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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 17, 15:59
266.90 2.30 (0.87%)
Volume
AVERAGE VOLUME
5-Day
9,954
10-Day
17,150
30-Day
10,185
4,681
  • Prev. Close

    264.60

  • Open Price

    264.95

  • Bid Price (Qty.)

    266.90 (1)

  • Offer Price (Qty.)

    274.45 (40)

NSE Live

Jan 17, 15:52
266.90 2.10 (0.79%)
Volume
AVERAGE VOLUME
5-Day
205,629
10-Day
187,706
30-Day
212,357
59,638
  • Prev. Close

    264.80

  • Open Price

    266.00

  • Bid Price (Qty.)

    266.90 (2596)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

Report on the financial statements 1. We have audited the accompanying financial statements of Mahindra Lifespace Developers Limited(the Company), which comprise the Balance Sheet as at 31st March, 2014, and the Statements of Profit and Loss and Cash Flow for the year then ended, and a summary of Significant accounting policies and other explanatory information. Management''s responsibility on the financial statements 2. The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s responsibility 3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. 4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. 5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion 6. In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014; (b) in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Emphasis of Matter 7. We draw attention to: i. Note No. 19(#) to the financial statements regarding the reliability of project advance of Rs.10,000 lakhs where commencement of the project has been delayed and which is being settled by the parties out of court. We have relied on management''s representation of the reliability of the advance. ii. Note No. 11 of the financial statements for the reasons detailed therein the management of the Company does not perceive any permanent diminution in the value of long term investment of Rs.1,800 lakhs in its wholly owned subsidiary company and of its investment of Rs.50 lakhs in New Tirpur Area Development Corporation (NTADCL) in view of the revival of the operations being taken by the stakeholders of NTADCL. Our opinion is not qualified in respect of the matters stated in 7(i) and (ii). Report on other legal and regulatory requirements 8. As required by the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act (the Order), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 9. As required by section 227(3) of the Act, 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 appears from our examination of those books; c. the Balance Sheet, the Statement of Profit and Loss and Cash Flow dealt with by this Report are in agreement with the books of account; d. In our opinion, the Balance Sheet, the Statements of Profit and Loss and Cash Flow dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. e. on the basis of written representations received from the directors as on 31st March, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014, 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 has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (ii) All fixed assets have not been physical verified by the management during the year but there is a regular programme of verification which, in our opinion, 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) There was no disposal of a substantial part of fixed assets during the year. 2) (i) The management has conducted physical verification of inventory at reasonable intervals during the year. (ii) 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. (iii) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. 3) (i) According to the information and explanations given to us the Company has granted unsecured loans, to one company listed in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 44,666 lakhs and the year end balance of loans granted to such party was Rs. Nil. (ii) In our opinion, the rate of interest and other terms and conditions of such loans are not, prima facie, prejudicial to the interest of the Company. (iii) In respect of loans granted, repayment of the principal amount is as stipulated and payment of interest has been regular. (iv) There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. (v) According to the information and explanations given to us the Company has not taken any loans secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii)(e) - (g) of the Order are not applicable to the Company. 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) In our opinion and according to the information and explanations given to us, there are no contracts or arrangements that needed to be entered in the Register maintained in pursuance of section 301 of the Companies Act, 1956. Accordingly, clause 4(v)(b) of the Order is not Applicable to the Company. 6) In our opinion 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. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. 9) (i) According to the records of the Company, the Company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, cess and other statutory dues applicable to it. The provisions of Excise Duty are not applicable to the operations of the Company. (ii) According to the information and explanations given to us, there are no undisputed amounts payable in respect of Income tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty that were outstanding, at the year end for a period of more than six months from the date they became payable. (iii) According to the information and explanations given to us, dues of income-tax outstanding on account of disputes are as follows: Sr. Assessment Nature Amount Forum where No. Year of Dues Rs. in case is lakhs pending 1 2003-04 Income 162.96 Commissioner Tax of Income Tax (Appeals) 2 2005-06 Income 28.74 Income Tax Tax Appellate Penalty Tribunal 3 2006-07 Income 13.67 Income Tax Tax Appellate Tribunal 4 2011-12 Income 62.17 Commissioner Tax of Income Tax (Appeals) 10) The Company does not have any 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 a financial institution, banks or debenture holders. 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 Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore the provisions of clause 4(xiii) of the Order are not applicable to the Company. 14) In our opinion, the Company is not dealing in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Order are not applicable to the Company. 15) In our opinion and 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. 16) In our opinion, the term loans have been applied for the purpose for which they were obtained. 17) According to the information and explanations given to us and 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) The Company has not made any preferential allotment of shares during the year. 19) According to the information and explanations given to us, during the year covered by our audit report, the Company had issued 5,000 debentures of Rs.10,00,000 each. The Company has created security in respect of debentures issued. 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 to us by management, 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 Firm Registration No. 105102W Padmini Khare Kaicker Partner Membership No. 44784 Mumbai Dated: 22nd April, 2014