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Mahindra Lifespace Developers Ltd.

BSE: 532313 | NSE: MAHLIFE |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE813A01018 | SECTOR: Construction & Contracting - Civil

BSE Live

Jan 21, 15:28
257.05 -8.35 (-3.15%)
Volume
AVERAGE VOLUME
5-Day
14,724
10-Day
19,177
30-Day
11,826
16,971
  • Prev. Close

    265.40

  • Open Price

    262.50

  • Bid Price (Qty.)

    257.05 (1)

  • Offer Price (Qty.)

    258.95 (6)

NSE Live

Jan 21, 15:28
256.35 -7.45 (-2.82%)
Volume
AVERAGE VOLUME
5-Day
100,184
10-Day
169,237
30-Day
213,216
117,204
  • Prev. Close

    263.80

  • Open Price

    263.85

  • Bid Price (Qty.)

    256.50 (3)

  • Offer Price (Qty.)

    258.60 (10)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of Mahindra Life space Developers Limited as at 31st March 2012 and the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor''s Report) Order, 2003, issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph (3) above, we report that: a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of the books. c) The Balance Sheet and the Statement of Profit and Loss dealt with by this report are in agreement with the books of account. d) In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. e) Without qualifying our opinion, we draw attention to: i. Note No. 11 of the accounts wherein by relying on the management representation no provision on investment has been made for investment of Rs 1,800 lakh in Mahindra Infrastructure Developers Limited (100 % subsidiary of the company). ii. Note No. 14(#), 17(*), 18(#) of the accounts, we have relied on management representation, due to the resolution of matter being dependent on future events whose outcome is not known, regarding reliability of construction work in progress, project advances and interest accrued thereon of Rs 7,146.11 lakh on account of a project, where commencement of construction has been delayed on account of a dispute between the land owner and the Company, which is referred to arbitration. iii. Note No.29 of the accounts regarding reliance on management owing to the technical nature of estimates of the percentage of completion, costs to completion and the projections of revenues expected from projects and reliability of Construction work in progress. f) In our opinion and to the best of our information and according to the explanations given to us, they said accounts read with the notes thereon give the information required by the Companies Act, 1956, in the manner so required, give a true and fair view in conformity with the accounting principles generally accepted in India: i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2012, ii) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date, and iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. 5. On the basis of the written representations received from the Directors as on 31st March, 2012, and taken on record by the Board of Directors, we report that, none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. 1) (i) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (ii) The Company has a program for physical verification of fixed assets at periodic intervals. In our opinion, the period of verification is reasonable having regard to the size of the Company and the nature of its assets. Discrepancies reported on such verification have been properly dealt in the accounts. (iii) In our opinion, the disposal of fixed assets during the year does not affect the going concern assumption. 2) The Management has conducted physical verification of inventory at reasonable intervals. The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. 3) The Company has not granted or taken any loans, secured or unsecured, to or from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Therefore, the provisions of sub- clause (b), (c), (d), (e), (f) and (g) of sub-para (iii) of para 4 of the Order is not applicable. 4) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchases of inventory, fixed assets and for the sale of goods and services. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control. 5) (i) In our opinion and according to the information and explanations given to us, there were no transactions with any party that needed to be entered in the Register maintained in pursuance of section 301 of the Companies Act, 1956. (ii) As there are no transactions exceeding value of Rs Five lakh in case of any party that need to be entered in the Register maintained pursuant to section 301 of the Companies Act, 1956, sub-clause (b) of sub-para (v) of Para 4 of the Order regarding reasonability of price of which such transactions have been entered is not applicable. 6) On our verification and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956, and the rules framed there under. 7) The Company has an internal audit system, which in our opinion is commensurate with the size of the Company and nature of its business. 8) As informed to us, the maintenance of cost records has been prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956, in respect of the activities carried on by the Company. On our verification and as per information and explanation given to us such accounts and records have been made and maintained. 9) (i) According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, cess and other statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of Income tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty and Excise Duty were outstanding, at the yearend for a period of more than six months from the date they became payable. (ii) According to the information and explanations given to us, there are no dues of Sales Tax, Service Tax, Customs Duty, Wealth Tax, Excise Duty or Cess outstanding on account of any dispute, other than disputed Income Tax demand as under: Sr. Assessment Nature Amount Forum where No. Year of Dues Rs.in lakh case is pending 1 2008-09 Income 678.82 Income Tax Tax Appellate Tribunal 2 2007-08 Income 360.59 Income Tax Tax Appellate Tribunal 3 2006-07 Income 13.67 Income Tax Tax Appellate Tribunal 4 2005-06 Penalty 28.74 Income Tax Appellate Tribunal 10) The Company does not have accumulated losses at the end of the financial year and it has not incurred any cash losses in the current year and in the immediately preceding financial year. 11) According to the information and explanations given to us and based on the documents and records produced before us, the Company has not defaulted in repayment of dues to banks. 12) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares and other securities. 13) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/ mutual benefit fund/ societies. 14) In our opinion, the Company has maintained proper records of the transactions and contracts of the investments dealt in by the Company and timely entries have been made therein. The investments made by the Company are held in its own name except to the extent of the exemption under section 49 of the Act 15) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company. 16) The company has applied term loans for the purpose for which the loans were obtained. 17) According to the information and explanations given to us on an overall examination of the Balance Sheet and Cash Flows of the Company, we report that the Company has not utilized funds raised on short-term basis for long term purposes. 18) There is no preferential allotment of shares during the year. 19) The Company did not issue any debentures during the year. 20) The Company has not made any public issue of its shares during the year. 21) Based on the audit procedures performed and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year. For and on behalf of B. K. Khare and Co. Chartered Accountants Padmmi Khare Kaicker Partner M. No. 44784 Firm Registration No. 105102W Mumbai Dated: April 27, 2012