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.  Commitments and Contingent Liabilities
 
                                                     Rs.In Lakhs
 
                                         As At           As At
                                       31.03.2011      31.03.2010
 
 a.  Claims against the Company not 
 acknowledged as debts in respect of
 
 i.  Income Tax                           643.03           --
 
 b.  Estimated amount of contracts 
 remaining to be executed on capital
 account and not provided for 
 (Net off Advances)                        --             3.75
 
 3 Recognition of Income and Expenses for ongoing projects are based
 upon expected / achieved sales value and estimated costs and work
 completion status as certifi ed by architects, which being a technical
 matter, has been relied upon by the auditors.
 
 9 Employee Stock Option Scheme (ESOS)
 
 a During the year, the Company has granted 75,000 (Previous Year - NIL)
 Employee Stock Options to some employees of the Company.
 
 b The company has granted stock options to employees under the
 Employees Stock Option Scheme at grant price of Rs. 70/- (face value
 Rs. 2/-)
 
 13 The Company has advanced Rs 1621.18 Lakhs (including accrued
 interest) to its Wholly Owned Subsidiary, Peninsula Facility Management
 Services Limited (PFMSL). The net worth of this subsidiary is presently
 negative in view of past losses which are largely attributable to
 interest servicing cost on these advances from the parent Company,
 despite reasonable operating margins. Moreover, the operations of this
 subsidiary confer signifi cant strategic advantages and value addition
 to the core real estate business of the Company. The Management is also
 pursuing viable business development plans and immediate financial
 restructuring measures to achieve a turnaround and strengthen the
 equity base of PFMSL. In view of this, no provision is made in the
 accounts in respect of these advances.
 
 15 Employee Benefit Plans
 
 The Company has classifi ed various benefit plans as under:
 
 a Defi ned Contribution Plan
 
 The Company has recognised the following amounts in Profit and Loss
 Account which are included under Contributions to Funds
 
 b Defi ned Benefit Plan:
 
 i.  Gratuity (Funded)
 
 ii Leave Encashment (Non funded)
 
 In terms of the Guidance 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 defi ned 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 Companys
 policy.
 
 Valuations in respect of Gratuity and Leave Encashment, as at the
 Balance Sheet date, are based on the following assumptions.
 
 16 List of Related Parties and Transactions during the year.
 
 I Controlling Companies
 
 (i) Topstar Mercantile Private Limited
 
 II Subsidiary Companies
 
 (i) Champs Elysee Enterprises Private Limited
 
 (ii) Peninsula Mega Properties Private Limited
 
 (iii) Peninsula Holdings and Investments Private Limited (formerly
 known as Boom Realty Private Limited)
 
 (iv) Renato Finance and Investments Private Limited
 
 (v) Peninsula Crossroads Private Limited (formerly known as L and T
 Crossroads Private Limited) (w.e.f.  March 2011)
 
 III Step Down Subsidiary Companies
 
 (i) City Parks Private Limited
 
 (ii) Goodtime Real Estate Development Private Limited
 
 (iii) Inox Mercantile Company Private Limited
 
 (iv) Peninsula Facility Management Services Limited (formerly known as
 Peninsula Facility Management Services Private Limited)
 
 (v) Peninsula Integrated Developers Private Limited (formerly known as
 Peninsula Real Estate Management Services Private Limited)
 
 (vi) Peninsula Investment Management Company Limited
 
 (vii) Peninsula Mega City Development Private Limited
 
 (viii) Peninsula Mega Township Developers Private Limited
 
 (ix) Peninsula Pharma Research Centre Private Limited
 
 (x) Peninsula Real Estate Management Private Limited
 
 (xi) Peninsula Trustee Limited
 
 (xii) Planetview Mercantile Company Private Limited
 
 (xiii) RR Mega Property Developers Private Limited
 
 (xiv) RR Real Estate Development Private Limited
 
 (xv) Rishiraj Enterprises Limited (formerly known as Rishiraj
 Enterprises Private Limited)
 
 (xvi) Takenow Property Developers Private Limited
 
 IV Associate Companies with whom the Company had transactions during
 the year
 
 (i) Delta Hospitality Private Limited (formerly known as Fasttrack
 Impex Private Limited)
 
 (ii) JM Realty Management Private Limited
 
 (iii) SEW Engineering (India) Private Limited (formerly known as SEW
 Electricals Private Limited)
 
 (iv) Topzone Mercantile Company Private Limited
 
 (v) RA Realty Ventures Private Limited
 
 V Companies where Key Management Personnel / their relatives exercise
 signifi cant infl uence
 
 (i) Ashok Piramal Management Corporation Limited
 
 (ii) Freedom Registry Limited (formerly known as Amtrac Management
 Services Limited)
 
 (iii) Morarjee Textiles Limited
 
 (iv) Onestar Mercantile Company Private Limited
 
 (v) Thundercloud Technologies (India) Private Limited
 
 (vi) RR Mega City Builders Limited (formerly known as RR Mega City
 Builders Private Limited)
 
 (vii) Peninsula Mega City Development Private Limited
 
 (viii) Peninsula SA Realty Private Limited
 
 (ix) Peninsula Townships Development Private Limited
 
 (x) Delta Corp Limited
 
 (xi) Rockfirst Real Estate Limited (formerly known as Rockfirst Real
 Estate Private Limited)
 
 (xii) Ashok Piramal Mega City Development Private Limited
 
 (xiii) Ashok Piramal Mega Properties Private Limited
 
 (xiv) Ashok Piramal Township Development Private Limited
 
 (xv) Goldlife Mercantile Company Private Limited
 
 (xvi) Jammin Recreation Private Limited
 
 (xvii) Pune Football Club Limited
 
 (xviii) Top value Brokers Private Limited
 
 (xix) Integra, a division of Morarjee Textiles Limited (formerly known
 as Itegra Apperals and Textiles Limited)
 
 (xx) Truewin Realty Limited (formerly known as Truewin Realty Private
 Limited)
 
 (xxi) Topvalue Real Estate Development Limited (formerly known as
 Topvalue Real Estate Development Private Limited)
 
 (xxii) CA MS Learning Private Limited
 
 (xxiii) ED US TA R L earning Private Limited
 
 (xxiv) Bridgepoint Learning Private Limited
 
 VI Enterprises where Key Management Personnel /their relatives exercise
 signifi cant infl uence
 
 (i) Ashok G. Piramal Trust
 
 (ii) Peninsula Land Limited ESOP Trust
 
 VII Enterprise over which Company exercise signifi cant control
 
 (i) Peninsula GSG MHP Project - AOP (50% share)
 
 VIII Ke y Ma nagement Pers o nn e l
 
 (i) Ms. Urvi A. Piramal - Executive Chairperson (ii) Mr. Rajeev A.
 Piramal - Executive Vice Chairman (iii) Mr. Mahesh S. Gupta - Group
 Managing Director (iv) Mr. Rajesh Jaggi - Managing Director
 
 IX Relatives of Key Management Personnel
 
 (i) Mr. Harshvardhan A. Piramal - Son of Executive Chairperson (ii) Mr.
 Nandan A. Piramal -Son of Executive Chairperson (iii) Mr. Jaydev Mody -
 Brother of Executive Chairperson (iv) Ms. Sunita Gupta - Spouse of
 Group Managing Director (v) Ms. Kalpana Singhania - Sister of Executive
 Chairperson
 
 25 Segment Reporting
 
 Since the financial statements contain both consolidated and
 standalone financials, segment reporting disclosure is provided in
 notes to consolidated financial statements.
 
 26 The Scheme of Amalgamation and Arrangement of Topstar Mercantile
 Private Limited (TMPL) with the Company, has been sanctioned by Honble
 Bombay High Court, whereby the entire business of TMPL would vest into
 the Company from the Appointed date of 27th October 2010. Since the fi
 ling of the sanctioned scheme with the Ministry of Corporate Affairs is
 pending, the same has not become effective. Hence the effect of the
 amalgamation has not been given in the accounts of the Company for the
 year. There will be no adverse impact of the scheme on the financial
 position or operating results of the Company.
 
 27 Previous year figures have been regrouped / reclassified wherever
 necessary to conform to current years classifi cation.