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Peninsula Land Ltd.

BSE: 503031 | NSE: PENINLAND |

Shares falling in the `Trade-to-Trade` or `T-segment` are traded in this series and no intraday is allowed. This means trades can only be settled by accepting or giving the delivery of shares.
Series: BE | ISIN: INE138A01028 | SECTOR: Construction & Contracting - Housing

BSE Live

Sep 17, 15:40
11.48 -0.60 (-4.97%)
Volume
AVERAGE VOLUME
5-Day
32,487
10-Day
34,694
30-Day
50,089
41,485
  • Prev. Close

    12.08

  • Open Price

    11.81

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    11.48 (11220)

NSE Live

Sep 17, 15:54
11.40 -0.55 (-4.60%)
Volume
AVERAGE VOLUME
5-Day
143,617
10-Day
161,041
30-Day
163,307
198,204
  • Prev. Close

    11.95

  • Open Price

    11.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    11.40 (28172)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of Peninsula Land Limited (the Company) as at 31st March, 2009, the Profit and Loss Account 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 Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We report as under: I. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks of the books and records as we considered appropriate and according to the information and explanations given to us, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order, to the extent applicable to the Company. II. Further to our comments in the Annexure referred to in paragraph I above: (a) We have obtained all the information and explanations, which best to our knowledge and belief were necessary for the purpose of our audit. (b) In our opinion, proper books of accounts as required by the law have been kept by the Company so far as appears from our examination of the books. (c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts. (d) In our opinion, the Balance Sheet and the Profit & Loss Account comply with the Accounting Standards (AS) referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent they are applicable to the Company. As regards disclosures required in AS-15 (Revised) Employee Benefits attention is invited to Note No. 16 of Schedule -14 to Accounts. (e) On the basis of the written representations received from the Directors of the Company as on 31st March, 2009, and taken on record by the Board of Directors of the Company, we report that prima - facie, none of the Directors is disqualified as on 31st March, 2009 from being appointed as a director in term of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. (f) In our opinion and to the best of information and according to the explanations given to us, the said accounts read together with the notes thereon, give the information required by the Companies Act 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) In case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2009; (ii) In case of the Profit & Loss Account, of the profits of the Company for the year ended on that date, and (iii) In case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF PENINSULA LAND LIMITED I. Fixed Assets: 1. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. 2. We are informed that the Fixed Assets of the Company are physically verified by the management according to a phased programme designed to cover all items over a period of three years, which we considered reasonable. Pursuant to the programme, a physical verification was carried out during the year and this revealed no material discrepancies between the books and records and physical inventory. 3. The Company has not disposed off substantial part of its fixed assets during the year. II. Stock in Trade : 4. Stock in trade has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. 5. The procedures of physical verification of stock in trade followed by the Management are adequate in relation to the size of the Company and the nature of its business. 6. The Company is maintaining proper records of stock in trade. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account. III. Loans and Advances : 7. The Company has not taken any loan from the parties covered in the register maintained under section 301 of the Companies Act, 1956. 8. The Company has granted unsecured loans to the Subsidiary Companies and other parties registered under Section 301 of the Companies Act, 1956 amounting to Rs.161.73 Crores. The maximum amount involved during the year was Rs.447.13 Crores and the closing balance of the loan was Rs.446.56 Crores, covered in the register maintained under Section 301 of the Companies Act, 1956. 9. In respect of above loan given the rate of interest and other terms and conditions are prima facie not prejudicial to the interest of the Company. 10. In respect of above loans, payment of principal and interest are regular, wherever applicable. IV. Internal Controls : 11. There are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and sale of services. During the course of the audit, no major weakness has been noticed in internal controls. 12. The Company has entered transactions that need to be entered into a register in pursuance of Section 301 of the Companies Act, 1956. 13. In our opinion and according to the information and explanations given to us, in respect of transactions of sale of services, made in pursuance of contracts and arrangements entered in the register maintained under section 301 of the Companies Act, 1956, and aggregating Rs.5,00,000/- or more in respect of each party, have been made at the prices which are reasonable having regard to the prevailing market price for such services with the other parties. 14. In our opinion, the Company has an adequate internal audit system commensurate with its size and nature of its business. V. Deposits : 15. In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956, and the rules framed thereunder. VI. Taxation: 16. According to the information and explanations given to us, the Company has generally been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Service Tax, Professional Tax, Works Contract Tax, Property Tax and any other Statutory Dues with the appropriate authorities. There were no arrears of statutory dues, as at the last day of the financial period, outstanding for a period of more than six months from the date they became payable. 17. According to the information and explanations given to us, no disputed amounts payable in respect of Income Tax, Wealth Tax, Service Tax, Profession Tax, Works Contract Tax and Property Tax were outstanding as at 31st March, 2009, except as shown below. Name of the Statue Nature of the Dues Amount Period to which the Forum where (Rs in crores) Amount relates dispute is pending Income Tax Act, 1961 Income Tax 12.27 A.Y 2006-07 Commissioner of Income Tax Appeal VII. Others: 18. Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub - section (1) of Section 209 of the Companies Act, 1956. 19. The Company does not have accumulated losses. The Company has not incurred cash loss in the current financial year and immediately preceding financial period. 20. During the year, the Company has not defaulted in repayment of dues to a Financial Institution and Bank. 21. The Company has not granted any loans and advances on the basis of the security by way of pledge of shares, debentures and other securities. 22. The provisions of any special statute applicable to chit fund/nidhi/mutual benefit/societies are not applicable to the Company. 23. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investment. 24. According to the information and explanations given to us, the Company has not given any guarantees during the year. 25. According to the information and explanations given to us, the Company has applied the term loans for the purpose for which they were obtained. 26. Based on the overall basis of the examination of the Balance Sheet of the Company as at 31st March, 2009, and as per the information and explanation given to us, we find that the Company has not utilized funds raised on short term basis for long term purpose. 27. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. 28. During the year, the Company has not issued any secured debentures. 29. During the year, the Company has not raised any money through public issue. 30. Based on the audit procedures performed and information and explanation given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. For HARIBHAKTI & Co. Chartered Accountants Chetan Desai Partner Membership No. 17000 Place: Mumbai Date: 8th May, 2009