12 LONG TERM LOANS AND ADVANCES

(Unsecured Considered Good)

NOTE NO. 13 INVENTORIES (Valued at Cost)

NOTE NO.14 TRADE RECEIVABLES

(Unsecured considered good)

NOTE NO. 15 CASH AND BANK BALANCES

NOTE NO. 16 SHORT TERM LOANS AND ADVANCES

(Unsecured considered good)

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

NOTE NO. 18 OTHER INCOME

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

NOTE NO. 20 FINANCE COST

NOTE NO. 21 OTHER EXPENSES

22 Significant Accounting Policies

1. Basis of Accounting

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.

2. Use  of Estimates

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.

3. 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.
4. 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.
5. 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

   Intangible Assets are recorded at the consideration paid for the acquisition.

6. 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.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
13. 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.
14. 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.
15. 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.
16. 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)  

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)  

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

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/-)
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

3. 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)  

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

(₹ in Crores)  

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

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

2. 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:

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)  

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 :

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:

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:

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:

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:

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.

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

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

24   Expenditure in Foreign Currency

25 Dividend to NRI / OCB

26   Segment Reporting

Segment  Report for the Financial Year 2013-2014

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)  

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