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Peninsula Land Ltd.

BSE: 503031 | NSE: PENINLAND |

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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 March 31, 2012 and also the Statement of Profit and Loss and the Cash Flow Statement 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 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, 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 Companies Act, 1956'' of India (the ''Act'') 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 said Order. 4. Further to our comments in the paragraph 3 above, we report that: i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; ii. 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; iii. The balance sheet, statement of profit and loss and cash flow statement dealt with by this report are in agreement with the books of account; iv. In our opinion, the balance sheet, the statement of profit and loss and cash flow statement dealt with by this report, except for non disclosure of category of plan assets and other disclosures in accordance with AS-15 (Revised) Employee Benefits as stated in Para No.11 of Note No.23 to Accounts, comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. v. Without qualifying our opinion, attention is invited to recognition of income and expenses for ongoing projects which is based upon estimated costs, as per the judgment of management and certificate of architect, which have been relied upon by us, these being technical matters. vi. On the basis of the written representations received from the directors, as on March 31, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. vii. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with para (iv) above, 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; a) in the case of the balance sheet, of the state of affairs of the Company as at March 31, 2012; 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 cash flow statement, of the cash flows for the year ended on that date. Annexure to Auditors'' Report [Referred to in paragraph 3 of the Auditors'' Report of even date to the members of Peninsula Land limited on the financial statements for the year ended March 31, 2012] (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) We are informed that the fixed assets of the company are physically verified by the management according to phased programme designed to cover all the items over a period of the three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, physical verification has been carried out during the year, as informed, no material discrepancies were noticed on such verification. (c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the company during the year. (ii) (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. (b) 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. (c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification carried out at the end of the year. (iii) (a) The Company has granted loan to twenty three companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs 1333 Crores and the year-end balance of loans granted to such parties was Rs 1312 Crores. (b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions for such loans are prima facie, not prejudicial to the interest of the Company. (c)The loans granted are repayable on demand. As informed, the company has not demanded repayment of any such loan and interest during the year, thus, there has been no default on the part of the parties to whom the money has been lend. The payment of interest has been regular. (d) 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. (e) As informed, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. (iv) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company. (v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered into the register maintained under section 301 have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements exceeding value of Rupees five lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time. (vi) 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 Sections 58A and 58AA of the Act and the rules framed there under. (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) Based on the opinion obtained by the Company, the Company is of the view that the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act is not applicable for the activities carried out by the Company. Hence, such records have not been maintained. (ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, service tax and other material statutory dues applicable to it. However, there have been few delays in depositing tax deducted at source and service tax. As explained to us, the provisions regarding custom duty and excise duty are presently not applicable to the company. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income-tax, wealth-tax, service tax, sales- tax, customs duty, excise duty, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the information and explanation given to us, there are no dues of income tax, sales-tax, wealth tax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute except for the dues in relation to income tax as disclosed hereunder: Name of the Nature of Amount Period to which Forum where Statute dues (Rs.in the amount dispute is crores) relates pending Income tax Income 31.80 2008-09 Commissioner Act, 1961 Tax of Income Tax (Appeals) (x) The company does not have any accumulated losses at the year end. Further, the company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. (xii) According to the records of the Company and according to the information and explanations provided to us, we are of the opinion that the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company. (xiv) In respect of dealing / trading in shares, securities, debentures and other investments, in our opinion and according to the information and explanations given to us, generally the Company did not deal or trade in it. However, on short term basis, surplus funds were invested in mutual fund for which proper records for the transaction and contracts have been maintained and timely entries have been made therein. The shares, securities, debentures and other investments have been held by the Company, in its own name. (xv) 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 during the year. (xvi) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which the loans were raised. However, on short term basis, excess borrowings were parked in fixed deposits of various banks. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. (xviii) According to the information and explanations given to us, the company had not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. (xix) The Company did not issue any debentures during the year. (xx) During the year the company has not raised any money through public issue. (xxi) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management. For Haribhakti & Co. Chartered Accountants Firm''s Registration No.103523W Chetan Desai Partner Place: Mumbai Membership No.17000 Date: 17th May, 2012